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RYE, NY-Scott Rechler, co-chief executive officer and president of Reckson Realty Associates, Inc., says that high-speed communications and other technological advances have radically changed the commercial real estate business and will continue to cause property owners to adapt to new technologies.

In a speech before more than 400 attendees at the Westchester County Association’s Fall Dinner Meeting on Nov. 14, Rechler discussed how the real estate industry has evolved from domination, first, by local “well-connected sharpshooters,” then by institutional owners and now by franchise-oriented property owners.

However, he said that in the past six to 12 months, he has noticed that new technologies and the available access to broadband high-speed communication has created a sense of “empowerment” whereby, “Everyone is empowered to compete,” he said.

“There are a whole slew of technologies that are leveling the playing field (among property owners),” he noted.

Rechler predicted that the office market would continue to evolve and must adapt and take advantage of what he termed “killer applications,” which he described as “new inventions that dramatically change the way the world works.” He cited the cellular telephone as an example.

He also noted that major corporations will look to downsize their corporate headquarters office space needs and seek to have their workers “out in the field,” which will require them to be “flexible” regarding their office space requirements in multiple locations.

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