Technology in Commercial Real Estate

Technology is ever-evolving, and because of such, it is constantly reaching new markets– like commercial real estate. At this year’s Technology in Commercial Real Estate conference, held at 1871 inside the Merchandise Mart, tech gurus made their case for the importance of technology in the commercial real estate world. Main topics of discussion were sustainability, drones, 3D renderings and data analytics.

Economic sustainability is a huge concern for new businesses. A way to tackle that – maximizing your space and minimizing the square footage. With many employees having the flexibility to work from home, designated space for all is not needed. This not only reduces cost but also energy used, thus helping with another concern – ecological sustainability. Companies are more likely to “go green” and look for a space that can support those decisions. With these concerns in mind, buildings are now being designed with many more collaborative, open floor plan spaces to support economic, ecological and social sustainability needs for businesses.

With companies expanding to multiple locations, turnaround time on commercial real estate development can be lengthened by the hassle of planning travel to visit the worksite. With drone technology, time can easily be shaved off. By allowing companies to use a drone to view their new locations inside and out through pictures and video, travel to the site can be virtually eliminated, allowing for production time to be cut in half.

3D Renderings
Along with drones, 3D renderings can eliminate travel. By showing a company what their space will look like before it even happens, decisions can be made much more quickly. The combination of 3D renderings and drone usage is extremely cost-effective and efficient for both the company and production team.

Data Analytics
The latest and greatest data available to the commercial real estate world revolves around travel. Companies are now able to see the flow of traffic as well as walkability and CTA ridership scores. With commutes weighing heavily on a company’s ability to find and retain talent, location is truly everything. By utilizing this data, companies are now able to find the optimal location for their target talent and client base.

When it comes to commercial real estate, technological advancement has surely changed the game thus far, and we’re excited to see just how far it can go.