The Commercial Real Estate or CRE industry is undergoing a rapid transformation led by technology and the demand for innovative work methods. The year 2024 holds great significance for the industry as tech-driven transformation in how businesses utilize physical spaces unfurls. In this blog post, we will examine how innovation and technology will have a transformative influence on the CRE industry by increasing tech-enabled office spaces as one of its key driving forces.
Key Drivers of Change Expected in the CRE Landscape in 2024
India’s CRE industry is rapidly expanding in tier-2 and tier-3 cities. In 2024, deploying high-tech solutions like facial recognition access and food ordering will go mainstream. Neetish Sarda led Smartworks is a pioneer in India’s flexible workspace market, already leading this change. Let’s check out the potential ways that will forever transform how Indian businesses operate.
1. Smart Buildings and IoT Integration
Smart buildings will set the precedent for innovation in commercial real estate. The global smart buildings market is anticipated to rise at a considerable rate of USD 167.3 Billion during the forecast period between 2023 and 2031. IoT will be key in moving conventional office spaces into intelligent workspaces. IoT sensors will be installed in different parts of buildings, ranging from lighting systems and heating to security measures and occupancy sensors. Systematic monitoring and optimization of building performance, resulting in improved energy efficiency and cost savings for businesses, will be possible through this interconnected network.
2. AI-Driven Space Utilization
The concept of Artificial Intelligence (AI) will change the way companies use office spaces. This will enable businesses to design their office spaces more effectively, designing environments that promote productivity and collaboration. AI-powered space utilization will also allow for predictive analytics, enabling enterprises to identify future needs and adjust their spaces.
3. Virtual and Augmented Reality for Property Visualization
Virtual and augmented reality VR/AR technologies will reshape the old way of visiting commercial properties for rent or lease. Potential renters or investors can engage in virtual tours of properties, watching it as if the space was being shown live. This cuts down on time and resources and broadens the outreach of property listing to a worldwide audience. 86% of people looking to buy a new build would use VR/AR to visualize their future home layout before it’s constructed. VR/AR will be a standard marketing and leasing tool for commercial properties.
4. Flexible and Tech-Enabled Workspaces
The concept of tech-enabled office space is not limited to introducing or embedding technology; it means creating mobile and adaptive office spaces. 2024 Businesses will focus on flexible areas that adapt easily to changing requirements. These spaces will integrate technology effortlessly for smart furniture, interactive displays, and collaborative tools that make the work experience better. It will cater to the workforce’s changing needs by providing a dynamic and innovative environment.
5. Enhanced Security through Biometrics and Blockchain
More organizations mandate office attendance. Potential productivity gains are one of the main reasons for asking people to work in the office. Due to the increasing emphasis on data security, the CRE industry will keep incorporating technological advancements to protect their physical and digital assets. Biometric authentication, like fingerprint or facial recognition, will become common for access control, making office spaces more secure. Moreover, blockchain technology will ensure property transactions, lease agreements, and other important documents are secured, thus reducing the number of fraud cases and improving transparency in the industry.
About Neetish Sarda – Founder of Smartworks
Neetish Sarda, the brain behind Smartworks, India’s largest managed workspace platform, is a visionary leader transforming the commercial real estate business landscape. Neetish Sarda has set Smartworks among the industry’s leaders by focusing on technology and innovation. The idea of his devotion to making commercial office spaces contemporary and technologically oriented resonates with what is discussed in this blog. The leadership of Neetish Sarda has not only positioned Smartworks as an industry leader but also significantly contributed to defining how workspaces are changing across India.
Commercial real estate is on the verge of a technological transformation that is changing how companies engage with their physical spaces. Tech-enabled office spaces will lead this transition by providing generative, adjustable, and ecologically responsible surroundings for tomorrow’s workforce. As such, the integration of technology becomes universal in the CRE market. Businesses that embrace these technological breakthroughs will not only maintain stiff competition with other similarly positioned companies but also create more functional, reformed, productive, and pleasurable spaces for their employed individuals and clients. A new age in the world of commercial property is here, fueled by innovation and technology.