The real estate industry is now jumping onboard the e-businessbandwagon. Mortgage lenders are posting web sites, behemoth REITsare using new technology to update their processes and brokers areselling over the Internet. There are more than 30 sites on theInternet currently where commercial real estate is bought, sold andleased.

The study notes the following have been most impacted by newtechnology: transactions; customer/tenant services; asset andproperty management; development and construction; facilitiesmanagement/MRO; and financing.

Not only have companies been able to improve functioning, butalso all new companies have sprung up as a result of the emergenceof technology in the real estate industry. Dot-coms are answeringthe growing call of introducing technology to existing real estatecompanies and taking advantage of the growing virtual marketplacethemselves. According to Reiss, hundreds of new technology firmsare now in existence, with more on the way.