With 2022 off to a great start in terms of economic activity, we thought it best to provide information to our readers regarding how the Real Estate industry is doing considering the economic effects of Covid-19. To help them get a better understanding of what Covid-19 meant for the industry and how Commercial and Private Real Estate Markets have rebounded from the economy’s contraction, we’ve compiled a list of the 5 most innovative trends that have been introduced from 2020 to 2022. We believe that these trends have not only affected how people buy and sell real estate, but that they have also helped improve the efficiency and sustainability of such a rapidly growing industry.
AI is one of the most recent innovations presented as a solution to automating mundane tasks in virtually every industry possible. Many big data companies are investing in artificial intelligence to help them get ahead in strategizing for the future. However, experts believe that AI will expand into several other complex portions of key industries.
This expansion will eventually support the automation of routine tasks, increasing the overall efficiency of professionals in the Real Estate Industry. The acceleration caused by AI can result in significant savings for businesses, cut downs in CO2 emissions and higher profit margins.
In recent years the construction tech industry has received a high amount of attention because of the innovative solutions that many key players of the industry have put forward. While large companies like Autodesk are introducing new software that can help the design and architecture portion of construction, many cloud based companies like Oracle are making significant developments in their portfolio management methods.
However, several small startups are driving innovation in how real estate can be made more collaborative and how they can introduce construction models that are modular and can help scale constructions for growing companies and communities.
The real estate industry has taken a page from the hospitality industry’s notebook by introducing more customer-focused tools that help design work and living spaces that focus on lifestyle through the use of innovations like big data. Another noticeable change in design language is that workspaces are now being designed with creativity at their core. This is leading to several changes in how colorful or open the space is as opposed to generic office floors with lines of cubicles.
Sustainable Solutions for Real Estate
The construction industry has been evolving and through the use of technology, they are trying to create sustainable methods of real estate development for a predicted expansion of the Real Estate Industry in the United States and in other countries.
Technology has already disrupted the economics of Real Estate, but that disruption will increase at an exponential rate by 2022. Many new developments will be designed with “sustainability” in mind, leading to a healthier lifestyle for upcoming residents who are a part of Generation ‘Z’. Another way that sustainability will be introduced to real estate is by considering energy consumption and waste processing as crucial factors in how a building is developed.