NEW YORK CITY-Michael Buckley, director of Columbia University Real Estate Development Program and president of Halcyon LTD Real Estate Advisors and Development Consultants warned BOMA International attendees that the real estate industry is in the midst of significant evolutionary change.

“This evolutionary change is due to a series of sustained transition waves, which are driven by—and enabled by—a powerful global revolution in information technology,” he said in the education session titled “Seven Transition Waves Impacting the Real Estate Industry,” adding that these waves are major forces that are now, or will be soon impacting the development industry over this decade.

The transition waves he spoke of include demographic shifts, business consolidation pressures, capital market transformations, influence of emerging technologies, globalization, suburban/urban conflicts and city revitalization strategies.

“As we progress, we have begun to recognize that ‘bigger’ is a market reality—but that ‘smaller’ may well mean swifter and more resourceful,” he noted. “Strategic alliances will evolve between large corporate real estate companies, and smaller, more resourceful and opportunistic enterprises.”

Buckley noted that threats due to business consolidation, shifting demographics and workplace strategies will become opportunities for the alert and organized. “Cities, which truly understand the forces of suburbanization and corporate mobility, can counter with unique urban experiences and hold their market share,” he said. “With the dramatic changes in computer speeds, memory and visualization—with ever newer user-friendly applications—technologies will surely equally ‘enable’ both large and small firms.”

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