Tackling technology obsolescence a priority for commercial asset owners

Thomasin Crowley, Global Director of Asia Pacific at WiredScore, sheds light on the risks of obsolescence in commercial real estate assets and how future readiness needs to be demonstrated to remain relevant. Market expectations have been evolving and it’s becoming necessary for every building to show its smart capabilities.

In 2013, WiredScore began its certifications of real estate in New York, London, and other cities around the world. This includes their WiredScore Certification, which is a global digital connectivity rating scheme, and SmartScore Certification, which helps developers and asset managers with defining a smart building and encourages best practices to develop them.

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In order to pursue their mission of making the world’s buildings smarter, WiredScore set up their first regional headquarters in Asia Pacific in April 2022, choosing Singapore as the region’s base of operations. After nearly two years of working in the region, WiredScore has registered 143 buildings, with 166 certifications, across Australia, Singapore, Hong Kong, and Thailand.

Crowley finds that the take-up rate of the prestigious certifications in Singapore has been higher than their expectations. This is likely due to the four growth drivers that define the commercial real estate market in Singapore: leasing and branding, technical value, building for the future, and a policy to develop more smart buildings.

While the challenge of certifying buildings varies from project to project, WiredScore is currently working on the redevelopment of Singtel’s Comcentre at 31 Exeter Road. The project has a $3 billion budget and is aiming for BCA Green Mark Platinum (Zero Energy), Well Platinum, and WiredScore and SmartScore ratings.

Crowley notes that the biggest challenge landlords and developers face today is managing the risk of obsolescence. SmartScore certification can help asset owners create a baseline, though older buildings may struggle if they don’t have core infrastructure in place. She cites Keppel Bay Tower, which achieved a SmartScore Gold and a WiredScore Platinum in June last year, as a prime example of great retrofitting.

In order to establish a presence and educate the market on digital connectivity, WiredScore has worked with local experts to localise their standards. Moving forward, they’ll use their presence in Singapore, Hong Kong, and Thailand to explore more ways to serve other Southeast Asian countries.