On January 18th, I delivered a presentation to the West Valley Commercial Real Estate Group about the future of the commercial real estate industry, and how technology is changing the industry. Specifically, I discussed five key disruptions that are occurring in the marketplace. Topics included;
- Blockchain technology and how it is changing the rate of speed that real estate transactions close, both in the commercial and residential marketplace. I also discussed how is impacting chain-of-title, title plants and how title companies must adapt to keep current with evolving technology.
- Big Data and how it's impacting every facet of the industry. I discussed the impact on traffic feasibility studies, how it's being utilized in pedestrian traffic software applications and how it will be used in facilities management for commercial office developments in the coming decade.
- Autonomous Travel and how drone technology will reshape how we think about commercial retail, how malls are morphing into much more than what exists today, and how residential high rise developments of the future will exist without parking facilities.
- Information Freedom and how information is finding its own path to freedom. I discussed the "3 minute" decision equation, the case for "Zoom" and why it's no longer about channels and everything about screens.
- Lastly, I addressed for the importance of niching down in the commercial real estate marketplace, why it is becoming more important every day, what's driving it and how to take advantage of its impact in the coming decade.
We had a fantastic Q&A at the end of the presentation and almost everyone had questions regarding each of the topics.
I delivered my first ever presentation on the future of technology in the real estate industry in March of 1990, a time when the Internet was just getting started commercially, and when no one had ever heard of Amazon, the smart-phone or Google. I will never forget talking about how this modern technology called the "Internet" was going to change the world, telling audiences that MLS books would be completely obsolete and how listing information would be available to anyone and everyone at any time from a personal computer. I also remember audiences arguing "that will never happen". My how things have changed.