4 Technologies Changing the Shape of Commercial Real Estate
Without a doubt, technology has changed commercial real estate. Even though the CRE industry has been slow to adopt new technology, this is changing as some of the biggest companies in the commercial real estate space have now started to implement new technology into their business. Let’s look at four technologies changing the shape of commercial real estate.
Artificial Intelligence (AI)
Both warehouse and distribution centers are leading the pack since many have replaced warehouse personnel with robots. Artificial intelligence is said to be the next technology that will specifically impact industrial real estate. In the coming years, distribution centers, warehouses, and other industrial properties will have the infrastructure needed to support the use of more advanced AI. Automation along with AI will directly affect new building construction, leading the way to faster, more sustainable buildings utilizing robotics instead of humans.
Commercial real estate professionals expect predictive analytics to have a large impact on the industry simply because it has the ability to give brokers unique insight into what a tenant may do or how the market may turn. The goal with predictive analytics is to gather macro-information by aggregating data. Predictive Analytics can take data and crunch it into easily digestible details regarding lifestyle patterns, consumer behavior, and work productivity. Predictive analytics can be used to predict the cost benefits of certain projects in real-time using live data. This can affect how long buildings are marketed, how certain developments are constructed and planned and how buildings are maintained and managed.
Augmented Reality/Virtual Reality
Augmented and Virtual Reality are game changers when it comes to the CRE industry. Some of the top commercial real estate firms around the globe are using this technology to market properties in ways that allow people to feel the scale and space of the building. This is helping to streamline the closing process and encourages more international deals for professionals who utilize this advanced technology to cater to their clients overseas.
Real-Time Configuration in Fully-Integrated Visualization Platform
One of the most exciting technologies to emerge in commercial real estate is real-time design configuration. Using virtual reality, this type of platforms allows you to experience your next real estate project before its even built. The key differentiator here is the full flexibility in real time. One company pioneering this technology is Inreal. Inreal’s platform allows for many features such as being able to view your building from the top, adjust materials, customize wall colors, change variants, change surfaces, change furniture and be able to see a panoramic view of the property.
This virtual technology is the ideal sales and leasing tool for commercial real estate since it guides your clients through a fully furnished property, even the if the construction hasn’t completed on the project. This could be especially helpful when you are showing the location to different types of potential tenants — for example, TAMI tenants who prefer open floor layout vs. legal & financial firms who prefer classic enclosed office layout.
With Inreal’s platform, you can gauge the interest level from your potential tenants for a specific layout. During the interactive tour, clients can view completely different layouts and material combinations with just a few clicks. Therefore, aside from accelerating leasing, Inreal helps clients make better-informed design decisions which will lead to efficiency and cost-saving for real estate developers.
Check out all of the amazing features Inreal offers and see how it can transform your real estate business today.