How Technology is Evolving in Commercial Real Estate
Technological innovation has dramatically impacted the commercial real estate industry with sweeping changes that many commercial real estate firms have been measured in their acceptance. Perhaps no commercial real estate sector has been impacted more by the evolution of technology than retail, e-commerce, and online shopping. In fact, e-retail sales totaled over $409 Billion nationwide in 2017. E-retail sales are forecasted to reach $603.4 Billion across the globe by 2021.
Mobile devices have enabled people to work from nearly anywhere which has impacted the way people conduct business, live, and shop for goods/services. A recent study has revealed that over 86 million Americans use their smart phones for online shopping. However, many customers prefer the in-store shopping experience. Thus, retailers are enhancing their in-store technology to improve the experience for their customers. For example, several retailers including Home Depot and Lowe’s have invested in in-store navigation apps. Additionally, consumers try to avoid the long checkout lines by paying with their mobile apps in-store.
With the greater use of technology in the commercial real estate industry, the traditional ways of conducting business are rapidly shifting. Typically, commercial real estate firms have been slow to adopt technological advances in the industry. Below are a few of the major technologies impacting commercial real estate:
The experienced team of commercial Advisors at Verani Realty possess strong local market knowledge and are committed to utilizing technology to best serve our clients. With more than 50 years’ experience in the industry, the commercial division delivers positive results and enhanced value for our clients through a diversified operating platform designed to create, enhance and preserve the value of real estate assets throughout northern New England.