- Technology has revolutionized the commercial real estate industry, allowing virtual property viewings and smart building automation.
- Smart buildings leverage Internet of Things (IoT) technology to capture and transfer data to optimize energy efficiency and performance.
- Virtual property tours provide an immersive viewing experience and are becoming more popular due to the COVID-19 pandemic.
- Blockchain technology can reduce fraud, improve transparency, and track ownership in the industry.
- AI/ML technologies help my data patterns and predict market trends faster for better decision-making.
Technology has changed how we do business in every industry, including commercial real estate. Technology has revolutionized how we buy, sell, lease and manage commercial properties, from virtual property viewings to smart building automation.
As a result, commercial real estate professionals must stay current with technology trends to remain competitive. Here are some of the latest technology trends transforming the retail real estate industry, what they mean for industry professionals, and how they can be leveraged for success.
Smart Buildings
One of the most significant technology trends transforming commercial real estate is the Internet of Things(IoT) and smart building automation. IoT devices and sensor technology can capture and transfer data to cloud-based applications, which can then be analyzed to optimize energy efficiency and building performance.
IoT is crucial in developing smart buildings, where different sensors and systems work together to ensure maximum efficiency, security, and comfort.
Virtual Property Tours
The COVID-19 pandemic has accelerated the trend toward virtual property tours and remote work in commercial real estate. Virtual property tours can give potential buyers and tenants an immersive and realistic view of the property.
It helps to save time, cost and can provide them with earlier access to the property. The property tours can be 3D walk-ins or 360-degree interactive views using virtual reality technology.
Blockchain
Blockchain technology can potentially revolutionize the commercial real estate industry by reducing fraud, improving transparency, and tracking ownership. The technology can provide a secure, tamper-proof, and decentralized platform for digitizing contracts, titles, and deeds, making it easier for investors to put money into properties without intermediaries.
Blockchain technology will enable individuals to sell their fractional ownership stake in a property, and the ownership can be tracked and traded digitally.
Artificial Intelligence And Machine Learning
Artificial intelligence and machine learning are two essential technologies transforming the commercial real estate industry. These technologies help my data patterns and predict market trends faster for better decision-making. AI technology ensures better customer service and can answer common questions about lease agreements, property tours, building features, and facilities.
Small Tech Advancements
There are also a few tech advancements that may seem minor but can make a big difference. These advancements can help make any property more efficient, comfortable, and secure. Here are some examples:
Cell Phone Signal Enhancement
In today’s digital age, cell phone connectivity is no longer a luxury; it’s a necessity. This is especially true for those who work in commercial real estate, where constant communication is critical. However, it’s not uncommon for commercial properties to have poor or non-existent cell phone coverage.
To solve this problem, many property owners are now investing in cell phone signal enhancement systems. These systems boost cellular signal strength and increase coverage area, making it easier for tenants and employees to stay connected.
Cybersecurity
With data breaches on the rise, cybersecurity is becoming a top priority for businesses of all sizes. This includes those in the commercial real estate industry. While most properties have basic security measures, such as cameras and alarms, these systems can be outdated and vulnerable to hacking. Many commercial property owners are investing in advanced cybersecurity systems, such as biometric scanning and two-factor authentication, to combat this.
Smart Lighting
Smart lighting systems are becoming increasingly popular in commercial real estate. These systems use sensors and IoT technology to adjust lighting levels according to the time of day, occupancy, and other environmental factors. Bright lighting is not only energy efficient, but it can also enhance the tenant experience by providing a comfortable environment that’s tailored to their needs.
Temperature Control
Another small but essential tech advancement is temperature control. This technology uses sensors and machine learning algorithms to monitor the occupancy of space and adjust the temperature accordingly, offering an improved experience for tenants while saving energy costs. It also provides additional security benefits, as it can detect anomalies in the building, such as unauthorized access or unoccupied areas.
The Bottom Line
The commercial real estate industry is no longer an exception to technological advancement. New technology trends are transforming the industry, making it more efficient, secure, and transparent. Industry professionals must stay up-to-date with the latest advances to remain competitive.
The industry should adapt to these trends quickly to meet customer expectations and remain relevant. In conclusion, embracing the latest technological advances can lead to more significant opportunities for growth and success in commercial real estate.
