These Technology Trends are Driving Commercial Real Estate

The speed of progress in any industry is defined by and derived from the technology that is brought to bear upon it.

In commercial real estate, there are actually a number of tech trends making waves, so here are a few of the stand-out examples you need to know about.

The blockchain promises to speed up transactions

Blockchain tech, and specifically smart contracts, will come to hold sway over many real estate transactions, both commercial and domestic.

This expands the utility of the blockchain beyond crypto, which is what most of us know it for supporting. And the benefits in a commercial real estate context are significant.

Entire transactions can be orchestrated on the blockchain, with building ownership changing hands safely, securely and in a timely manner.

This may eventually expand to encompass other transactions and documentation, whether that’s tax info or utility payments.

Software is transforming real estate development decision-making

The latest and greatest commercial real estate technology which focuses on development is all about taking the risk out of making major decisions relating to the direction of a project.

Mundane tasks like data entry and analysis can be automated, and information can be pulled in from all sorts of sources so that things like the budget and the schedule are less stressful to oversee and control.

Users can even receive alerts about the potential for future issues to arise if changes are made in the present, and so it enables problems to be addressed proactively.

VR is facilitating remote sales

Virtual reality is used in all sorts of ways, and selling property is a great example that’s gaining traction at the moment.

The role of VR in commercial real estate is all the more pertinent since it allows buyers and tenants to explore premises remotely, without needing to rely on being able to make the trip over for an in-person tour.

The same goes for augmented reality (AR), which puts agents in control of the action and enables them to more easily showcase their offerings, no matter where a client is based in the world.

Smart gadgets are taking over building management duties

Plenty of people have already got smart tech integrated at home, with things like intelligent thermostats and voice-controlled assistants enabling every aspect of a property to be controlled on-site, remotely and even automatically.

The same category of tech is scaled up to tackle enterprise-size buildings, leading to more efficient heating and cooling, better levels of security, and much more besides.

This leads to cost savings, and also means that building management can be taken care of without the need for constant involvement of human team members on the property itself.

5G networking is facilitating the IoT revolution

The Internet of Things, which encompasses the smart gadgets we just discussed and any other device that uses a network connection to function, is growing all the time.

The problem in the past has been that devices either needed local Wi-Fi coverage to perform as intended, or were hampered by a reliance on older, slower cellular signals instead.

The rollout of 5G networking is doing away with these bottlenecks, allowing things like security cameras and sensors dotted around large office buildings and commercial complexes to stay connected at superfast speeds no matter where they are located.

Wrapping up

Commercial real estate is something of an economic barometer, reacting first to shifts in the market, and so it’s no surprise to see just how much tech is used in order to instill stability and assure growth. These trends are a small group of many which are at play, and no doubt new innovations will be embraced in this industry before anywhere else.

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