Johnson Controls’ report, released on October 2, 2023, examines the challenges confronting commercial real estate (CRE) owners and offers a strategy to address these issues. The main challenges include loss of revenue due to a declining tenant population, regulatory requirements, and social demand for workspaces that promote health and well-being. The proposed strategy involves adopting a smart building approach that includes a building automation system (BAS), cloud-based Internet of Things (IoT) sensors, and an open application programming interface (API) platform. The main takeaway is that CRE owners need to invest in creating smart and sustainable buildings to achieve long-term economic and regulatory benefits and meet tenant requirements.

Keywords: Access Controls, Artificial Intelligence (AI), Blade/Edge Technology, Control & Monitoring Equipment/Sensors, Energy Efficiency/Management, Healthy Buildings, HVAC & Indoor Air Quality (IAQ), Internet of Things (IoT), Large Building Controls/Automation, Lighting Systems/Controls, Post-COVID-19, Protocols/Standards, Renewable Energy

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