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Monday, May 21, 2007

Technology Adoption in Commercial Real Estate

A very interesting article was recently posted on the "RealComm Advisory" site regarding the reluctance of commercial real estate companies in adopting technology solutions.

Basically, the take is that unless the IT department drives the project, many firms have been very slow to adopt technology solutions due to culture, familiarity with proven (low tech) tools, reluctance to change or failure to get the many involved parties in the real estate cycle on the same page.

I can’t find fault with their take so far. True, many successful real estate professionals are traditionalists and can still meet their lease or acquisition quota by networking, making calls and speaking at events, all coordinated by the telephone, Big Chief and crayons.

The interesting point of this article (although like my blog post, it takes awhile to get there) is that there is an impending event that will force the corporate real estate industry (perhaps even other laggard industry segments in corporate America) to embrace technology solutions ....

The energy crisis

As the article puts it, wasted space, unaccounted for assets and other inefficiencies will be more and more painful to the bottom line in the face of globalization and pressure on more efficient uses of natural resources.

"Lean, mean, and well-managed real estate will be required to survive - and trying to achieve these new objectives without the strategic use of technology and automation is almost impossible."


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