MyEListing.com, a free-to-use commercial real estate (CRE) listings and data platform supporting professionals from all corners of the industry, recently published a report detailing the evolution of property technology (PropTech), artificial intelligence (AI), and other technologies within the commercial real estate sector.
While some within the CRE industry still approach new technologies with skepticism, AI’s recent explosion of popularity has seemingly expedited even further the conversation around the integration of such technology with commercial real estate operations: What started as simple websites and online listings has evolved into an endless array of software solutions.
“The commercial real estate (CRE) industry has been traditionally viewed as a sector slow to adopt technology,” says the report. “However, recent advancements have marked a paradigm shift. Commercial real estate executives, including agents and brokers, are now using cutting-edge technology to improve their business operations, decision-making processes, and customer relations.”
The report specifically highlights the benefits that new PropTech advancements have brought to the hard-hit brick-and-mortar retail sector: “PropTech applications have proven to be crucial in the recovery of the brick-and-mortar retail industry post-COVID, offering tools to enhance customer experience, manage properties more efficiently, and gain deeper insights into customer behaviors.”
According to the report, AI’s applications within the CRE industry stretch beyond simple data analysis and trend identification: “[AI] also influences commercial real estate at large, optimizing building management and operations. From smart building technologies that optimize energy use and security systems to platforms that streamline property management, proptech solutions are helping to reduce operational costs, increase tenant satisfaction, and improve overall asset performance.”
Despite the aforementioned skepticism, the “future of commercial real estate is digital, and it’s time for professionals to embrace this change.”
You can read the full report here: https://myelisting.com/commercial-real-estate-news/1544/proptech-and-ai-the-digital-facelift-of-commercial-real-estate/
MyEListing.com is a national commercial real estate marketplace and data platform. Users can sign up for free and get access to accurate local market intelligence, comp software, a national agent directory, and more. The site also supports other players in the industry, including NAI Global, Colliers, and Cushman & Wakefield.