Technology is a sector that is constantly evolving. It is one of the areas of industry that largely impacts everything around it, even areas that you might not consider to be technology-driven. Commercial real estate is one such example.
Whether you are looking to invest in commercial property or to build on property that was purchased, there are a bunch of interesting developments happening in this day and age. One of the leaders in today’s real estate landscape is the geodata repository at MIT. Their team of engineers has several projects in the works, including the creation of a geospatial relational database that examines a detailed reproduction of downtown Manhattan, complete with current prices for mortgages and rent. This type of data will be a great resource in forecasting future trends in commercial real estate.
The main role of The Real Estate Innovation Lab (REIL) is to gather like-minded intellectuals into a thinktank environment in order to study all of the latest innovations happening within the world of real estate. Because of the rapid growth of technology, the team envisions commercial buildings having to undergo physical changes every five to ten years in order to keep up with the changing times.
One thing that is going to change drastically in the upcoming years is the concept of parking garages. Autonomous vehicles will one day be the norm, but there will be a substantial period of time where people may both own a car for themselves and let others use their autonomous ones to earn extra income on the side. Not only will newer and newer commercial properties have to adjust to this societal change, but they will also need to come up with alternative uses for the spaces that were once reserved solely for parking. In addition, people who use autonomous vehicles will want convenient drop-off and pick-up designations.
The Internet of Things (IoT) and artificial intelligence (AI) both relate to the concept of intelligent machines. This can greatly affect the commercial real estate industry. The gathering of accurate data in a speedy format is exactly what prospective investors will need when making decisions about big purchases in specific locations. Not only will everything of value be recorded and stored and able to be retrieved, but having a digital ledger will make the data super secure as well. Blockchain technology was developed exactly for this purpose. With the combination of information transparency about issues like energy consumption, and having the speed and security of accessing countless data, potential buyers and developers will have all of the resources they need in order to interpret it and compete in a fair market for specific properties.