For corporate tenants who only think about commercial real estate when it comes time to search for new office space to rent, the industry may not seem like one that is technologically advanced; however, technology in the world of commercial real estate is being developed at a lightning fast speed and providing a better experience for tenants. Here are just a few of the ways that technology is affecting commercial real estate for tenants.
Technology Is Making It Easier for Tenants to Manage Leases
Commercial real estate software is no longer just for landlords and property managers. Tenants can now use software to manage their leases. Commercial lease management software makes it possible for companies to keep track of key dates within their leases. The newest programs also help companies lower their costs by monitoring occupancy expenses and comparing them to the terms of a lease. This way, it becomes much easier to spot issues of noncompliance. The software puts companies more in control whether they are leasing one space or have a large portfolio of leases.
Technology Allows Tenants to See Properties in New Ways
Companies seeking new spaces and buildings to rent can now gain more insight into prospective properties than ever before. With 3D modeling programs, individuals responsible for selecting prospective sites can take tours from across the country or the other side of the globe. These programs make it possible to turn 360 degrees and see every part of a room. You can expect these programs to only get more advanced in the years to come with the advent of smartphone-compatible immersive virtual reality technology.
Drones also allow companies to gain new perspectives on commercial real estate before they sign leases. Drones can travel into areas of the building that tenants could never see. With a camera mounted on a drone, it is possible to inspect every part of the building from elevator shafts to ductwork. A drone camera with infrared technology can also provide information about how efficient HVAC systems are, so prospective tenants can steer clear of buildings with leaks that could result in unnecessarily high utility costs.
Technology Has Leveled the Playing Field in Negotiations
With just a few clicks, tenants now have access to a wealth of commercial real estate market data that would have been either impossible or very difficult to find just a decade ago. Tenants are now afforded the opportunity to go into negotiations knowing what the current state of the market is in any part of the country, so that they can fairly evaluate deals and no longer be at the mercy of landlords.
In addition to accessing reports and property information, prospective tenants can now use commercial real estate data exchange platforms that combine market research with social media. These sites make it possible to find out information about rent schedules, free rent provisions, tenant improvement allowances and much more. Prospective tenants can use the information to request concessions with confidence at the negotiating table.
Other CRE Technology articles you might want to check out:
Don't forget to comment and subscribe!!
