The rapid advancements in technology are so lightning-fast that what was new is old in the blink of an eye. The wide array of tech- nology applications in the marketplace are creating new opportu- nities with each passing day.
In looking at the ways technology is impacting the commercial real
estate industry in particular, it may be helpful to examine the intertwining elements in the fashion of a Venn diagram. All components are
within certain productivity silos but intersect at a crucial juncture.
Indeed, big data, artificial intelligence, smart mobility and new ways of
connecting people will have a huge impact on the future of real estate,
according to KPMG. In addition, social innovations (smarter working,
dynamic management and flexible organizations), creative mindsets and
tech philosophies will be big challenges for corporate organizations. But
the ones that excel will be among the winners of the future.
The first factor to take into account is that the DNA of real estate technology is changing, says Mihir Shah, co-CEO at JLL Spark. In the past,
proptech startups were often initiated by real estate professionals who
saw pain points in the industry that could be addressed by technologies.
Now, the more seasoned tech entrepreneurs are building companies
and platforms that are focused on the commercial real estate industry
because of the enormous market opportunity it presents. Shah predicts
that an influx of high-level talent will help to accelerate the pace of
innovation in the proptech world this year.
BY LISA BROWN
The industry is at
a crucial juncture,
what with big data,
smart mobility and
new connection tools
having a colossal
impact on the future
of real estate.