ICOnic News | Advancements in Technology for Commercial Real Estate
ADVANCEMENTS IN TECHNOLOGY FOR CRE
Technology has become a cornerstone of modern commercial real estate (CRE), revolutionizing the industry through innovative tools and solutions that enhance efficiency, improve decision-making, and create new opportunities. From property management to transactions, site selection and tenant experiences, technology is reshaping the landscape of CRE.
Some of the key technological advancements that are prevalent in the CRE industry today are virtual and augmented reality, artificial intelligence, Internet of Things (IoT), blockchain, 3D printing and building information modeling (BIM). With these tools at CRE professionals’ fingertips, they can be fully equipped to market themselves, as well as their listings with the best tools possible.
One tool that CRE professionals are utilizing is the ESRI (Environmental Systems Research Institute) and GIS software that enables detailed analysis and mapping of potential sites. Tools like this use geospatial data and analytics to help businesses choose the best locations based on various factors, including detailed demographics, competition, and accessibility.
For example, if there is a certain retail concept that a tenant desires to lease in their property, ESRI's GIS tools allow businesses to analyze demographic data, such as population density, income levels, spending categories, behavioral tendencies and age distribution. ESRI can dive deep into a market profile based on consumers preferences, where they are shopping, what music they listen to, if they use their phone or laptop, and what sports they like. This information is crucial for selecting sites that align with target customer profiles. It also is a great tool for market analysis by mapping competitors and complementary businesses which CRE professionals can identify underserved markets and optimal locations for new development projects.
Another tool that CRE companies are using is drone photography and videography. They offer a range of benefits that enhance various aspects of property management, marketing, site selection, 3D mapping and modeling, surveillance and development. The use of drones in commercial real estate continues to grow as technology advances and regulatory frameworks evolve, making them an integral part of the industry's toolkit.
Overall, the advancement in technology in the CRE sector has empowered CRE professionals to offer better services, make more informed decisions, and stay competitive in a rapidly evolving industry. These innovations are not only enhancing efficiency and transparency, but also creating new opportunities for investors, property managers, and tenants alike.
- Amanda Igo, Marketing Coordinator
BATTLE OF THE MENTORS EVENT
We believe there is something really special about ICO Commercial…our people! We often find ways to take a break from business to spend time learning from each other. Our ICO Mentoring Program allows us to get to know one another on a deeper level, invest in others, and to share our knowledge, experiences, and expertise together.
We wrap up our annual mentoring sessions with some friendly competition at our ICO Battle of the Mentors event where each mentoring team plays and competes against one another to win and receive the coveted golden trophy.
Congratulations to this year’s Battle of the Mentors winners who are Mindi Sanders and Tawnya Dornak!!
