Technology has impacted every major industry in the world, including the commercial real estate market – but how? Do the changes affect everyone in the CRE sector or just some people? Also, what can investors expect in the future? The following information explores the answers to these questions, and it provides details on where you can find quality assistance to meet your commercial real estate and investment needs.
How Shifts in Purchasing Behavior Are Affecting CRE
If you have noticed that you are buying more things online and fewer things at the store, you are not alone. In fact, most Americans can say the same thing. What does all this have to do with CRE? Investors who once built shopping malls and shopping centers are struggling, but many who have purchased warehouse space are seeing a boom.
The Need for Improved Data Collection and Communication
Investors in the residential real estate market have easy-to-use applications that they can use while at home or on the go. Sadly, investors in CRE do not have the same luxury. As an industry that has relied heavily on phone calls, emails, spreadsheets, and clunky software, CRE is sitting stagnant when it comes to tech. However, most investors would welcome applications that make the day-to-day tasks of running their business easier. At the very least, investors could collect and use data that pertains directly to their market or portfolio with less confusion (preferably in real-time).
CRE is Now a “Competitive Market”
Although CRE lags severely in its tech-friendly applications and software programs, it has grown into quite the competitive market. In fact, investors are now finding that they must act quickly when they spot a property they want. That makes having an attorney on-the-ready almost crucial to the future success of their business – especially since negotiations now tend to tilt more toward the seller’s favor in today’s competitive market. Investors are also encouraged to watch trends and think outside the box, as doing so could help spark a money-making idea or location that no one else has thought of yet.
Contact Our Naperville Commercial Real Estate Lawyers
At Lindell & Tessitore, P.C., we have the skills and experience you need for your next real estate transaction. Whether it is receiving assistance with due diligence, having us review a CRE contract, or assisting you with zoning ordinances, our Naperville commercial real estate lawyers protect the financial future and interests of your investment business. Start now by scheduling a personalized consultation. Call 630-778-3818 today.