4 commercial real estate technologies you should be watching

city-with-green-space-293040-edited.jpegNew year, new tech trends. Or at least, renewed attention on tech trends and new resolutions to be a better broker and human.

There’s a ton of advice out there on the latest products and life hacks that can make you better, faster, stronger. There’s certainly enough technology promising to change the game. The trick is knowing when to adopt these technologies and when to watch and wait until they’re a little more evolved.

Here are a few current trends that you should be keeping an eye on.

1. Modular buildings

Not every technology is based on your smartphone. Recently, Forest City Ratner Companies built what is being considered the world’s tallest modular apartment building. A whopping 90% of the building was made off site and the pieces were then brought in and assembled in its Brooklyn location.

Modular construction in large commercial projects can be done at a lower cost, as manufacturing labor is cheaper than construction labor. By relying on this new method, this particular project cost 20% less than it would have had it been built on site.

2. Connected cities and the Internet of Things

The Internet of Things is growing at such a rapid rate that there are now more “things” connected to the internet than there are people, according to the Urban Land Institute’s latest edition of Emerging Trends in Real Estate. As cities become more and more connected, CRE can benefit from the data that is being amassed. This data can help to run and build more efficient properties that will be more attractive for tenants but also save money for owners, investors and developers.

3. Live video

Video has been growing over the years to become one of the best ways to get potential buyers or tenants to see a property before they are there in person. We discussed VR in a previous post, but live video is becoming more and more popular as well. As more platforms start to add live video (Facebook, Instagram),  consumers are looking for and expecting more video options.

With live video, tours of properties can be taken to another level because consumers can interact in real time, asking to see certain aspects of the building or taking a second look at areas of concern.

4. Augmented reality

Not to be confused with virtual reality, which is a totally simulated world, augmented reality (AR) aims to enhance the physical world. The biggest example of augmented reality was the explosion of Pokémon Go in 2016. AR uses GPS coordinates and allows you to see objects if you are in a certain geographic area.

The Emerging Trends in Real Estate report notes that this trend can attract more individuals to a specific space. Augmented reality could be used to see what a finished building will look like as you walk by, for example. Let’s say you are building an apartment building on 1st and 2nd street, and instead of having a sign with the rendering of the building, a passerby could view through their smartphone what the space would look like. They could even see different units inside.

What trends are you watching for 2017? We’d love to hear from you! Be sure to share your thoughts in the comments below.

Topics: Industry News CRE Tech