World’s Most Contagious Falsehoods

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

The Role of Technology in Future Workplaces

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As we look to the future of the workplace, and more specifically, the office experience, post-pandemic, it’s clear that technology will play a pivotal role in what these spaces will offer, look like, and how they will operate. Both in-office systems specifically geared towards collaboration, as well as our own personal devices that we use daily, are going to become key tools in not only drawing employees back into the office, but also in ensuring employee safety and well-being. These systems will also be essential to preserving productivity and efficiency in the office in a time when companies have realized that fully remote operations are a possibility.

BYOD: Bring Your Own Device

COVID-19 has led to more technology enablement than ever before, by necessity. As a result, personal mobile devices will undoubtedly become more integrated into the day-to-day workplace experience. Individual users will not only use them to communicate, but to connect with smart systems built within the workplace. Through this integration, personal devices will aid in securing a conference room or a desk space, ordering food for a meeting—really anything needed to prep for a big meeting can now be accomplished from the palm of your hand. These applications will save employees time as well while increasing their productivity.

Furthermore, with the newest office technologies, employees can use their phones to scan into the office, activate, and unlock necessary AV equipment, access their destination dispatch for building elevators, receive important real-time announcements, check real-time parking space availability, and use them for campus wayfinding capabilities—all things that would have required employees to touch surfaces in the past. The seamless way that personal devices dovetail with scheduling software that already exists in the marketplace makes these innovations a no-brainer as people start to transition back to the in-person office.

As wellness continues to be top of mind both at home and in the workplace, personal devices can also be used as an important tool as employees’ well-being is top priority now more than ever. Notifications can be sent out to employees via their phone reminding them to stand up and stretch, take a five-minute mental break, as well as to notify staffers about any other wellness initiatives being implemented throughout the office. This system can also be used to notify employees about the status of office sanitation protocols, giving them much needed peace of mind during a stressful time.

Seamless Video Conferencing

Both on our personal devices and those that are larger, collaborative video technology has been one of the biggest heroes of the pandemic era. Hardly a day goes by where we are not interfacing on Zoom, Microsoft Teams, Google Meet, or any of the other various conferencing technologies on the market. As people return to the office, enhanced meeting capabilities are going to be of utmost importance. Seamless conferencing is crucial, as is being able to key in people who are not in the office when you are. Offices need to transform into a virtual-in-person hybrid without missing a beat—a huge cultural shift aided in large part by workplace technology.

Effective workplaces now and in the future need efficient collaboration technologies that foster seamless conversations both on-site and at home. Ideally, employees will have access to virtual conferencing that is nearly identical to what they have at home, presenting minimal technical difficulty when dialing in. Mirroring the work-from-home experience not only decreases potential technical issues while allowing for attendees to seamlessly be in the office or working remotely while collaborating with one another without batting an eye.

Sustainability and Wellness

Technology also plays an important role in workplace sustainability. Strategically implemented smart systems can gather important data on green performance, informing company decisions for a more environmentally friendly future. Furthermore, technology can be used to easily adjust HVAC filtration and air flow, control sensors improve comfort and operational efficiency and moderate other systems that contribute to an office’s carbon footprint. Using 3D digital replicas of workspaces can create impactful sensory data that shows real-time visualization and analysis of facilities and stores static construction and manufacture documentation on a single source. These green “digital twins” can be instrumental in helping make important decisions about the workspace’s future.

In addition to valuable sustainability initiatives, technology also contributes to important wellness systems that are integral to the current and future employee experience. For example, lighting that mimics natural light patterns to regulate workers’ circadian rhythms, and tech that monitors various occupancy sensors and wall switches, alerting employees when touch becomes too frequent so they can calibrate accordingly. Sensors to measure data for temperature, humidity, CO2, VOC, and sound levels that are displayed on common area digital wellness dashboards promote a culture of care and wellness. As physical and mental health remain priorities for employees and their employers, having a workplace that can respond quickly and with minimal touch to these needs seamlessly will be an essential factor in a long-lasting, sustainable workplace moving forward.

Looking to the Future

The way we work is constantly changing and technology plays a pivotal role in that evolution. The workplace of the future, whatever that may ultimately look like, will inevitably be driven by people and fueled by technology—and with factors like COVID-19 making employers think of new ways to navigate the workplace, having technological solutions that work seamlessly with the office of the future is more important than ever. The workspaces of today and tomorrow must be designed around a user-centric approach—one that prioritizes and invests in the employees’ needs and enables individual productivity and efficiency. Technology and physical spaces must enter into a symbiotic relationship in order to deliver the best experience for both the employee and the company as a whole.

This article originally appeared on the Work Design website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

How To Get Better At Delegating

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

For Productivity and Career Growth The Office is Best

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When you consider productivity and your career, you know it’s not just about working harder. It’s really about being intentional and reflecting on some key elements of your work, your team, and yourself to be your best. In addition, while you may love working in your home office—after all who doesn’t love wearing sweatpants, avoiding the commute and working side-by-side with their furry companion—it may be detracting from your productivity and your career growth.

There are ways you can be more productive and strategic about advancing your career—and showing up at your office may be one of them. When you’re deciding whether to go to your office, consider the nature of the work, your team and your own style—these will help you show up at the office for what matters most—and inform your choices based on great research.

Your Team

Complexity and pressure: Brand new research from Maastricht University and Erasmus University found when people were doing more routine work, online efforts were satisfactory. However, for situations where there was more complexity, pressure and the need for speed, being in person was far superior. Part of the key to productivity is to be intentional about your work and know that the kind of work you’re doing will be impacted by your situation. When work is more complicated, intense or requires swift decision making, choose to be in person with teammates.

Your Team

Your colleagues: Another key study highlighted in the Journal of Labor Economics found positive spillover in performance. The longitudinal study focused on 656 NBA players over a four-year period and found players had a strong influence on each other’s scoring—increasing overall game scores. This is similar to the sociological phenomenon called the Bandwagon Effect in which group energy and the emotion of the crowd inspires team members—resulting in an uptick in activity. Being in person can make you more productive as you obtain energy from others, and you can also positively influence your co-workers as well, through your presence and hard work. All of this is also very good for your career—your effectiveness will get you noticed.

Diversity: We can take a lesson from Darwin and embrace the reality that more diversity tends to make species thrive. University of Toronto research found when natural ecosystems had greater biodiversity, all plants tended to thrive to greater extents. Workplaces are like this as well. To be our best, we must be connected with new thinking, different ideas and alternatives to our own echo chambers. Often these connections are most easily made in the office because it facilitates the hallway conversations and the bump-into-you discussions at the coffee bar or in the work café.

Yourself

Work dynamics: Pay attention to your own work preferences, but don’t assume they are static. It’s typical to over-generalize (“I prefer to work alone, therefore I seek time alone for all tasks.” or “I love people, so the more I’m with others in my work, the better.”) Actually, your effectiveness and productivity will have to do with an interplay of your tasks and your personality. Tune in to how you work best. For some work, you may indeed work better alone and for other work, you may work better with others. But this will likely be a mix and you will be your most productive—and build your most strategic relationships—when you pay attention to the interplay and plan your work accordingly.

Wellbeing: It’s a rare day when a study isn’t released about the decline in wellbeing and the rise in depression, anxiety and mental health issues based on social isolation during the pandemic. Likewise, studies demonstrate when people are depressed their productivity tends to decline and when their depression is treated, productivity improves. Coming into the office and spending time face-to-face with colleagues is good for your mental health and that, in turn, is has positive impacts on productivity.

Social capital: If you want to build relationships that will help you stretch, grow, learn, get things done and advance your career, you’ll be able to do this best face-to-face. You can build social capital virtually, but chances are good your relationships won’t be as tight, and trust may not be as strong. In-person contact has the unique ability to cement bonds because we develop greater familiarity with others, can read body language better and interpret micro expressions more accurately. Social capital can, in turn, help you be more productive because you’ll know how to get things done through the network.

Engagement: Research from the Association for Psychological Science found engagement, satisfaction and productivity are correlated and tend to reinforce each other. When we’re more engaged, we’re more satisfied and productive. When we’re more productive, we tend to be more engaged and satisfied, and so on. This is another reason to come into the office. It’s easier to dive in and engage fully when you’re in person. Without technology issues or the distractions of home, you can be together with colleagues as you work toward common goals—and be more productive doing so.

Working from home can be a wonderful thing, but it’s not a panacea and you may be able to tap into greater productivity and enhanced career growth by going to your office—at least part of the time. When you decide where you’ll work, consider the type of work you’ll be doing and whether it is complex or high-pressure. Also consider your colleagues and the energy you can give and get, as well as the diversity of ideas that will help you think better. Finally consider your own work preferences, wellbeing, social capital and engagement. All of these are helpful lenses through which to view your productivity and your career success—making intentional decisions about where you’ll work and how you can have the greatest impact.

This article originally appeared on the Forbes website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

Music To Your Ears

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

The Next Generation of Office Communication Tech

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Most knowledge workers in 2020 are familiar with mixed reality tools like Zoom, Teams, and Slack that enable them to meet in virtual locations. By merging real and virtual worlds to produce new environments, employees who relied on in-person office interactions as recently as nine months ago now meet on virtual tropical islands, virtually “stand” in front of presentations beamed around the world, or maintain banter and team spirit with timely GIFs and emojis mixed into their workday messages.

But these experiences are just the tip of the iceberg of mixed reality offerings. Augmented reality technologies have become regular features in product offerings, along assembly lines, and even in surgeries. Now, with 42 percent of American full-time employees working from home for the foreseeable future as the pandemic lingers, new forms of mixed reality technologies are creating mainstream virtual substitutes for offices, and redefining the future of work in the process.

These new mixed reality applications can help companies cut costs and boost revenues. Many companies we work with are using them to shrink their real-world office footprints by about a third on average and energize far-flung employees, many of whom are already more productive while working from home with no commute.

Longer term, companies will use mixed reality to create conditions for remote collaboration and innovation that are as good as, or even better than, in person. Below are three key areas where we see early versions of what could be called multidimensional “collaboratories” that are improving knowledge worker productivity and collaboration.

Virtual Offices

Almost a decade before the pandemic struck, technology pioneers began using large-screen video “portals” to connect satellite offices into each other’s worlds through informal, always-on video feeds. As this technology evolved, major corporations began experimenting with virtual neighborhoods to keep their teams connected globally.

The reason: when distributed team members couldn’t see each other, they felt disconnected and isolated. A lack of serendipitous encounters hurt not only their morale, but also their ability to collaborate and innovate.

Now teams in some of the world’s largest financial services companies and retailers meet in virtual offices using mixed reality programs like Sneek and Pukkateam. These create a feeling of togetherness by showing colleagues in tiles with periodically updated snapshots, so they know who is at their desk, on a call, or drinking a coffee and perhaps up for a chat.

With a mouse click, teammates can instantly turn a snapshot into a live video call, eliminating the burden of setting up videoconferences. Meanwhile, team chat messages with a steady flow of emojis, status updates (“gotta connect the kid to school!”) and GIF-supported jokes keep the work atmosphere fun, friendly, and open. For teams that prefer not to display their actual images throughout the day, other programs like Sococo rely on avatars to bring employees together across continents in illustrated virtual offices complete with conference rooms, guest waiting areas and pantries.

Virtual Focus Groups

Demand is also growing for artificial intelligence-powered virtual focus groups that permit companies to go beyond what’s possible in physical conference rooms. Virtual environments created by platforms like Remesh enable companies to tap into the kinds of insights gleaned from small focus groups but at the scale of massive digital surveys, without the drawback of only capturing one-way feedback.

Companies use these platforms for market research. They collect and summarize the anonymized views of up to 1,000 participants on a topic or new product concept. Equipped with an artificial intelligence and upvoting engine that clusters and aggregates responses, facilitators can also react and adapt the discussion in real time to explore ideas as they arise.

The anonymity and scale of the online platform let managers hear more voices, including those who typically would not speak up in person. More employees participated, as peers freely validated each other’s observations. One participant said they had “never felt this listened to before.” The quantifiable data, quotes and revealing themes provided by the platform’s artificial intelligence engine showed that inappropriate behavior was not isolated to pockets of the firm, convincing the bank’s leadership team to commit to improve diversity and inclusion.

Virtual Collaboration

Finally, companies are turning to mixed reality environments as a solution for running projects and brainstorming innovations. When the pandemic struck, many companies were forced to freeze projects and research and development because they could not convene the people involved in person.

But some didn’t miss a beat, turning to collaboration tools like online sticky notes, shared digital whiteboards and live co-editing of wikis, slides and documents to bring people together. One bank we worked with this summer, for example, discovered that it could design and launch a new digital banking business line and product in a virtual workspace just as well, and in a fraction of the time, as it had one year earlier for another product, when it flew in people to brainstorm in person.

A major reason for this success was that the combination of video, voice, chat, and collaboration tools created more opportunities for all team members to contribute, rather than be drowned out by those with loud voices or a forceful presence — or if they simply missed the session because they couldn’t fly in. With greater representation in the virtual room, teams were able to realize better and more holistic solutions in a way that just wasn’t happening before.

More ideas were shared and reviewed simultaneously on multi-editor collaboration tools than if they all had to flow through a live facilitator at a whiteboard. And the outputs were instantly well-formatted and digital, so they could be immediately used in reports and documentation — as opposed to another cryptic whiteboard photo.

Mixed Reality Realms

We are just starting to see what the future of mixed reality work will look like. A year ago, nobody would have believed we would work from home at the scale we are now. Yet practically every large corporation we speak with today is asking for innovations to make virtual working sustainably productive.

This will drive the next wave of mixed reality, with solutions like artificial intelligence tools that can create optimal rotations of “serendipitous” encounters across teams and functions; affordable home smart boards and large multi-monitor displays that will move virtual collaboration from laptop screens to a more immersive full-size format; 3-D printers that will allow design teams to physically test prototypes around the world from their home offices; and for things that can’t be produced at home, fast cross-town home deliveries by drones of virtual happy hour supplies like wine and painting kits.

Like the grainy Skype calls of 2010 that pre-dated today’s Zoom boom, mixed reality technologies becoming popular today will likely be far surpassed in the near future. Ten years from now, we will look at the current crop of virtual office, focus group and collaboration tools with the same disdain we now have for crackly phone calls.

This article originally appeared on the HBR website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

Nine Easy Ways To Make Your Customers Happy

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

15 Reasons Why The Office Still Matters

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After working from home and collaborating at a distance, the importance of the workplace and all that it offers has become clear: An office is more than just a place to work. The workplace drives innovation and growth and fosters culture and sense of community, while providing the tools and resources people need to be truly productive. There are countless benefits to having a physical place that brings an organization’s people together. Here are just 15 reasons why the workplace matters.

1. Growth: The post-COVID economy has introduced a season of survival for companies, but the pivot back to growth mode will be here soon. Growth depends on innovation, and that’s fueled when creative people come together to collaborate on design sprints, prototyping and testing. At the same time, as leaders shift and change strategies, war rooms and in-person strategy camps provide places to establish new priorities, rally around a vision and set the stage for growth.

2. Innovation: Research shows that successful innovation is place-based and incorporates a variety of business functions, issues and actions from adjacent or connected internal organizations. Workplace design fosters these connections and promotes innovative activities like building models, sharing content, testing prototypes, iterating in real time, collecting annotations and ideas and building on the collective efforts of the team. Two-dimensional technology simply cannot move the needle like three-dimensional interactions can.

3. Culture: Experiences shape behaviors, and behaviors over time is culture. The collective behaviors and norms of an organization, from both leaders and employees, create an ethos distinct to that group of people. The coalescing of diverse points of view, spontaneous hallway meetings and lunch with coworkers provide opportunities for storytelling, relationship building and teaching — things that can’t be replicated through a screen.

4. Resilience: COVID-19 has proven resilience is more important than ever. Having a strong cultural foundation and spaces outfitted to promote in-person decision making is key to an organization’s ability to shift gears and resources to support unexpected disruptions. Strong, decisive leadership and healthy teams are the backbone to an innovative, flexible and resilient workplace that can bend but not break.

5. Creativity: Creativity is the innate and uniquely human ability to generate ideas, solve difficult problems, identify opportunities and imagine something better. In contrast to a siloed, stilted, solo experience lacking the right tools, creativity flourishes when technology and space come together to support thinking and doing at every stage of the brainstorming process.

6. Collaboration: Collaboration is a key, place-based business behavior with direct ties to growth and innovation. Laddering on each other’s ideas, using sticky notes to brainstorm and bringing others along through discussion and whiteboarding helps evolve, distill and solidify new concepts. Body language and other unspoken behaviors provide social cues that can be easily missed when not in person. When every meeting starts and ends on time, there is no room for serendipity.

7. Digital Transformation: If companies weren’t thinking about digital transformation before COVID-19, they certainly are now. Organizations have been forced to compete and manage a range of disruptions — internal and external, domestic and global. They’re launching new business models, establishing war rooms and equipping team rooms with a bias for face-to-face interactions. Especially in times of stress or crisis, there’s no substitute for coming together to quickly address, assess and solve problems.

8. Connection: While working from home provides a certain measure of privacy, it can also lead to isolation, loneliness and depression. Without the support teams and group work provide, people are left feeling disconnected and disengaged. Attrition rises, leaving the company scrambling to identify new talent and quickly fill key roles. At the same time, people who don’t interact with others or participate in the workplace risk becoming irrelevant, undervalued or overlooked. These factors don’t just impact the individual and his/her career path, they impact a company’s ability to fill the talent pipeline, make contingency plans and identify future leaders. Having a place to create meaningful connections is more important than ever.

9. Agility: Agile work helps teams adapt quickly with rapid learning cycles, but this requires both an ecosystem of spaces to support different steps of learning and a level of iteration and collaboration that happens best in person. As ideas evolve and prototypes emerge, the ability to flex and move furniture is critical to helping teams come together in ways that support their fast-paced, ever-changing work.

10. Communication: It’s true communication can take place over technology, but we believe something is lost in a constant two-dimensional world. Online platforms, texting and an array of apps designed to support teams is necessary infrastructure, but there are dangers, too. Constant screen or phone use can lead to fatigue, zoning out and even reduced productivity. Staying in touch is vital for forward momentum, and there’s no real substitute for face-to-face communication.

11. Attract & Retain: The workplace is a key tool to help organizations attract, retain and engage talent. Not only is space an expression of the company, it sends important cultural signals about what new talent can expect in your organization. Is there choice and control? Are there social spaces to meet with teammates? While technology can help with some elements, like onboarding, it’s hard to build community and nurture the kinds of relationships needed to engage talent and strengthen teams.

12. Wellbeing: Spaces make us feel cared for, can promote a sense of calm or communicate the need to get to work. The floorplan of a space can promote movement and offer ergonomic support, and a well-designed space can provide emotional and psychological protection. A strategy to promote employee wellbeing should include attention to space and its impact on people. Leaving “work at work” is a healthy way to create much needed work-life balance.

13. Distributed Work: Working across time zones, intruding into people’s homes and managing noise and visual distractions creates presence disparity and challenges a team’s ability to focus. Voices are cut off, people inadvertently talk over each other, don’t realize they’re muted or one person dominates the conversation, unable to detect body language cues or cultural norms. Space provides a richer in-room experience that supports and equalizes teamwork, making the office a collaborative destination.

14. Technology Integration: Immersive ecosystems designed to bring people and technology together in one place not only boost productivity but support new ways of working. Integrated technology and high-performance products provide additive qualities without the clunky features of afterthought spaces with hastily added, non-optimized technology.

15. Change Management: While communicating change can be done over technology, the best change management practices come through modeling new behaviors and reinforcing expectations together. Unplanned hallway conversations, storytelling and time before and after meetings are valuable opportunities to make connections during a time of uncertainty. Demonstrating desired outcomes, learning together and “walking the walk” will always be more powerful than words alone.

A workplace is so much more than the sum of people, technology, architecture & furniture. A well-designed space supports all the different ways we work and brings people and technology together to boost productivity, enhance wellbeing and build trust through face-to-face interactions. As organizations adapt to the changes they face while working through this pandemic, we have an opportunity to bring people together at a time they most need human connections and to help businesses move forward.

Portions of this article originally appeared on the Steelcase website.

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

Steps For A Better Work-Life Balance

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

Why CRE Companies Need To Be Technology Leaders

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Using innovative technology is no longer a “bonus” or an “extra feature” that commercial real estate (CRE) companies can offer to their clients or use in their workspaces. In today’s market, sticking to software, methodologies, products and technology that have worked in the past is simply not enough. CRE companies have to be at the forefront of technology for many reasons, but the main one is this: It has become the expectation.

Why? Tenants are expecting it. Vendors and contractors are expecting it. Your competition is hoping you don’t use it. As an industry that has been historically slow to adopt new technology, CRE companies no longer have that luxury. To stay relevant in an innovative and rapidly growing market, the only option is to embrace technology and use it to dramatically shift the way commercial real estate companies meet the needs of their clients.

Commercial Real Estate And Technology: A (Slow) History

Traditionally, CRE companies have gotten away with doing business with minimal technology. Using old-fashioned spreadsheets, basic data analysis, bookkeeping software and time-consuming research methods have kept the commercial real estate business in the dark ages when it comes to technology. There are a few reasons that CRE companies have been reluctant to jump into the 21st century when it comes to technology:

1. The commercial real estate industry is a giant industry made up of many different internal industries. Trying to design, create and implement technology that caters to all of these different niches and facets of CRE can seem complicated and overwhelming.

2. While it’s safe to say that CRE industries have been late to adopt a lot of the same technologies that other industries have been using for a while, it’s not because there is a lack of technology to choose from. In fact, the issue is just the opposite. There is already so much research and so much technology and so many options that can push CRE companies into this new wave of technology that it couldn’t seem more impossible to choose the right one.

3. CRE companies that do make the jump to adopt new technological advances quickly run into another problem: integration. How will they apply these new methods to their existing business model?

4. Leaders in the CRE industry are always aware of cost versus expenses. And it’s no secret that technology can be expensive. This is another reason why so many are hesitant to upgrade their current systems.

Is Technology Disruptive To The CRE Industry?

In any industry, and at any time, there are always disruptors. Disruptors are products or services that when introduced to the market, find a way to replace a more conventional and traditional product or service. Real estate is a people-centered business, and some CRE companies worry that adding technology will diminish this authentic aspect of the industry.

But technology is not something that should be feared in the real estate industry. While technology will change the way people are buying and selling commercial real estate, the power is in a company’s response to the change. In fact, companies that are proactive in embracing new technology and implementing digital transformation into their existing business models have shown a 50% higher return on investment than those who are simply reacting to new surges of technology.

Modern CRE companies have two choices: They can see the addition of technology to their businesses as an overwhelming and scary change to what they’ve always known, or they can embrace it. Emerging technologies are quickly becoming what sets real estate companies apart from their competitors and are vital in reshaping the way real estate works.

How CRE Companies Can Invest In Tech

Knowing why it is so important for CRE companies to invest in technology — and some of the reasons so many don’t — is the first step toward a more high-tech industry. The next step is understanding some of the ways technology can improve productivity, client satisfaction, tenant retention and efficiency.

  • Data Management: Successful investors understand the importance of accurate and efficient data management. Commercial real estate investors need instant access to data and predictive analysis to make confident and informed decisions in an ever-changing market. Using innovative technology to help with data management takes a lot of the guesswork out of things like property values, rent values, occupancy rates and return rates.
  • Contract Management: Purchasing commercial real estate is one thing, but handling the contracts is something completely different. If you’re investing in more than one commercial property, you need technology to help keep it all organized. For long-term success, you need seamless ways to build strategic relationships, streamline contract processes, lower administrative costs, automate contract management phases and reduce risk. Is your old way of managing contracts doing all of those things?
  • Advancements In Leasing Software: Lease administration software has made some big changes over the last decade and trying to manage modern lease agreements on outdated software will only leave you and your tenants feeling underequipped. Updated leasing software streamlines processes such as rent collection, invoicing and tenant communication.

CRE companies can’t afford to lag in technology anymore. Technology is what will continue to separate top-performing CRE companies from those that are barely making it. Technology — and the adoption of it into an existing business model — is what will bring commercial property investors into the modern age of business. But most importantly, the willingness to adapt and modify current strategies to make room for technology will be what puts owners of CRE companies ahead of the game.

Portions of this article originally appeared on the Forbes website.

The Sundance Company                                                                
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.