Tackling technology obsolescence a priority for commercial asset owners

Thomasin Crowley, global director of Asia Pacific at WiredScore, notes that market expectations over the past few years have evolved to the point where every building needs to demonstrate its smart capabilities to remain relevant. Since 2013, WiredScore has registered 143 buildings across the Asia Pacific into its certification scheme, mainly across Australia, Singapore, Hong Kong and Thailand, while 66.8 million sq ft of commercial real estate has been registered across the four key markets.

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The risk that properties may be obsolete to investors and tenants five or ten years down the road is a genuine concern among commercial real estate asset managers, developers, and landlords, observes Thomasin Crowley, global director of Asia Pacific at WiredScore. This worry is driven by the need for an excellent tenant user experience, the pursuit of sustainability targets, more efficient asset operation, and a need to stay ahead of the curve in the industry.

In April 2022, WiredScore set up its regional headquarters in Asia Pacific with Singapore as its base of operations. Ever since, the company has seen strong traction especially in the city-state, awarded thirteen certifications across eleven buildings and expecting eight more certifications by the end of 2021.

Crowley notes that Singapore is unique compared to its regional counterparts due to four main growth drivers the city-state benefits from. These include leasing and branding, technical value, building for the future, as well as a strong focus on environmental, social, and corporate governance (ESG).

Certifying buildings can be done at different stages of development: for upcoming projects, or for already completed buildings. One prominent example of this is the redevelopment of Singtel’s Comcentre at 31 Exeter Road. Here, Singtel and Lendlease have announced a $3 billion partnership targeting BCA Green Mark Platinum (Zero Energy), Well Platinum, and WiredScore and SmartScore ratings.

Negating obsolescence remains the biggest challenge for landlords and developers. To help with this, WiredScore can help asset owners build a baseline, for example backed by its SmartScore certification. One such success story is the Keppel Bay Tower, having clinched SmartScore Gold and WiredScore Platinum in June last year.

Additionally, WiredScore is aiming to work with more local experts in various countries to support its growth. Crowley concludes by saying that, “A key to fuelling our growth is working closely with accredited partners on the ground in various countries to localise with local experts.”