Together with RICS and Microsoft, we are launching the “International Building Performance & Data Initiative”. Our joint initiative will combine data-driven insights with global industry standards in real estate.
An open standard and first version of the Common Data Model for the real estate industry will already be made available at the end of this year. It will enable benchmarking according to international standards, while integrating industry-specific KPIs for occupant satisfaction, sustainability, and finance.
Data is the key
Data is the new “gold” in all areas of society. In the recently launched European Data Strategy the EU outlines its goals for enhancing its digital technological development in order to meet climate-neutrality objectives.
The building sector is currently responsible for 39% of total CO2 emissions, 18.7% of energy usage, and 88% of portable water consumption. Combining sustainability goals with digital, data-driven technologies could also offer more efficient and sustainable ways to manage buildings.
The same approach can be adopted in the real estate sector, since smart devices are often already integrated in new buildings. They are already producing massive amounts of data, which is waiting to help optimize buildings.
For example: A sensors measures how and when a building uses and stores energy. This data can then be combined with a Machine Learning system that predicts and allocates resources more effectively.
According to a survey by EY and German ZIA, 70% of real estate businesses already see the potential of data. But only 56% are using data analysis with 73% of these companies struggling with poor data quality.
Because most of real estate has not been built with a digital or high-tech approach in mind: Out of all the buildings that will exist in 2050, 80% have already been constructed.
The lack of standardization of data and information flows leads to numerous data silos in companies in the real estate industry. As a result, seamless processes, information-driven decisions and smart data applications are often simply not possible. The need for an open data standard that can be used by everyone is clear, explains Tobias Decker, VP Product Development at BuildingsMinds.
A Common Data Model, as envisioned by our initiative, will lead to unprecedented consistency and coherence in the use of real estate data, making customization work to unlock data unnecessary.
For the first time, advanced technologies, such as Machine Learning and Artificial Intelligence, can be fully applied in real estate. The combination of effective tools and emerging technologies will enable processes to be faster and more cost-effective in both long and short term.
Having both, profitability and sustainability goals, in mind, we know that the benefits of a Common Data Model for the real estate industry are tremendous.
Developing this comprehensive solution for our industry will not easy, even with the help of our partners and other industry stakeholders. Launching the International Building Performance & Data Initiative is only the first step in an enormous process, that we are hereby starting.