Now, more than ever, technology is changing the real estate ecosystem. We’ve previously explored how PropTech affects Agents and Negotiators, but today we’re going to see how PropTech impacts Commercial Real Estate as a whole.
Technology is consistently evolving and improving out work management. As of now, PropTech is changing the way leading real estate firms are managing their properties.
Here are certain factors that showcase how PropTech impacts Commercial Real Estate!
1. Cut Costs and Preserves Energy2. Technologically Innovative Workplaces3. Improved Data Management |
1. Cut Costs and Preserves Energy
PropTech impacts commercial real estate by offering sustainable solutions. For example, working in the office comes with its share of challenges. Energy consumption in office buildings makes for roughly 40% of the global energy consumption.
As such, PropTech can enable companies to optimise energy more efficiently by developing an environment that minimises energy consumption while simultaneously cutting costs. PropTech is instrumental in the development of ‘Green Buildings’, which minimise energy usage and decreases overall costs.
2. Technologically Innovative Workplaces
The next generation of professionals will inherently be digital natives. As such, they prefer and require a more technology-enhanced environment when carrying out their tasks. This means that they value balance, comfort, convenience and a sense of community above all else.
With PropTech, landlords can offer a more modern take on the average workspace that is aligned with the cultural and practical changes of the changing times.
Some of the features that smart offices offer are:
- Automated building access for tenants
- Cloud-based security system
- Layout optimisation for distant collaboration (due to the pandemic)
3. Improved Data Management
A lot of data in the real estate industry is harnessed to understand its value. Now, with the revolution of PropTech, that data is starting to depict a striking difference. Experts say that the practical applications and opportunities for PropTech are as vast as the real estate industry itself, and things are only just getting started.
Managers and executives working in real estate can efficiently create nuanced and timely reports while sharing them on a singular management system. Top executives can shed light on their best and worst-performing properties by fully optimising their accumulated data. This way, they can compare holdings, highlight costs and cross-identify trends according to separate regions.
By honing these data, leaders can make smarter decisions in property management and investment.
Commercial real estate is a market that never sleeps, even more so now with the rapid advancements of technology. It’s not slowing down, just waiting for you!
Fill in the form below and IQI will help you with all your commercial real estate investment needs!
