Influence of Technology on Commercial Real Estate Industry

Influence of Technology on Commercial Real Estate Industry

Technology is changing the commercial real estate industry, along with other industries around the globe. New technology allows brokers to streamline processes and market properties in innovative ways for the office and retail sectors. For example, prospective tenants had to drive to a location to tour a space before the new advances in the industry. However, they are able to virtually access any property listing from the palms of their hands today, using their smartphones or laptops. Being able to see listings online from anywhere in the world has helped the real estate industry’s globalization.

 

Tenant representatives used to have binders with printed aerials, plans and graphics of each listing in the past. However, it is all condensed into a PDF today and saved on a tablet for easy viewing. There have been lots of challenges to keep up with the evolving landscape.

 

Lee & Associates created its own properties page on its website. It has an interactive map and listings where potential tenants can search, view details for office spaces and retail and find contact information for the company’s representatives. Many sites, programs, and resources continue to evolve with a strict focus on commercial real estate. This step is important, as having an accessible website and listing can be a key differentiator for retail businesses.

 

There are additional platforms to aid retailers

 

Platforms such as CoStar and LoopNet also help brokers and potential tenants search and find spaces that meet their needs. With drone footage, virtual tours and interactive maps, brokers send listings to prospective tenants to view from their home or office.

 

Smart buildings are not as prevalent in the retail market. However, this sector of the industry still utilizes different technologies to its advantage. For example, apps and credit card data are essential for tracking traffic, as well as gaining insight into the customer journey. Retailers can track consumer behavior by creating an app that has a map of the site and special offers such as coupons.

 

However, larger regional lifestyle and shopping centers are the ones leading in this technology. Typically, tenants request a buildout package as most retailers don’t have their own apps.

 

In the commercial real estate industry, marketing efforts are relying on technology as well. Social media, advertising, design software, as well as website accessibility are integral in securing tenants. As a result, technology became necessary for a solid marketing strategy. The people behind the machines are just as important, though, as those minds and ideas drive the marketing.

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