The commercial property world in New York and elsewhere is not typically known for being technologically advanced. However, this is changing slowly among the players involved in commercial real estate transactions today. Specifically, technology is making it easier for property management companies to automate processes and systems as well as improve the experiences of tenants.
Some technologies are aimed at providing straightforward solutions for systematizing how tenants and buildings are managed. Meanwhile, others aim to provide data and amenities to tenants and landlords. For instance, heat sensors may be used for gathering information on how employees move about their offices. This may help business owners to determine if they are using their spaces efficiently enough.
In addition to boosting efficiencies, efforts are being made to help with the organization of data. Cloud-based technology is being used to ensure that real estate investment companies’ data are accurate and that redundancies are eliminated. These types of companies may even rely more on robots to complete tedious, manual tasks, such as reviewing a tenant’s website for its quarterly earnings report. This would allow real estate companies to manage their portfolios in a more proactive way since they are not spending so much time on menial tasks.
The commercial real estate industry is a complex animal, so it may come as no surprise that commercial real estate transactions can also be complicated. However, if they are properly executed, they can certainly be personally beneficial deals for the buyers or sellers involved in them. An attorney in New York can provide the guidance needed to successfully navigate these types of transactions.
Source: nreionline.com, “Five Ways Technology Is Shaping CRE Property Management“, Mary Diduch, May 8, 2018