A report compiled by Altus Group, a Canadian information technology (IT) firm, recently found the trillions of dollars invested in the global commercial real estate market are being processed with grossly outdated technology at risk for human error and inaccuracy. Though real estate trends have shown an increase in new commercial real estate capital, it has apparently NOT been funneled into upgrades.
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Dollars have been invested instead in other tech, such as smart building technology, automation systems, and improved energy efficiency. All the while the roughly $11 trillion in commercial real estate investments worldwide are handled manually via spreadsheets.
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This inherently manual system introduces not only the element of human error, but lack of visibility through data silos – stifled, lost, or overlooked information resulting from a poor data management system that makes real-time data comparison for professionals nigh impossible.
Compared to the healthcare and finance industries, commercial real estate investment in IT is falling woefully behind the times. How far? The industry is struggling to efficiently absorb it’s huge interest – upwards of $500 billion this year alone in new capital.
WARNING: Your IT Has Not Been Updated in 3,650 Days
Though the appetite for IT investment exists, committing to it over asset acquisitions and networking will be the challenge. In Canada, home of the study, a push is being made to synchronize data across a single platform countrywide so brokers can share information, thus combatting inefficiencies in the system which are currently preventing access to tangible, essential information central to commercial real estate services. Its completion date, however, is unknown.
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