With the advent of Proptech, the amalgamation of Property and Technology, the pace of developments in the field of real estate market has accelerated. From Internet of Things (IoT) to Machine Learning (ML) and Augmented Reality (AR), the world is seeing major breakthroughs and the process of buying and selling property, including all the intermediate steps that lead this process towards completion, is being redefined dramatically.
Commercial Real Estate (CRE) has a reputation for late adaptation to technology. However, with time and realization of possibilities, CRE emerged to host hundreds of use-cases and technology implementations. Here are a few technology implementations in the CRE industry.
Blockchain In Commercial Real Estate
Thanks to its capacity to verify transactions and in fact, anything of value, Blockchain is one of the top applications of Technology in Commercial real estate. Blockchain is by definition a digital ledger of financial transactional data that is validated and verified by an entire network of computers arranged in a peer-to-peer fashion. It records that data as well, for futuristic uses. The possibilities of Blockchain are not just limited to commercial real estate, it goes beyond it and has paved its way into residential real estate as well. Imagine the ease of buying your dream apartment in one of Dubai Marina apartments using Bitcoin or any other cryptocurrency! That’s blockchain for you.
Artificial Intelligence In CRE
Artificial Intelligence refers to a type of technology that is designed using Machine Learning Algorithms to allow automation of certain processes that cannot be done otherwise without human interaction. Some complex examples of machine learning include judgmental decision making between which area is the best to invest in, what is the appreciation or depreciation that an investor should foresee before investing in a property and many others like this.
By making use of AI, commercial buildings such a retail shops and office spaces can be digitized and not only change the way tenants interact with those buildings but also play a huge role in tenant retention and loyalty. Some notable implementations of AI in commercial market could be improved building automation systems, property management system automation and property search analytics in order to match thee best buyer to the right property.
Big Data In CRE
With thousands of implementations in various fields, Big Data analytics has redefined how data analysis can improve any domain. By using Big Data tools and solutions in commercial property, you are opening doors to unmatched experiences in terms of building interaction and customer relations. Commercial property can use Big Data to provide real-time pedestrian and vehicle traffic analysis, sensors can read data of how many vehicles are coming in and out of the building and provide real time statistics of when the building is most crowded and what areas of the building are vacant on what times. Similarly, sensors placed in valets can be a good indicator of analysis of how many vehicles come and exit the building on a regular basis and combined with navigational API’s, a retail shop owner can know where the customers are heading towards after stopping by their shop.
Internet Of Things In CRE
Store navigation, for example, identifying in which aisle does the required item exist is a big challenge that customers face in any retail shop. These retailers are now using the power of IoT, Bluetooth and Beacons to send notifications regarding such queries to the users as they pass by. According to study, an in-store navigation helps a great deal in increasing purchase rate and improving overall customer experience of retail shopping.