5 Technology Trends That Have Shaped Commercial Real Estate in 2020
2020 has certainly been an unusual year for many businesses, including real estate. Yet, thanks to technology, businesses have been able to both adapt and thrive in the current climate. These commercial real estate trends are shaping the way real estate businesses operate, now and in the future.
1. AI Expansion
One exciting development in CRE technology is the expansion of property technology, which includes artificial intelligence. Today, commercial realtors are using AI more than ever to provide their clients with recommendations that are tailored to their unique preferences.
On the property management side of things, artificial intelligence is helping save significant amounts of time by assisting owners with tracking requests for maintenance, incoming tenant applications, property listings, and much more.
2. Virtual Reality
What started as a way to escape into a fantasy environment has evolved into an incredibly useful tool both for buyers and sellers of commercial real estate. Thanks to VR, potential buyers can enjoy as complete a viewing and touring experience from their phone and other personal devices as they’d receive from a physical visit.
In addition to being able to tour properties virtually, this exciting 2020 trend also offers potential buyers the opportunity to obtain important information regarding nearby commercial properties via geolocation.
3. Blockchain Technology
You may have heard of blockchain technology regarding cryptocurrency. Now, this system has made its way into CRE, and it is quickly becoming one of the top trends of 2020. Blockchain technology’s ability to record information in an incredibly secure manner is making it the choice for digital CRE transactions.
Blockchain technology is not only able to significantly reduce the possibility of fraud in these transactions with smart contracts but makes the buying and selling process more straightforward than those involving traditional paperwork. As well, current and relevant property information is being accessed far more quickly and easily with blockchain technology.
4. Big Data
Big data is another on the list of important technology trends of 2020. Today’s CRE brokers are taking advantage of automated algorithms and machine learning, which are helping them to quickly make informed decisions via the ability to search for, collect, and interpret data independent of human input.
As a result, brokers and other CRE businesses can get updates on trending client preferences for CRE properties, as well as their reactions to digital experiences, among many other valuable insights.
Like AI, machine learning, and the other PropTech mentioned above, drones represent yet another of many major commercial real estate trends that promise to become permanent fixtures on the CRE landscape.
Drones offer the ability to conduct detailed inspections of the exteriors and roofs of buildings. They also allow potential buyers to get an all-around view of the traffic movement and the market situation of a property for easier site selection.
The experienced brokers at TB-RE specialize in adding investment value while protecting your interests. Call (312) 473-1764 for more information.