“Location, location, location.” It’s a real estate adage so old and well-known it’s basically a cliché at this point, but it still holds true – and with the continual acceleration of digital transformation and the rise of the smart city, it’s more relevant today than ever.
But while the benefits of a smart city for its citizens and municipalities are well-documented, there aren’t as many resources for those in real estate and how the development of a smart city could impact their business.
With that in mind, let’s examine three ways a smart city can improve a market’s real estate industry.
1) Lower Operating Costs
Smart cities are, by design, more efficient than their low-tech counterparts. From natural disaster preparedness and response to equitable internet access, smart cities provide both active and passive benefits to everyone involved.
With these advantages in place, cities are able to streamline and lower their operating costs, freeing up those funds to be invested elsewhere in the community. These investments could result in additional amenities that make the city – and its real estate properties – more attractive and valuable.
2) More Job Opportunities
The calculations are pretty simple: a well-planned smart city results in more efficient operations and higher investment in the community, which attracts more citizens and tourists, which attracts more businesses, which attracts more workers.
And with a steady increase in the fully remote workforce, all of the benefits of a smart city can attract new residents who aren’t even tied to the location because of their job.
All of this adds up to a thriving real estate market for both commercial and residential properties, and a boon to your business.
3) Higher Standard of Living
Whether they’re home or business owners, people look to invest in property that can grow in value. As digital transformation continues to accelerate, a city’s smart capabilities will only become more important when investment decisions need to be made.
Cities and municipalities that build out their smart city infrastructure today will have a competitive advantage tomorrow. Citizens and businesses will value the higher standard of living enabled by smart city technologies, and the real estate within those cities will become some of the most attractive properties in the industry.
How We Can Help
No matter how smart the city, you need to have high-quality infrastructure built out to support it all. This is especially critical for the real estate industry, ensuring property retains and increases its value. A partner with extensive knowledge of the area, as well as established relationships with local utility providers and officials eliminates bottlenecks associated with terrain navigation and permitting challenges, reducing construction time and ensuring the disruption to communities is kept to a minimum.
Hylan offers full-service turnkey communications solutions and electrical infrastructure design and construction services for wireline, wireless and smart city municipal services. Our team’s decades of experience in both wireless and fiberless technologies makes us the ideal partner for building a strong foundational infrastructure to support your city’s needs today, tomorrow, and beyond.