5 Ways Technology is Transforming the CRE Business

Here are five technological innovations that are transforming the commercial real estate business:

1. Automation

With the popularity of portals and mobile apps, automation of listings and other dynamic stock real estate data is possible. With the help of automation, it’s convenient to access crucial information like units sold, localities with maximum sales to help close deals faster and more efficiently.

2. Artificial Intelligence

Going a step ahead of automation is the use of artificial intelligence (AI) that is likely to have far-reaching effects on the CRE sector. AI technologies enable the digitization of data assets making deals less labor-intensive and more cost-effective. For example, with advanced AI techniques, it will soon be possible for machines to understand the clauses and sub-clauses of commercial leases.

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3. Use of Drone Technology

The increasing use of drone technology is being effectively used to create 3D images and videos of commercial spaces to help clients zero in on viable options. Compelling and dramatic images captured by drones are marketing devices used by companies in the US and Europe to reach out to a larger client base.

4. Internet of Things (IoT)

This revolutionary technology : data generated by devices spread across the office space and initiates ‘smart’ action. As sensor technology gets more affordable, there will be scope for increased use of sensors across office spaces and will be greatly useful in the facilities management business.

5. Virtual Reality

A blend of architecture design and gaming software, virtual reality (VR) technology lets clients gain a real-time experience of their under-construction offices. By wearing specially designed VR glasses, they can view 3D videos of all areas of the property and make an informed choice.

The connectivity and information generated by these technologies can truly transform and empower all CRE stakeholders- developers, customers, and consultants. Developers can identify consumer demands and provide better services, while tenants can enjoy the perks of technology to make more informed decisions.

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