Throughout history, technology has played a critical role in the evolution of cities. Examples include the underground railways that were introduced in London in the 19th Century, which alleviated congestion on busy urban streets and enhanced the movement of residents and workers; and elevators, first trialed in the U.S. in the mid 1800’s, which transformed city skylines and redefined urban life.
As in the past, the next era of urban innovation will be based on advances in technology. This time, however, progress will be in the digital realm, where emerging technology such as machine learning, automation and the Internet of Things is facilitating the emergence of Smart Cities featuring advanced information and communication technology, helping drive sustainable development and improving the quality of life for their residents.
This ViewPoint by CBRE Research explains how real estate has a key role to play in Smart City development and is also set to be one of the major beneficiaries of this new technology. It also includes a summary of major Smart City initiatives currently underway in major markets in Asia Pacific.