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Environmental Sustainability & Tech

Saba Farokh, B.A, M.A, OLCM
Property Manager

Smart, Luxurious,

or Sustainable:

The Future of Condominiums

In the current real estate market, rate sustainability strategies, reflecting a present-day reality, significantly
condominium buyers and residents a strong market trend towards eco- enhancing convenience, security, and
encounter three appealing lifestyle friendly living. Additionally, millennials efficiency. The integration of smart
options: smart living, luxurious living, and Gen Z are significantly influencing technologies such as automated light-
and sustainable living. Each option these trends, prioritizing community- ing, smart thermostats, and advanced
provides distinct benefits and caters to centric and multi-generational living security systems has revolutionized
various lifestyle preferences. However, spaces. the way we live. For example, energy-
thanks to advancements in modern The increased demand for smart efficient smart thermostats not only
technology and innovative design, it’s living is fueled by the convenience reduce energy consumption but also
now possible to experience all three and efficiency offered by modern tech- ensure optimal comfort, illustrating
elements together, without having to nology. Smart home devices, such as the seamless blend of technology with
choose just one. automated lighting, smart thermo- everyday living.
stats, and advanced security systems, The market for smart home tech-
The Shift in Consumer allow residents to manage their living nology is experiencing rapid growth.
Preferences environments seamlessly. This tech- A study by ResearchandMarkets
2
Consumer preferences in the real nology not only improves daily life but predicts that the smart home market
estate market have evolved signifi- also contributes to energy savings and will reach $135.3 billion by 2025,
cantly in recent years. This shift is sustainability. driven by the increasing adoption of
driven by advancements in technology, IoT devices and smart home applica-
increased environmental awareness, Smart Living: Integration tions. This surge reflects a broader Photo: © iStock.com/ scaliger
and a desire for an enhanced quality of Technology consumer trend towards homes that
of life. According to a CBRE survey, 1 Smart homes have transitioned offer enhanced connectivity, automa-
84% of respondents plan to incorpo- from being a futuristic concept to tion, and energy efficiency.

28 I CM Magazine FALL 2024