4 Tech Trends Impacting the Commercial Real Estate Market
2020 challenged the way we live and work. This includes the impact of a changing society on the commercial real estate market. However, many of the real estate trends we’ve recently witnessed were set in motion years ago. The pandemic simply accelerated them to the point they have become widespread and unstoppable.
In 2021, we can expect the commercial real estate industry to adopt technology more than ever before. These following tech trends provide a glimpse into some of these forces of change:
Increased data capture and use. We don’t often think about it, but the commercial real estate industry captures a lot of data. By increasing that data capture to include not just the building itself, but the Internet of Things within, developers will be able to access information such as:
- How to make operations more efficient
- How to improve shopper/resident/patient experiences
- Identifying and solving certain problems
Changing digital engagement. The pandemic demanded installation of touchless services. Those won’t disappear when the pandemic is over. In addition to facilitating a healthier environment, touchless services automate traditional processes for the end-users of commercial real estate. It is doubtful anyone will argue for rolling back more convenient services to an earlier, less efficient way of conducting business.
Data analysis will drive commercial responses. As consumers alter their behaviors, commercial real estate companies will rely upon hard data to understand new behaviors and respond more appropriately.
The adoption of robotic process automation. Commercial real estate has been slow to adopt robotic process automation. That trend is expected to pick up steam. As developers work to improve operational efficiency while reducing overhead costs, robotic process automation will increasingly become the answer to those challenges.
Adaptation to consumer concerns and needs has always underscored the success of any business. In the post-pandemic environment, the relevancy of commercial real estate companies will depend upon this flexibility, and in particular, the industry’s willingness to utilize technology.