‘Old’ Technology is Making the Biggest Impact in CRE

Jake Reiter, Verde Capital and Brad Korman, Korman Communities

It wasn’t long ago that the commercial real estate industry was collectively wringing its hands about its slow adoption and meaningful implementation of technology. But what was once a technological void has ceded to an almost overwhelming wave of workflow solutions, management software, and virtual reality experiences. An industry often viewed as insulated and traditional is now experiencing an innovation arms race fueled by a mission to disrupt the ways in which we develop, configure, and manage our built environment.

The most revolutionary technology affecting the real estate industry today is something you’re already very familiar with: The Internet. It may seem hackneyed to cite a resource as universal as the internet as a ‘new’ catalyst for change in the industry, but the myriad ways in which people are connected continues to have a subtle but profound impact on how humans interact with the built environment – which in turn has formed something of a paradigm shift in terms of who exhibits control within real estate. While the industry was, for so long, entirely driven by the designs and priorities of owners and developers, the internet has empowered consumers in a way that is changing that paradigm.