Adapting to the Digital Era: Dissecting CRE's Tech Transformation
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Episode Transcript:
Welcome to a deep dive into the intersection of technology and commercial real estate. Today, we're dissecting a recent Bisnow event that shed light on this evolving landscape.
Picture a discussion involving four notable figures in the field. Cecilia Li, Chief Information Officer at Urban Edge Properties; Chris Masotto, Principal at Cannon Hill Capital Partners; Neal Mohammed, Head of Technology at Rudin Management Co.; and Andrew Hardy, Senior Operating Executive at JEMB Realty gathered to delve into technology's role in the industry.
Bisnow's Editor-in-Chief, Mark Bonner, initiated the conversation by highlighting how commercial real estate has been seen as lagging in technology adoption. However, the pandemic seems to have prompted a shift. Andrew Hardy, with over three decades of experience, pointed out that technology has been a continuous presence in commercial real estate, evolving steadily, and the pandemic acted as a catalyst for its advancement.
An important factor in this technological evolution is the influence of tenants. Previously, technology operated behind the scenes, but the landscape is changing. As expectations shift, landlords are increasingly invested in leveraging technology to enhance the tenant experience. Cecilia Li emphasized that technology has transitioned from being a background utility to a necessary tool, driving efficiency and customer satisfaction.
Now, let's zoom in on data, a critical element. There isn't a universal dataset that fits all needs. Neal Mohammed, Chris Masotto, and Cecilia Li all concurred that adaptable data, tailored to specific challenges, holds the most value.
However, there's a twist. The pace of technological change can be challenging. Today's tenants also seek to align with ESG goals, further complicating the landscape. Closing the curtain on this segment, the convenience factor emerged as a silent hero. From entry systems to elevators, seamless interaction with layers of technology has become a tenant expectation.
Finally, the spotlight falls on AI. Though its full impact is still uncertain, the participants believe AI will expedite decision-making processes and enhance informed choices.
In summary, the technological evolution in commercial real estate is in full swing. The pandemic has accelerated this transformation, and tenants' evolving expectations are playing a crucial role. The importance of adaptable data, convenience, and the potential of AI is becoming increasingly clear.
This is Tyler Cauble, Signing off