2019 has now drawn to a close. As we speculate about the upcoming trends and innovation, it’s essential to look back on what happened during the previous one. New and creative technology has made waves in every industry, and of course, commercial real estate is no exception.
2019 saw many organizations recognize blockchain’s potential in the real estate industry. Originally created for use with bitcoin, a form of cryptocurrency, blockchain can be utilized for far more. Blockchain is a digital ledger that can be accessed by anyone in a predetermined network and updated in real-time. The technology can be used to process real estate transactions.
Previously, real estate transactions required a complicated, time-consuming process in which participants sign documents and send them back and forth multiple times. Blockchain dramatically reduces the time necessary for transactions, as everything can be updated immediately.
Technology, such as artificial intelligence that collects data about individuals, preferences, and more, has also proved beneficial when it comes to commercial real estate. Thanks to artificial intelligence, investors can view relevant data about market rates, tenants, building energy consumption, and more. Now data will be more widely available, and it will be a matter of interpreting how to use it best.
Due to more accessible technology, many people have chosen to work remotely over the past few years. Many positions can now only be filled by remote workers. Some individuals miss having an office space and have begun to seek out coworking spaces, a relatively new aspect of the commercial real estate market. Coworking spaces located in city centers are especially desirable. In fact, 74% of consumers voted for a town or city center as the best spot for a coworking space.
Physical Stores Paired with Technology
Many retailers have changed the way they view traditional brick-and-mortar locations. They’ve realized that they need to combine their storefront with up-to-date technology. Even digital natives, stores born online, are scrambling to open physical stores that work with their online marketplace. Consumers still enjoy visiting concrete locations, but store owners must ensure perfect convenience lest their consumers turn to order online.
2019 saw plenty of innovations and twists on previously-utilized technology. Any new trends during the coming year will build on these creations.