April 2023 E-News
Common Ground
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Welcome New OSCRE Board Leadership
At OSCRE’s Annual Meeting earlier this week, 8 new board members were installed, joining three returning board members to guide OSCRE’s vision for a data-driven future. At the meeting, the board elected Mike Maxfield, Vice President Business Technology, Brookfield Properties to serve as chairperson, and Joseph Moskowitz, Senior Director of Business Development and Strategy, Dealpath to serve as vice chairperson.
“With representatives from real estate investors, owners, occupiers, software developers and service providers, the OSCRE board brings together an array of perspectives that will be invaluable as the organization continues to address the real estate industry’s need for data consistency and transparency,” said OSCRE board chairperson Mike Maxfield. “Adopting a standards-based approach to building a corporate data strategy, especially regarding the current Environmental Data Standards Project is a critical need for the industry.”
The new board members are:
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Marius Andreasen, Executive Managing Director, Valuation & Advisory at Cushman & Wakefield
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Brian Armocida, Vice President, Technology & Innovations at The Blackstone Group
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Jim Carr, Chief Innovation Officer at BentallGreenOak
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Adam Hastings, Chief Data Officer at Hines
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Mike Maxfield, Vice President, Business Technology at Brookfield Properties
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Joseph Moskowitz, Senior Director Business Development & Strategy at Dealpath
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Randy Moss, Manager, Sustainability Solutions at Yardi
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Ian Niblock, Director at MRI Software
The returning board members are:
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Bill Bernabei, Executive Managing Director, Digital & Analytics Solutions at CBRE
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Michael Thompson, Global Head of Business Intelligence & Data Advisory at JLL Technologies
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Naseem Wenzel, Executive Director, Head of Real Assets North America at Alpha Lionpoint
For a copy of OSCRE's press release announcing the 2023 Board of Directors click here.
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Valuation in Transition – Compelling shifts in data and technology
In OSCRE’s April Innovation Forum, executives from JLL, CBRE and CW confirmed the rapidly changing role of data and technology in real estate valuation. Structural changes in the real estate and financial markets are also leading to restructuring portfolios. To make critical portfolio decisions, clients are demanding better, faster, more flexible analytics and valuation support. From a service standpoint, this means new roles for valuations of different kinds depending on the level of risk involved. Here’s a snapshot of what clients are looking for in valuation services and data:
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Portfolio optimization – monitor portfolio performance in real time
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Risk management – manage risk across complex portfolios
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Speed – timely and relevant insights on a portfolio
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Data visibility – view portfolio insights in one place
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Accessibility – self-serve by accessing data quickly
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Integration – manage multiple suppliers, third party data sources, and platforms
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One-off valuations – making individual analysis more robust
Data standards are also a critical building block for the future of data-driven valuations. OSCRE has already built valuation data exchange standards for the primary appraisal types common in the industry. There’s clearly a lot more work to do and OSCRE’s Product Board will be looking into that next as part of OSCRE’s product strategy for extending the OSCRE Industry Data Model TM.
To share your perspective email us at info@oscre.org, we look forward to hearing from you.
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We are asking for your help.
OSCRE would like to include additional insights for the ongoing Environmental Project.
Not sure if your organization is an OSCRE corporate member, contact us, info@oscre.org
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We ask that you forward this message to those on your team who best fit these roles and let them know about the work we are doing on this standard. We hope they will join the project meetings. Please email us if you have any questions, or if you are an OSCRE corporate member and would like to join this project, info@oscre.org.
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Realcomm’s Environmental Sustainability Forum Features
Open Standards Discussion
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There is a new precon event June 13th at Realcomm this year.
1:30 – 6:00 PM and offers Realcomm attendees an opportunity to explore technology’s role in driving sustainability decisions and provide insights on aligning people, profit, and purpose. The forum will cover a variety of topics including energy benchmarking, carbon footprint reduction strategies and sustainability performance improvement areas with a panel discussion on open standards. OSCRE’s CIO Ian Cameron will participate on the panel with representatives from Brick, Haystack and others that highlight open-source standards to aid the challenges associated with collecting, analyzing, and reporting disparate data.
There’s no additional fee to register for this session if you’re attending Realcomm, but you must register in advance.
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Let us know what you think:
Results will be included in next month's newsletter
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Where is your organization in exploring & adopting capabilities in data science & analytics?
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Innovators and risk takers exploring and adopting these capablilties.
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Ahead of most of our peers or competitors.
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Waiting for solutions with a clear, proven track record.
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Thank you for taking the time to share your perspective. For more information please contact info@oscre.org
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Last month’s poll asked readers to describe their organization’s current approach to data strategy. 21% reported that their organization has no strategy in place, while nearly 40% reported that development of a data strategy is in the early stages or in place for some real estate functions. 39.6% reported that a data strategy is in place for all real estate functions or fully integrated throughout the organization. While slightly more than one in five haven’t identified the strategy to guide their data-driven path forward yet, the majority of respondents are advancing, and some at a high level of data transformation.
Data strategy provides the vision and the resources to move forward, and recognizes the importance of emerging technology (such as artificial intelligence and others) to address data collection, analytics and reporting functions.
Would you like to share your organization’s approach to developing a data strategy in a future Innovation Forum? Please email lori.walters@oscre.org for more details on how you can share your story.
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Education at your convenience with our on-demand program.
OSCRE Academy programs are open to members and non-members
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- Build new skills to address new data challenges
- Develop better insights from data and analytics
- Manage current risks
- Improve agility in implementing change
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Making Paths to Higher ESG Scores
A good ESG rating means a company is managing its Environmental, Social and Governance risks well relative to its peers. It also promotes stronger relationships with clients and investors and makes it easier to raise capital.
According to the Harvard Law School Forum on Corporate Governance, “A 2020 survey by SustainAbility found that ESG ratings are the most frequently referenced source of information that institutional investors rely on to gauge ESG performance (55 percent, tied with direct company engagement).”
How are you tracking the impact of your buildings, and where could you optimize performance to increase your ESG score and asset value? You can start with evaluating long-term trends.
Benchmarking, Reporting & Certification
Portfolio-level benchmarking, tracking and reporting all help identify energy savings opportunities. You can evaluate long-term trends at the building or portfolio level and push reports to stakeholders. By measuring the long-term impact of building-specific energy projects, you can calculate payback periods and justify future initiatives.
Certification by an independent third-party organization increases visibility of properties that demonstrate high efficiency and low greenhouse gas emissions. Organizations such as ENERGY STAR®, LEED® and GRESB® score and accredit buildings.
Energy Auditing
Energy technology can be used to collect accurate information, including real-time data through pulse-enabled smart utility meters which send frequent pulses that correlate to a defined energy consumption amount.
Physical property surveys will also identify opportunities to improve efficiency. Along with CAPEX improvements that perform financially, low- and no-cost solutions can provide fast savings.
Operational Strategies
Tenants generally expect motion-sensor lights, low-flow water systems and centrally controlled thermostats. Savvy investors also want efficient equipment such as air handling units to reduce the environmental impact of buildings.
Technology can provide aggregated whole-building data that gives you visibility into your building’s energy consumption, which helps you target ways to improve performance. Tracking what those changes have done for your sustainability goals can prevent you from sliding back and will help you make further improvements to continuously drive higher ESG scores for your properties.
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