Multifamily Real Estate: Construction Industry Tech Trends
These construction industry trends could help substantially improve the profitability of multifamily properties, as well as their looks.
While brand new technology always begins as being expensive, as it grows and becomes more accessible, it changes industries and the landscape. Whether building multifamily apartments from the ground up or redeveloping existing properties, these tech trends are and will continue to change our scenery and how profitable these investments are. That’s great news whether you are holding buildings that may need to be renovated in the future, or are looking to grow your real estate portfolio with new acquisitions.
Smart Construction Materials
Major investment is being made in developing smart construction materials that are stronger, lighter, more attractive, and offer multipurpose solutions.
Some of these include invisible solar panel, and transparent wood and aluminum. Then there is self-healing concrete, and light producing concrete. All may reduce future operating maintenance costs while increasing appeal.
Drones are not new technology, but they are finding many more applications in the construction industry. In addition to photography and mapping, drones can now be used for monitoring workplace safety, replacing humans for certain risky tasks, providing security to prevent job site theft, and analyzing and optimizing construction equipment use.
Not only are finished multifamily projects enjoying much more use of AI for virtual doormen and monitoring utility usage, but now a range of robots can do construction work. This includes lifting and moving heavy materials and bricklaying robots. Soon they’ll be able to not only put up scaffolding but frame buildings, complete drywall and paint too.
Prefab & Modular
Some of the world’s most established builders are planning to pull back their on-site construction by at least 25% as they can complete more and more via prefabrication. This ranges from entire modular hotels which can now top 21 floors to prefabricating plumbing and other features offsite where labor is cheaper.
New CleanTech has come so far as to create self-purifying and deodorizing rooms. That minimizing labor in housekeeping, while preserving finishes from harsh cleaning solutions. Not to mention providing healthy spaces for tenants and guests.
Project Management Software
Project management software continues to evolve. It has had a great impact on efficiency in daily property management. New features on the construction side, along with augmented reality and mobile equipped on-site crews to mean better project coordination, real-time decision making, onsite accountability, and increased speed.
ABOUT THE AUTHOR
Bill Zahller is the Managing Partner of Park Capital Partners, LLC and resides in Asheville, NC. As a Multifamily Real Estate Investor and Syndicator, he founded Park Capital Partners, LLC in 2016 after 14 years involvement in real estate investment. He works with accredited investors and professionals who are interested in real estate investment, diversification, and financial freedom.
Bill has been flying since high school. His father was a Naval Aviator and Captain for TWA. Bill has been flying professionally for over 25 years, 23 of those at his current company. He has accumulated over 12,000 hours and 7 Jet type ratings. He has also held Instructor, IOE Instructor and NRFO pilot positions with a large fractional flight company. He is currently flying the Global 6000 in a long range mission capacity. This keeps it interesting – one week its Beijing or Sydney; the next Rio or Rome.
Bill is also the founder of the Asheville Multifamily Investor Club. Visit www.ParkCapitalPartnersLLC.com for more information.