It wasn’t too long ago that the commercial real estate space was somewhat behind the technology curve. Today, things look very different. From construction and development, to leasing and sales, to building management and operations, accelerating tech innovation is having a profound effect on the world of commercial real estate.
Here are some of the most noteworthy industry tech trends:
The big headline is the degree to which commercial real estate professionals have enthusiastically and comprehensively embraced technology. Much of that is being driven by the pursuit of high-level service and real-time answers for clients, but tech innovation is touching virtually every part of the industry. There is an information explosion going on in real estate that didn’t exist five or ten years ago: an expanding universe of commercial real estate tech solutions.
Competition and consolidation
We are seeing intense and widespread competition in the various lanes of commercial real estate technology. At a time when the proliferation of new systems and solutions gives real estate professionals an extraordinary amount of choice in their tech, everyone wants to be VHS—not the next Betamax. Inevitably, there has been some consolidation as more successful innovators acquire the competition.
The industry is currently in the middle of an ongoing transition from the Wild West of startups to stratification with more established players and proven solutions. We’ve reached the point where those solutions are available for virtually any need, from collecting leasing information in real-time, to gathering tenant feedback. Commercial real estate-based CRM software is a game-changer, as are some of the tech solutions available in construction software, landlord/property management tools, and tenant rep-facing software.
Information is power
The emergence of a whole category of powerful and intuitive analytics software is an especially noteworthy development. Some of the best solutions are specifically designed with commercial real estate professionals in mind. Compatible with popular accounting software, these solutions seamlessly integrate KPIs and deliver information in clear dashboards that allow you to get a better handle on your data and a better look at the scope of your operation. Asset managers and owners can easily identify trends and glean new insights, all in real-time.
Technology has helped make positive and transformational changes in a number of different commercial real estate sectors. Construction bidding can now be conducted online, with sealed bidding that removes much of the negativity, tension and problematic undercutting that formerly compromised the bidding process. Forward-thinking building owners and operators are embracing software solutions that allow them to benefit from new efficiencies. Utility usage and other building systems can now be controlled remotely, saving time and money and operating in a more energy-efficient manner.
This is a dynamic time in the world of commercial real estate. As commercial real estate tech solutions mature, industry professionals are finding new ways to cut costs, create new efficiencies, and capitalize on new opportunities. Those select few early adopters who are tech-focused and ahead of the curve are enjoying the benefits of that investment. Today’s newest commercial real estate tech tools aren’t just viable, they are valuable—in ways that would have been unthinkable just a few short years ago.
If you’re interested in receiving a complimentary, no-obligation commercial real estate consultation or simply want to discuss some of the latest trends in commercial real estate, contact Farbman Group and get in touch with an expert today.