As technology becomes increasingly prevalent in the commercial real estate industry, real estate professionals who fail to embrace those advances run the risk of becoming obsolete and falling behind the competition. Technology is changing the commercial real estate space at an unprecedented rate. Technology is also poised to add value to the industry in three critical areas moving forward.
1. GREATER MARKET INSIGHT
Increasingly rapid urbanization combined with demographic changes are poised to result in substantial growth within the commercial real estate industry over the next several years. Intense competition is also likely to drive real estate professionals to venture into emerging markets and new territories. Increasingly evolved technological tools provide investors and developers with the insight they need to manage a greater array of risks. Thanks to the availability of an increasing amount of data in real time, real estate professionals now have the ability to pinpoint the places to compete and how to compete the most efficiently. This will prove to be even more important as competition for prime real estate assets intensifies.
2. ENERGY EFFICIENCY
For most building managers and building owners, achieving energy efficiency is now considered a high priority. Unfortunately, the task of achieving energy efficiency is also often viewed as daunting given the many elements involved in doing so. Advanced technological solutions have now made it possible for building owners and managers to get started with low-cost options that provide quick returns. Such options can often provide the motivation necessary for property owners to undertake energy-efficient measures that are more complex while offering a higher return.
In terms of adding value to commercial real estate assets, energy optimization is considered one of the most significant benefits that technology provides to the commercial real estate industry. More efficiently operated buildings tend to deliver higher returns. Building owners who opt to invest in technologies that drive improvements in energy efficiency are offered the potential to increase the value and marketability of their commercial real estate assets significantly. Among the most important value-added opportunities offered by technological developments today are persistent building optimization, continual energy commissioning, and real-time utility benchmarking.
3. ON-THE-GO ACCESS
The ability to respond to the needs of clients and emerging opportunities quickly has always been important in the commercial real estate industry. Due to the mobile revolution, the ability to respond quickly has become even more important. With an onslaught of new tech tools available, commercial real estate professionals are able to access vital information anytime they need it and from any location. As real estate tech tools continue developing, real estate professionals will be able to operate with even more efficiency and compete to an even greater degree.
As commercial real estate tech continues to grow and evolve, the value added to the commercial real estate space will continue to grow as well.