Investors or business owners who are looking for commercial real estate should be aware that the CRE industry is poised to undergo a transformation due to proptech. In 2017, $12.6 billion worth of venture capital investments were made in proptech, which is real estate technology. That amount was three times what was invested in 2015. There are several proptech companies that are highly funded and developing applications that could change building management and occupancy experiences.
The satisfaction and utilization of real estate have not been closely evaluated, resulting in those aspects of the real estate industry being managed poorly with lasting inefficiency. Connection is an important factor in what gets measured, and measurement leads to management.
The connectivity and enablement that is provided by technology can improve the seamlessness of transactions and enhance resource sharing by increasing its viability and appeal. A rise in transparency and the capability to obtain 100 percent accurate and real-time assessments of occupancy and vacancy are additional benefits of technology enablement and connectivity.
With the evolution of proptech apps, the focus will eventually turn to the ability to improve the office experience, which will have a direct impact on the comfort of tenants and the communication between tenants and landlords. However, this is dependent on whether the location-aware capabilities in commercial real estate settings will be widely embraced. It is worth noting that the majority of apps that provide the most convenience for users in their personal lives use location awareness as a basic component of their functionality.
An attorney who provides commercial real estate law services may oversee certain transactions for clients who are purchasing or investing in real estate properties. For example, the attorney may negotiate on behalf of a company for favorable purchasing or leasing contract terms.