We were on the scene at NAIOP CRE Converge today, and the common theme was the inevitability of technology and its increasing influence on the commercial real estate industry and beyond. In addition to a podcast recap from our hosts of Real Time, JLL Chicago’s Industrial podcast, we’ve pulled together top future-state tech trends.
Listen to this podcast with the player above or click here.
How will autonomous vehicles impact parking requirements and more fundamentally, how we view space? With blockchain technology and macro integration of data, we will be able to view individual properties and sections of cities and towns. Consider the city a body and all the external factors (autonomous vehicles, social norms, etc.) organs. In order to understand how the body functions, you need to have a grasp on each organ and how they interrelate, and technology will help us do that. Eventually that will lead to smarter decision-making when constructing, leasing, managing and selling.
Smart cities will be a norm in future city planning and some cities have taken steps already. A smart city is an urban development vision to integrate information and communication technology and the Internet of Things in a secure fashion to manage a city’s assets. These assets include local departments’ information systems, schools, libraries, transportation systems, hospitals, power plants, water supply networks, waste management, law enforcement and other community services.
Big data will continue to be valuable. It will be critical, however, once we are able to integrate data with an understanding of human behavior and create true predictive indexes. From a commercial real estate perspective, this means understanding how people get to work, how they interact at work, how they consume products and more.
One of the main concerns people have regarding the impact technology will have in the future is jobs and utilization of people. Dr. Michio Kaku, noted futurist, stated that intellectual capital will be the currency of the future and this will be how companies avoid becoming casualties. One example: Goldman Sachs has more software engineers than Facebook and Twitter at 9,000 employees.
Special thanks to JLL’s Sebastian Reszka for his reporting on conference events.