by Winn Chew
In recent years, innovation and operational resilience amongst real estate asset owners have been a constant issue, particularly the increasing shift towards a more sustainable environment for the future.
This, in turn, has allowed Building Minds to tap into the rapidly changing landscape with a focus on helping asset owners adopt sustainability and environmental, social, and governance (ESG) practices towards increasing their Return on investment (ROI).
BuildingMinds was founded in 2018 by Schindler Group, the Swiss multinational manufacturer of escalators, moving walkways, and elevators, to meet building data monitoring and management needs.
In addition, through funding from Schindler and technological support from Microsoft, the company has since expanded to become a primary international provider of software as a service (SaaS) for real estate managers.
Given the evolving nature of the real estate industry and increasing demand from asset owners, the company has also pivoted towards their needs in reporting and ESG, portfolio management and digital building twins.
Empowering asset owners through innovation and operational resilience
The real estate industry has been changing rapidly, calling for preparing real estate managers for tomorrow’s trends and unexpected challenges. This would also empower businesses by making them adaptable, resilient, and agile.
For instance, when sustainable real estate and ESG practices first started, industry professionals faced several challenges, such as Multiple reporting frameworks, Complex regulations, and Understanding the impact of ESG initiatives.
Firstly, The lack of unified standards or structure for reporting meant that multinational organisations had to adhere to multiple frameworks, such as the Global Reporting Initiative (GRI) and the Sustainable Accounting Standards Board’s standards (SASB).
Secondly, Sustainability reporting regulations were often confusing, with a trend towards more active regulation and increasingly granular requirements.
Lastly, Many organisations struggled to connect the impact of ESG activities to their financial implications, as ESG data was often siloed.
In addition, as global experts, while the ability to provide top-tier solutions to our clients has achieved notable success, the company has continually strived to enhance its offerings and promote sustainability and ESG practices among real estate asset owners worldwide.
We support some of the world’s largest asset owners, such as Zurich Insurance and Deka,” said Mr Peter Panayi, Head of Go-to-Market at Building Minds. “This has showcased our commitment to driving sustainable practices and innovation in the real estate sector.”
He also shared that the standard data model, now widely used across the property sector, has allowed different asset types an individually tailored approach and unlimited access to their world-leading professional services team and industry-leading sustainability experts.
The Future of Sustainability in Property
Sustainability in the property industry has been growing over the past few years, with many more initiatives being adopted by businesses and enterprises.
For instance, Southeast Asia’s digital property marketplace, PropertyGuru, has implemented a Green Score into its listings that looks at two factors: the number of MRT stations and bus stops near a property and the number of sustainability awards achieved by a building.
In addition, the green score could contribute to a change in consumer demand, where sustainable housing projects and developments are increasingly valued by consumers, which would allow developers and the broader real estate industry to prioritise sustainability when researching and developing new properties.
Building on the momentum, Building Minds aims to address climate change further and increase sustainability efforts by supporting asset owners and investment managers, helping with financial risk and mitigation planning across assets and funds such as ROI tools, global invoice scrapers, and other innovative solutions in the market.