Munger Blog

When learning to speak in public, there were two words I was told to avoid at all costs, STUFF and THINGS. But when learning of the Internet Protocol for Smart Objects Alliance and their "Internet of Things", I think that they chose their words well.

I have compiled a very long list of smart objects that can be included in buildings, hotels and the gaming floor ("Asset") to make them "Smart". The more smart objects that get included, we have seen the Asset become exponentially smarter and more valuable to both the owner and the user. It can be a smart soap dispenser that tell you when they are low, Smart Phones to purchase products and open doors or smart cameras that can tell you when lines are long at a front desk or checkout counter allowing you to react to a possible bad service experience with more people or a change in a digital signage to direct people to someplace less busy to conduct their transaction.

One of Merriam Websters Dictionary definitions to Intelligence is "the ability to apply knowledge to manipulate one's environment."  It is this intelligence we seek when thinking to communicate to our Internet of Things.

Mobility with the ability to take communications anywhere we go has great potential when enabled by the real estate we travel from, through and to.

When a phone call, web collaboration, or video conference can move from desk video to mobile phone to home television, then we have moved beyond boundries of tradional technology.

The idea of dusting a communication, that is brushing a session from one device to another, can make the complex simple. When technology disapears and communications follow us from place to place and device to device, then we will have truly made a great leap forward

 Communications are changing towards more complex interaction made simple.

While going through my emails today, I read a Realcomm Advisory about how one customer successfully lowered their insurance costs by having a in-building wireless system. There are many building System enhancements that add value and safety to our buildings. With a in-building wireless system, customers are able to use their mobile phones for emergency situations and public safety radios are guaranteed to operate anywhere in the building.

On the Public Safety Radio side, there are several jurisdictions that are now requiring this to get occupancy and many others looking at requiring this.

It seems we have both the carrot and the stick working toward the same goal. In the end, the tenants and customers of these building will certainly be the beneficiaries.

One of my presentations on Connected Real Estate (CRE) this week was to a group attempting to understand the market better. When attempting to describe what it is I listed the 3 phases/areas that I have used for several months. Since it was new to several of them, I thought I would share my view here as well.

When working in CRE, the 3 area where I divide and focus are the construction process, building systems and tenant services. Each of these has their own stakeholders and their own objectives.

The Construction process benefits from a CRE strategy in streamlining the process through technology, reducing material costs with more technology integrated ("connected") materials and through better communication of issues and changes with all concerned parties. The materials and information that is used and developed here also benefit the operation of the building systems and tenant services.

The Building systems are overlap into the construction process but are more focused on operating the building after it opens. The "right" building materials can make a building more efficient and for "green" buildings is a must. Even without a green strategy, implementing building systems that communicate can realize the property owner/operator substantial energy savings and tenant satisfaction.

Tenant systems: We will in a connected world. Whatever may be attached to your hip or in your briefcase, it will only be more connected in the months and years to come. Creating a real estate asset that has this connectivity built in as a basic service of the building will provide a much more friendly environment for the tenants. For the best services, this connectivity needs to be designed into the building from the start.

In general Connected Real Estate in any of these area can make a real estate asset more valuable to both the owner and the users. When all of these come together, it is truly a WIN-WIN for all.

Welcome to the first entry of many to come. Today I installed the blogging software to the website thinking that I would begin here. My goal here will be to discuss the in brief interesting ideas and information about Real Estate, Hospitality and Technology in general. As I travel attending meetings, conferences and the different projects I work on, I'll add my perspective what I hear and learn.