Outfitting a commercial real estate space with smart technology can be a significant cost. While the long-term benefits and strategic improvements we’ve discussed previously can make that investment worthwhile, the evaluation period is critical to ensure an impactful ROI. Property developers, owners, and managers should undertake a rigorous evaluation process to ensure the technology procurement aligns with the project’s overall financial plan. And this is not just about getting the cost right. If the technology does not meet the needs of the space, then all the smart technology in the world will not prevent the project from being a sunk cost.
On May 1, Texas began Phase I of its economic reopening, permitting certain businesses to begin operating again. Many states have since followed. As state governors look to continue to reopen with additional safety precautions in place, several (including California, Kansas, Texas, Ohio and Delaware) have implemented rules that require the use of face coverings in public places when social distancing is not an option, which includes work places. COVID-19-related orders have impacted construction projects statewide, though many states are reopening and construction projects are getting underway again, if their progress was even affected in the first place.