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As technology, AI and machine learning continue to grow in popularity, commercial real estate has experienced significant advancements that have streamlined operations, enhanced property management, and improved investment decisions. Digital twin technology is one powerful advancement that is disrupting commercial real estate. In this guide to digital twin technology, we will explore what digital twin technology is, how it works, and how it can optimize commercial real estate investment and management.
A digital twin is a virtual model that is designed to reflect a physical object. In commercial real estate, the physical object could be a multifamily property, for example. The goal of a digital twin is to simulate real-world conditions on the virtual model, which allows property managers, investors, and developers to analyze data and make better informed decisions about a given property.
Through the integration of data, digital twin technology includes sensors and systems that monitor the physical conditions of a property. For example, sensors can monitor temperature, humidity, and structural integrity. The digital twin then uses this data to create a real-time model that serves as a replica of the physical building.
So, how do you create a digital twin? To create a digital twin, the first step is to collect and aggregate comprehensive data about the property. This data can include structural details, mechanical and electrical systems, and other relevant physical characteristics about the real estate property. Through the use of scanning and IoT (Internet of Things) devices, real estate managers can gather data to incorporate into the digital twin.
Once a digital model is created, the model is updated with real-time data from the physical real estate property. With dynamic updates, these sensors provide detailed insights on energy usage, temperature changes, and equipment condition.
There are multiple ways that real estate investors can use digital twin technology to manage their properties more efficiently:
In multifamily and office properties, for example, predictive maintenance is an essential tool that helps real estate owners predict and prevent equipment failures before they occur rather than after the breakdown. For example, imagine being able to assess when an elevator in your property needs maintenance and repair – in advance. Rather than have one or more elevators break down, real estate owners can anticipate when to provide maintenance and minimize or avoid potential service disruptions.
Another example, particularly in multifamily properties, includes the ability to monitor the HVAC system in real-time. Through digital twin technology, real estate owners can use data from sensors that measure temperature, pressure, and motor function. With AI, the digital twin can predict when a part might fail based on anomalies detected in the data. These insights allow property managers to execute maintenance tasks proactively, which can prevent disruptions and save on costly repairs that occur after a breakdown.
In addition to predictive maintenance, energy management is another key area in which digital twin technology plays an essential role. For example, a digital twin can simulate how energy is consumed throughout a building and identify areas where efficiency can be improved. This is particularly important in larger properties where energy costs comprise a significant portion of operational expenses. By analyzing data from the digital twin, real estate managers can implement changes that reduce energy usage and cost without major service disruption or interference with the daily lives of tenants.
In multifamily properties, space optimization is critical to maximize revenue and create a positive tenant experience. Digital twins can help by modeling different physical layouts across units, within a specific unit, or how to apportion common areas. With digital twin technology, real estate owners can scenario test different arrangements of the physical space to assess usability and tenant satisfaction. This technology can also help property developers decide how to build their property or design renovations efficiently.
Digital twin technology marks a significant advancement in the management and operation of commercial real estate properties. By providing a detailed and accurate representation of physical assets, real estate investors and managers can make more informed decisions about maintenance, energy management, and space utilization. As digital twin technology evolves, AI automation could enhance decision-making and augment predictive capabilities. As more buildings become equipped with smart devices, the accuracy and usefulness of digital twin technology can make them a critical tool to manage and operate commercial real estate more efficiently.
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