Commercial real estate technology allows corporate tenants to differentiate themselves in the marketplace. Towards the end of 2020, commercial real estate technology will be a catalyst that enables companies to increase productivity, maximize office space, and enhance customer satisfaction.
1. Machine Learning and Artificial Intelligence
AI is getting (more) real and disrupting industries, especially commercial real estate. Towards the end of 2020, AI is expected to impact more companies as artificial intelligence-based services are released to simplify commercial real estate transactions. For instance, character recognition technology can be used to scan documents, extract useful data, and carryout out useful actions like populating the data into your real estate optimization software, workplace management system, calendar, task list, or any other technology.
Another useful case of machine learning and artificial intelligence is that it can be used to accurately predict market trends and crate forecasts. This is quite useful for business owners who are planning for their next lease and company location. AI is no longer a buzzword, and it is already in place to automate many boring and human-induced error-prone tasks. Today it can be used to prepare financial audits and reviews before commercial real estate transactions. Artificial intelligence is also being used to more accurately predict market trends and create forecasts.
2. Virtual Reality and Augmented Reality
Two technologies that are slowly transforming the commercial real estate industry in recent years are virtual reality and artificial intelligence. 2020 has been characterized by social distancing as a result of the COVID-19 pandemic. Virtual reality will allow corporate tenants to have virtual tours of new buildings and offices without being physically present. This will allow companies to easily complete their leasing process when moving to a new location of expanding into new territories.
Corporate tenants who want to renovate their office space can use augmented reality to make build-outs and new construction more expedient. As automation takes over the workplace, VR and AR are expected to be more in demand.
3. Data Science and Analytics
Real estate has changed from being about ‘location, location, location’ to ‘location, experience, and analytics.’
Data science and analytics will become a prominent feature of the industry as both real estate firms and corporate tenants attempt to draw smart insights from the huge volume of data emerging from the real estate industry. As more automation is being integrated into a building, a lot of data points will arise, and there will be a new need to be able to access these data, structure them and use them for effective decision making. Already, firms have used data for short-term plans, it is expected that big data will be a part of a company’s long-term strategy.
4. Drone Technologies
It is expected that drone technologies will be deployed as unmanned aircraft in capturing the pictures and videos of challenging locations. Visual information from drone technologies will help corporate tenants to learn more about their buildings and office space. Also, drone technologies will be used in delivering items and packages where social distancing is required.
5. Web and Mobile Apps
Web and mobile apps will become more prevalent in the real estate industry as both corporate tenants and real estate firms look for ways to improve leasing and tenancy experience.
Towards the end of 2020, buildings and offices will begin to use the power of the web and mobile apps to enhance tenant experiences. For instance, apps integrated with "internet of things" (IoT) technology can be used in HVAC control, locating an employee’s location in the building, booking shared amenities in the building, and accessing building concierges.
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