CRE News & Reading: Week of 7/20 – 7/24
Good afternoon, all. Here’s a roundup of some good CRE reading from this week. A lot of emphasis on the future of CRE, CRETech, and office cultures.
Driverless cars will change CRE
Although there has been a lot of talk recently about CRETech, there are other, more general, technologies vying to make a profound impact on commercial real estate. One such example is driverless cars. It is believed that the driverless car will create new investment and development risks and opportunities.
A millennial’s perspective on commercial real estate
Are the “self-motivated, over-achieving mindsets” of millennials changing the commercial real estate industry from within? Just maybe. Some believe that the tech changes within CRE have been minimal so far, and they will only accelerate with time. Expect even greater efficiency, time-saving, and information accessibility as millennials drive the adoption of new technologies.
A tech revolution in CRE
SIOR released their quarterly professional report with a focus on the ongoing tech revolution in commercial real estate. Feature articles include: “The Great Potential for CRE Technology,” “A Tech Revolution in Commercial Real Estate,” and “Cyber Risk in the Technology Golden Age.”
The “huge impact” of urban food halls
Food halls have caught on like wildfire in New York City. These halls — not to be mistaken with traditional food courts — “offer something creative and unique” and are usually housed in enormous spaces. The success of Chelsea Market and Eataly have caused many office landlords to consider the unique retail amenity.
Office culture matters more than toys
Bean bag chairs. Nap rooms. Slides. Technology companies are notorious for their fun office interiors. However, some feel that these perks are becoming empty measures to provide a cool office experience, rather than truly exemplify the company’s culture.
Commercial real estate’s data problem
It is no secret that the commercial real estate industry is a data-centric industry. But, how confident are we in that data? Timothy King, the co-founder and managing partner of CPEX Real Estate, believes "statistics in the commercial real estate industry are subject to so many factors and unknown variables that these numbers become nearly meaningless.” The main problem, he believes, is that there is no singular data source.