From changing how a transaction is processed to tracking foot traffic with censors, technology is rapidly altering how the commercial real estate industry operates. To bring you what’s happening now and what’s next, The Real Estate Council (TREC) recently partnered with DisruptCRE, a conference series that connects commercial real estate professionals with emerging technologies and trends.
At DisruptCRE, Linda McMahon, President of TREC, explored how the industry is responding to innovation with Elie Finegold, SVP, Global Innovation and Business Intelligence at CBRE; Adam Stanley, Global CIO at Cushman and Wakefield; and Jordan Nof, Head of Investments at Tusk Ventures. New innovations and technology constantly occupy these CRE executives’ minds.
Here are the top five takeaways.
Technology in a Consolidating Industry
Today’s CRE industry is increasingly consolidating. CRE companies are either really big or really small. With consolidation, you have to be smarter with your resources. This means CRE executives are on the lookout for technology designed to create efficiency.
Finding the Right Talent
Talent is key, and yes, CRE firms are constantly recruiting full-time employees, but the race starts in finding talent to engage with special projects. Both CBRE and Cushman & Wakefield look for external resources that can help do the heavy lifting and join the talent ecosystem.
What CRE Executives Look for in Startups
There is an interesting balance between driving the CRE companies forward and effectively managing the risk. So when considering investing in startups, CRE investors are attracted to startups with strong accelerator and venture partners, such as Motive. This provides the startup with coaching and mentoring that is beneficial for both the startup and the CRE company.
The Biggest Disruptors in CRE
Autonomous vehicles will be one of the most fundamental disrupters since the automobile itself. It will revolutionize commutes, change how we use capital, impact where people live, and ultimately reshape the CRE industry.
What Keeps CRE Executives Up at Night
The biggest concern is security. The more the CRE industry depends on technology, the more damage phishing and cyber attaches can inflict. If one employee opens an email with a link that they’ve won $1 million, it can destroy an entire building. The best innovations can be destroyed in a matter of minutes.
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