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About the Event
Realcomm | IBcon 2024
Beyond the Hype: Business-Driven Technology Strategies for a Shifting CRE Market
Business cycles have been around since commerce began, with market ebbs and flows based on many different variables. For real estate, the most recent tech hype cycle likely started around 2010, fueled by enthusiasm for PropTech and easy access to capital. This cycle even survived a pandemic and only showed signs of weakening and correction when interest rate increases put pressure on the economic models of many companies.
We have now entered the recovery stage, where proven concepts based on business goals and objectives with sound technology frameworks, strong management teams and engaged clients, will flourish. While many companies will struggle to find a footing, those with strong fundamentals will succeed. If history repeats itself, we will see more innovation in this stage than in the past 15 years. The reason is simple: companies will not innovate because they want to, but rather out of necessity.
Ironically, this business cycle aligns with a general technology cycle in which extraordinary new technologies such as artificial intelligence, advanced telecommunications, new computing models, and immersive solutions are poised to reshape the traditional business processes we have grown accustomed to. These new solutions, especially with respect to artificial intelligence, will prove to be revolutionary in the way they reshape everyday life, the way we conduct business, and the way we design, build, lease, operate, transact, and use buildings.
Technology strategies closely aligned with prioritized business plans will prove to be the most successful. With many commercial and corporate real estate markets shifting and experiencing extraordinary challenges, technology will play a supersized role in both the back-end management of buildings as well as the front-end occupant experience. New ways of working, shopping, learning, being entertained and managing health will force a closer alignment of bricks and mortar and technology than ever before.
These challenging times may seem overwhelming, but just like in the past, we will get through them—and a new paradigm for the built environment lies just on the other side. Better managed, safer, more energy efficient, environmentally sound, interactive, intuitive, immersive, flexible and engaging buildings will emerge as the new benchmark. We are going back to the fundamentals, which throughout history has always proven to be the foundation of a successful, integrated business and technology strategy.
While there are many PropTech conversations going on around the world, Realcomm and IBcon continue to be the most current, comprehensive and thoughtful discussions, debates and demonstrations on the topic ANYWHERE!
