CitySmart and three of its partners have developed some innovative offerings for the commercial property industry – exciting ideas that will deliver both economic and sustainability benefits across the city.
CitySmart and the Australian Property Institute (API) come together at a presentation on November 17 to showcase three exciting ideas for the commercial property industry.
These smart city initiatives will benefit both tenants and landlords. Here’s a snapshot of each program, along with PDFs containing more details.
Brisbane District Cooling | Engie Group
Dr. Nick Regan, Engie Group
Instead of air-conditioned buildings relying on their own cooling systems, a shared district cooling system can connect buildings to a single chilled water network for their thermal energy needs. Engie Group and Ventia are partnering with CitySmart on this ambitious project for Brisbane which ties in with City Centre Master Plan’s smart energy strategy.
HOW IT WORKS
Water is transported around the CBD through dedicated underground pipes to which individual buildings can be connected. A central plant chills the water during off-peak periods and then supplies it to buildings during the day.
- Electricity bill savings of 10-30 per cent for individual buildings
- Reduction in CO2 emissions by up to 24,000 tonnes per annum
- Cost savings via the elimination of capital expenditure on replacing old chilling machines.
Works are expected to commence in 2017. The project contractors Engie Group and Ventia are currently securing first customers for the project.
t3 Building Upgrades Initiative | Incorp
Roger Walker, Incorp Property Solutions Group
t3 is a clever new approach to commercial building upgrades. This sustainability initiative helps employers create more productive and green-friendly workplaces and makes upgrades (e.g. lighting) financially attractive for landlords. t3 solves the “split incentive” problem of a typical lease, which frustrates tenants wanting upgrades and gives landlords little incentive to make improvements.
HOW IT WORKS
The tenant allows the owner to share in the savings created by building asset upgrades (e.g. cheaper bills through more efficient lighting). The t3 Initiative provides the framework for both parties to agree to upgrade works, including a ‘connection incentive’ for landlords in the form of ongoing tenant contributions to help pay for the completed works. t3’s proposed landlord/tenant split of the savings is 80/20.
- Tenants are signalling to stakeholders that they care about improving workplace productivity, worker conditions and the company’s environmental credentials.
- Landlords can secure a cash flow improvement mid lease, increasing the building’s value.
T3 will launch in early 2017 initially with a focus on lighting upgrades, before expanding to a range of other eco-friendly improvement opportunities.
RankMySpace tenant app | VAE Group and Bitpool
Rav Panchalingam, VAE Group
VAE Group and technology partner Bitpool are currently developing an app that collects employee opinions of the buildings/office spaces in which they work. Traditional second-hand feedback, such as when a company manager talks to a landlord, can be misleading. VAE ran a real world test in a workplace and found that CEO assumptions about staff attitudes often didn’t align with what staff really thought. RankMySpace changes the game, giving staff a direct voice and efficiently collecting this subjective data.
HOW IT WORKS
The RankMySpace mobile app will allow users a simple and consistent method of submitting their survey responses. For example, the tenants can download the app to their phone, scan a QR code placed in the building, and complete a series of multi-choice questions. Alternatively, VAE is looking into installing fixed position tablets near lifts of public foyers, with the app constantly running. The entire survey process should be achievable within 30 seconds. Further data entry options will be offered as tenants become more familiar with the app.
A tenant-driven, space rating platform can help to create transparency in the property industry. A history of tenant feedback can allow potential buyers or tenancy lessees to get a full depth understanding of the space they’re investing into, instead of relying solely on two dimensional information provided by the selling agent.
RankMySpace is still only a concept, so Rav and his team would love to hear your questions, feedback and ideas.