Technologically speaking, we’ve come a long way as a society. Although we may not live in the ultra-futuristic world envisioned in shows like The Jetsons, we do live in a world vastly different from even 30 years ago. We now have computers that can fit in our pockets, we can speak with other humans from across the world in an instant, and we have cars that can drive themselves. Technology is rapidly evolving, and it’s taking no prisoners; there isn’t an industry around that hasn’t felt the impact of the almighty technological revolution we find ourselves in. From finance to entertainment to health care and everything in between, technology has made its presence felt.
As someone in the real estate sector, how exactly has technology impacted me? Well, here are a few ways that technology is affecting real estate.
Before the rise of technology. one of the largest drawbacks of real estate development was that developers would need to focus on data and numbers from the past in order to research. Today, with advanced cloud-computing software and applications, developers can keep track of their projects from conception to finalization all without skipping a beat. This streamlines the communication process, and the entire building process overall, allowing buildings and projects to go up more efficiently. Applications such as Budgetrac and Procorem provide the necessary project management abilities to help real estate developers big time.
Personally, this is an incredibly important aspect of real estate. In the past, real estate developers were focused on creating a building that would bring people in. Nothing more, nothing less. Today, developers want to build experiences that will matter to the public, and an important factor in that experience is a greener property. This means, developers are looking for ways to make their buildings as energy-efficient and sustainable as possible. Technology has allowed for developers to do this easily. New and fascinating technology, like smart glass, roofs that deflect heat from sunlight and automatic lighting systems, are making buildings greener than ever, and bringing down operational costs.
Cars can now drive themselves. This is not a joke; this is 2018. And, surprisingly, self-driving cars are playing a factor in the development of properties. As more people rely on self-driving cars, they will have more free time to perform actual work on their daily commute. This can dramatically impact the way that developers build their projects. The different types of parking structures to the amount and location of their placement can, and will, all be affected by driverless cars.
All of these new advancements in technology are impacting real estate as we speak. It is even affecting in my own developments. Ro2, our new project based in Phoenix, Arizona’s arts district, will feature a variety of sustainable features, such as solar energy systems and compost and waste management systems; it is also basing its parking structure based on technologically-advanced ride-sharing apps such as Uber and Lyft, with several ride-sharing locations and signs. The Ro2 Project looks to truly incorporate all of these technological and sustainable elements in a user-friendly and community-driven way.