Technology runs our daily lives and, in its best formulations, has made life more convenient (and more interesting). We can now deposit a check from our sofa, find precise directions to out-of-the way restaurants, order anything-under-the-sun to be delivered with record speed to our doorsteps. Plus, the information! Have you ever found yourself researching 18th century Norwegian furniture at 3 AM? Asking for a friend.
There’s no doubt that commercial real estate has been and continues to be impacted by ongoing tech developments. Some of these advances overtly influence commercial real estate -- like the continued success of online sales, but it is important to stay on top of the technologies that may indirectly influence your business and market as well.
Here are some cool technology trends that are poised to take off in 2018
The Hyperloop is a high-speed transportation system that promises to revolutionize travel. The Hyperloop website claims that their technology “is a new way to move people and things at airline speeds for the price of a bus ticket.” This involves a transportation pod that moves through a tube, traveling at 800 miles per hour. Set to launch to the public in 2018, Hyperloop will certainly be something to keep an eye on.
For CRE, transportation advances like Hyperloop could mean an expansion of your market or greater accessibility to neighboring markets. It may also encourage development around Hyperloop stations.
2. Electric Vehicles
A report from the Consumer Federation of America is predicting that electric vehicle sales this year will double. Plus, they are anticipating that this increased pace of growth will continue in 2018. With a growing electric fleet, consumers are looking for more options to charge their vehicles. Look towards offering charging stations at CRE properties as a way to set your property apart
3. Smart Cities
The Internet of things and the overall connectedness of individuals and objects is growing at an incredibly fast rate. San Diego is leading the way in becoming one of the smartest cities in the world --setting a high bar for other cities to emulate. San Diego’s plan includes installing more than 3,000 smart sensors on light poles, forming an IoT network that will support applications such as gunshot detection, smart parking, air quality examination, and monitoring of vehicles and pedestrians.
This type of interconnectivity opens a wide playing field for all kinds of development and data collection. It can be expected that secondary applications for this technology will offer exciting possibilities to the right developers and early adopters.
P.S. We wrote more about current trends impacting CRE here.