Technology seems to be changing everything around us. It is changing the way we communicate, power our homes and offices, and even how we drive. With the developments of Artificial Intelligence and nanosensors, technology has the potential to become a strong factor in every aspect of our everyday lives. The commercial real estate industry is no different, and due to technology’s rapid growth, this industry is constantly looking for ways to adapt and grow as well. The ultimate information age is at our fingertips, and the real estate industry is another benefactor to this change. Here are some examples of how technology has changed commercial real estate:
We are beginning to move past the point where information can be hidden behind paywalls and subscription models. The proliferation of the public aggregation of data is one of the greatest impacts technology is having. Experts are saying that the type and quality of information available is steadily improving. We are starting to see more and more sites that are curating data, availability, and pricing for the public to search. Especially in larger cities, it is becoming easier to access information about the ownership and debt structure on a piece of property as well as determine the existence of any restrictions before going forward with the deal process.
There is now a greater emphasis on environmental concerns and working towards overall energy efficiency and the advancements in technology in this field have affected the real estate world. Bruce Bronster of Windels Marx Lane & Mittendorf LLP said that “technology permits the development of more complicated buildings that function more efficiently.” Also according to the US Green Building Council, green construction is estimated to contribute to 1.1 million jobs and $75.6 billion in wages in the United States by 2018.
Use of Real Time Data
Back in the day, researchers spent a majority of their time focusing on what happened in the past, and it was something that only a few sites actually had due to its costly measures. However, due to the new age of technology, we can put those days well behind us. It is now easier than ever to know pricing and availability in real time which makes for more efficient prospecting as now more sites are providing immediate results on a variety of analysis and data points which is becoming a major game changer for this industry.