As technology is constantly improving and changing, so is the way commercial property is viewed and used. Technology has an impact on most areas of life and business today, and these impacts are both positive and negative. In this article, we go over four of the biggest innovations in the commercial property industry that have arisen thanks to technology.
Data Analysis
With the advent of big data and advanced analytics, investors now have access to a wealth of information on commercial property performance, including occupancy rates, lease rates, and tenant demographics. This has allowed investors to make more informed investment decisions and identify trends and opportunities in the market.
Crowdfunding
Crowdfunding is when a large number of people/investors coming together to raise money, typically online. The internet has made it extremely easy for individual investors to invest in commercial property investments, by pooling their resources with other investors. This has allowed for many small investors to start their commercial property investment journey.
Online Marketplaces
As an investor, purchasing a commercial property has never been easy. You can now browse marketplaces online to find and purchase a commercial property. These marketplaces will provide you with real-time information regarding available commercial properties on the market. Whilst also offering tools to analyse and compare other properties.
Virtual Reality (VR)
Technology such as virtual reality (VR) has made it possible for investors to explore and evaluate properties without even going remotely close to the property itself in person. This is extremely useful as it mitigates travel time for investors who may be far away from the property.
As you can tell, technology has and will continue to impact the commercial property industry. Technology will help investors choose properties and their overall financial decisions.