Technology is changing the way we work. Beyond familiar Cloud solutions and e-commerce platforms, a number of new technologies on the horizon promise an exciting future of work. The commercial real estate industry is no exception from this trend. From the way we build, sell and pay, new technologies are set to shake up the way that we do business.
So what are the top technologies brokers, property owners, and leasing agents need to look out for?
A recent report from Nabarro on UK real estate in the digital age found that 81% of industry professionals think virtual reality (VR) will change how real estate developments are planned, marketed and leased in the next ten years.
With VR already being used by some leasing agents to provide prospective tenants with tours around their unfinished buildings, including the 850,000 sq. ft “Sky Lounge” on Madison Avenue in New York City, it is clear this tech has already hit a sweet spot in the industry. With maximum efficiency and convenience for executives, it won’t be long until we see investors opting to put on a headset before they’re willing to jump on a plane to tour new properties.
The potential of 3D printing across all industries exceeds the imagination. In aerospace, General Electric has already 3D printed all of the operational components for a jet aircraft engine; in healthcare, bespoke medical devices – like Open Bionics’ prosthetic hands – are being crafted; and in real estate, we’re not far off from 3D printing entire buildings. Taking its first steps in the residential industry, WASP’s 12-meter tall BigDelta House 3D printer is already being used to build eco-friendly homes in Italy. Cost effective and incredibly nimble, it won’t be long until we see the commercial industry adopt this emerging technology.
While licences and limitations around commercial drone flying restrict its use in the real estate industry, this technology offers an incredible opportunity for CRE businesses. The days of expensive helicopter rides to take aerial shots are soon to be forgotten, with these flying cameras taking high quality photos and shooting seamless, sweeping videos of extensive property at almost any height!
The use of Bitcoin has rocketed globally, but the real estate sector has been slow to accept the cryptocurrency. However, with the International Blockchain Real Estate Association already devising potential solutions to help streamline and secure the property transfer process, this may not last long. With the quick transaction times, added transparency, and security of Bitcoin transactions, it is not a question of if blockchain will finally grab the industry – but more a question of when.