Some industries are subjected to technological shifts on such a frequent basis that they have to be agile and adaptable at their core.
This is a status that certainly applies to commercial real estate (CRE), but what modern advances are having an impact in this sector right now?
Business intelligence solutions
As outlined in this guide to commercial real estate tech, the underlying admin of CRE projects is being handed off to modern business intelligence platforms which are designed to delve into the data proactively.
This both removes a lot of the more tedious manual workloads from team members and also unearths insights that would previously have been impossible to detect.
It’s about looking to the future by making predictions based on past projects and outcomes, with analytics leading the way regardless of the volumes of data involved.
One of the applications of blockchain tech which is most relevant to CRE is the use of smart contracts to streamline complicated, high-value transactions.
Ensuring that multiple parties can commit to an agreement, with many aspects automated, while not being beholden to a system or set of mechanisms that are centrally controlled, improves transparency and is perfectly suited to the buying, selling, and leasing of commercial premises.
Virtual & augmented reality
Both the commercial and domestic real estate markets have been reshaped by the rise of VR and AR, each of which can be applied at various stages in the development of a project.
From initial visualizations which are immersive enough to improve decision-making early on, to post-completion sales efforts where tours can be carried out whether or not prospective buyers are able to visit the site in person, these tools are instrumental in determining the course of proceedings throughout.
The Internet of Things
While broad-ranging in its scope, the IoT nevertheless has several specific roles to play in the realm of CRE.
For instance, when it comes to facilities management it is invaluable in enabling professionals to oversee the operation and maintenance of large commercial sites without needing extensive support teams to assist them.
When every element can be monitored and controlled remotely, whether that’s the surveillance of entry points or the temperature of individual spaces within a larger facility, it’s a breeze to stay on top of everyday responsibilities.
Furthermore, the IoT enables ample automation through software so that building managers don’t even need to lift a finger to implement changes and deal with issues.
This leads to cost savings as well as efficiency improvements and makes it easier to justify the creation of larger projects which might previously have been impossible to manage affordably.
In the world of CRE, getting the accounting aspects of a project right makes a major difference in how goals are achieved, and whether spending is kept in check.
There is a bevy of solutions that are relevant in this context, from software that is used to assess and track property valuations, to services that are geared towards managing cash flow and calculating fees when business premises are being leased.
Then there are the all-encompassing accounting solutions like those that ensure filing taxes take place swiftly and with total accuracy, all while limiting the amount of legwork that team members need to take on themselves.
We have really only scratched the surface of these advances which are creating positive disruption in the CRE ecosystem.
Furthermore, we are always only just around the corner from the next advancement, so the status quo might not stay where it is for much longer.