This article introduces the concepts of smart cities and smart buildings from the viewpoint of commercial real estate. It summarizes the current academic thinking on how the widespread implementation of digital technologies embodied by smart grids and digital skins impacts cities and buildings in two classic smart city models: ubiquitous city and augmented city. It then explores the consequences of these innovations on commercial real estate at both the city and building levels. In doing so, it presents the concept of a new “omni-use” property type whose characteristics derive from ubiquitous computing in smart urban environments. It also proposes guidelines for smart building scores to define a methodology relevant to the real estate sector and conducive to constructing price indices of smart buildings. It concludes by stressing the dominating role that technology will play in defining property heterogeneity in the digital era.
AllamehEJozamMHde VriesB. (2012) The role of smart home in smart real estate. The Journal of European Real Estate5(2): 156–170.
2.
AlWaerHClements-CroomeDJ (2010) Key performance indicators (KPIs) and priority setting in using the multi-attribute approach for assessing sustainable intelligent buildings. Building and Environment45: 799–807.
3.
AmstrongR (2016) Embodied intelligence: changing expectations in building performance. Intelligent Buildings International8(1): 4–23.
4.
AnttiroikoAV (2013) U-cities reshaping our future: reflections on ubiquitous infrastructure as an enabler of smart urban development. AI & Society28: 491–507.
5.
AshJKitchinRLeszczynskiA (2018) Digital turn, digital geographies?Progress in Human Geography42(1): 25–43.
6.
AurigiA (2009) U-city: keeping space and place in the picture. In: LeeSH (ed.) Ubiquitous City: Future of City, City of Future. Daejeon: Hanbat National University Press, pp. 162–179.
7.
BaumA (2017) Proptech 3.0: The Future of Real Estate. Oxford: Said Business School, University of Oxford Research.
8.
BattyM (2007) The real-time academy: anyplace, anywhere, anytime. Environment and Planning B: Planning and Design34: 947–948.
9.
BattyMHudson-SmithAHugelS. (2015) Visualising data for smart cities. In: Handbook of Research on Social, Economic, and Environmental Sustainability in the Development of Smart Cities, Chapter 16. Hershey, Pennsylvania, USA: IGI Global, pp. 339–362.
10.
BermanMLibertBBeckM. (2016) Assets vs. access: A digital reality for commercial real estate. Pennsylvania: Knowledge@Wharton, University of Pennsylvania(September 14).
11.
BruelherM (2016) Ten Ways the Real Estate Industry is Changing. Cologny: World Economic Forum4th April.
12.
BuckmanAHMayfieldMBeckS (2014) What is a smart building?Smart and Sustainable Built Environment3(2): 92–109.
13.
CaragliuADel BoCNijkampP (2011) Smart cities in Europe. Journal of Urban Technology18(2): 65–82.
14.
CarvalhoL (2015) Smart cities from scratch? A socio-technical perspective. Cambridge Journal of Regions, Economy and Society8: 43–60.
15.
Charles Russell Speechlys (2016) The New Real: Unlocking New Gains Through Smart Buildings. London.
16.
ChowLKHLeungAYT (2005) New intelligent building index for buildings around the world: a quantitative approach in building assessment experience with Hong Kong tallest building. In: Two International Finance Centre, The World Sustainable building Conference. Tokyo, 27–29 September.
17.
Clements-CroomeD (2013) Sustainable healthy intelligent buildings for people. In: Clements-CroomeD (ed.) Intelligent Buildings: Design, management and operation, 2nd ed. London: ICE Publishing, Chapter 1, pp. 1–24.
18.
DeakinM (2012) The embedded intelligence of smart cities. In: DeakinMAl WaerH (eds.), From Intelligent to Smart Cities. Abingdon: Routledge, pp. 57–65.
FangXMisraSXueG. (2012) Smart grid- The new and improved power grid: a survey. IEEE Communications Surveys and Tutorials14(4): 944–980.
21.
GhaffarianhoseiniABerardiUAlWaerH. (2016) What is an intelligent building? Analysis of recent interpretations from an international perspective. Architectural Science Review59(5): 338–357.
22.
GlasmeierAChristophersonS (2015) Thinking about smart cities. Cambridge Journal of Regions, Economy and Society8: 3–12.
23.
Global Data (2012) Smart Grid Technologies Create Foundation for Smart City Projects. Report reference code GDSG0057VPT (November).
24.
GrossN (1999) The Earth Will Don an Electronic Skin. New York: Business Week.
25.
GüngorVSahinDKocakT. (2011) Smart grid technologies: communication technologies and standards. IEEE Transactions on Industrial Informatics7(4): 529–539.
26.
HollandsRG (2015) Critical interventions into corporate smart city. Cambridge Journal of Regions, Economy and Society8: 61–77.
27.
KatzDSkopekJ (2009) The CABA building intelligence quotient programme. Intelligent Buildings International1(4): 277–295.
28.
KejriwalSMahajanS (2016) Smart Buildings: How IoT Technology Aims to Add Value for Real Estate Companies- The Internet of Things in the Commercial Real Estate Industry. New York: Deloitte University Press.
29.
KitchinR (2015) Making sense of smart cities: addressing present shortcomings. Cambridge Journal of Regions, Economy and Society8: 131–136.
30.
KolokotsaD (2016) The role of smart grids in the building sector. Energy and Building703–708.
31.
LecomteP (2015) The impact of smart cities on real estate. Business Times, Singapore3 September.
32.
LecomteP (2018) New boundaries: conceptual framework for the analysis of commercial real estate in smart cities. In: Working paper presented at the European Real Estate Society 25th annual meeting, Reading, UK, 27-30 June 2018). (Journal of Property Investment and Finance, forthcoming).
33.
LeeSH (2009) Introduction to ubiquitous city. In: LeeSH (ed.), Ubiquitous City: Future of City, City of Future. Daejeon: Hanbat National University Press, pp. 10–29.
34.
McGlinnKO’NeillEGibneyA. (2010) SimCon: a tool to support rapid evaluation of smart building application design using context simulation and virtual reality. Journal of Universal Computer Science16(15): 1992–2018.
35.
MitchellWJ (1995) City of Bits: Space, Place and the Infobahn. Cambridge: The MIT Press.
36.
MitchellWJ (1999) E-topia: Urban life, Jim- but Not as We know it. Cambridge: The MIT Press.
37.
MitchellWJ (2003) Me++: The Cyborg-Self and the Networked City. Cambridge: The MIT Press.
38.
NeirottiPDe MarcoACaglianoA. (2014) Current trends in smart city initiatives: some stylised facts. Cities38: 25–36.
39.
PeetR (1998) Modern Geographic Thought. Oxford: Blackwell Publishing.
40.
RabariCStorperM (2015) The digital skin of cities: urban theory and research in the age of the sensored and metered city, ubiquitous computing and big data. Cambridge Journal of Regions, Economy and Society8: 27–42.
41.
RattiCClaudelM (2014a) The sense-able city. The European21 March.
42.
RattiCClaudelM (2014b) The rise of the invisible detail: ubiquitous computing and the minimum meaningful. Architectural Design84(4): 86–91.
43.
RattiCClaudelM (2016) The City of Tomorrow: Sensors, Networks, Hackers, and the Future of Urban Life. New Haven: Yale University Press.
44.
RattiCHawA (2012) Living bits and bricks. The Architectural Review, Viewpoints 24 April.
45.
ReschBBritterRRattiC (2012) Live urbanism-towards SENSEable cities and beyond. In: RassiaSPardalosP (eds.), Sustainable Environmental Design in architecture: Impacts on Health. New York, NY: Springer, pp. 175–184.
46.
RICS (2017a) Stretching the concept of buildings. Interview with Claudia Conway (Editor), Property Journal. Commercial Section.
47.
RICS (2017b) Artificial intelligence: What it means for the built environment. Report written by Hoar C, Atkin B, King K; RICS Insight -October. London: Royal Institute of Chartered Surveyors.
48.
SchibuolaLScarpaMTambaniC (2014) Intelligent buildings connected to future smart energy grids. WIT Transactions on Ecology and the Built Environment142: 255–266.
49.
SchwabK (2016) The Fourth Industrial Revolution. New York, USA: Crown Business.
50.
Scott TurnerJ (2016) Homeostatis is the key to the intelligent building. Intelligent Building International8(2): 150–154.
51.
SheltonTZookMWiigA (2015) The ‘actually existing smart city’. Cambridge Journal of Regions, Economy and Society8: 13–25.
52.
StijnV. (2017) Support for setting up a Smart Readiness Indicator for buildings and related impact assessment interim report. A study accomplished under the authority of the European Commission DG Energy, 2017/SEB/R/1610684. European Commission, Brussels.
53.
TownsendA (2013) Smart Cities: Big Data, Civic Hackers and the Quest for a New Utopia. New York: W.W.Norton & Co.
54.
VolkovABatovE (2015) Simulation of building operations for calculating building intelligence quotient. Procedia Engineering111: 845–848.
WeiserM (1991) The computer for the 21st century. Scientific American265(3): 94–105.
57.
WeiserMBrownJS (1996) The coming of age of calm technology. In: DenningPMetcalfeR (eds.), Beyond Calculation: The Next Fifty Years of Computing. New York, NY: Springer, pp. 75–85.
58.
WongJKWLiHWangSW (2005) Intelligent building research: a review. Automation in Construction14(1): 143–159.
59.
ZygiarisS (2013) Smart city reference model: assisting planners to conceptualize the building of smart city innovation ecosystems. Journal of the Knowledge Economy4: 217–231.
