Eetu Kirsi,

14.12.2023

cblog

Data has consistently played an important role in the transformation of industries worldwide. The real estate sector, while rooted in traditional practices, has not been an exception. Particularly in Northern Europe, a paradigm shift is evident. Countries like Finland, Sweden, Norway, Denmark, Austria, Germany, and the Baltics are now looking beyond brick and mortar, turning to data for strategic insights.

The data imperative and legislative push by the European Union

The European real estate landscape has been increasingly leaning into digital transformation.

Deloitte published a study that shows several European nations are taking digital and data-driven tools in use to improve efficiency, tenant satisfaction and sustainability in the real estate sector.

The European Union has been a dedicated advocate for sustainability and energy efficiency. The Energy Performance of Buildings Directive (EPBD) stands testament to this commitment. Adopted to improve the energy efficiency of buildings, the directive mandates Member States to set stringent minimum energy performance standards.

With energy costs on the rise, a data-driven approach to building management becomes not only environmentally prudent but also economically sound.

Northern Europe's Model – more than bricks and mortar

Northern Europe, with the balance of people, environment and property, offers a path for others to mimic. Challenged by demanding climatic conditions, the region has become adept at designing buildings that provide comfort, safety, and sustainability, ensuring a high quality of life for its residents.

The advanced social structures, with a deep-rooted emphasis on inclusivity, sustainability, and well-being, have influenced property management practices to promote both human and environmental well-being. In essence, Northern Europe’s approach to real estate isn't just about bricks and mortar; it's about creating optimal living spaces that champion people and the environment.

“Designing buildings that provide comfort, safety, and sustainability, ensuring a high quality of life for its residents.”

In Northern Europe, real estate operators are keenly interested in collecting a diverse range of data. They focus on energy consumption patterns to enhance building efficiency and lessen environmental impact. Understanding building maintenance needs is crucial for timely repairs and longevity.

Tenant behavior and satisfaction are closely monitored, ensuring that living experiences are continuously improved. Environmental factors, such as air quality and temperature, are tracked for healthier, sustainable living spaces.

Additionally, occupancy rates are analyzed, balancing space utilization with financial performance. This meticulous data collection and analysis enable a harmonious blend of profitability, environmental stewardship, and tenant wellbeing.

We can already see a shift towards Environmental, Social, and Governance (ESG) considerations among real estate leaders in Europe. The shift underlines the importance of long-term stability and sustainability in the sector. (Source: PwC, The Emerging Trends in Real Estate®: Europe 2023.)

“Leveraging data will be less of an option and more of a necessity.”

Laying the blueprint for the future

Northern Europe's fusion of tradition with innovation is laying the blueprint for the future. With a regulatory landscape supportive of sustainability and forward-thinking industry leaders, the importance of a data-driven approach is clear. As technology continues to evolve and the real estate industry along with it, leveraging data will be less of an option and more of a necessity.

Engage in this transformative journey. For insights tailored to your needs, speak with our local experts or leave us a contact request.


Writer is a SmartView Product Leader in Caverion Group. Caverion SmartView is a digital platform with all the essential features you need to manage your facilities.