Technology is the driving force behind much of society today. Today, technology is also a facilitator in the commercial real estate world. There seems to be new technological trends and advances every day that upgrade the way the industry operates. Here are a few ways that commercial real estate technology has impacted the industry.
AI
Artificial Intelligence (AI) has changed many aspects of commercial real estate including marketing, building functions, sales and organization. It is easier now than ever for building managers to organize tasks that involve safety and security thanks to AI. AI also helps with some systems management aspects such as HVAC and lighting to make them more efficient. Additionally, AI is now being used to help with sales by providing agents with online platforms they can use to help with the sale and management of commercial properties. Artificial intelligence is quickly evolving and giving new tools to real estate professionals.
Building Improvements/Infrastructure
Due to the numerous advancements in technology, prospective tenants and investors have high expectations of building features. Now would be a great time for property owners to upgrade their space with the latest power, cable, etc. to create a modern, updated feel.
Additionally, buyers and renters today believe that their environmental impact is an important factor in choosing a property. Upgrading your space with sustainable technologies such as energy conservation, water efficiency, green roofs and alternative power sources such as solar energy could be great selling points for someone. These technologies are already being implemented in commercial real estate properties today and will only continue to become more important.
Telecommuting
While many professionals have been working remotely and utilizing technology prior to covid-19, telecommuting is more popular than ever now. New technologies allow commercial real estate agents to have even more mobility, requiring less time in an office. For example, professionals now have apps, websites and online networks that allow them to view properties and sign documents with zero contact. Using remote technology remotely allows for a new sense of flexibility, safety and productivity in the commercial real estate world.
More and more, the commercial real estate industry is depending on technology. With new technologies brings new advancements and opportunities to the industry. It is important to stay up to date on technological advancements to remain competitive and grow as a business.