Everyday, it seems like there is new technology being released that is guaranteed to make our lives easier and better. Sometimes, it can feel like it is impossible to keep up with the speed of technology innovation.
One possible reaction to the changes is to feel overwhelmed. Another reaction is to try and adopt the new technology as soon as possible. On the other hand, a more reasonable response is to simply be prepared.
At BB&J Commercial, we work with the latest technology to ensure our clients get a quick and smooth sale. In this article, we are taking a look at several changes in commercial property technology that are changing the industry as a whole.
Property values in relation to technological innovations
In today’s environment, everyone expects a minimum level of technology. For example, many people now expect free Wi-Fi in public spaces such as office buildings, airports, even public parks. As a result, developers and businesses are starting to incorporate as much technology as they can into the properties. Therefore, the value of a property is now increasingly tied to the level of commercial property technology it provides for both tenants and customers.
Commercial property agents have always been mobile. Travelling from their office to various properties and back is routine for many. However, today’s technology allow agents to have even greater mobility. Before, commercial property agents needed to spend a certain amount of time on the road, now, agents can work remotely if they want to. For example, property viewings has never been easier. With today’s technology, you can watch video tours from the comfort of your home, send and sign documents remotely and so much more!
AI (Artificial Intelligence)
Another growing technology trend that has made an appearance in the commercial property industry is Artificial Intelligence (AI). Smart tools and machinery learning are already revolutionising many industries. For example, some companies will use AI for marketing purposes. But for commercial property, there are many benefits to using this technology.
Regarding property and the management of facilities, AI can assist with tasks such as analysing building functions and layouts, systems management, and organisational tasks. By using AI technology, property managers can complete tasks more efficiently including safety, security, and efficiency. And for commercial property agents in the future, AI could help with generating leads and prospects for the business.
Right now, many people have higher technological expectations. Due to the ever changing digital connectedness and the IoT (Internet of Things), everyone expects a minimum level of technology. However, the ‘minimum’ amount of technology that people expect to find in a property increases each year.
Investors and prospective tenants in an office building, medical practise, retail space, or other commercial properties want the best technologies that they can get. As a result, commercial properties must keep up with these evolving demands. For example, owners of older properties may need to invest significantly in power, cabling, and other infrastructure projects to keep their properties desirable. Otherwise, outdated properties may fall behind on the market.
E-Commerce as a commercial property disrupter
Without a doubt, the e-commerce market has been a huge disrupter for the retail landscape. More specifically, changing consumers buying habits. This has also had an impact on the commercial property market too. On one hand, some retailers have closed many brick and mortar locations. However, the change benefits the industrial warehouse sector. Regarding technology, commercial property technology has adapted, causing a minor revolution in warehousing with it’s relationship to retail. So not only is there a greater demand for industrial warehouses, but there is also a great demand for high-tech solutions in these properties.
Privacy and cybersecurity
Unfortunately, cyber hacks has become a huge concern for everyone. This is especially the case when running a business. The commercial property industry works with large amounts of digital tenant and property data, combine this with other factors such as IoT, mobile apps and digitally-based solutions, it is crucial that cybersecurity in commercial property is top notch. After all, no one wants to get a message from their landlord, property manager or broker stating that their information has been compromised.
Over the last decade, a strong social media presence has become a requirement for running a business. Because of this, this has become a necessary part of commercial property technology. In the last two years alone the property industry has grown it’s presence on social media by 6.29%, the strongest growth by any industry on the platforms!
Whether it is a Facebook page, Instagram feed, or even a Pinterest board, prospective buyers and tenants are interacting with agents and properties via social media. Not only is social media a brilliant marketing tool, it is also a great method of encouraging greater connections between people and businesses.
Energy efficiency, water efficiency, solar power, and other sustainable technologies are already important to the commercial property industry. For investors, owners, and building managers, these technologies will become even more important in the years to come, as a prospective tenants or buyers decision about acquiring a property could hinge on these amenities (or lack thereof).
In today’s world, we have access to huge amounts of data. In general, data gives better insight into properties for the commercial property business process and leads to more informed decisions. This data might include data captured by a property manager from building operations via smart systems. At the same time, it could include data purchased from a third-party regarding properties, submarkets, or neighbourhoods.
For prospective buyers and tenants, this data informs their buying and leasing choices. For property managers, data helps them to better manage their properties. At the same time, agents need to stay on top of the latest data for their own sake and the sake of their clients.
What do you think about the use of technology within the commercial property industry? Let us know on social media!