CREJ

Page 24 — Property Management Quarterly — July 2020 www.crej.com means high-occupancy properties with tenants behind on rent may start seeing evictions. The multitenant industrial sector is known to have con- sistently high occupancy, so landlords and lenders likely will be more strin- gent on these tenants. Late fees, which also have been halted, likely will be charged again beginning in June.While new leasing activity has been relatively stagnant during the pandemic, leasing renewals have seen steady results. The coronavirus has accelerated trends that already were underway. The increased demand from e-com- merce and other retail companies pushed industrial rents to new levels. Because of changes in the supply chain due to COVID-19, there is an additional uptick in demand antici- pated from online retailers, which will result in the need for more warehouse/ distribution space. With capital funds flowing more fluidly, larger planned projects can resume while landlord services will start to revert to pre-pandemic levels. Still, caution and compliance of local and employer safety practices are encouraged. Personal responsibility will be crucial as the pandemic contin- ues.We can’t go back to life before the pandemic.We have to get through it – and adapt. If behavioral changes con- tinue to affect the long-term supply and demand for industrial real estate, there could be big opportunities for landlords and investors alike. s Darvill Continued from Page 16 protocols in place to bring joy to the residents in their communities. Research suggests that transitional and supportive housing models can affect positive outcomes for residents and society by reducing the social cost of housing and treatment for these populations. The limited research tends to focus on the benefits to the resi- dents but also implementing services can have the following positive impacts for landlords: Reduced turnover and evictions, reduced maintenance costs, reduced youth vandalism, more com- munity engagement from staff and tenants, more community connected- ness, and building sense of safety and trust. The numerous benefits of resident services to our community members through classes, programs and support services make it an attractive option for landlords and property managers to explore. There is an adage that says a rising tide lifts all boats. In this case, empowering residents to thrive and live a more fulfilled life through a spirit of collective impact provides an oppor- tunity to achieve the greater good for residents and landlords. s Laston Continued from Page 17 themwith algorithms that represent thresholds.Thresholds are defined as probability for disruption, which indi- cates something is causing the machine to approach failure. An alert is sent to operating teams prior to failure, pre- venting it through acting to address potential problems through preventa- tive efforts.With sophisticated machin- ery, on-site teams may not specialize or hold enough expertise to overcome the threat, so further collaboration still is needed, or training. Even with that chal- lenge, if teams walked and inspected the property in preventative efforts, these thresholds likely would not have been uncovered. How do we overcome the need for expertise on site to operate complex systems? n Prescriptive and predictive main- tenance through applied artificial intel- ligence. The solution to lacking techno- logically advanced skillsets of on-site maintenance teams could be through the standardization of using applied artificial intelligence in the facilities management realm. Applied artificial intelligence is limited in its abilities and still requires manual operation through human programming. Predictive analyt- ics allows for some algorhythmic and pattern recognition if data is used prop- erly but thus far the majority of com- mercial real estate management firms have only incorporated this in areas outside of facilities management. Pre- dictive maintenance with applied AI is a step in the right direction and incorpo- ration of sensor technology with equip- ment will help alleviate the need for “live” human operations, but the system isn’t self-sustaining. Could a system be self-sustaining? n Prescriptive maintenance-machine learning and artificial general intelligence. Prescriptive maintenance using artificial general intelligence would enable sys- tems to act and think, feel, recognize, predict and address all facets of their maintenance requirements, without human interaction. Currently, manu- facturing plants producing aircrafts for the aviation industry have implemented advanced AGI with machine learning that enables production equipment to not only predict potential failures based on data sets, but also prescribe and cor- rect issues before a failure occurs. Here’s an example of what this may look like in commercial real estate or any facili- ties management operation. Sensor technology, now a common component of varying types, are strate- gically installed on equipment to ana- lyze and report deviations felt through differing vibrational components during machine run time.Vibrational tones are reported through Internet of Things connectivity in real time and monitor the equipment behavior during normal functionality. Deviations, regardless of howminute, are reported, correlating relationships and trends over the life of the machine. Analytics through these activities drive algorithmic functions to correlate with prescriptive needs if any abnormality is recognized, correct- ing the error before it occurs. Machine learning allows the equipment to develop based upon needs derived from data in the cyclical learning process. It can maintain itself at various stages in the life cycle and alleviate the need for human influence along the way. n Imagine the possibilities. Facilities management operations has some- what evolved in the approach using preventative and corrective measures, but the future is rapidly approach- ing. Though the innovative predictive and prescriptive maintenance models that will be made possible through AGI and machine learning seem to make a large positive impact on operational efficiency initially, many questions still exist. Real estate often is a slow adopter but is beginning to implement systems likely to propel our evolution faster than in the past. Embrace the presence of innovative platforms and ask questions. It is undeniable that an exciting future is ahead. Besides, now we can officially say, machines really can run them- selves! s Daniels Continued from Page 20 Serving San Francisco and East Bay Area in the state of California. Complete Building Permit Management and Consulting Services LET US MANAGE THE PERMITTING PROCESS SO YOU CAN FOCUS ON YOUR PROJECT! 888.755.2469 info@s1permits.com ServingDenver Metro and Front Range in the State of Colorado.