Recovering From the Burdens of The Apocalypse- Future CRE Planning and Parking Management
The commercial real estate market has had quite a few ups and downs over the past few years. This ranges from lowered markets, increased health risks during a pandemic, as well as not only companies getting a hit, but also potential and current customers. The good news is that the world is in recovery. With this recovery comes the need for planning in order to prepare for the future in order to help reduce the instances of canceled leases and the loss of potential buyers.
Currently, there is a major shift in all industries to one that is digital and heavily influenced by tools and equipment to simplify every day tasks and elevate experiences. These trends are all pointing to ones that are positive indicators of CRE. As owners and managers gain insightful information about the shifts and technology currently and coming to the market, they can make informed decisions that include smart or digital technology. It is important that these areas focus on the role of commercial parking, general parking, and other mobility topics in the industry. There are some very insightful tips and tricks to really get a focus on the important parts of a successful CRE.
Importance of Addressing the Change in Parking and Mobility
It should come as no surprise that people and markets have changed. The past pandemic placed a priority on overall behaviors for travel and being able to be mobile. This was in part to strict travel restrictions and guidelines. Even now as those restrictions are lifted, there are still notable changes in place for how things operate and function. It is important for property managers to research current trends and be knowledgeable about human behavior after the pandemic. For example, with the past few years pushing social distancing and maintaining boundaries, drivers are now more likely to take a personal vehicle to destinations instead of carpooling or taking public transportation. This directly affects the availability of parking and places an increased demand for spaces.
Embrace the New and Replace the Old
With all the new and improved technology, operators and managers should take the bull by the horns and do vital updates to their infrastructure. This can include the use of specialized smart parking technology such as cameras, sensors, lighting, signage, and the use of mobile apps for real time data generation.
Although the adoption of smart technology in the parking sectors was slow before 2020, the pandemic hastened the adoption of these for the main reason of a push for touchless interactions. The change in the behaviors of drivers wanting to minimize health risks and maintain regional restriction requirements. This integration of touchless technology was one of the greatest changes to the CRE investment sector. Everyone involved was able to put safety first, but also still go about their everyday lives to the best of their abilities. Some examples of touchless technology include sensors, automated gates, license plate readers, cashless payments through a mobile app, and more. These all allowed for the journey to a destination much less stressful.
Increased Safety and Security
Any place of parking needs to have some form of security for the safety of clients and workers. Within these parking areas can be millions of data points with customer data that is exchanged. This is an area of risk and data breaches are a definite real thing that can compromise customer information and put reputations on the line. It is essential for operators and managers of these parking areas to take into consideration the safety of their physical customers and visitors, and the digitalscape safety as well. As these new digital technologies are integrated into the parking sector and CRE’s, it is vital that cybersecurity be a focus in order to handle the large quantities of data flowing through the CRE space.
In order to protect the integrity of customers, visitors, and the data, software should be up to date and current in order to combat cyber security risks. These should also be in direct compliance with the latest PCI and able to handle large quantities of interactions no matter the time or the day.
Managing Infrastructure Necessary for Alternative Energy
Not only is the scape of parking and CRE changing, but also the things that are being used with it. There is a major change in the automotive industry for smart cars and ones that use alternative energies. Instead of fossil fuels, vehicles are becoming equipped to be electric. A parking area needs to take into consideration the needs of these new vehicles. Customers, employees, and visitors that own these vehicles will be more likely to use a parking area that has charging stations and areas for these electric vehicles. In order to ensure proper parking access and the ability to meet the needs of the newer drivers, operators and management need to take into consideration the flow of traffic, parking spaces available, as well as overall parking ratios. Thanks to smart technology, these systems are able to generate real time data that is easy to read and interpret in order for management to make informed decisions and upgrades.
These systems are able to make sense of all the data points. No longer are people needing to create a paper trail. Instead they create a digital footprint that can be accessed by those with the permissions with ease. This also helps with planning for events and the future of the CRE.
CRE and ParkingBadge- A Dynamic Duo
ParkingBadge is a state of the art system used for all different types of CRE from business, long-term, short-term, and residential. ParkingBadge parking management software and mobile app is an interactive cloud-based platform that allows property owners and property managers to efficiently and conveniently manage their parking facility. With innovative Parking Management Solutions, operators can maximize their parking, maintain tenant and user accountability, enforce their rules and regulations, increase efficiency, and generate revenue. Want to find out more about ParkingBadge’s innovative digital parking permit software? Request a demo now! https://parkingbadge.com/request-demo/
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