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Digital Real Estate and it’s impact on: Governance

28 Jun 2023

We are pleased to share the release of the fourth REvolve Insight Digital Real Estate Innovation Council paper, which focuses on the governance of buildings whilst in operation, in particular digital governance, which is becoming so important as the digital transformation of Real Estate continues to gather momentum. It will cover some of the digital governance imperatives, what happens when they are neglected, and the action required to take the Real Estate sector from behind the curve to on the front foot.


Read Smart Spaces thoughts on ensuring data governance below:


The question of how the Real Estate sector can best ensure data governance has, in large part, been satisfied through General Data Protection Regulation (GDPR). Landlords providing digital services to occupier customers require their consent through Terms of Use and Privacy Policy opt-ins. However, once consent is granted, what happens next? Well, the reality is that every User will leave an indelible trail of data for every interaction they ever make with the service and that data needs to be stored securely. Further, the data then needs to be managed in compliance with the regulations. So, it is vital to partner with a technology provider who is, for example, ISO27001 and/or SOC2 certified. A good way to think about your provider is – would you trust them with your bank account?


Why do we need to think about data governance across Real Estate in terms of banking-grade cyber security? Well, the world has moved on and the mobile device is all powerful. We can now use Apple Wallet to enter buildings, we book the space we want to work in and can even control the environment in which we work, all via a smartphone. We make payments for food and services with a single click and we communicate all day long using apps. Corporate Real Estate has been tapping into this through the delivery of ever smarter buildings with pioneering tech partners like Smart Spaces. The age of the Real Estate connected super app is here – enabling a series of interchangeable micro-services which enterprise occupiers deliver to their employees through corporate mobile apps and web apps. Landlords can deliver data-led smart buildings for corporate occupiers, but it is the corporate occupier who must ensure any service they connect to satisfies their infosec compliance.


We are seeing a balance struck between the occupier’s pursuit of employee experience and landlords seeking to realise enhanced returns. There used to be a lot of second guessing and today, both parties are much better joined up on what the final product will be and how tech will be used and managed. Regarding potential poor data governance, it is our view that, in general, enterprise occupiers are further along than landlords in their understanding of the risks. The average property professional isn’t typically equipped to manage the digital governance of a building and relies on services like Smart Spaces to protect them, including indemnity and insurance cover through the data hosting service we provide. Cyber security and data protection are best handled by those vendors geared up to do so.


To download the full REvolve paper, click the link here!

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