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The Canadian smart building market is growing at a rapid pace, thanks to numerous technological advances, such as the Internet of Things (IoT) and various building automation systems.
Together with a growing need for saving more energy and money, these technologies are some of the key factors creating new growth opportunities that further stimulates demand for smart buildings.
According to the Smart Building Market Forecast Report 2020-2027, demand for energy-efficient solutions and services will continue to rise in Canada due to the growing awareness of their environmental impact.
People are looking for ways to utilize space more effectively and reduce carbon dioxide emissions contributing to the greenhouse effect. Further owners and managers of corporate offices, multi-story buildings, shopping malls, etc need ways to reduce operational costs, which the adoption of smart building energy solutions promises to obtain.
In fact, the Public Service and Procurement Canada (PSPC) has already launched the Smart Buildings initiative to implement a digital system in over 100 federal buildings across Canada. This is not only true in Canada, but also in Dubai and in other major world economies, they have all implemented smart building initiative plans as well.
The Smart Buildings system collects and analyzes data from mechanical and electrical equipment to identify, diagnose, and solve energy-related problems.
The Canadian government and many in the private sector continues to engage in more projects for lowering energy costs and reducing greenhouse gas emissions. Together with the rising awareness of the benefits of sustainable, eco-friendly, and smart buildings will continue to drive market growth in the coming years.
Commercial, residential, and industrial real estate sectors in Canada are increasingly adopting IoT-enabled devices, cloud computing, artificial intelligence (AI), and other smart technologies to reduce energy consumption and save time and money.
With pandemic restrictions emptying out office buildings, those who are considering office space and returning to work post-COVID will prefer premium building technologies. Owners who implement smart technologies; like, real-time analytics on indoor health factors, touchless elevators, and others will help ensure occupants’ well-being and will see an increase in leasing demand.
There is also a growing preference for walkable, transit-oriented communities, thus the redevelopment of malls into smart, mixed-use spaces is on the rise. For example, the proposed Cloverdale Mall in Etobicoke, a western suburb of Toronto, is a typical 1950s covered mall in the suburbs. Its redevelopment plans will include a vibrant mixed-use hub with leisure activities as well as residential buildings, offices, and cultural amenities.
Universal design practices like installing power doors and other touchless surfaces, point-of-sale (POS) terminals for people with impaired vision, plus other smart tech solutions that include systems for smart water management, access control, security, emergency, network management, HVAC control, and others is being implemented in many redevelopment and new development projects. This trend is expected to continue.
Canadian smart building market grows stronger each day. Many see it as the way of the future where the entire country will see smarter, safer, and more sustainable buildings throughout their cities. The continued awareness for energy-efficient systems and the increase in government initiatives will drive demand in the market and help address global sustainability standards.
CRE developers and investors who see the trend are already being a part of the change and building the future.