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How Upcoming Technology is Changing Commercial Real Estate:

10/16/2020
Technology has been a major spark behind the development of all industries, as more and more companies have turned to technologically-driven solutions for their business, in the last decade.

Technology has been a major spark behind the development of all industries, as more and more companies have turned to technologically-driven solutions for their business, in the last decade. Today in the commercial real estate industry, technology trends are highly influential and are changing how agents, brokers, investors, and property managers operate. The industries are constantly changing by making the perfect sector to utilize artificial intelligence and automation technologies to increase workflow, reduce costs, and minimize errors. Take a look at the ways that upcoming technology is changing the commercial real estate industry.


Property Development


Commercial Real Estate (CRE) professionals are expert in looking for new ways to design and develop properties faster, efficiently, and cost-effectively. Today, there are so numerous new advancements such as 3D printing, pre-fabrication, and modular construction processes, building components can be constructed in a controlled environment without unpredictable forces, like the weather, getting in the way.


Data Management


Technology is helping CRE experts gain transparency over their properties. Advances in smart sensor technology and cloud computing, are empowering property managers to increase their operational efficiencies. Smart building sensors from providers such as Irisys, Building Robotics, and Honeywell can monitor humidity, air quality, traffic patterns, and identify potential issues remotely. The organization automatically reads and compiles information from utility meters and submeters in real-time, permitting them to gain access to comprehensive property energy analytics.


Marketing and Sales


In today’s world, the upcoming new technology is changing the way potential buyers interact with properties. Advancements in virtual and augmented reality allow most of the potential buyers to view and analyze properties remotely. Such type of technology takes potential buyers through the entire design concept by allowing CRE professionals to create VR tours of properties in all building stages, from breaking ground to renovations.


Consumers have shifted their spending habits to online marketplaces when most of the business made the indefinite switch to remote teams. Industries need to meet consumers where they are and adopt new technologies during the stage where the world is shifting to remote, that maintain their relevance and competitiveness.


From more efficient property development and secure data management to create more personalized marketing and sales efforts, new technologies are changing the CRE sector for the better solution.

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O’Connor is a large property tax consulting firm handling over 200,000 property tax appeals in 24 states annually.
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