How do ‘Smart Cities’ tie into our homes?

Alex Fischer, the president and chief executive officer of the Columbus Partnership, dangled a Jetsonian vision of Columbus’ future before about 150 real-estate officials a few weeks ago.

At an Ohio State University Center for Real Estate conference devoted to “Smart Cities,” Fischer described how the city could be transformed by more than $500 million that has been raised in the Columbus “Smart City” venture.

There may be some creative accounting in that figure, which includes money earmarked by Honda, American Electric Power and other entities for forwardlooking projects. But any way you add it up, tens of millions of dollars are at stake in this venture, many of them public.

No one knows yet what this might mean to the world of real estate. In fact, very little at this point is clear about the venture.

“What is a Smart City?” asked Daniel Correa, the conference’s keynote speaker. “There isn’t a single answer.”

But Correa and others provided a few suggestions, starting with transportation, which is where much of the Smart Cities attention has been focused.

“Autonomous vehicles will dramatically shape the way cities look,” said Correa, who was the assistant director for innovation policy in the Obama administration.

If driverless cars and ride- sharing services like Uber and Lyft become the norm, will we really need threeor four- car garages? Likewise, will parking garages become obsolete? (“Are you building the dinosaurs of the future?” Fischer asked those at the conference involved in developing garages.)

Another way Correa If driverless cars and ride-sharing services like Uber and Lyft become the norm, will we really need three- or four-car garages?

predicted that Smart Cities will alter real estate is by allowing seniors to remain in their homes longer, especially by providing them access to medical care in their homes.

“We’re finally at a place where artificial intelligence and distance medication is coming,” he said.

The idea of getting diagnosed — and treated — for a medical problem without leaving home is an exciting one. But such technological visions come with real- world questions, two of which were raised by the Real Estate Center’s director, Itzhak Ben- David, during the conference:

How do we protect a technology- based transportation system from being hacked?

And, how do we measure the value of Smart City investment? What, in other words, is an acceptable return on investment? When can we say with any confidence that these millions of dollars are better spent on Smart City pursuits than, say, public education or drug treatment?

Along the same lines: Would these changes occur without Smart City efforts?

Technology is already transforming the world of housing every day, from photovoltaic roof shingles to smartphone-linked ovens and moisturesensing irrigation systems.

Smart City or not, our homes of today may look like log cabins to our grandchildren.