22 May Proptech in 2024: How Innovative Technologies are Changing CRE May 22, 2024 By Melisa Rana Property Investment, Property Maintenance, Property Management business tips, commercial real estate tenants, exterior maintenance, interior maintenance, real estate trends, safety, save money 0 PROPTECH IN 2024: HOW INNOVATIVE TECHNOLOGIES ARE CHANGING CRE May 22, 2024 | Property Investment, Property Management, Property Maintenance | real estate trends, business tips, save money, safety, interior maintenance, commercial real estate tenants As Bob Dylan once said: the times, they are a-changin.’ For office spaces, this means contending with the demands of remote workers. For warehousing, this means balancing the demands of a growing e-commerce industry with a normalizing retail sector. Factors that ripple out and affect many different facets of life certainly have their own touch on commercial real estate, but in an industry that’s frequently criticized as slow to adapt to the newest technologies, maybe the times are bringing more changes to CRE in 2024 than ever before. Proptech is a catch-all term referring to the cross section of new technologies with residential and commercial real estate. While some tech integrations with the every-day of property management and the buying/selling process have streamlined the commercial real estate industry already, some are looking at the residential proptech seen in smart homes and speculating at the eye-popping changes sure to come soon. Today, let’s review a few of those types of proptech that are creating waves in CRE in 2024! Virtual Tours and 3D Floor Plans In general, proptech that’s been gaining popularity in CRE are the types that cut down drastically on wasted time, and a few techniques that are great at giving buyers a clearer picture of properties are virtual tours via 3D floor plans. Companies like CubiCasa tout impressive tools that generate 2D or 3D floor plans with the ease of a simple app which can be used to bolster marketing efforts and assist in planning renovations. With new technologies, some are even using mock-ups to generate predictive images for the final product of properties still under construction. Understanding a potential investment’s condition, layout, amenities, and proximity to other properties that can promote influential stats like foot traffic have never been easier than they are today thanks to these new advancements. Artificial Intelligence (AI) and Machine Learning In the realm of property management, artificial intelligence (or AI) is also making its presence known, but as a tool to automate answering some of the time-consuming inquiries and maintenance requests that might have been manually answered in the past. Through increasing automation, property managers can dedicate their time and attention to only the more complex matters and send their productivity through the roof! For investors, companies like Jones Lang LaSalle are developing AI specifically geared toward commercial real estate, using machine learning to assist in risk management evaluations, analyze market conditions, and advise on new investment opportunities. Leveraged correctly, brokers and investors can do what they’ve always done faster, and better than ever before when strategically using AI as a tool. Internet of Things (IoT) Lastly, venturing into maybe the more “sci-fi” realm of Proptech, Internet of Things (IoT) have been used to bring smart homes to a whole new level by automatically turning off devices when not in use, automating tasks like vacuuming and making coffee, and even assisting with things like locating missing keys. While the integration of everyday items onto a shared, trackable online system has been limited in the commercial realm thus far, companies like Amazon are predicting some exciting changes. When applied, IoT commercial buildings have the tools to increase energy efficiency, stay ahead of repair issues with preventive maintenance recommendations, and streamline productivity overall. As the technology advances and becomes more accessible, more property owners are likely to use Proptech to set their buildings apart to tenants and other buyers, bolstering their portfolio considerably. Whether using VR, AI, or IoT, Proptech innovations are likely to change the way commercial real estate looks in the coming years. To stay tuned to the latest innovations, CRE trends, and maintenance advice stick right here on The Commercial Inspector! NPI franchises span North America with professional and insured commercial property inspectors equipped to handle all of your property inspection needs. Book an inspection today or speak with our National Accounts team about our Multi-Location services! Comments are closed.