Guest blog by Becky Holton. Becky is a journalist and blogger. She is interested in education technologies and is always ready to support informative speaking. Follow her on Twitter, @HoltonBecky1.
Technology is driving the entire world forward, in all aspects of society. In the commercial real estate industry, technology facilitated almost every part of from marketing to asset management and beyond. Each year, there are new trends that change the way the industry operates, some of these trends are just the upgraded extensions of earlier successful trends, while others are newly adopted with results that are yet to be disclosed. Here is a list of 10 technological advancements that are incorporated in the commercial real estate industry this year.
1. Virtual Reality
Seeing is believing, someone said a long time ago. When it comes to moving or extending your business in a new environment, it's important to have full insight into all aspects of the space you wish to lease. The development of online technologies allowed the entire world to work together, thus expanding the market to the entire planet. However, if you would seek to acquire a new office space thousands of miles away it would be challenging, not to mention cost-inefficient, to hit the road and check each potential location separately. The advancement of VR technology allows companies like Wework to provide clients with a guided tour from the comfort of their chair and get a full grasp of the quality and usability of the space.
2. 3D Printed Offices
Cost-efficiency and environmentally friendly construction are the growing trends for some time now. Companies that provide 3d construction printers promise faster building process, cheaper materials, and enhanced design value. The main benefit of this technology is the reduced cost of the final product, but also a shorter construction deadline, which could ultimately lead to cheaper leases.
3. Automation of Big Data Analysis
The internet is filled with useful information which can be put to use in order to facilitate everything from real estate agents acquisition to generating prospects, enhancing marketing effectiveness, and improvement of the portfolio. However, manual analysis of Big data would be a futile effort, therefore automation of the process is helping commercial real estate entities to push their business forward this year. In addition, the development and affordability of AI are further increasing the potential that automated big data analysis holds, which made it highly attractive trend this year.
4. Goodbye to Large Office Buildings
With remote workers becoming a rising trend, self-employment and freelancing becoming more and more popular with agencies like assignment masters, Pro Essay Writing, Uk.bestessays.com and others heavily relying on the off-site workforce, the need for large office spaces is becoming lesser. Therefore, it's not a surprise that this year we can expect more shared office space requests than large corporate offices leases.
5. Smart Building Technology
As global warming and renewable energy are a big concern for our generation, more and more consumers are looking for environmentally friendly office spaces that conserve energy and use alternative sources of power. This year, all eyes will be focused on London's Smart Building 2019 conference where leading minds will discuss the benefits of smart and renewable technology for developers, users, and tenants.
6. AI for Sales
Artificial Intelligence is a technology that has implementation potential in all aspects of our daily lives. When it comes to sales and property management, we've already encountered a few platforms that utilize the technology. In order to provide a more intuitive approach in sales and property management AI developers are promising new online platforms that will further increase the capabilities of commercial real estate agents so they could provide their clients with more effective solutions.
7. Blockchain Doesn’t Stop
Decentralized internet provides multiple benefits to various industries. When it comes to commercial real estate, the main benefit of blockchain technology lies in smart contracts. Digital contracts allow all sides to feel comfortable knowing that the execution of the deal will only be active if all the terms of the contract are met. Another great benefit of blockchain is the power to keep a shared database of property-level information, which is integral for leasing, purchasing, and selling a property.
8. Do you Have a Data Center Near?
Since e-commerce, college paper writer, and IoT companies are on the rise, the need for data centers proximity is a major factor in property acquisition. This year, AssignmentMasters editor in chief mentioned that due to the business needs, commercial real estate entities will have to put a lot of effort in developing and acquiring spaces in cities that have large data centers in their neighborhood.
9. Wi-Fi Demand
Since the world is going mobile when it comes to communication and internet traffic, it’s easy to see why more and more tenants are requiring Wi-Fi ready office spaces. This is the trend that will shape the industry in years to come, as the trend of mobile internet traffic is growing exponentially. Furthermore, with the expansion of cloud technology, the need for wired workspace is soon going to be a thing of the past.
10. Automated Warehouses
Recently, Amazon developed a fully automated warehouse, where AI-driven robots operate instead of human workers. Such warehouses are extremely cost-efficient due to the low maintenance costs and zero labor cost. It’s easy to see how this year could bring even more warehouses that don’t require air-conditioning nor human-oriented security and design measures. It could be a new era of warehouse property construction and acquisition.
Commercial real estate industry depends on the development of technology. Every progress in construction, internet, marketing or any other form of technological advancement creates new opportunities in the industry. It’s important to keep up with the advancements in order to stay competitive and grow along with the rest of the community.
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