{"id":19964,"date":"2018-05-05T05:00:32","date_gmt":"2018-05-05T12:00:32","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=19964"},"modified":"2020-12-25T03:32:15","modified_gmt":"2020-12-25T11:32:15","slug":"cre-tech","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/cre-tech\/","title":{"rendered":"CRE Tech"},"content":{"rendered":"

\u201cCRE Tech Industry\u2014Boom or Bust?\u201d was the question posed in a recent R\"\"<\/a>ealcomm-hosted webinar. The answer will depend on technology providers\u2019 ability to differentiate themselves and deliver solutions that create value for building owners and operators, according to a panel of real estate technology suppliers, investors and users including Yardi\u2019s Alex Stanton<\/strong>.<\/p>\n

The five webinar panelists agreed that the commercial real estate industry historically has been slow to innovate its asset management technology. In recent years, however, competitive, regulatory and sustainability pressures have generated a sense of urgency among property owners and managers to regard technology as a strategic ally.<\/p>\n

Stanton, Yardi\u2019s regional director for commercial sales, noted that generic enterprise management platforms have evolved to accommodate procurement, energy management, coworking and marketing, paralleling the morphing of \u201clease\u201d from basic tenancy to include amenities and online self-service options. \u201cAs a provider of transaction-enabling technology, Yardi aims to create deep transactional functions that can be embedded into the core technology platform,\u201d he said.<\/p>\n

John Gilbert<\/strong>, chief operating officer and executive vice president of New York City property owner and manager Rudin Management, said his company invests in technology startups and even spun off its own software company. He likened technology to a construction project: \u201cWhen building a structure, we dig a hole and pour a foundation. Property owners should look at technology adoption exactly the same way. I don\u2019t want 20 more silos with 20 new technologies. All data collected should go into a central, integrated platform that can make the building run more efficiently and be smarter.\u201d This approach will \u201cfuture-proof\u201d buildings and create value by correlating data that\u2019s already being collected.<\/p>\n

Will O\u2019Donnell<\/strong>, a senior vice president at logistics real estate leader Prologis Inc., noted that the difficulty of adopting new technology can be mitigated by first identifying and prioritizing desired outcomes.\u00a0 Prologis\u2019 strategy involves focusing on making the biggest, quickest impact on lowering costs for customers and enhancing value for investors.\u00a0 \u201cAdopting technology can be daunting, and it requires new skills that complement our already successful platform,\u201d he said, adding that Prologis is undertaking new technology initiatives for energy management, facility inspections, preventative maintenance and other operations.<\/p>\n

Brad Greiwe<\/strong>, co-founder of technology-focused venture fund Fifth Wall, counseled patience. \u201cTechnology adoption is important, but don\u2019t forget that change management isn\u2019t easy and some real estate organizations don\u2019t have the infrastructure to do it,\u201d he said. \u201cChief technology officer and chief information officer positions didn\u2019t exist in the REIT world five years ago, and the infrastructure for adopting technology is still nascent.\u201d\u00a0 Property owners and operators should \u201cget on the field: prioritize technology initiatives, invest if not adopt, and experiment.\u00a0 Even if they don\u2019t work out you\u2019ll get lots of insight,\u201d he said.<\/p>\n

Venture fund Moderne Ventures uses a network of several hundred commercial and multifamily executives as a sounding board for winnowing an estimated 3,000 potential technology providers. \u201cWe believe disruption comes from companies outside the industry, so we look at companies that are applicable \u00a0to commercial real estate technology but also have horizontal applications from an investment perspective,\u201d said Shawn Hill<\/strong>, a director at Moderne Ventures. The company has recently focused on investments that are \u201cless about the building and more about the experiential aspect\u2014how tenants and occupants think about the building and how to create frictionless ways to get services into a building,\u201d he said.<\/p>\n

Successful technology adoption requires patience, collaboration, experimentation and willingness to take chances from all participants, the panel said. Technology providers \u201cneed to deliver products that the market cares about. If technology doesn\u2019t help solve a problem, we\u2019re not interested,\u201d Gilbert said.<\/p>\n

The market\u2019s creation of technology winners and losers is a long game, O\u2019Donnell said, where \u201csome companies will be boom, and some will be bust.\u201d<\/p>\n

Stanton agreed, \u201cWe\u2019re in a very long cycle. Commercial real estate needs to focus on data and getting value out of it.\u201d<\/p>\n

Yardi is a sponsor of the Realcomm webinar series.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cCRE Tech Industry\u2014Boom or Bust?\u201d was the question posed in a recent Realcomm-hosted webinar. The answer will depend on technology providers\u2019 ability to differentiate themselves and deliver solutions that create value for building owners and operators, according to a panel of real estate technology suppliers, investors and users including Yardi\u2019s Alex Stanton. The five webinar […]<\/p>\n","protected":false},"author":610,"featured_media":19965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[2365,411,1703,149,76,40],"class_list":["post-19964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-change-management","tag-commercial-real-estate","tag-cre","tag-realcomm","tag-technology-2","tag-yardi"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"\u201cCRE Tech Industry\u2014Boom or Bust?\u201d was the question posed in a recent Realcomm-hosted webinar. 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