It’s Not All Flying Robots – Four Technologies Impacting Real Estate Today
The real estate (RE) technology community is certainly in a state of hyper growth. At a recent CRETech conference it was stated that in Q1 of 2019 alone, $4.9 billion was invested in the RE tech industry.
If you attend events such as CRETech, CoreNet Global summits, Realcomm, CoreTech, IFMA and several others, the crowd-drawing presenters are talking about the impact of driverless vehicles and drones on our industry.
Every provider in the CRE world is marketing and talking about AI, Machine Learning and Virtual Reality, which continue to grow (check out companies including Saltmine for evidence of that) and these innovations will have a tremendous and universal impact on our industry… in time.
These innovations, while exciting to learn about, do not go to the heart of what is impacting most companies TODAY - as my colleague, Carla Hinson, says, “It’s Not All Flying Robots! CRE teams continue to struggle to balance the rapid pace of technological change with increasing accessibility to meaningful metrics for data-driven decision-making.”
This blog highlights four technology trends impacting and shaping the real estate industry right now. Not in the near future.
- Business Intelligence - It is no longer location, location, location in real estate, it’s information, information, information. Anyone from the CEO down the line wants instant access to core information to aid in strategic, pro-active decision-making – “show me my leases expiring in the next two years with a peak average utilization less than 40% and get me the market comps for available space”. These solutions provide faster, more intuitive ways to aggregate, display and visualize data than ever before. Oh, and in most cases, you won’t need to throw away what you have already invested in either.
- IoT – The impact of IoT is considerable. IoT sensors and meters can aid in effective cost management, predictive maintenance and real-time condition assessments. At a prior company, sensors were used to track space utilization, they implemented an activity-based workplace based on the sensor findings, which enabled unprecedented employee growth without having to increase a single dollar in lease costs. An initiative of this magnitude requires a combination of technology and consulting to implement the right technology-powered workplace experience.
- Workplace Experience – C-suite visibility of real estate is at an all-time high. The CEO wants to know, in an increasingly homogenized market, how to attract and retain talent and the workplace, as the body language of your company, is one of the most visible ways to do that. As a response to this, more and more, the employee experience, from start to end of the day, is being greatly enhanced by technology. From parking sensors to intelligent visitor check-in, comfort in the office, ordering of services and amenities, the booking of much sought after meeting space, ordering of food and countless other daily tasks, WX (Workplace Experience) and TX (Tenant Experience) technologies are changing our daily lives, I would argue for the better.
- Lease Accounting Systems – While it may not be the sexiest of subjects to an outsider, it is arguably the most critical to those companies that are under the rules and regulations in play. An excel spreadsheet, or even a stand-alone lease management system, will simply not cut it anymore. Today’s CFO now has more visibility to the real estate department than ever and a powerful lease accounting system is a must. How you achieve that in a minefield of solutions is something we can help with.
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Executive Managing Director