Lichens: In addition to knowing about the tools themselves, readers should also delve deeper into the firms creating the tools. When evaluating tech firms, regardless of the specific function, there are important questions to be asked, including, does the company respond to one issue or provide integrated, enterprise-wide solutions? Can they support their tools and systems—and do they? Are they poised for growth, change and the long haul? Are they invested in and committed to the industry? While new gadgets can be great, you want to do some homework into the firm behind it to make sure that you'll be supported for the long term.

Castillo: Like most of today's technology, updates and improvements are a regular part of our R&D efforts. It's important to work with an architecture firm that is at the forefront of the technology that is changing our industry. MVE continues to research, explore, learn and grow as technology evolves. It's an ever-changing, exciting time in commercial real estate right now.

Riggs: These tools will continue to drive disintermediation, especially in the increasingly collaborative economy. There is a very real possibility that the current brokerage model will undergo a sea change over the next five to 10 years, since the role of the broker will shift to that of an advisor or consultant. I also think an increasing number of owners will continue to embrace online services for engaging tenants, allowing them to sidestep brokerage fees—especially as tech advancements lower the barriers between tenants and real estate owners. Look at Houwzer in the residential market as an analog. They harness technology to the point that they can use salaried agents to essentially list houses for free while still churning out a profit. They've unlocked an ability to tap in to social currency to pick up buyer-side business, allowing them to save their clients significant money. Similarly, on the commercial side, developments in cloud computing, mobile apps social media and real-time access to Big Data will continue to increase transparency and lead to more cost-effective leasing transactions. Brokers must continually embrace technology and evolve in order to continue providing meaningful value to the clients they serve.

Randel: The stages that have most evolved, in my opinion, are during leasing and asset management. Companies like VTS, Hightower and Liquid Space have made leasing and asset management more efficient. Other firms like Floored have done a great job in space management and planning. However, a supply and demand disconnect still exists in the transactional stages of the deal. On the front of the cycle when a buyer is reviewing a deal for acquisition information remains opaque, analytics are often inaccurate, and buyers have a hard time accessing all of the for-sale inventory. On the tail end of the deal when a seller and their broker are selling an asset, they are often unable to access the entire buyer-pool, limiting asset liquidity and sometimes sale price. Regarding apps, they are convenient and important and we've seen significant increase in our mobile usage, but the industry is still very “desktop” since multi-million-dollar decisions are generally made from an office, not a car.

As new firms emerge, I hope to see some consolidation and integration. The tools are fragmented, and users are required to go to several sites throughout their day. This feels similar to the emergence of tech in the travel industry when there were several sites a user would have to navigate to plan one trip. While that may have been manageable one or two times per year for travel, real estate professionals are managing deals on a daily basis.

We have only seen the tip of the iceberg. Commercial real estate is a multi-trillion-dollar industry, and asset class and the demand for innovation from industry professionals have reached new highs and continue to grow. Unlike other industries where the demand was latent until woken up (I didn't know I wanted Uber or Airbnb until it emerged), we hear about pain points daily and a desire to eliminate them. This is often from long-time industry incumbents, but also younger professionals who will inherit the industry and are more open-minded to information sharing, open marketplaces and virtual relationship building.

The industry has only begun to imagine some of the other opportunities that exist, which will likely be led by tech innovation. What alternative space uses exist for building structures? What ancillary services can you provide or data can you aggregate when you have a unique relationship with and house 1,000 tenants for eight or more hours a day? I believe questions like these will begin to be pondered and explored, and tech innovation will lead to more revenue opportunities or expense savings in the near future.

Brazil: The word “disruption” or “disruptive” frequently follows the conversation of tech in commercial real estate, but this narrative of disruption has yet to truly manifest in our industry. The most successful technologies today in commercial real estate are not disrupting the role of the broker, landlord, owner, property manager or appraiser as much as they are enabling the CRE professional. The automation of workflows, the centralization of data, the ability to find the stories in our data, visualized information as strategy, the growing connectivity of CRE professional turning strategy into opportunity—these are capabilities that enable the CRE professional to manage their business more efficiently and do more of what they do best. 3D printing in construction, crowdfunding and Blockchain platform will be the disrupters if conditions align and culture accepts.

Swatsenbarg: Transparency and efficiency are no longer talking points; they are client expectations being cemented by technology. “Digital disruption” has already happened to so many industries (Uber, Airbnb, Skype, Alibaba, Facebook, Netflix and Google), and technology has changed the way people connect, travel, shop and are entertained. Therefore, if you are not working with a market/digital disruptor in CRE like Ten-X, you probably won't be growing your market share.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.