Since 1991, Whittaker Associates has provided target marketing services to commercial real estate professionals and building/property owners. A lot has changed within the commercial real estate industry these past 25 years, and much of that is due to innovation in technology. How has technology enhanced or hurt the this sector? Let’s take a look.
Ability to Utilize Internet Marketing
- Online resources can help brokers reach a larger audience at a lower cost than traditional real estate marketing approaches.
- More features are available to showcase a building or property such as virtual tours, blueprints, aerial shots using drone technology, landing pages, etc.
Expanded Service Offerings
- New analytical software and databases allow brokers to act as consultants to investors in order to assist with decision-making.
- Updated online asset management software has made it cost effective for brokers to expand into property management for businesses or residential clients.
Smart Building Strategies
- Buildings outfitted with IoT technology provide detailed data about the space which is useful not only for cost savings and environmental reasons, but also for providing powerful insight to potential tenants.
Increased Demand for Warehousing
- E-retailers are giving brick-and-mortar stores a run for their money. The rapid growth of online shopping has led to an increased need for warehousing and fulfillment centers.
Less Demand for Office Space
- Technology has made telecommuting a popular option for much of the workforce. Due to people working remotely from home, coffee shops, etc, there is a decline in demand for traditional office space.
Source: Hoover’s First Research, 2016