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Description
While building principles and technology have advanced slowly, with only a handful of landmark changes over many centuries, the high-tech revolution has created a new generation of "smart" buildings in only several decades. This concept, coupled with updated "flex" designs and options, has created entirely new uses and categories of real estate. Because a property that incorporates smart or flex room features may command more rent than an otherwise similar property without those features, those in the appraisal, banking, brokerage and other real estate professions should be familiar with these fundamental advances.
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Smart and Flexible
Smart buildings are those that incorporate high-tech features into their construction that increase utility or decrease costs, such as automatic lighting sensors, energy-efficient solar glass, automatic heating and air conditioning zoning or thermostat detection. Today, there also is an expectation to be continuously connected to the Internet, as well as to be able to make presentations with flat screens and projectors, from anywhere. The Internet has reduced the absolute requirement for office and retail space, since many people now can work or shop online wherever they are. Yet there remains a major demand for real estate based upon peoples' desire to gather. And when they get together, they expect property features and designs that go far beyond those available just a short time ago.
Related to the smart building concept is that of flex space designed to accommodate a variety of activities--for example, large halls with retractable basketball hoops and pullout gym seating. One day the room may be a basketball court. On another day, it can be used for assemblies, parties, dances and receptions. While historically common to schools, community centers and churches, which desire to make the maximum use of their facilities, these features... |
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