The Sundance Company

Five years ago, “prop tech” was a misunderstood buzzword that no one seemed to know how to define. These days, it is a common phrase in almost every commercial real estate (CRE) professional’s lexicon. But what’s more, prop tech is now regarded as an essential tool that is revolutionizing the way industry professionals conduct business and grow relationships with their clients.

Prop tech — shorthand for property technology — is real estate-focused technology that helps us apply data to the way we research, manage, buy and sell properties. While we have been using technology in the real estate world for decades, this new wave of property-specific innovation has been the real catalyst. From new AI-powered 3-D property tours to nationwide commercial real estate property search databases and cloud-based property management software to technology-backed investment platforms, prop tech tools are becoming integrated into all facets of our business.

Having spent more than 40 years in the industry, including providing some of the aforementioned services, I’ve witnessed this prop tech revolution firsthand. While some might say that technology could possibly make the role of real estate broker obsolete, I believe these innovations can help CRE professionals, as well as their clients, accomplish more than ever.

In order to fully reap the rewards that prop tech offers, we must understand its influence, but also learn how to strategically integrate it into the work we do. For the commercial real estate sector specifically, technology offers the ability to optimize a transaction at almost any phase, including how CRE professionals market properties, work with clients and develop business strategies.

Bolstering Relationships, Strategy And Marketing

For many years, CRE professionals have been the only resource. Now, new technology enhances the work they do. The rise of prop tech means consumers have more data available to them than ever, which impacts how clients and real estate professionals work together. These clients often come to the table as savvy buyers or sellers, equipped with a more solid understanding of the local market as well as what they want in their next space. Some might say knowledgeable clients could challenge a professional’s authority, but in truth, knowledge is power. A clear, shared vision enhances communication and collaboration, removes the guesswork and puts a property transaction that much further ahead.

The surge of readily available data also creates savvier CRE professionals. Data can inform, inspire and drive business strategies in new ways. For example, a broker can identify the sort of properties that are trending in their local market, or pinpoint how a particular property is resonating with potential buyers. This insight can help draw the line from a potential lead to a successful real estate transaction. New technologies can also help professionals operate more efficiently by reducing workload or automating processes.

With the rapidly expanding selection of prop tech platforms available, CRE professionals have more tools than ever to market new properties and connect with potential buyers. And as the user base for these search tools increases, so does the number of clients’ eyes a CRE professional can reach.

Using Prop tech To Stay Ahead In The Market

Looking at the many areas of the real estate business, it is easy to see the positive influence that prop tech has delivered. While the tools exist, there are many different approaches to utilizing them. Today’s real estate professionals have to find ways to apply these technological innovations to their own business models.

In my experience, this can be one of the most daunting challenges when it comes to incorporating technology. First ask, “What problems do we want to solve?” And then ask, “What are the right tools to get us there?”

Using tech to automate a demanding business process could allow more time for a broker to spend in face-to-face meetings with clients. Optimized functions of the tools used every day, now powered by technology, can help buyers and investors find the right property faster, expediting the transaction process for both the broker and the client. With the right fit, prop tech can help everyone stay ahead in the commercial real estate market.

Portions of 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.

 

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.

 

When designing a smart building, the user experience is paramount. That’s the philosophy of Zorba Manolopoulos, global program manager in charge of Smart Campuses at Facebook, whose group is tasked with innovating and problem-solving for the social media giant’s worldwide property portfolio of about 80 buildings.

“Our (strategy) starts with the employee experience or occupant experience for that matter—what they want to do, what they want to feel, all the experiences that they want to have—that’s where we start. Then we shape the services to meet those goals,” Manolopoulos commented at this year’s Realcomm event in Nashville.

“We’re not really looking at smart buildings as a way to run a building better or more efficiently,” he said, adding that his group aims to provide sustainability if that’s what users demand.

Speaking in a panel discussion during the annual commercial real estate technology conference, Manolopoulos explained how his team considers a day in the life of a typical building user as Facebook scrambles to accommodate its rapidly growing staff—in the past year and a half, the company has doubled in size.

Take eating lunch, for example. “The first step in eating lunch is, you actually plan to eat lunch.” That gives rise to thorny questions about food options, dining companions, and the logistics of getting there and back. Inevitably, part of the solution involves an app.

“You started with the experience first and then let the tech provide the experience,” noted Manolopoulos.

Earlier this year, Facebook preleased an entire 803,000-square-foot office campus for its virtual reality arm Oculus in the San Francisco suburb of Burlingame, Calif.

Issues of Energy and Cost

Kathy Farrington brings a slightly different focus to her work as technical program manager at Google, which has hundreds of buildings in its portfolio. “User experience is definitely key, but obviously we really care about sustainability as well, and driving down not necessarily costs as much as energy use and the impact on the environment,” which includes green materials and other factors beyond energy use, she said.

“Space utilization is also really important,” she added. Farrington emphasized that companies need to prioritize. “If you don’t have a functional BMS (building management system) or a functional lighting control system, you’ve got to solve that first.”

For Jared Summers, who serves as data foundation manager at ExxonMobil, applying digital technologies to the firm’s global portfolio of thousands of properties involves a more cost-conscious approach.

“The experience is important, and we design for that,” Summers noted in the panel. “However, the story goes around the operational efficiency and the savings, because then that gets it past management. We are in a fundamentally different industry than tech.”

Portions of this article originally appeared on the Commercial Property Executive 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.

 

 

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.

The food and beverage category and entertainment are taking up more and more of shoppers’ time — and money.

Since January, 81% of shopping center visitors have spent money on food and beverage services at a shopping center and 80% have purchased from traditional retailers, according to the International Council of Shopping Center’s Mixed Use survey. About two-fifths (38%) of U.S. adults now spend more on eating/drinking at dining establishments (including takeout). And 50% of all consumers want to see more dining options in centers; 40% want to see more leisure and entertainment options.

After all their eating and drinking, consumers are trying to remain healthy and are going to gym/fitness centers, yoga and cycling studios and visiting medical clinics in shopping centers. Just over one-third (36%) of consumers say they visit health/wellness facilities, such as gyms, yoga/cycling studios more now than two years ago, with the figure even higher for millennials (47%). And about one-quarter of consumers also say they would like more medical/health clinics (28%), personal care services (26%) and gyms/fitness centers (25%)

The survey also revealed that 79% of respondents have visited brick-and-mortar retailers the same amount or more over the past two years. But there are generational differences when it comes to what consumers have spent on at shopping centers since the start of 2019. Nearly nine of 10 (86%) baby boomers bought retail goods compared to 76% of Generation X and 75% of millennials.

In other key findings:

• More than two-fifths (44%) of consumers say that their shopping center visits today are more likely to include a variety of different activities compared to two years ago and close to half (45%) of U.S. adults would travel farther to a shopping center that offers a wider variety of tenants than one that is closer with less.
• Among non-retail tenants, 62% of consumers are driven to a shopping center by the leisure and entertainment venues. Nearly as many (56%) are enticed by the fast food/coffee shops, while 53% are drawn by the full-service, casual/fine dining restaurants and 51% by the limited-service, fast-casual dining establishments. To a lesser extent, but still influential are fitness & wellness facilities (47%), personal care services (46%) and professional services (42%). In addition to motivating shopping center
• The majority (78%) of adults say they would reside in a ‘live, work, shop, play’ community. The top reasons are convenience/efficiency (55%) and easier access to amenities as a result of aging (46%).

Portions of this article originally appeared on the Chain Stor Age 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.

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.

The modern workforce is changing, with all signs pointing toward a future of remote workers and a level of flexibility never before seen in traditional offices. In fact, 68% of workers surveyed by PwC say they expect their work futures to include flexible hours and working remotely on scheduled days.

This new workforce will transform not only the atmosphere in work environments, but the physical workspaces themselves. With fewer employees coming into the office, some workers popping in and out throughout the week, and employers who are beginning to offer more flexible environments within the office, the modern workplace will transform accordingly.

Here are five ways that the increasingly remote and mobile workforce will create entirely new standards for office design.

1. Designated desks are no longer the norm

The days of cubicles and assigned desk stations are finally coming to an end. As more office employees start working from home full-time or only come into work on certain days of the week, it no longer makes sense for employers to keep individual, assigned desks around for everyone.

Instead, the office infrastructure is transforming to include more collaborative workspaces and unassigned seating in order to better serve employees who float in and out of the office. In this way, employees can find the spot that best suits them on a given day, while employers can save money on space and resources. It’s also becoming more common to see multiple clusters of desks or tables for different teams in order to promote unity and collaboration amongst them.

2. Incorporating more breakout spaces and lounge areas

While some people tend to work more productively in a traditional desk-and-chair layout, others feel better when they’re working from a sofa or bean-bag chair. That’s why offices are creating a new mixture of furniture zones that offer both laid-back and traditional seating options. This could range from collaborative tables for those who want to work in a more relaxed manner and socialize with co-workers, to soundproofed spaces or office pods for those who prefer to work alone or in silence.

Workplaces are also starting to take advantage of wellness initiatives to attract and retain their employees, such as the WELL Building Standard Certification, a relatively new program promoting office design that improves employees’ mental and physical health. Many offices now include “green” areas that bring the feeling of nature indoors, and wellness rooms where members can meditate, practice yoga, or engage in any activity that lets them take a break from sitting at their desks. These initiatives, combined with more relaxed furnishings, are creating drastic changes to the aesthetic of the modern office.

3. Building smaller conference rooms

Traditional board rooms and conference rooms with tables big enough to host 20 people are another casualty of the remote workforce movement. Instead, smaller conference rooms that simply fit four to six people and a media center are quickly becoming the new norm for office meeting environments.

In this new mobile climate, many employees are starting to come into the physical office solely for face-to-face meetings with co-workers or to bring in vendors and clients for presentations. This means that employees are specifically coming into the office for access to these meeting rooms, and offices should be sizing those spaces accordingly.

4. Technology that cuts the bind between office and home

When offices have more employees working from home — or even from other countries — it’s critical to have the proper technology to connect people together easily.

To do this, offices are using VoIP phones, which make phone calls through the internet rather than regular landlines, to help employees around the world appear as though they’re calling from the office. Making sure that all employees are on the same page when it comes to their tasks and team projects means meeting people where they are, whether it’s at the office, the home, or in a café, potentially anywhere on the planet.

5. Smaller offices, smaller carbon footprint

There are huge bonuses, both financially and environmentally, to offices employing more remote workers. For employers, less people in the office equals less needed space—meaning they can save huge amounts of money by renting or building smaller office spaces, and by using less energy and water, lowering their utility bills.

For employees, the ability to work remotely means an erased commute, which in turn will reduce air pollution and help create a smaller carbon footprint. Of course, these changes won’t happen overnight. But as more companies begin to accept the idea of using a remote workforce, the corporate sector, just like its workers, will certainly see new benefits.

Portions of this article originally appeared on the Quartz at Work  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.

 

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.

Once upon a time, “office technology” focused on ensuring that a space had enough wiring to hook up phones, computers and other equipment. Tenants would design their spaces to their own technical specifications.

But, in this day and age, landlords and building owners are finding they have to provide telecommunications infrastructure — and even offer technology such as smart windows — to attract tenants. A recent article in the New York Times pointed out that, while location, access to transportation and floor-plate size remain the primary reasons tenants select spaces, beefing up tech provides a competitive advantage. Basically, landlords with state-of-the-art tech knowhow can command premium rents. But, those that don’t provide tech infrastructure as part of their packages might have to offer a discount.

According to CRETech, venture capital investors are taking note. In 2018, venture capitalists invested $9.6 billion in real estate technologies. So far, in Q1 2019, investments totaled $4.9 billion, a 250% year-over-year increase.

Such tech projects include the following:

DivcoWest’s Cambridge Crossing in Massachusetts offers 2.1 million square feet of office space. Underground, and hidden within the buildings, will be an estimated 10 miles of fiber-optic cable, meaning uninterrupted Wi-Fi everywhere on the premises.

The Durst Organization installed “smart windows” in an office pavilion topping a Midtown Manhattan building. The windows automatically tint when the sun is shining, eliminating the need for shades. The windows were supplied by View, a California company that manufactures “dynamic glass.”

MarketAxess’ headquarters, in Manhattan’s Hudson Yards, contains jumbo screens in every meeting space. Meanwhile, in the boardroom, equipment powering electrical outlets, data ports and jumbo wall screens is contained in a nearby walk-in closet. The office’s main data center is in New Jersey. Daylight sensors on windows dim office lights if the sun is bright, with window shades automatically going up and down, depending on the time of day.

Other technology using mobile apps or computer software (often provided by landlords) allows employees to research different gathering places before deciding where to set up meetings. The employees can check data on occupancy, temperature and daylight, then decide whether to head to a quieter spot to work without distraction, or a sunny side of the office, where others are already meeting. The data is also monitored by building operators to determine climate control, or the need for janitorial services in a particular area.

The downside, however, is a potential for security risks within digital offices, not to mention the specter of in-depth surveillance. Noted Arie Barendrecht with New York consultant WiredScore: “There are so many great benefits of a digitally-enabled building. There’s also a downside.”

Portions of this article originally appeared on the Connect 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.

 

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.