“The number one benefit of information technology is that it empowers people to do what they want to do….it is all about potential.”
Steve Ballmer, Microsoft CEO 2000-2014
Technology is a significant part of modern life. It has changed the way we communicate with one another, how we work, how we invest and how we buy and sell. Now, technological advances are creating greater opportunities in the commercial real estate market and driving tenants, investors and brokers to reach greater potential.
For the past several years, the commercial real estate industry has been heavily impacted by the tech sector -- not necessarily by the technology itself, but by the rapidly expanding needs of an entire business market. Tech industry competition is high and, paired with a declining inventory of office space in top markets, this creates new commercial real estate opportunities in new cities.
National Real Estate Investor reports that tech companies have been the largest driver of leases 20,000 square feet and larger, comprising 20.8 percent of all leasing activity in the U.S. Nearly 75 percent of those leases represented occupancy growth – nearly 30 percent higher than the next closest industry.
In addition, new tech platforms are evolving that make it easier to meet client expectations and corporate business objectives. Drone footage can supplement listings, apps can allow for streamlined tenant communications, and virtual reality creates engaging content for interested investors. With all of these new tools, technology is becoming critical to success in the marketing commercial real estate.
What’s more, the buildings involved are becoming “smarter” as a result of tech developments. From monitoring energy usage to evaluating workforce productivity, real estate developers have tools to ensure the greatest efficiency and value in their projects. Overall, smart technology informs smart building strategies.
As the commercial real estate sector adopts more technological advancements, it is poised to improve investor service, create new hotspot markets, and create more efficient developments to ensure greater returns on property investment. Contact Intelica to learn about the technology that can help your portfolio reach its full potential today.