Proptech to impact commercial real estate

On Behalf of | Oct 18, 2018 | Commercial Real Estate

Technology is impacting how professionals in a variety of industries in New York operate nowadays, including those who own and lease nonresidential property. In the commercial real estate world, the specific type of technology that is starting to gain ground is called proptech. Here is a glimpse at what proptech is and its potentially far-reaching impacts in the future.

Proptech refers to technologies such as apps that have been designed to enhance the experiences of building occupants and building managers. Proptech is expected to become a crucial part of all real estate stakeholders’ lives down the road. These parties include, for example, tenants, property managers and landlords.

As an example, more and more commercial spaces are being used as co-working spaces. For businesses that offer space for co-working purposes, modern technology can help them to complete transactions more efficiently. In addition, property owners can use a leasing app to determine how many people are in their buildings at certain times. As proptech apps improve in the coming years, they will likely focus even more on enhancing people’s office experiences, tenant-landlord communication and tenants’ comfort.

Technology has made commercial real estate an even more promising area for investors across the United States, including in the Big Apple. However, for those who have never completed a commercial real estate transaction, the process can understandably seem intimidating and even overwhelming. An attorney can help sellers or buyers to achieve their unique goals during even the most complex real estate transactions in New York.