# Keynote Case Study: BOMEX — What Happens to Commercial Property When Shopping and Buildings Become Digital?
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At BOMEX 2013 in Halifax, Jim Carroll addressed approximately 300 Canadian commercial-property owners and managers. Their businesses were built around physical assets whose useful lives could extend for decades. Carroll challenged them to consider the implications of a marketplace in which consumer technology and retail business models could change much faster than buildings. The strategic issue was whether conventional assumptions about tenants, locations, amenities and building systems could remain reliable. The keynote examined a new retail environment shaped by e-commerce, digital comparison and faster fulfilment. Carroll highlighted major retailers and technology platforms experimenting with rapid delivery. In contemporary reporting, he discussed ambitions for same-day delivery and new forms of online convenience. Such developments could alter the reason a consumer visited a physical store and therefore influence the space retailers required. The presentation challenged real-estate leaders to look beyond current occupancy patterns toward what their tenants' customers might expect next. Mobile technology was another source of disruption. Buyers could compare prices, search for products and interact with brands while inside a store. Showrooming, click-and-collect concepts and emerging payment methods were changing the role of retail space. A location might increasingly need to provide discovery, experience, consultation or fulfilment rather than serve only as a point of sale. For commercial landlords, tenant mix and facility design could become strategic questions about the evolution of retail business models. Carroll also examined the growing intelligence of buildings. Connected sensors, digital controls and new approaches to energy management could make commercial properties more responsive and information-rich. The building itself was beginning to become a technology platform. This created opportunities for monitoring, performance improvement and different service relationships, while introducing new expectations about the technological capabilities of commercial space. Energy systems and changing infrastructure completed the argument. Renewable generation, connected devices and intelligent controls suggested that buildings would increasingly be evaluated through operating performance and adaptability. The long-term economics of an asset could therefore be influenced by technologies that were still emerging at the time of investment. Commercial property professionals needed to recognize that technological change could affect both demand for their spaces and the cost and quality of operating them. Carroll ended by urging leaders to challenge established assumptions and look to trends unfolding outside real estate. The future of commercial property would be shaped by retail, technology, energy and changing people, not solely by competing landlords. The 2013 keynote is a useful historical example of how foresight about consumer behaviour could be translated into strategic questions about the built environment. The Challenge: How could property owners make long-term asset decisions when retail, customer behaviour and building technology were changing on much shorter cycles? The Keynote: What Do World Class Innovators Do That Others Don't Do? The Message: The value of a commercial property increasingly depends on understanding how tenants, consumers and technology are changing around it. Six Trends Shaping Commercial Real Estate: E-Commerce Expansion: Online retail and rapid delivery change the purposes served by physical stores. Experiential Retail: Stores increasingly emphasize service, discovery and customer experience. Connected Buildings: Sensors and intelligent controls make facilities more responsive and data-rich. New Energy Systems: Efficiency and renewable technologies influence operating economics and investment. Changing Tenant Needs: Mobile consumers and digital business models alter space requirements. Faster Strategic Planning: Property decisions must account for technological change over long asset lifetimes. THE FUTURE OF COMMERCIAL REAL ESTATE IS SHAPED BY THE CHANGING WORLD OF THE PEOPLE AND BUSINESSES INSIDE IT.

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Source: https://jimcarroll.com/2013/10/keynote-case-study-bomex-what-happens-to-commercial-property-when-shopping-and-buildings-become-digital/