Is Commercial Real-Estate Technology Bringing The Industry Together?
Lane was developed on a mission to change the way people interact with the places they work and the people they work with, ultimately, with the hopes of bringing people and places together. Entering into a space like commercial real estate which was once defined by a very individualist mentality, was no easy feat.
With the onboarding and implementation of new technologies into the real estate sector, the gap between investor, property manager, and commercial property firms is narrowing. Shared goals and ideologies are at the forefront of how to build and manage spaces for efficiency, open communication as well as profitability, is what creates industry standards.
Commercial Real Estate Technology Today
Commercial real estate technology (CREtech) is a new category that is in the early stages of being defined. As a result, early adopters are trying to identify the best tools and providers in order to create industry standards, which can only truly work if identified together, as an industry.
The CRE Landscape
The landscape of commercial real estate is helpfully broken down by Bisnow, as:
(i) Discovery; the buying and selling of property and the CRM tools to connect buyers with sellers
(ii) Transaction; valuations, deal management and acquisitions of property
(iii) Property Management; operational management of day to day leasing and relationships
Strides toward Complementary Tech Tools
A cultural shift is being observed as technology progresses and drills down into niche aspects of each of the three stages of CRE tech. Standards of the industry are inching toward a goal of creating/buying/selling/managing human-centric spaces, and the strategies of property teams continually evolve to meet this demand.
Technologies need to exist to foster relationships, optimize workflows, and better understand the demands of various stakeholders. These are tools for the asset manager, security guard, sales director, eco-architect or shuttle bus driver at an office complex, to contribute to their business ecosystems in refined, data-driven ways.
New Tools for New Thinking
With improvements to the overall sentiment of the industry, we’re excited to see the evolution that comes with it and believe there will be vast enhancements to work-travel accommodations and shared living spaces, new tech tools to navigate the globalization of work (language barriers, time differences), augmented reality opportunities, and health and wellness management, on a more personalized, humanistic approach. From content creation, analytics, and concierge services, we’re seeing buildings take on a life of their own making workplaces work for all involved.
Down the line, open and collaborative partnerships and integrations with new aspects of technology will balance out the needs of the consumer and result in an enhanced people + purpose-centric office ecosystem. Excitingly, a shift towards togetherness, complementing what partners lack and standardizing best technology practices will lead to a path to a sustainable business model for all. Instead of working with multiple platforms and technologies to piece together a comprehensive view of a building and its inner workings, proptech has brought best-in-class services under one roof, benefiting all parties.