We asked Foresite Realty Partners CEO Don Shapiro (who'll be moderating our Chicago Property Management and Office of the Future event on Aug. 28) about some of the technology he's using for office space. One's a new virtual rent payment system that eliminates the hassle of checks, money orders, and wire transfers. It’s instantaneous, easier on tenants’ accounts payable (along with landlords making distributions or paying their lenders), and tenants can better manage cash, Don says. Posting common-area maintenance and tax reconciliation pools securely online also boosts transparency, allowing tenants to review the expenses (a significant portion of gross rent) at any time, he tells us.
Tenants want total control of their space, so Foresite has been testing online tools that allow them to make modifications (to HVAC, for example), Don says. Being able to change office temperature without waiting for the building engineer is a game changer—cutting costs and promoting sustainability, he says. That independence doesn’t replace live video monitoring, he says, especially for out-of-town domestic and foreign landlords, vacant buildings, curious lenders, or smaller buildings without on-site management. It drives down operating expenses via real-time feedback and shortens response times in case of emergency, he says.
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