The commercial real estate (CRE) industry has been making digital transformation a priority for over a decade. Leveraging technology in this space has become so popular that various digital solutions have grown in number by 1072% from 2015 to 2019. In 2018 alone, various venture capital concerns invested $8.3 billion globally in property technology (proptech) companies.
2020 might have brought some changes to the commercial real estate sector, but the same trends still exist. The CRE firms that are embracing technology to streamline operations and deliver a better customer experience will be the ones that come out ahead.
How CRE Firms Are Faring With Digital Transformation
According to Deloitte’s latest Outlook Survey, more than half (56%) of respondents claim that the COVID-19 pandemic highlighted their organization’s digital shortcomings. Just 40% stated that their firm had a defined roadmap for digital transformation.
Digital Trends That Are Transforming Commerical Real Estate
As the world emerges from the events of 2020, CRE companies are faced with balancing a drive to reclaim profitability versus investing in the future. Deloitte also believes that several digital trends have been accelerated by the impact of the pandemic on commercial real estate.
The Rise of Digital Twins
When dealing with commercial real estate, a ton of data gets generated and used. Deloitte states that CRE companies have an opportunity to improve occupant experiences, boost the efficiency of operations, and identify potential roadblocks. They can do this with a two-pronged approach that combines the capturing and using data about a specific piece of property as well as leveraging Internet of Things (IoT) data about the building’s operations and systems.
Direct Digital Engagement
Consumers largely want more digital experiences, and this holds true whether a person is looking to buy, lease, or manage a piece of commercial real estate. CRE firms can take these experiences to the next level by boosting opportunities for digital engagement with things like touchless facilities access and virtual property tours.
Robotic Process Automation
Commercial real estate is an industry that has long been bogged down by paperwork and red tape. Robotic process automation (RP) in this space is evidence that the tides are finally turning as these companies work to reduce costs, eliminate frustration, and improve efficiency.
Data and Analytics
Now that more data is available, CRE companies can make more informed business decisions. That same data might have been available in the past, but there are now more robust tools available that allow companies to make sense of the information on hand. Whether in an active or struggling market, firms can identify opportunities as well as risks.
Serving Your Commercial Real Estate Needs in Charleston
At Caldwell Commercial Real Estate Services, we serve the commercial real estate needs of clients throughout the Charleston, SC area. From brokering leases and sales, landlord representation, and property management, our commercial realtors are authorities in all aspects optimizing investments and serving the interests of our clients.
Contact us today to learn more about how our services can help your business.