The Institutional Real Estate Inc Sponsorship brochure, Connected-Investor Focused, We connect people, data and insights, sponsorship, events, IREI Products
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NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT MANAGERS 8 NAREIM LOS ANGELES HOTEL : NEW ERA, NEW ELECTRICAL Another example we encountered was a recent project where adaptability planning would have been desirable is with a hotel project under construction that we are currently monitoring in the Los Angeles area. This hip, urban hotel was able to increase room count successfully after the start of construction through an amended agreement with the city. Although this improved the future facilities revenues, the project developers ran into trouble with the portion of the amended agreement that called for a higher electric vehicle parking stall count. The added electrical panels and other features to accommodate the higher loads became problematic because of a lack of space in electrical rooms and difficulty and associated cost of running conduit to the future stall locations. Cutting things too close in initial design can leave little room for future space planning adjustments that can improve a property. While not always possible, our teams are tireless advocates for leaving a bit of room for future expansion in mechanical and electrical support spaces. AUTOMOTIVE WORLD : CLASSIC, BUT INSIGHTFUL Interestingly and perhaps counterintuitively, one sector of the world economy which has accepted and counted on change as a basic element is the automotive industry. In fact, while your instincts may be to think of manufacturing as clunky and easily outdated, the automotive industry relies on change to drive (pun intended) sales of its products. In many areas around the world automotive plants have existed for decades with constant change and new technology adoption taking place. The ability to change out the technology for an auto assembly line within the unchanging box of the building is the key to success. Manufacturers realized long ago that making a significant capital investment in a new building every time the design or technology of vehicle assembly changed was not realistic. Auto assembly plants became structures that house an ever-changing array of technologies while maintaining a solid, resilient base building function. SHORTSIGHTEDNESS WILL CRUSH AN ASSET As owners, investors, developers and designers of buildings, we can't predict but need to proactively encourage our projects to evolve with changes that are coming, as opposed to settling for something that works today and maybe only a couple of years into the future. With mechanical, electrical, plumbing and fire/life safety systems sometimes making up 40 to 50 percent of a building's value, it is simply too expensive to make poor choices or to lock an owner/investor into a vendor or method that may not match well with future needs. For example, smart designs are planning for future wired and wireless connectivity through the deployment of distributed antennae systems, non-proprietary building management systems and open architecture designs for fire/life safety systems and other key building components. Another decidedly low-tech building feature allowing adaptability is the refinement of finishes and the addition of ample blocking or strapping in stud walls to allow for the adjustment of grab bars, rails, shelfs and other interior components, which assist in mobility for the disabled. Whether the feature is high – or low-tech, building elements that allow for change in the user population, as well as in technology, are ultimately stronger solutions in the long run. GOOD DESIGN IS AGELESS While we must accept that some elements of buildings need to change over time, other things are universally desirable regardless the location of the facility. No matter what the structure type or use, basic universal design elements such as maximizing natural light, capturing views, creating robust and resilient structural systems, and integrating logical circulation patterns have always been, and will be, design elements that appeal to building owners, investors and users. Basing a design on these universally-favored features and working with the surroundings/environment, while at the same time allowing the technological features to change and be adapted, allows the building to be viable well into the future. " In the end, the most incontrovertible fact is that adaptability and the ease of integration for new systems was key to any model of success."