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Vice-president (leasing), Reach Group
Ever since the pandemic’s breakout, practically every sector has evolved in various ways, and real estate is no exception. In the real estate business, new-age technologies such as AI, machine learning, blockchain, and so on have played a key role in the transition and will continue to do so. Technology is taking centre stage in the transformation, bringing about significant changes in how businesses function and operate.
The real estate business has become the world’s fastest expanding and most well-known sector.
Innovative design, mixed use development, hybrid spaces, managed spaces are some of the new models developers are creating.
Traditionally, the commercial real estate market has been hesitant to absorb some of the innovations made by the residential counterparts. Hence the luxury factor in commercial spaces, green areas, comfort seating, phone boots etc are design elements which are added to commercial properties.
It has been critical to the company’s success and has impacted the way we do business. According to a Mordor Intelligence analysis, the commercial real estate industry is expected to increase at a CAGR of 13% between 2022 and 2027.
Commercial Real Estate: An Understanding
Commercial real estate is defined as space utilized solely for commercial or office purposes and to provide a hybrid workplace for today’s workforce. The industry is divided into numerous areas, including office, mall spaces, and so on. However, the sector experienced a slow phase during the pandemic as the entire workforce became completely remote. Companies’ space requirements have reached a new high after a sufficient length of remote work, owing to significant savings for both worker and the companies themselves, including rental and maintenance costs.
Integrated business towers and mixed use developments such as reach Comercia offer plenty of workspace and scalability options and supporting amenities such as retail, co working, entertainment hence making it a self-sustaining asset. Other such examples include Cyber City, One Horizon Centre etc. Real estate is an ever changing business and one needs to constantly enhance the experience through technology, experience and the service level standards etc.
Technological advancements are paving the way for the future
Technology is one of the key trends that is assisting the transition in a variety of ways. With the introduction of digitalization, technology is growing at an exponential rate and innovating the legacy. Adoption of technology has brought personalized experiences to users and their clientele base, resulting multilayered influence on the firm.
Organizations have begun to explore strategies to improve their clients’ experiences. The opening of markets and the restoration of consumer confidence have set the tone for growth, and no company wants to fall behind. Consumers are changing their buying and investment habits and gravitating toward the commercial real estate business as a result of the changes. The demand for more modern and technologically advanced office and company spaces is increasing. Every customer wants that extra edge and a smarter, more flexible work environment.
Many real estate organizations have taken a leading role in their business decisions as they try to understand and adapt to new client behavioural trends and create safe places. Developers and coworking operators are realigning their space designs to support touchless access, automatic attendance, and voice-controlled features in order to prevent maximum surface contact and maintain client safety.
Furthermore, AI is poised to become a key tool in commercial real estate, allowing businesses to assess property worth, type, area, location, and other factors. AI and cloud-based technologies make it easier for workspace operators to keep track of diverse tenant profiles, tenant applications, inspection requests, and so on in order to speed up leasing and other operations. Social distancing, air quality, and hygiene criteria will be addressed when more individuals return to work in the following months. Sensor-activated disinfectants, retinal entry scanners, digitalized ventilator systems, and other innovations will shape the future of the commercial real estate. As a result, the impact of digitization on asset classes like offices, retail, and residential spaces is expanding and paving the way for the future.
Embracing the trend
The pandemic has thus ushered in a new age in commercial real estate investments, which will be employed in the future. As a result, the pandemic has caused a significant shift in the CRE market, which will continue to exist.
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Views expressed above are the author’s own.
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