3 Trends Dominating the Commercial Real Estate Industry

In the course of the last three decades, the commercial real estate industry has witnessed an array of changes. Experts predict that the housing market will be more balanced, though we still do not know whether the market would favour the buyers or the sellers.

Here is a rundown of some of the trends that are presently dominating the real estate industry.

1. 18-Hour Cities

A significant section of millennials and baby boomers are flocking to urban environments; however, some prefer the 18-hour cities that are full of activities. The 18-hour cities are second-tier cities characterised by urban population growth, a thriving economy, and a low cost of living.

These cities are acquiring more popularity with investors as they have a low cost of doing business and allow residents to live at a lower cost.

2. Dependence on Technology

Though most do not believe this, the real estate market is one of the most tech-savvy industries in the world today. Technology has been the catalyst for change in an array of industries and real estate is no exception. Technology is changing the very way properties are searched for, marketed, and purchased.

Several organisations are using remote work models successfully. There are several other options to innovate using technology in the real estate industry, including:

• Research and analytics
• Property management
• Listing services

3. ERP Software Usage

The real estate industry is becoming extremely competitive, bringing changes to the very way people invest, raise funds, and recruit for commercial real estate. Real estate enterprises today are integrating ERP software to handle back office and human resource jobs. ERP software offers a proven methodology for optimal productivity and business planning — bringing down costs and capitalising on ROI.

The commercial real estate industry is changing a lot — and for the better. In an attempt to ensure a conscious movement from the conventional to the unconventional, from incompetent to competent labour, and towards superior quality and time-saving output, technology dependence is crucial.