Commercial real estate has always been a complex and ever-changing market. But in today’s digital age, the way it is bought and sold is changing faster than ever before. Skype, Zoom, and Google Meets are replacing in-person meetings, virtual walkthroughs are replacing physical inspections, and drone photography is becoming an essential part of the marketing process.
The pandemic accelerated this trend, as businesses have been forced to rethink the way they operate. The rise of remote work has made the traditional office space less essential and has led to a newfound appreciation for the flexibility and cost savings that can be achieved with a more open and collaborative workspace.
Technology in commercial real estate
Technology has revolutionized the real estate industry, and commercial real estate is no exception. One of the most important changes has been in the area of real estate branding. In the past, real estate firms would spend significant sums of money on print advertising, billboards, and other traditional real estate marketing channels in order to reach potential customers.
However, today’s consumers are increasingly turning to the internet and social media for information about properties. As a result, real estate firms that want to stay ahead of the curve are investing in digital marketing and using technology to create strong brands that can be easily found online. In addition, technology is also playing a role in simplifying the leasing process and making it easier for landlords and tenants to find each other.
For example, online listings and virtual tour capabilities make it possible for interested parties to view properties without having to schedule an in-person appointment. As technology continues to evolve, it is sure to have an even greater impact on the commercial real estate industry.
According to Gary Ashton from RE/MAX, “Some ways that telecommunications and remote work affect the real estate industry are by allowing professionals to have a greater ability to assist with property transactions from home. It’s eased the concept of dealing with international investors and buyers from anywhere in the world. An added perk is fewer carbon emissions that result from commuting, which is better for the environment.”
The changing landscape of office design
As the workplace continues to evolve, so too does office design. What was once a sea of cubicles and hard lines is now a more open, collaborative environment. Commercial real estate developers and architects are taking note of these trends and incorporating them into their designs.
Now, offices are designed to promote collaboration and creativity, with open floor plans, ample natural light, and a variety of meeting and event spaces.
World Economic Forum wrote, “Collaborative workplace organizations, such as WeWork and Workspring, are also knocking down the literal and figurative “walls” and changing commercial real estate dynamics. These shared office spaces provide various options for companies that either lack the capital or want to divest themselves of the real estate, furniture, services, etc., that were previously non-negotiable. These shared spaces are ideal for hosting meetings and for both on-demand and long-term space for satellite employees, mobile workers, and independent professionals.”
Commercial real estate marketing is focusing on creating unique and inviting spaces that will attract the best tenants. And while some may argue that this new wave of office design is just a fad, there’s no denying that it’s having a major impact on the way we work. As a result, office space is becoming more about real estate branding and less about function.
The commercial real estate industry is constantly evolving, and technology is always a driving force behind these changes. From real estate branding to office design, technology is playing an increasingly important role in the way commercial real estate is marketed and sold. In order to stay ahead of the curve, real estate firms need to invest in digital marketing and use technology to create strong brands that can be easily found online.