Real Disruption: At the Intersection of Technology and Commercial Real Estate

Real Disruption: At the Intersection of Technology and Commercial Real Estate

January 2017

Steve reported that there’s a “huge amount” of venture capital going into commercial real estate these days, and particularly in technology tools that are disrupting traditional ways of developing, transacting and managing real estate. Drivers behind this trend include unprecedented breakthroughs in technology (e.g., mobile devices, sensors, etc.), ubiquitous connectivity, and an increasingly tech-savvy, mobile work force that demands new apps. New technologies are providing faster, more accurate tools for decisionmaking, and predictive analytics, not just backward-looking analysis. “This creates disruptors and the disrupted,” he said. “The disruptors remove friction and speed up the process. These trends are impacting the workplace and the workspace.” Take, for example, the basic task of researching available office space. Companies such as RealMassive and TheSquareFoot are disrupting more traditional players such as CoStar and LoopNet, Steve said. Meanwhile, new entrants including StateBook and CreateRE are disrupting site-selection consultants, he added. In another example, sharing platforms such as WeWork, PivotDesk and LiquidSpace are disrupting fully serviced office providers, as well as leasing brokers and real estate attorneys, he stated.

Keywords: Corporate Real Estate Forum, CREF, Young Leaders, Chicago, disruption

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