Tech innovations like the Internet of Things have heightened communication between devices and elevated the building management process—and Deloitte reports that will likely increase in 2017.

Deloitte global real estate sector leader Bob O’Brien tells Bisnow there are still opportunities for building owners and landlords to cut costs and improve margins using this technology. The IoT suite of technologies allows building management systems to facilitate predictive maintenance, increase security and even capture user behaviors to anticipate tenant needs.

“You can track where people are in the building and focus your energy on tenant satisfaction,” Bob tells us. “Is there a way to tailor the heat in any individual office to accommodate what the tenant wants? Is there data from security systems and other systems to help companies understand how space is being used and develop better ways to align and use their space? There are additional value opportunities that building owners can take advantage of.”

Potential for IoT use in the commercial real estate industry is vast, Deloitte reports; smart homes and buildings usage is expected to grow globally to $35.3B by 2020 at an annual rate of 29.5%, according to Allied Market Research.

Bob says fortunately the costs associated with these technologies and the sensors used to analyze end-use behaviors are becoming increasingly affordable.

“One of the things causing it to be more common is the price of sensors is decreasing rapidly and the tools to use that data to predict and respond to needs are becoming much more common and available,” Bob says.

Deloitte anticipates the industrial market will increasingly benefit from the use of IoT technologies as well, resulting in faster and more accurate shipments using smart cart-like robots and meticulous sensor tracking.

“It’s rapidly evolving and yes, it is happening right now,” Bob says.