When it comes to technology innovation, commercial real estate is no exception. Here are four industry trends worth watching:
No. 1: Use of Drones
The use of drones has grown significantly within the industry, especially since the pandemic. Unmanned aircraft are capturing footage in challenging locations, even indoors. Footage captured by drones is being used to not only provide prospective tenants with detailed photographs of buildings and surrounding areas but also by construction contractors and developers to monitor their projects.
No. 2: Virtual & Augmented Reality
Virtual reality lets tenants walk through buildings and offices without being onsite—making it easy for companies to complete the leasing process, especially when expanding into new territories. Augmented reality is currently being used to help construction management make build-outs and new construction more expedient.
No. 3: The Internet of Things (IoT)
Across the industry, the IoT is simplifying and automating tasks and opening the doors to new forms of communication. For example, through infrared sensors, lighting and HVAC systems can automatically adjust when offices are empty—making office buildings more efficient and providing tenants with control over operating costs.
Smart filtration systems are also being used to monitor air quality levels and remove impurities from the air, making it easier for occupants to breathe. In addition, smart elevators are reducing wait times, especially in peak hours, and apps are helping employees to find parking spaces in crowded lots and garages.
No. 4: Artificial Intelligence (AI)
AI is helping commercial real estates professionals to identify, purchase and manage properties in their portfolios. For example, new software apps can analyze the profitability of a potential acquisition or identify locations where investments are doing well or poorly.
Similarly, new programs are allowing property owners and operators to digitally identify their ideal tenant and screen them electronically. AI technology is also helping property managers automate processes across a property—like maintenance requests and equipment inspections.