The Rise of Technology in Commercial Real Estate Developments
Over the past few years, society has made major changes to the way things operate mainly with contact and communication, as well as more dependence on technology. Much of that change was hastened by the COVID-19 pandemic for safety reasons, however, the use of technology in everyday life has started to become the mainstream method of living. Technology is everywhere and in all things that we do from the house, shopping, work, and more. Parking is no exception. With an increase in the need for more safe and convenient parking, operators and property managers are starting to look at digital or smart parking as a solution for a more modern parking area and space.
Current data and trends are pointing to a large rise in technology and a return to a more normal economy. This points to a positive indicator for CRE or commercial real estate. Commercial parking is becoming a main-stream topic as mobility and the role of parking is becoming more of an important piece of interest in conversations.
Why parking and mobility as a key conversation piece?
The average customer and tenant has changed with a priority placed on travel and overall mobility. Parking needs to become a reflection of these priorities so CRE management and parking facilities operators need to research behaviors of the post-pandemic customer and tenant to meet their needs. For example, with the importance of sanitation and social distancing for the past few years placed on the general public, the use of personal vehicles has increased and is projected to stay that way for years to come. This impacts parking ratios and the need to and infrastructure that can support the increase of use and demand.
Newest Software and Hardware Technology
One of the few good things to come from the pandemic was the rapid adoption of technology that is more advance and supportive of wiser practice and human behaviors. In general terms, the parking industry was relatively stagnant in the adoption of technology before the pandemic. Now top leaders and analysts in CRE are pointing to IoT adoption, and data based decision making as technology undertakings for anyone in the industry. In the parking aspect of CRE, this means a change in focus to touchless interactions, LPR, and reservations.
Touchless interactions are some of the most important of the changes needed to be made for the CRE investment. All users of the parking facility have their health in mind for all activities outside the home. Touchless parking technology can allow for entry, exit, and payments all to be made without contact. For the residential parking areas, parking passes can be generated, fees paid, and monitoring of the vehicle can all be done remotely through a club-based application on a connected device.
LPR or license plate reader technology is one of the advancements that have been around for a while, however, there have been major improvements to the technology that allow the use of LPR’s to be a major benefit to the overall parking process. These systems use a camera that reads a car’s plates that in turn communicates through a data base to match the plate’s numbers to a specific car. If the plates match the ones in the system, the LPR allows for the entry and exit of vehicles. With an increase of traffic and personal vehicle use, these systems need to be run as smooth as possible and LPR’s add a piece to the puzzle of effortless and contactless parking experiences.
Security + Digital Parking= Powerful Combo
The use of digital cloud-based parking management software allows for a greater ability to monitor, enforce, and control the parking areas. This increases the security and safety of these parking areas. With the use of cameras, lighting, signage, and controlled entry and exits for parking facilities and lots, the CRE property can be a leg up to other properties without the technology in the security sector. The use of the programming through ParkingBadge can allow for an open line of communication between clients, and ther businesses like towing companies to enforce and help keep a facility safe and secure.
Be Prepared for the Evolving Vehicle- EV’s
The rise of the electric vehicle is becoming more and more common as there is a major push for the use of less fossil fuels and emissions. With the increased use of these electric vehicles, parking areas need to be able to evolve with the car and make the necessary changes to meet their needs. As electric vehicles become more popular, facilities and residential area parking lots need to be conscious of the EV’s needs lke charging stations. The installation of charging stations are important to clients and tenants and can be quite the selling point for CRE’s.
There are a plethora of benefits of using digital or smart parking for all aspects of parking great and small, as well as being beneficial for all types of parking facilities and lots. From security, convenience, customer satisfaction, data generation, and more smart parking is set to become the standard for parking across the globe.
Parking Badge
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/
