The RealEstateCore Ontology

Recent developments in data analysis and machine learning support novel data-driven operations optimizations in the real estate industry, enabling new services, improved well-being for tenants, and reduced environmental footprints. The real estate industry is, however, fragmented in terms of systems and data formats. This paper introduces RealEstateCore (REC), an OWL 2 ontology which enables data integration for smart buildings. REC is developed by a consortium including some of the largest real estate companies in northern Europe. It is available under the permissive MIT license, is developed and hosted at GitHub, and is seeing adoption among both its creator companies and other product and service companies in the Nordic real estate market. We present and discuss the ontology’s development drivers and process, its structure, deployments within several companies, and the organization and plan for maintaining and evolving REC in the future