CRE tech (commercial real estate technology) is use of technology to improve various aspects of the commercial real estate industry. In the commercial real estate sector, proptech is changing the way businesses find, lease, and manage commercial properties through the use of innovative solutions such as online platforms, virtual tours, and smart building technology.
One way that technology is changing the way businesses find commercial properties is through the use of online real estate platforms that allow businesses to search for properties based on specific criteria such as location, size, and price. These platforms often include detailed information about the properties, as well as photos and virtual tours, making it easier for businesses to find properties that meet their needs.
Proptech is also changing the way businesses lease commercial properties by offering more flexible leasing options and streamlined processes. For example, some proptech companies offer short-term leasing options that allow businesses to rent a property for a specific period of time, such as a few months or a year. This can be especially useful for businesses that are just starting out or are looking for temporary space.
Smart building technology is the use of advanced technology and automation systems to improve the functionality, efficiency, and sustainability of a commercial building. This can include a variety of systems and technologies, such as:
Building management systems (BMS): These systems allow building owners and operators to control and monitor various systems within the building, such as heating, ventilation, and air conditioning (HVAC), lighting, and security.
Energy management systems (EMS): These systems help to optimize a building’s energy usage by controlling and monitoring various systems, such as HVAC, lighting, and appliances.
Internet of Things (IoT) devices: These devices can be used to collect and transmit data about a building’s operations and performance, allowing for real-time monitoring and control.
Smart lighting: This technology allows for the automatic control of lighting based on occupancy, daylight levels, and other factors, resulting in energy savings and improved lighting conditions.
Smart thermostats: These devices can be used to automatically adjust a building’s temperature based on occupancy and other factors, resulting in energy savings and improved comfort.
Lease management software is used by landlords and tenants to manage their lease agreements, including tracking terms and conditions, renewals, and amendments.
These software typically includes features such as:
Tracking of lease terms and conditions: This includes the start and end dates of the lease, as well as any clauses or provisions that are specific to the agreement.
Renewal tracking: This allows landlords and tenants to track when a lease is up for renewal and to initiate the renewal process.
Amendment tracking: This allows landlords and tenants to track any changes or amendments that are made to the lease agreement.
Payment tracking: This allows landlords to track rent payments and other fees, and to generate invoices and receipts as needed.
Property management software is used by landlords and property managers to manage their properties, including tracking lease agreements, rent payments, and maintenance requests.
Online marketplaces allow landlords to list and advertise available commercial real estate spaces, and allow tenants to search for and find suitable spaces. Covid has also accelerated virtual tours which enable landlords & brokers to show potential tenants available spaces remotely, without the need for in-person tours.
Overall, CRE tech is improving the efficiency and effectiveness of various processes within the commercial real estate industry, including property management, leasing, and tenant communication. It can also help to streamline various tasks and reduce the need for manual labor, resulting in cost savings and improved productivity.