The Baltimore Business Journal published an article today titled "5 ways technology is overhauling commercial real estate" in which author Alex Kopicki, co-founder and CEO of Kinglet, examines the major intersection between traditional commercial real estate and the fluid technology industry that will affect the way brokers and clients do business. Kopicki's Top 5 list follows, with excerpted commentary:
Mobile takeover
There were 1.75 billion smartphone users in 2014, according to market research firm eMarketer. Not only is that a lot of devices and users, but that's also a lot of time spent on these devices. So what does this mean for commercial real estate professionals? Quite simply, if your company doesn't have a mobile strategy, you better get one — quick.
A new way to work
The number of co-working facilities across the globe has nearly doubled every year for the past five years. Small Business Labs projects that more than 12,000 global co-working spaces will exist by 2018 with over 1 million members. The convenience of short-term rentals, the attraction to community, the hip-to-be-small attitude and new business formation are all positive trends that will lead to the continued growth of co-working facilities.
Big data
While data can't predict the future just yet, big data can tell us the probability of future decisions, which can lead to actionable decision-making. If you are a commercial leasing agent, a landlord or a service provider, what touch points are you recording about your clients? And what can they tell you about your effectiveness?
Crowdfunding
Today accredited and non-accredited investors, through a multitude of platforms, have the ability to invest in early-stage companies. What this means for commercial real estate is that everyone's customer base broadens as fractional "ownership" increases. It also results in more capital outlets and providers for a more competitive landscape. Let the games begin.
The Internet of Things
This is a simple concept; it's all about connecting everyday devices such as your home thermostat to the Internet. Why would you do this? The better question is: Why would you not do this? More connectivity leads to more control and customization, leading to more convenience. For example, if I'm a leasing agent who can unlock a space for a showing with my phone, I'm going to be able to access spaces for customers after hours or even show spaces on a whim— no keys required. The Internet of Things is digitizing more data and connecting environments in commercial real estate that were previously fragmented.
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