Commercial real estate in California and the rest of the country has been resistant to incorporating change in how it does business. However, proptech, or real estate technology, is beginning to transform the industry.
In 2017, venture capitalists devoted $12.6 billion to proptech, an investment amount that was three times what was invested in 2015. There is also a number of proptech firms that are developing applications that are changing the way building management is handled. All of the stakeholders in the real estate industry, including tenants, landlords and management, will be impacted in the next few years by how proptech will become a necessity.
Measurement is an important factor in what is managed. Real estate satisfaction and utilization have not been a focus of measurement in the past, and this has resulted in the poor and inefficient management of those two aspects of the real estate industry. Connectivity is a contributing factor in what gets measured, and measurement results in management.
The more proptech continues to evolve, the more the focus of using the technology will move to how to improve the office experience, which is something that will affect tenants’ comfort and how tenants and landlords communicate with one another. However, in order for this to occur, it will be necessary for the industry to be open to using location-aware capabilities for commercial real estate uses.
An attorney who practices business and commercial law may assist clients with selling, leasing or purchasing commercial real estate. A lawyer may protect the rights and interests of clients while overseeing certain transactions, such as the negotiation of contract terms, the signing of purchasing or leasing agreements, real estate closings and secured transactions. An attorney may engage in litigation to resolve disputes regarding zoning issues or seek legal remedy when contract terms have been violated.