Commercial real estate’s greatest disrupter is technology – and the industry is loving it.
Technological advancements are constantly changing the way business gets done, and the speed of innovation is increasing. Upgrades, enhancements and new software restructure the industry; and it’s up to all of us to stay current.
There’s so much activity brewing in the world of PropTech. From Smart systems and the IoT, 2019 has already seen significant developments. It has the ability to breathe fresh life into old buildings and revitalize the commercial market which has immense promise for what’s to come. Once 2020 rolls around, PropTech is vamping up to restructure CRE.
In order to stay current, agents, brokers and their clients all need to know what’s coming next. This is what the experts are forecasting for the 2020’s PropTech evolution.
Across the board, there’s a major shift towards eco-awareness. As consumers become more conscious of carbon footprints and the impact human civilizations have on the planet, going green has been a main point of interest for major companies around the world.
It’s a movement that’s impossible to ignore – and it’s making its’ mark on PropTech. Due to the sheer size, scale and functions of commercial properties; they tend to use large amounts of energy and create waste. To combat these negative results, sustainability is becoming a pivotal aspect in defining a company’s success.
This ecologically-friendly evolution of property technologies will play a huge role in facilitating this shift. Smart technologies used on commercial properties will be able to conserve resources and cut back on waste – making large strides towards a greener industry.
Designing with Users in Mind
It’s no secret that today’s consumers want convenience, access and automation.
In efforts to provide everything they want and more, PropTech companies are designing with the user in mind. User experience has been a main focus point for businesses in the last few years, and its application to property technologies will boost productivity and efficiency.
These technologies will use AI (artificial intelligence) to make predictions and create algorithms that give users a personalized experience. By observing past actions, these PropTech systems will be able to give suggestions and anticipate users’ wants.
In 2020, expect to see PropTech working with users to help optimize this experience.
The biggest PropTech trend in the 2020 forecast is establishing seamless connectivity. Interconnected systems are expected to become commonplace within commercial buildings. A mass integration of systems running under the same software will bring unity to the various moving pieces involved in property management.
Team members, tech tools, apps and other systems will be linked to one core processor that interweaves everything together as one harmonious unit. These complex systems of data and analysis will be seen as imperative to business, whereas today we see them as a bonus or perk. Already consumers are demanding greater connectivity and access to keep up with the changing industry.
The possibilities seem endless. What PropTech trends are you watching out for next year? For more CRE insights, visit our blog.