Beyond Bending Tell You How
The commercial real estate industry has always been slow to adopt new technologies. However, in recent years, the industry has seen a significant increase in the use of technology, particularly in the areas of data analytics, leasing, and property management. Commercial real estate technology has made it easier for investors, brokers, and property managers to access and analyze data, streamline operations, and improve tenant experiences.
In this article, we will explore the various commercial real estate technologies that are changing the industry and how they are being used to improve efficiency, increase revenue, and enhance the overall tenant experience.
Data Analytics
Data analytics is one of the most significant technological advancements in the commercial real estate industry. The ability to collect, analyze, and interpret data has become critical to decision-making for investors and brokers. Data analytics enables investors to identify trends, assess market conditions, and make informed investment decisions.
One of the most popular data analytics tools is CoStar. CoStar is a commercial real estate database that provides information on properties, lease rates, and market trends. The platform is widely used by brokers, investors, and property managers to access critical market data and make informed decisions.
Another popular data analytics tool is LoopNet. LoopNet is a commercial real estate listing website that provides a comprehensive database of commercial properties for sale or lease. The platform is widely used by brokers and investors to research properties and make informed investment decisions.
Leasing Technology
Leasing technology has become an essential tool for brokers and property managers. The ability to streamline the leasing process and manage tenant relationships has become critical to the success of commercial real estate investments.
One of the most popular leasing technologies is Buildout. Buildout is a cloud-based platform that streamlines the leasing process. The platform enables brokers to create customized property listings, manage leads, and collaborate with their team. Buildout also provides a suite of tools to manage the deal-making process, including document management and e-signatures.
Another popular leasing technology is VTS. VTS is a cloud-based platform that provides real-time data on leasing activity. The platform enables property managers to monitor tenant activity, track lease expirations, and manage lease renewals. VTS also provides a suite of tools to manage tenant relationships, including communication tools and tenant portals.
Property Management Technology
Property management technology has become an essential tool for landlords and property managers. The ability to streamline operations, reduce costs, and improve tenant experiences has become critical to the success of commercial real estate investments.
One of the most popular property management technologies is Yardi. Yardi is a cloud-based platform that provides a suite of tools to manage property operations. The platform enables property managers to manage leases, track rent payments, and manage maintenance requests. Yardi also provides a suite of tools to manage accounting and financial reporting.
Another popular property management technology is AppFolio. AppFolio is a cloud-based platform that provides a suite of tools to manage property operations. The platform enables property managers to manage leases, track rent payments, and manage maintenance requests. AppFolio also provides a suite of tools to manage accounting and financial reporting.
Virtual Reality
Virtual reality has become an increasingly popular technology in the commercial real estate industry. The ability to create immersive 3D environments has become critical to the marketing and leasing of commercial properties.
One of the most popular virtual reality technologies is Matterport. Matterport is a 3D scanning technology that creates immersive virtual tours of commercial properties. The platform enables brokers to showcase properties to potential tenants in a virtual environment. Matterport also provides a suite of tools to manage and share virtual tours.
Another popular virtual reality technology is Floored. Floored is a 3D modeling technology that creates immersive virtual tours of commercial properties. The platform enables brokers to showcase properties to potential tenants in a virtual environment. Floored also provides a suite of tools to manage and share virtual tours.
Internet of Things
The Internet of Things (IoT) has become an increasingly popular technology in the commercial real estate industry. The ability to collect and analyze data from sensors and devices has become critical to the management of commercial properties.
One of the most popular IoT technologies is Enertiv. Enertiv is a sensor technology that collects real-time data on energy consumption and equipment performance. The platform enables property managers to monitor energy usage, identify inefficiencies, and improve equipment performance.
Another popular IoT technology is Comfy. Comfy is a smart building technology that enables tenants to control the temperature and lighting in their workspace. The platform enables property managers to optimize energy usage, reduce costs, and improve tenant experiences.
Blockchain
Blockchain technology has the potential to revolutionize the commercial real estate industry. The ability to create smart contracts and streamline transactions has become critical to the success of commercial real estate investments.
One of the most popular blockchain technologies is Propy. Propy is a blockchain-based platform that enables the purchase and sale of real estate using smart contracts. The platform enables investors to complete transactions quickly and securely without the need for intermediaries.
Another popular blockchain technology is Harbor. Harbor is a blockchain-based platform that enables the tokenization of real estate assets. The platform enables investors to purchase fractional ownership in real estate assets, enabling greater access to investment opportunities.
Conclusion
Commercial real estate technology has become an essential tool for investors, brokers, and property managers. Data analytics, leasing technology, property management technology, virtual reality, the Internet of Things, and blockchain are just a few of the technologies that are changing the industry.
As the commercial real estate industry continues to evolve, the adoption of new technologies will become increasingly important. The use of technology will enable investors, brokers, and property managers to access and analyze data, streamline operations, and improve tenant experiences. The future of commercial real estate is technology-driven, and those who embrace it will be the most successful.
