# Smart Office Market

> Smart Office Market Size, Share and Research Report: By Technology (Internet of Things, Artificial Intelligence, Cloud Computing, Big Data, Automation), By Smart Office Solutions (Smart Lighting, Smart Thermostats, Smart Security Systems, Collaboration Tools, Room Scheduling Systems), By End User (Corporate Offices, SMEs, Educational Institutions, Government Offices, Healthcare Facilities), By Deployment Type (On-Premises, Cloud-Based, Hybrid) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Industry Forecast Till 2035

- **Forecast Period:** 2026-2035
- **CAGR:** 12.5%
- **2025:** USD 62.75 Billion
- **2035:** USD 203.78 Billion
- **Key Players:** Siemens AG, Honeywell International, Johnson Controls International, Schneider Electric, Cisco Systems, ABB Ltd., Signify (Philips Lighting), Crestron Electronics

**Report ID:** MRFR/SEM/5113-HCR · **Pages:** 100 · **Author:** Ankit Gupta & Shubham Munde · **Last Updated:** July 14, 2026

**URL:** https://www.marketresearchfuture.com/reports/smart-office-market-6575

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## Market Summary

As per Market Research Future analysis, the Smart Office Market Size was estimated at 58.94 USD Billion in 2024. The Smart Office industry is projected to grow from 64.78 USD Billion in 2025 to 166.69 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 9.91% during the forecast period 2025 - 2035

## Market Drivers

## Driver Impact Analysis

| Driver | ~% Impact on CAGR | Geographic Relevance | Impact Timeline | Ref |
| --- | --- | --- | --- | --- |
| Permanent hybrid work adoption | ~2.5% | Global | Short-term (≤2 yr) | [2] |
| Energy-performance regulatory mandates | ~2.2% | Europe, North America | Medium-term (2–4 yr) | [1] |
| Falling IoT sensor and edge-compute costs | ~1.8% | Global | Short-term (≤2 yr) | [4] |
| 5G/private-network campus connectivity | ~1.5% | North America, Asia-Pacific | Medium-term (2–4 yr) | [5] |
| AI and machine-learning workspace analytics | ~1.8% | North America, Europe | Long-term (≥4 yr) | [6] |
| ESG reporting and green-building certification | ~1.4% | Europe, Asia-Pacific | Medium-term (2–4 yr) | [7] |
| Corporate real-estate portfolio optimization | ~1.3% | Global | Long-term (≥4 yr) | [2] |

### Permanent Hybrid Work Adoption

Corporate occupancy rates in major US and European metro markets stabilized near 55–60% of pre-2020 levels through 2024, according to Kastle Systems badge-swipe data [[2]](https://jll.com). That structural under-utilization has forced facilities teams to deploy desk-booking engines, room-scheduling platforms, and occupancy-sensing hardware to right-size their footprints. JLL estimates that companies adopting dynamic space management reduce per-seat costs by 20–25%, creating a self-funding business case for the Smart Office Market that persists regardless of macroeconomic cycles [[2]](https://jll.com).

### Energy-Performance Regulatory Mandates

The EU's EPBD recast requires all new commercial buildings to be zero-emission by 2028 and existing stock to reach minimum energy-performance class E by 2030 [[1]](https://eur-lex.europa.eu). California's Title 24 2025 code update adds automated demand-response and fault-detection requirements for office buildings over 50,000 sq ft [[7]](https://energy.ca.gov). These mandates compel property owners to install connected BMS layers—creating a regulatory floor beneath the Smart Office Market's growth trajectory that insulates demand from discretionary budget cuts.

### Falling IoT Sensor and Edge-Compute Costs

Average unit costs for commercial-grade occupancy [sensors](sensors) fell roughly 35% between 2021 and 2024, while edge-gateway compute capability doubled at comparable price points [[4]](https://bsria.com). This cost curve follows a pattern similar to LED lighting a decade earlier—once payback periods drop below 18 months, adoption transitions from pilot to portfolio-wide rollout. BSRIA estimates the global installed base of commercial building IoT endpoints will exceed 3.5 billion by 2028, up from 1.8 billion in 2024 [[4]](https://bsria.com).

### AI and Machine-Learning Workspace Analytics

Predictive algorithms that correlate badge data, calendar feeds, and environmental sensors can reduce HVAC runtime by 15–20% in partially occupied buildings [[6]](https://.com). Early adopters such as "The Edge" in Amsterdam and Salesforce Tower in San Francisco report energy-intensity reductions exceeding 30% after deploying AI-tuned control loops [[6]](https://.com). As these reference cases multiply, AI-driven optimization is shifting from a premium differentiator to table-stakes specification in the Smart Office Market.

## Restraints

## Restraints Impact Analysis

| Restraint | ~% Drag on CAGR | Geographic Relevance | Impact Timeline | Ref |
| --- | --- | --- | --- | --- |
| Data privacy and cybersecurity concerns | ~–1.2% | Europe, North America | Short-term (≤2 yr) | [12] |
| Integration complexity with legacy BMS | ~–1.0% | Global | Medium-term (2–4 yr) | [13] |
| High upfront retrofit capital expenditure | ~–0.8% | Emerging markets | Medium-term (2–4 yr) | [10] |
| Fragmented protocol standards | ~–0.6% | Global | Long-term (≥4 yr) | [14] |
| Skilled workforce shortage for system integration | ~–0.5% | Asia-Pacific, MEA | Medium-term (2–4 yr) | [15] |

### Data Privacy and Cybersecurity Concerns

Granular occupancy tracking—badge swipes, desk sensors, video analytics—raises serious GDPR and CCPA compliance questions that slow procurement timelines by 6–12 months in regulated industries [[12]](https://ponemon.org). A 2024 Ponemon Institute study found that 42% of CISOs ranked smart-building IoT as a top-three attack-surface expansion risk, and the average breach cost for building-automation network intrusions reached USD 4.2 million [[12]](https://ponemon.org). Until vendors standardize zero-trust architectures at the edge, privacy friction will constrain adoption velocity in healthcare, [financial services](https://www.marketresearchfuture.com/reports/financial-services-application-market-42571), and government verticals.

### Integration Complexity with Legacy BMS

Commercial buildings over 15 years old often employ proprietary BACnet or Modbus control layers without native IP connectivity [[13]](https://caba.org). To connect legacy stacks to cloud-native smart-office platforms involves specialized middleware, protocol translators and longer commissioning expenditures that might add 30-40% to a retrofit budget. CABA studies show that integration of labor contributes to about half of the total project cost in buildings built before 2010, lowering ROI estimations for the Smart Office Market in older urban cores [[13]](https://caba.org).

### High Upfront Retrofit Capital Expenditure

In rising economies like India, Brazil, Southeast Asia, commercial landlords are paying 300-500 basis points more to borrow than their developed market counterparts, and this pushes the payback period for smart-office retrofits beyond acceptable levels [[10]](https://worldbank.org). Commercial mortgage rates in India averaged 9.5% in 2024, according to World Bank data, compared with 5.2% in the US, making deployment of the same sensor twice as expensive on a net-present-value basis [[10]](https://worldbank.org).

## Opportunities

## Smart Office Market Opportunities

### Retrofit-as-a-Service Financing Models

Third-party Energy Service Companies (ESCOs) and PropTech lenders are bundling sensor deployments, integration and analytics into managed subscriptions that remove the need for upfront cash. This finance innovation might unleash the 40% of global office stock that is currently too financially limited for standard refit approaches, enabling a USD 25+ billion addressable expansion for the Smart Office Market by 2030 [[10]](https://worldbank.org).

### Private 5G Campus Networks

Telecom companies, including Deutsche Telekom, NTT and Verizon, are experimenting private 5G slices for major corporate campuses. These dedicated networks offer ultra-reliable, low-latency connections for thousands of IoT endpoints – eliminating the bandwidth ceiling imposed by Wi-Fi on dense deployments and creating new Smart Office Market revenue sources in connectivity infrastructure and managed services [[5]](https://cisco.com).

### Emerging-Market Smart-City Mandates

India's [Smart Cities](https://www.marketresearchfuture.com/reports/smart-city-market-2624) Mission (Phase 2) allocates USD 7.5 billion through 2028 for intelligent urban infrastructure, with commercial building automation as a priority pillar. Similarly, Saudi Arabia's NEOM and Egypt's New Administrative Capital projects embed smart-office specifications into their construction codes, providing greenfield demand in regions where the Smart Office Market currently holds single-digit penetration [[10]](https://worldbank.org).

### Occupancy Data Monetization and Workplace Analytics Platforms

Aggregated, anonymized occupancy data has value well beyond facilities management—landlords can license neighborhood foot-traffic patterns to retailers, and employers can benchmark space utilization against industry peers. Startups like VergeSense and Density have raised over USD 300 million combined to build analytics marketplaces, signaling investor confidence in data-driven business models adjacent to the Smart Office Market [[6]](https://.com).

### ESG Reporting and Green-Lease Alignment

The EU's Corporate Sustainability Reporting Directive (CSRD) now requires Scope 2 emissions disclosure for commercial real estate. Smart-office platforms that auto-generate audit-ready energy reports reduce compliance overhead and strengthen tenant-landlord green-lease negotiations—a dual incentive that positions the Smart Office Market at the intersection of regulatory compliance and competitive leasing strategy [[7]](https://energy.ca.gov).

## Future Outlook

## Smart Office Market Future Outlook

### Autonomous Building Operations and AI Orchestration

By 2030, leading office portfolios will operate on closed-loop AI controllers that manage lighting, HVAC, access, and cleaning schedules without human intervention. estimates autonomous building management can reduce total operating expenses by 25–30% relative to manually supervised systems [[6]](https://.com). This shift will restructure Smart Office Market vendor positioning—software and analytics providers will capture a growing share of recurring revenue at the expense of hardware-centric players.

### Platform Consolidation and Software-Defined Workspaces

The current vendor landscape—fragmented across point solutions for lighting, HVAC, access, and desk booking—is converging toward integrated platforms. Cisco, Microsoft, and Siemens have each acquired or built unified workspace platforms since 2023, and this consolidation trend will accelerate through 2028. The resulting "workspace-as-a-platform" model will shift procurement from capital-intensive hardware purchases to subscription-based software licensing, reshaping revenue composition across the Smart Office Market.

### Electrification and Grid-Interactive Buildings

As commercial buildings increasingly participate in demand-response programs and behind-the-meter storage, smart-office platforms will evolve into grid-edge orchestration layers. The IEA projects that grid-interactive commercial buildings could reduce peak electricity demand by 10–15% in OECD markets by 2030 [[17]](https://iea.org). Smart-office systems that integrate EV charging, on-site solar, and battery dispatch will command premium pricing and open adjacent revenue streams.

### ESG Data Infrastructure and Sustainability Reporting

The convergence of the EU's CSRD, the SEC's climate-disclosure rules, and IFRS S2 sustainability standards will make automated Scope 1 and Scope 2 emissions tracking a non-negotiable feature of office-building management [[7]](https://energy.ca.gov). Smart-office platforms that provide audit-grade energy-consumption data will become essential compliance infrastructure, creating a durable demand floor for the Smart Office Market that is decoupled from discretionary technology spending.

## Segment Insights

## Smart Office Market Segmentation

### By Product

The Smart Office Market product segmentation reflects the layered technology stack required to digitize commercial workspace operations.

| Segment | Key Metric | Primary Demand Driver |
| --- | --- | --- |
| Security and Access Control Systems | USD 14.82 Billion (2025) | Touchless entry, visitor management |
| Energy Management Systems | 26.5% revenue share (2025) | Regulatory compliance, operating-cost reduction |
| Smart HVAC Control Systems | 15.4% CAGR (2026–2035) | Occupancy-adaptive climate control |
| Other (Lighting, AV, Desk Booking) | USD 11.30 Billion (2025) | Hybrid-work space optimization |

Energy Management Systems anchor the Smart Office Market product landscape because they deliver the most quantifiable ROI—typically 18–24 months payback via electricity savings. Demand-response integration and real-time sub-metering increasingly differentiate premium offerings from basic monitoring tools. Smart HVAC Control Systems represent the fastest-growing product category as buildings move from scheduled to occupancy-driven climate control, reducing energy waste in partially occupied post-pandemic offices by 20–30% [[6]](https://.com).

### By Component

The Smart Office Market component structure captures the hardware-to-services value progression.

| Segment | Key Metric | Primary Demand Driver |
| --- | --- | --- |
| Hardware | 42.3% revenue share (2025) | Sensor, controller, and gateway deployment |
| Software Platforms | 13.8% CAGR (2026–2035) | Cloud analytics, digital-twin integration |
| Services | 15.6% CAGR (2026–2035) | Managed operations, system integration |

Hardware retains the largest share of the Smart Office Market because every deployment begins with physical sensor installation. However, the growth differential favors services and software, which together are expected to surpass hardware revenue share by 2032 as the installed base matures and landlords shift spending toward ongoing analytics and managed operations.

### By Building Type

| Segment | Key Metric | Primary Demand Driver |
| --- | --- | --- |
| Retrofits | 68.2% revenue share (2025) | Regulatory deadlines on existing stock |
| New Buildings | 14.2% CAGR (2026–2035) | Integrated smart-spec construction |

Retrofits dominate near-term spending because the global commercial building stock averages over 25 years in age, and regulatory mandates target existing assets first. New buildings carry higher per-square-foot smart-office intensity but represent a smaller volume base in the Smart Office Market through the early forecast period.

### By Connectivity Technology

| Segment | Key Metric | Primary Demand Driver |
| --- | --- | --- |
| Wi-Fi | 36.4% revenue share (2025) | Ubiquitous coverage, low marginal cost |
| Bluetooth Low Energy | USD 6.90 Billion (2025) | Indoor positioning, asset tracking |
| Zigbee and Thread | 12.0% CAGR (2026–2035) | Low-power mesh for sensor networks |
| Wired Ethernet/PoE | USD 7.25 Billion (2025) | Deterministic latency, power delivery |
| Cellular (4G/5G) | 16.3% CAGR (2026–2035) | Private 5G campus deployments |

Wi-Fi remains the default connectivity backbone for the Smart Office Market, but its dominance is eroding as enterprises deploy private 5G slices that offer dedicated bandwidth, sub-10ms latency, and deterministic quality-of-service for mission-critical building controls [[5]](https://cisco.com).

## Regional Market Share Analysis

## Regional Market Share Analysis

| Region | Key Metric (2025) | Primary Investment Themes |
| --- | --- | --- |
| North America | 33.5% revenue share | Hybrid-work optimization, HVAC decarbonization |
| Europe | 27.0% revenue share | EPBD compliance, green-building certification |
| Asia-Pacific | 15.1% CAGR (2026–2035) | Smart-city programs, new-build specification |
| South America | USD 5.02 Billion | Coworking expansion, Class-A office modernization |
| Middle East & Africa | USD 4.08 Billion | Mega-project construction, Vision 2030 mandates |
| Total | USD 62.75 Billion | — |

The Smart Office Market exhibits a clear developed-economy lead, though growth momentum is rotating toward Asia-Pacific and select Middle Eastern markets as smart-city policies and new construction pipelines accelerate.

### North America

| Country | Key Metric | Key Driver |
| --- | --- | --- |
| United States | 74.2% of regional share | Fortune 500 hybrid-work rollout |
| Canada | 14.8% of regional share | Federal carbon-pricing compliance |
| Mexico | 11.0% of regional share | Nearshoring office construction boom |

US corporate occupancy strategies are the single largest demand engine for the Smart Office Market in North America. Title 24 updates in California and New York's Local Law 97—which penalizes buildings exceeding carbon-intensity thresholds from 2024 onward—have made sensor-driven energy management a compliance necessity rather than a discretionary upgrade [[7]](https://energy.ca.gov). Canada's federal carbon-pricing escalation to CAD 170 per tonne by 2030 reinforces the business case for intelligent HVAC and lighting controls across the country's 450 million sq ft of Class-A office stock [[16]](https://canada.ca).

### Europe

| Country | Key Metric | Key Driver |
| --- | --- | --- |
| Germany | 13.6% CAGR (2026–2035) | Building Energy Act (GEG) enforcement |
| United Kingdom | USD 4.15 Billion (2025) | Net-zero government estate mandate |
| France | 12.8% CAGR (2026–2035) | Décret tertiaire energy-reduction targets |
| Italy | USD 1.82 Billion (2025) | Superbonus retrofit incentives |
| Spain | 13.1% CAGR (2026–2035) | PNIEC clean-energy plan |
| Nordic Countries | USD 1.55 Billion (2025) | Advanced digital infrastructure base |
| Russia | 10.8% CAGR (2026–2035) | State digitization programs |
| Rest of Europe | USD 2.42 Billion (2025) | EU cohesion fund allocations |

The EPBD recast positions Europe as the most regulation-intensive region for the Smart Office Market through 2035. Germany's Building Energy Act requires all commercial properties to integrate automated fault-detection and demand-response systems by 2027, while France's Décret tertiaire mandates a 40% reduction in commercial building energy consumption by 2030 relative to a 2010 baseline [[1]](https://eur-lex.europa.eu). These binding targets convert the entire European office stock into a captive retrofit market.

### Asia-Pacific

| Country | Key Metric | Key Driver |
| --- | --- | --- |
| China | 32.5% of regional share | National "dual carbon" policy |
| India | 16.2% CAGR (2026–2035) | Smart Cities Mission Phase 2 |
| Japan | USD 2.85 Billion (2025) | Society 5.0 workplace digitization |
| South Korea | 15.5% CAGR (2026–2035) | K-Green New Deal office retrofits |
| ASEAN | USD 1.90 Billion (2025) | Commercial construction pipeline |
| Rest of Asia-Pacific | 13.8% CAGR (2026–2035) | Urbanization and FDI inflows |

Asia-Pacific's growth trajectory in the Smart Office Market reflects a combination of government-led smart-city mandates and an enormous base of new commercial construction. China's "dual carbon" commitment—peak emissions by 2030, carbon neutrality by 2060—has triggered provincial-level building-automation codes that affect over 2 billion sq m of commercial floor area [[8]](https://gov.cn). India's Phase 2 Smart Cities Mission, with USD 7.5 billion in allocated funding, explicitly prioritizes intelligent building-management systems in its 100-city implementation framework [[10]](https://worldbank.org).

### South America

| Country | Key Metric | Key Driver |
| --- | --- | --- |
| Brazil | 58.0% of regional share | São Paulo/Rio Class-A office modernization |
| Argentina | 13.5% CAGR (2026–2035) | Buenos Aires coworking expansion |
| Rest of South America | USD 1.12 Billion (2025) | Chile and Colombia digital-economy programs |

Brazil dominates the South American Smart Office Market, where São Paulo's Faria Lima financial corridor and Rio's Porto Maravilha redevelopment are driving landlords to install connected-building platforms as a competitive differentiator for multinational tenants seeking consistent global workplace standards [[10]](https://worldbank.org).

### Middle East & Africa

| Country | Key Metric | Key Driver |
| --- | --- | --- |
| Saudi Arabia | 34.0% of regional share | Vision 2030 mega-projects (NEOM, The Line) |
| UAE | 28.5% of regional share | Dubai Smart City 2030 strategy |
| South Africa | 12.2% CAGR (2026–2035) | Johannesburg/Cape Town commercial digitization |
| Egypt | 11.8% CAGR (2026–2035) | New Administrative Capital smart-building codes |
| Rest of MEA | USD 0.68 Billion (2025) | African Development Bank urban programs |

The Middle East's Smart Office Market is propelled by sovereign-wealth-funded mega-projects that specify intelligent building systems from the design stage. NEOM's specifications require full sensor integration, AI-managed HVAC, and zero-carbon office operations across its 170-km linear development [[10]](https://worldbank.org). In Africa, South Africa and Egypt lead adoption as developers embed connected-building specifications into new commercial districts to attract foreign corporate tenants.

## Competitive Benchmarking

## Competitive Benchmarking

The Smart Office Market exhibits medium concentration, with the top five players holding an estimated 28–35% combined revenue share. The Herfindahl-Hirschman Index sits in the moderate range (~600–800), reflecting a mix of building-automation incumbents, networking giants, and specialist software firms competing across overlapping solution layers.

| Company | Est. Revenue Share Range | Key Offerings | Strategic Positioning |
| --- | --- | --- | --- |
| Siemens AG | ~7–10% | Desigo CC platform, Comfy workplace app | Full-stack BMS-to-app integration |
| Honeywell International | ~6–9% | Forge platform, connected buildings suite | Cloud-native analytics leader |
| Johnson Controls International | ~5–8% | OpenBlue platform, Metasys BAS | Large-campus retrofit specialist |
| Schneider Electric | ~4–7% | EcoStruxure Building, SpaceLogic | Energy management and sustainability |
| Cisco Systems | ~4–6% | Meraki smart spaces, Webex devices | Network-centric workspace convergence |
| ABB Ltd. | ~3–5% | ABB Ability platform, KNX controls | Electrification and building automation |
| Signify (Philips Lighting) | ~3–5% | Interact Office, Li-Fi connectivity | Lighting-as-a-platform strategy |
| Crestron Electronics | ~2–4% | Crestron Flex, XiO Cloud | AV/UC meeting-room automation |
| Lutron Electronics | ~2–4% | Vive wireless, Ketra tunable lighting | Lighting control and shading |
| IBM Corporation | ~2–4% | TRIRIGA, Maximo for buildings | AI-driven facility management |

## Recent News & Developments

## Recent News & Developments

- [Siemens AG](https://blog.siemens.com/en/2025/11/user-friendly-smart-office-with-award-winning-design/) (July 2022 ): Acquired Brightly Software for USD 1.6 billion to add cloud-based asset-management capabilities to its Desigo smart-building platform, strengthening its end-to-end Smart Office Market positioning.
- European Commission (June 2024): Published the EPBD recast implementing regulation, setting binding zero-emission new-building deadlines for 2028 and retrofit efficiency floors for 2030, creating multi-billion-dollar compliance demand across the Smart Office Market [[1]](https://eur-lex.europa.eu).
- [Johnson Controls](https://www.johnsoncontrols.co.uk/building-insights/2025/feature-story/five-priorities-for-a-seamless-5-day-week) (December 2020.): Partnered with Microsoft to integrate OpenBlue with Azure Digital Twins, enabling real-time digital replicas of building operations for predictive maintenance [[11]](https://microsoft.com).

## Report Scope

## Smart Office Market Report Scope

| Parameter | Detail |
| --- | --- |
| Market Scope | Smart Office Market encompassing connected systems for commercial workplace automation |
| Study Period | 2021–2035 |
| CAGR (Forecast Window) | 12.5% (2026–2035) |
| Market Size (2025 Base Year) | USD 62.75 Billion |
| Market Size (2035 Forecast) | USD 203.78 Billion |
| Fastest Growing Segments | Services (component), Cellular 4G/5G (connectivity), Smart HVAC Control Systems (product) |
| Companies Profiled | Siemens, Honeywell, Johnson Controls, Schneider Electric, Cisco, ABB, Signify, Crestron, Lutron, IBM |
| Valuation Currency | USD Billion |

## Frequently Asked Questions

**Q: What payback period should enterprises expect from a full smart-office retrofit?**
A: Most mid-sized commercial retrofits achieve payback within 24–36 months through energy savings and space-utilization gains [6]. Retrofit-as-a-service models can eliminate upfront capital entirely by converting costs into monthly operating expenses.

**Q: How does the Smart Office Market address vendor lock-in risk across building-automation platforms?**
A: Open protocols like BACnet/IP and Matter reduce switching costs significantly. Buyers should mandate API-level interoperability in procurement contracts to preserve future flexibility [14].

**Q: Which connectivity protocol is most cost-effective for offices exceeding 500 endpoints?**
A: Wi-Fi suits coverage, but private 5G handles density and deterministic latency better at scale [5]. A hybrid approach—Wi-Fi for general use, 5G for critical controls—balances cost and performance.

**Q: How do digital twins improve Smart Office Market ROI for large campus operators?**
A: Digital twins simulate operational changes before physical implementation, cutting commissioning time by up to 40% [11]. They also enable predictive maintenance that reduces unplanned downtime.

**Q: What cybersecurity framework best protects connected office infrastructure?**
A: NIST CSF 2.0 and IEC 62443 provide layered defenses purpose-built for operational-technology environments [12]. Zero-trust network segmentation at the edge is becoming a baseline procurement requirement.

**Q: How does the Smart Office Market support Scope 2 emissions reporting under CSRD?**
A: Smart-office platforms auto-aggregate energy data from sub-meters and BMS feeds into audit-ready formats [7]. This eliminates manual data collection that previously delayed and error-prone reporting.

**Q: What role do coworking operators play in driving Smart Office Market adoption?**
A: Flexible-space operators like WeWork and IWG deploy sensor-dense environments to optimize per-seat economics [2]. Their technology specifications increasingly set the benchmark for traditional landlords.


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