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 favor the buyers or the sellers.

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

18-Hour City

A significant section of the millennial and the baby boomers are flocking to the urban environment; however, there are some who prefer the 18-hour cities that are full of activities. The 18-hour cities are second tier cities characterized by urban population growth, thriving economy as well as a low cost of living.

The 18-hour cities are acquiring more popularity with the investors as they have a low cost of doing business and allow the residents to live at a lower cost.

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. Actually, technology has been the catalyst for change in an array of industries and the domain of real estate is not an exception either. Technology is changing the very way properties are searched for, marketed or purchased. Though telecommuting is still not a viable option for all the companies or even all the employees of a given organization, several organizations are using the remote work models successfully. There are several other options to innovate using technology in the real estate industry. The list includes

• Research and analytics
• Property management
• Listing services

ERP Software Usage

The real estate industry is becoming extremely competitive now, bringing in changes in the very way people invest, raise funds or recruit for the commercial real estate. The real estate enterprises of today do not have so much time to do the back office or human resource jobs manually and is integrating the usage of real estate ERP software. The ERP software offers a proven methodology for optimal productivity and business planning while bringing down the cost to companies and capitalizing on the ROI or return to investment.

The commercial real estate industry is changing a lot and that, for the better. This industry is bound to change and in an attempt to ensure a conscious movement from the conventional to the unconventional, incompetent to competent labor as well as superior quality and time-saving output, technology dependence is crucial.