Tackling technology obsolescence a priority for commercial asset owners

Thomasin Crowley, global director of Asia Pacific at WiredScore, notes that there is a prominent concern among many commercial real estate asset managers, developers, and landlords that the properties they manage may be obsolete to investors and tenants five to 10 years down the line. To negate this risk and ensure relevance, she notes that the market is now expecting every building to demonstrate its smart capabilities. Crowley also references the establishment of WiredScore’s first regional headquarters in Asia Pacific in April 2022. To date, the company has registered 143 buildings and awarded 167 certifications across four key Asia Pacific markets, with Singapore accounting for 13 certifications across 11 buildings.

To ensure future relevance in the commercial real estate industry, WiredScore, a global digital connectivity rating scheme provider, established its first regional headquarters in Asia Pacific in April 2022. Thomasin Crowley, the company’s global director of Asia Pacific, notes that market expectations are now requiring every building to demonstrate its smart capabilities, as there is a worry that properties will become obsolete to investors and tenants five to 10 years down the line.

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WiredScore has registered 143 buildings across four key Asia Pacific markets, with 66.8 million sq ft of commercial real estate registered. In Singapore, there are 13 certifications across 11 buildings, and Crowley anticipates that by the end of this year, four more commercial buildings in the city-state will be registered with a WiredScore certification and eight more certifications will be awarded.

She further explains that Singapore benefits from a particularly strong mindset of investor reporting and focus on ESG, as most corporate tenants and landlords need to report on their sustainability efforts. Assessing the company’s performance in Singapore, Hong Kong, Thailand, and Australia, Crowley highlights the enthusiasm demonstrated by asset owners and developers.

For instance, One Bangkok by Frasers Property, a prominent new development, was the first in Thailand to attain WiredScore Platinum and illustrates the enthusiasm for certifications. Utilizing its partnership model, WiredScore works with local experts to understand its standards, for instance, with the redevelopment of Singtel’s Comcentre, which is targeting various health, technology, and sustainability ratings, including BCA Green Mark Platinum (Zero Energy), Well Platinum, and WiredScore and SmartScore ratings.

The biggest challenge asset owners and developers face when it comes to certifying buildings is the risk of obsolescence. WiredScore can assist in this regard through its SmartScore certification, which helps asset managers to define a smart building and promotes best practices to develop them. An example of a great retrofitting case in Singapore is Keppel Bay Tower, which was awarded SmartScore Gold and WiredScore Platinum.

Crowley mentions that an additional growth factor in Singapore is the top-down policy to develop more smart buildings. She notes that as WiredScore continues to establish its presence in Asia Pacific, the aim is to work closely with local experts to serve more parts of the Southeast Asian market.