While the residential aspect of real estate is soaring when it comes to adapting to the digital age, commercial real estate property especially Office Space Leasing has been somewhat sluggish in embracing it.
However, if market trends are anything to go by, the digitization of commercial projects is now on an upswing.
Digital solutions are on the rise, amongst a pressing need for better client engagement.
Moving towards better and 360-degree digital solutions was in the making for a few years now.
However, the onset of the pandemic accelerated the process.
- Earlier there were gradual moves toward embracing technology in the commercial real estate space.
- The pandemic exposed the gaps in the technology shift, which was still manual processes driven. And this accelerated technology adoption.
- The younger target audience is creating a greater demand for technology-driven solutions in commercial real estate.
Riding on the increasing demand for digitization of listing and office space leasing process, more and more digital solution providers are coming up with intelligence tools in commercial real estate.
Again, tying back to the economic slowdown caused by the pandemic, absorption of these digital solutions has been slow.
Moreover, almost all such solutions in the market focus on a top-down approach.
This is perhaps another reason for embracing such solutions as brokers of commercial real estate on the ground level, who make up the bulk of initial traction, do not see much benefit in digitization.
This aside, the list of solutions that are on offer are numerous in office space leasing, such as:
- Business intelligence gathering, centralizing, and reading data across multiple locations.
- Processing raw data, streamlining current processes.
- End-to-end asset management.
While digitization in office space leasing is growing, it is still moving at a much slower pace than residential real estate.
A big factor for this is that currently digital solutions are focused more on smaller transactions or specific classes of assets.
What the need of the hour is to have platforms where tenants can search and shortlist listings, and where landlords can integrate lease solutions in commercial real estate for a better user experience.
Such changes could lead to better conversions through a shorter lead time.
Throw in seamless processes of back-office space processes and the potential is limitless.
What a potential client really wants is:
- Seamless experience with the potential property.
- Virtual viewing of the property before considering a physical inspection.
- Integrated processing of back-office processes.
Read this for more information: Leasing Commercial Property in India.
However, the commercial real estate sector will get there.
The need to merge digital solutions with robust CRM tools will ensure that property owners can accurately identify and service potential customers, turning them into hard sales.