Data Access Has Become Essential to CRE Technology

Commercial real estate technology is finally having its heyday. When the pandemic struck suddenly last year, technology became essential to CRE business operations. Companies with established technology platforms were able to quickly adapt to remote work requirements, while companies that had ignored technology had no choice but to evolve.

Virtual tours and video conferencing tools were certainly heavily utilized, but Oli Farago, founder and CEO of Coyote Software, named data access as one of the fundamental requirements for business operations. “The pandemic shone a light on the issues around data access for many CRE firms and the opportunities for automation in our sector,” he says. “When the industry was challenged to switch to remote operations in a matter of a few days, many CRE leaders realized that they would not be able to access the information they use to carry out their jobs every day.”

Founder and CEO of RefineRE Ryan Turner also named data access, along with an understanding of real-time analytics, as a key technology for CRE firms. “In strategizing for the return-to-work, it’s crucial for end-users to know how their space is being used and how they can track employee density and mobility,” explains Turner. “The demand for office, warehouse, and retail space changed in the blink of an eye and we need ways to gain insight into that demand before we can even begin to think about supply.”

When companies shifted to remote work during the pandemic, data access became a challenge and in some cases even inhibited productivity. Farago says that the lack of a secure network is the primary reason data was inaccessible from home offices, but workers also had trouble connecting to integrated data programs that cross-reference multiple sources.

Both real estate companies and technology companies needed to quickly pivot to provide access remotely. “There was—and in many ways still is—a learning curve for everyone, even technology companies like us,” says Farago. The pandemic underscored the importance of data in CRE operations. “Today, we have a much better understanding of how data can make or break commercial real estate businesses, and those who truly realize this considerable risk are starting to leverage advanced technologies—like automation and data analytics—so they can evolve,” he adds.

Turner’s company RefineRE also pivoted this year to respond to the new technology demand. “We’ve added workplace analytics to our roster this year, and it’s one of the best investments we’ve made thus far,” says Turner, calling the solution a timely way to help corporate tenants that have seen new challenges as a result of the pandemic.