As the commercial real estate (CRE) industry continues to evolve, the role of property technology (proptech) has become increasingly significant. Recently, a panel of industry experts gathered at the BOMA Boston Roundtable to discuss the future of proptech and its potential impact.
In this blog post, we highlight the key takeaways from the discussion and provide insights into the exciting developments that lie ahead.
Top 5 takeaways from the BOMA Boston Roundtable
1. AI and building optimization
The panelists agreed that leveraging artificial intelligence (AI) for building optimization holds great promise. However, they acknowledged that the practical application of AI in the industry is still in its early stages.
Adam Hastings, Chief Data Officer at Hines, emphasized the importance of standardization and normalization to unleash the full potential of AI. As data ecosystems evolve and industry-wide standards are established, AI will play a crucial role in enabling intelligent decision-making and driving operational efficiencies.
2. Data as a competitive advantage
Data continues to be a driving force in the CRE industry. The panelists highlighted the significance of data in decision-making and establishing a competitive advantage. By integrating data from various sources and using advanced analytics, organizations can gain deeper insights into financial performance, operational efficiency, and tenant behavior. This valuable information enables better investment decisions and improved asset management.
3. Consolidation of technologies
The panelists predicted a forthcoming wave of technology consolidations in the proptech landscape. Steve Dietz, VP of Product at HqO, cited the era of historically low-interest rates as the catalyst for a surge in vendors and tech companies.
With the market maturing, there is an expectation that the number of players will decrease as industry consolidation takes place. This consolidation will lead to more streamlined and comprehensive proptech solutions, creating unified platforms that offer a wide range of functionalities.
4. The rise of integrated solutions
In line with the trend towards consolidation, the panelists discussed the shift towards integrated solutions within the proptech realm. By integrating various technologies into a unified platform, such solutions offer seamless interoperability and provide a comprehensive suite of tools for property managers. This integrated approach eliminates fragmentation, streamlines processes, and improves overall efficiency.
5. Change management and solution consulting
Monica Trivedi, SVP of Global Client Services at Building Engines, made several points regarding change management. She said, “Change management is the most important thing when deploying any technology, but often not the first thing that’s considered.” Often overlooked, it is essential to consider the impact on end-users, such as tenants and engineers, and their respective needs.
Building Engines invests heavily in solution consulting to understand the desired outcomes of different users, ensuring smooth deployment, and ongoing support. By addressing pain points and making the technology user-friendly, successful adoption and utilization can be achieved.
Conclusion
The future of proptech promises exciting advancements that will revolutionize the commercial real estate sector. From the widespread adoption of AI for building optimization to the consolidation of technologies, the industry is poised for significant transformation.
By focusing on customer needs, harnessing the power of data, and embracing integrated solutions, organizations can unlock the full potential of proptech, leading to improved operational efficiencies, enhanced tenant experiences, and a competitive edge in the market. As the industry continues to evolve, staying at the forefront of these developments will be crucial for success in the CRE landscape.
To learn more about our leading proptech solutions poised to make an impact on the future of CRE, reach out to one of our experts today.
