The implementation and advancement of technology is spreading like wildfire across many industries. Commercial real estate is right in line with the craze. There are so many new and exciting technologies popping up all over the place. This is giving tenants more power over their commercial real estate search. Technology is majorly affecting how tenants search for office space as well as their commercial real estate portfolio management.
Is Your Broker a Techie?
If you are working with a technologically savvy tenant representation broker, you could have a serious advantage. Today’s technology avenues can afford you the option to research properties as well as the property owners online. A broker can educate yourself on what the market is doing in terms of average rental rates. They can also determine what areas are the most walkable, which buildings have the most amenities, as well as where your closest competition lives.
It’s a Full Time Job
Finding the perfect office space is a time-consuming venture. With access to advanced technology, your tenant representative may be able to present you with virtual walk-throughs. They can also give you floor plans that you can manipulate to your specifications. Additionally, drone footage can give tenants the ability to explore the exterior of a building and neighborhood without ever walking away from the computer. This is especially helpful for out of town or international clients.
Save Me Money
Once you have found the perfect office to lease, technology can make your ongoing expenses more affordable. Smart technologies including SMART thermostats can provide tighter control over energy expenditures. Advances in telecommunications make it easier for employees to work from home. This can reduce your square footprint and bottom line. Businesses can take advantage of highly efficient LED lighting fixtures which can further conserve energy. Lastly, many buildings in your central business district are LEED certified offering energy efficiency throughout the entire premises.
If your company has a portfolio of leases, technologies such as commercial real estate databases and CRM’s can easily help keep things organized and accessible. The utilization of cloud severs, document management, and video conferencing software can aid to facilitate virtual meetings with your tenant rep broker, attorney, and if needed, the landlord. You can also share lease drafts and other documents using these technologies in a streamlined, efficient, and effective way.