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The Top Emerging Technologies in Commercial Real Estate

Modesta Chidimma | Content Manager, TechAnnouncer

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Are you ready for a revolution in the commercial real estate industry? From virtual reality to blockchain, emerging technologies are transforming the way we buy, sell, and lease properties. In this blog post, we’ll take a deep dive into the top game-changing innovations that will reshape the future of commercial real estate.

Introduction

As the commercial real estate industry looks to the future, several emerging technologies have the potential to revolutionize the way we do business.

 Top Emerging Technologies in Commercial Real Estate

Several different types of emerging technologies are being used in commercial real estate. These include:

1. Big data and analytics: This is where data is collected and analyzed to help make better decisions about things like investments, property management, and marketing.

2. Blockchain: This is a distributed database that can be used to store information about transactions. This could be used for things like tracking ownership of property or verifying identity.

3. Augmented reality: This is where digital information is overlaid in the real world. This could be used for things like providing directions to a property or showing what a proposed development might look like.

4. Internet of Things: This is where devices are connected to the internet and can share data. This could be used for things like monitoring energy use or security systems.

5. 3D printing: This is where objects are created by depositing layers of material one on top of the other. This could be used for creating prototypes or buildings from scratch using additive manufacturing techniques.

Artificial Intelligence and Automation Technology

Artificial intelligence (AI) and automation technology are two of the most promising emerging technologies in commercial real estate. Here’s a look at how they are revolutionizing the industry:

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Commercial real estate is a data-intensive industry, and AI is helping to make sense of it all. AI-powered software platforms like RealConnex and Reonomy are providing CRE professionals with valuable insights into market trends, property values, and more.

Automation technology is making CRE operations more efficient and cost-effective. Building management systems that use sensors and artificial intelligence to automatically adjust heating, cooling, and lighting can save energy and money. And robotic process automation (RPA) can handle mundane tasks like data entry and lease administration, freeing up CRE professionals to focus on higher-value work.

Virtual Reality and Augmented Reality

Virtual Reality (VR) and Augmented Reality (AR) are two of the most talked-about emerging technologies in commercial real estate. While VR has been around for a few years, AR is just beginning to be used in CRE. These technologies have the potential to revolutionize the way CRE professionals work by providing them with new ways to interact with data and properties.

VR allows users to immerse themselves in a virtual environment that can be used to view properties and data from different angles. AR, on the other hand, superimposes digital information in the real world, allowing users to view properties and data in context.

Both VR and AR have several potential applications in CRE. For example, VR can be used for property tours, market analysis, lease negotiation, and more. AR can be used for things like wayfinding, space planning, and asset management.

The possibilities for these technologies are endless, and it’s only a matter of time before they become commonplace in CRE.

Blockchain Technology

As the world becomes increasingly digital, the need for secure and efficient transactions is more important than ever. Blockchain technology provides a way to securely and efficiently record transactions in a distributed database. This makes it an ideal solution for commercial real estate, where transactions are often complex and involve many parties.

Blockchain technology can streamline the process of buying, selling, and leasing commercial real estate. It can also help reduce costs and speed up transactions. For example, blockchain-based smart contracts can automate the process of verifying and executing contracts. This can save time and money by eliminating the need for paper-based contracts and manual verification.

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In addition, blockchain technology can be used to create a digital ledger of ownership for commercial real estate assets. This could help simplify the process of tracking ownership changes and transferring titles. It could also make it easier to detect and prevent fraud.

The use of blockchain technology in commercial real estate is still in its early stages. However, it has the potential to revolutionize the industry by making transactions more efficient and secure.

Internet of Things (IoT)

The Internet of Things, or IoT, is one of the top emerging technologies in commercial real estate. By definition, the IoT is a network of physical devices, vehicles, buildings, and other items—embedded with electronics, software, sensors, and connectivity—that enables these objects to collect and exchange data.

In the context of commercial real estate, IoT can be used to manage building operations and maintenance, track energy usage and consumption, monitor security and safety systems, and much more. For example, one use case for IoT is connecting various building systems—HVAC, lighting, and fire safety—to a central control platform. This allows property managers to remotely monitor and manage these systems from a single interface.

IoT is already having a major impact on the commercial real estate industry. In fact, according to a recent survey by Jones Lang LaSalle (JLL), nearly half of all respondents said that they are already using or piloting IoT solutions in their buildings. And looking ahead, an overwhelming majority (86 percent) said they believe IoT will have a “significant” or “transformative” impact on the industry over the next five years.

There are many reasons why IoT is becoming increasingly popular in commercial real estate. One key benefit is that it can help organizations improve operational efficiency and reduce costs. For example, by monitoring energy usage in real time, organizations can make adjustments to conserve power and save money on utility bills. Additionally, IoT

Benefits of Emerging Technologies in Commercial Real Estate

The emerging technologies in commercial real estate are revolutionizing the industry. By automating tasks, improving communication, and providing new data-driven insights, these technologies are making it easier and more efficient to do business.

Here are some of the top benefits of emerging technologies in commercial real estate:

1. Automation of tasks

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One of the biggest benefits of emerging technologies in commercial real estate is the automation of tasks. With so many tasks to be done in a day, automating as many as possible can free up time for other important tasks. For example, automatic appointment scheduling can save time spent scheduling and rescheduling appointments. Additionally, automatic rent payments can save time spent collecting rent each month.

2. Improved Communication

Another big benefit of emerging technologies in commercial real estate is improved communication. In a fast-paced industry where deals can be made or broken at a moment’s notice, being able to communicate quickly and efficiently is crucial. The emerging technologies in commercial real estate are making it easier to stay connected with clients, colleagues, and vendors. For example, instant messaging apps like Slack allow for quick and easy communication within teams. And video conferencing tools like Zoom make it easy to connect with clients and colleagues, no matter where they are in the world.

Challenges to Implementing Emerging Technologies in Commercial Real Estate

Technological advances are revolutionizing the commercial real estate industry. However, with any new technology, there are always challenges that need to be overcome to implement it on a large scale. Below are some of the main challenges faced when trying to implement emerging technologies in commercial real estate:

1. Cost: One of the biggest challenges is always the cost. New technologies can be expensive, and sometimes it is not cost-effective to implement them on a large scale.

2. Training: Another challenge is training employees on how to use the new technology. This can be a time-consuming and costly process.

3. Compatibility: Sometimes new technologies are not compatible with existing systems and infrastructure. This can cause major issues and delays in implementation.

4. Security: With any new technology, there are always security concerns that need to be addressed. This is especially true for commercial real estate, where sensitive data is often involved.

Solutions to Overcome Challenges

There is no one-size-fits-all solution to the challenges faced by the commercial real estate industry, but there are several emerging technologies that have the potential to revolutionize the way businesses operate. Here are some of the top emerging technologies in commercial real estate:

1. Augmented reality (AR) and virtual reality (VR)

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AR and VR technology are already being used in several industries, and they have great potential for transforming the way commercial real estate is designed, built, and marketed. For example, AR can be used to create virtual tours of properties that allow potential tenants to get a realistic sense of what the space looks like. This technology can also be used for visualizations during the design process, helping architects and developers create better-designed buildings.

2. 3D printing

3D printing technology is becoming increasingly popular and accessible, and it has a range of applications in commercial real estate. 3D printing can be used for everything from creating prototypes of buildings to fabricating construction materials on-site. This technology has the potential to greatly reduce construction costs and timelines, making it an attractive option for developers.

3. Big data and analytics

The commercial real estate industry is generating vast amounts of data, which can be harnessed to make better decisions about everything from property development to marketing strategies. Big data analytics can help identify trends and patterns that would otherwise be invisible, allowing businesses to make more informed decisions about

Conclusion

The emerging technologies in the commercial real estate industry are revolutionizing how businesses operate and compete. From AI-driven leasing processes to virtual reality tours, these advancements are making it easier for landlords and tenants alike to make informed decisions about their investments. As technology continues to evolve in this space, we can expect even more opportunities for companies to use digital tools to streamline operations and increase profits. By staying ahead of the curve, businesses will be able to maximize their ROI and stay competitive in an ever-changing market.

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