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Tech startups help modernize California real estate industry

On Behalf of | Jan 17, 2017 | Commercial Real Estate |

Historically, the commercial real estate industry has not embraced many of the technological changes and advancements that have helped drive growth and efficiency in other industries. However, a number of new technology companies spurred by investments by venture capital firms are making improvements in the way that the real estate business operates in California.

Finding and leasing commercial real estate has recently become easier due to new tech businesses. Previously, finding available commercial property was a very time consuming and frustrating process. In some instances, prospective tenants could miss out on a property because their broker had limited access to real-time data on available space. Two technology firms, 42Floors and SquareFoot, are attempting to solve this issue by creating a consolidated listing of available commercial properties. The SquareFoot platform also includes an interface where potential brokers and tenants can easily communicate. Other companies, Floored and Matterport, provide an interactive, three-dimensional online experience that replaces a physical showing of the property.

Technological advancements will also help drive commercial real estate projects. Cadre provides a means for developers to find traditional investors who might like to invest in a project. Other companies, RealtyShares and FundRise, have created a crowdfunding vehicle for investors to combine resources to invest in construction projects. Once a real estate project has been commenced, projecting budget costs and construction timelines is incredibly important. Technology companies are using data analysis to help ensure on-time and on-budget projects.

Technological innovations are beginning to drive the commercial real estate business in ways that could significantly increase the speed at which deals are found, financed and finished. Successful companies may establish a team that includes commercial real estate attorneys to keep up with the faster pace.