Property Play: How tech is making old buildings smarter and cheaper to run

Summary

CNBC's Property Play interviews Runwise co-founder and CEO Jeff Carleton about bringing older commercial and multifamily buildings into the digital age. Runwise combines sensors, hardware, software, and AI to cut operating costs, including heating fuel savings of 20-25% and new water-leak monitoring. Carleton argues cost reduction and tenant retention are durable drivers, even as climate and political support fluctuate, and says real estate adoption of building automation is slowly improving.

• Runwise focuses on making commercial and multifamily buildings more efficient, automated, and cheaper to operate.
• Many buildings still use antiquated boilers, radiators, and simple dial controls, creating overheating and high fuel costs.
• Runwise sells sensors, direct-control hardware, and AI software that monitor heating, cooling, and water systems.
• The company reports 20-25% fuel-cost reductions and has launched smart toilet monitoring for hidden water leaks.
• Runwise raised a $55 million Series B, bringing total funding to $79 million, and is expanding across the Midwest, Northeast, and Toronto.
• Carleton says cost reduction and tenant retention are more durable sales drivers than climate-focused messaging.
• He expects AI and machine learning to help buildings reach minimum energy consumption over the next 10-20 years.