How Technology Is Changing Cre Data
Technology is evolving every day.
Because it changes so much, and there always seems to be something new, it can be overwhelming or feel like there's a constant need to keep up. This is especially true in the world of commercial real estate. Online tools have completely changed how we understand CRE data and the value of a commercial property.
At Assetlyst, we are here to inform you about current technology trends and examine several technological changes that have impacted the commercial real estate industry.
High-Quality Data
We have huge amounts of data available in today's digital world.
Data provides greater insight into commercial properties and allows for more informed decisions. For example, data that is captured from smart systems by property managers could include information about building operations. It could also include third-party data about other properties, submarkets, or neighborhoods.
This data helps prospective buyers and tenants make informed buying, leasing, and investment decisions. Furthermore, data can help property managers manage everything better. Brokers must also keep up-to-date with the most recent data, both for their benefit and that of their clients.
Property Values In Relation To Tech Innovations
Nowadays, it seems like people expect a minimum level of technology. For example, the expectation of free WiFi in public areas such as airports, offices, and parks. That's just the standard.
Thus, many developers and property owners will try to incorporate as much technology into their properties as possible. More technology is usually a sign that a property is more desirable too. And the level of CRE technology a property provides to tenants and customers is a key factor in determining its value.
Artificial Intelligence
Artificial Intelligence (AI) is another emerging technology trend in commercial real estate.
Many industries are being transformed by machine learning and smart tools, and AI offers commercial real estate properties many benefits. For example, AI can assist with property and facility management tasks, such as analyzing building functions and layouts, systems management (like HVAC, lighting, data systems, etc.), and organizational tasks.
In addition, AI can streamline safety, security, efficiency, and cost savings for property managers. And commercial brokers can also generate leads artificially.
You can find many different types of softwares and tools that can be beneficial in looking for and comparing commercial properties.
Sustainable Technology
Commercial real estate is already a major market for sustainability—like energy efficiency, water efficiency, and green roofs.
These technologies will be even more important for investors, property owners, and building managers in the future since a potential tenant's decision to lease a property could depend on whether or not sustainability is a priority.
The Future of CRE
Technology is moving at an incredible pace these days, and some people find the constantly changing technological landscape frightening. However, it doesn't have to be that way. In commercial real estate, technology is a way to serve owners, tenants, and investors better.
At Assetlyst, we embrace commercial real estate technology. Check out our tools and software today!