DIGITALIZATION of commercial spaces

Digitalization, then a next 5-year milestone, is soon becoming a vital goal enabling the path to a company's success.

17 Jun 2020

By Ram Chandnani

Digitalization of commercial spaces

“If you always do what you always did, you will always get what you always got.” – Albert Einstein

Safe to say that 2020 has made its mark in the history books of generations to come. While the world steers through a pandemic with some countries declaring themselves COVID free, there are other factors at play that are revolutionizing the way we work - Technology. Digitalization, then a next 5-year milestone, is soon becoming a vital goal enabling the path to a company's success.

With ‘Tech’ and ‘Digitalization’ leading the economies and businesses out of this unprecedented time, it is soon making itself viewed as an ‘essential’ commodity. When we get to the other side of the pandemic, companies with a technology-first the approach will lead the baton of change. The adoption of technology is changing economies and markets in many ways than one. It is reinventing the way business is conducted across the globe, thereby streamlining many complex processes. In this age of growing Digitalization, C-suite priorities no longer keep IT and business solutions in isolation from each other; instead, the focus is on leveraging the synergy between the two.

With so much technology at the helm, the real estate industry is also continually making progress in its shift towards digitization and adopting more and more of these technology-enabled models. In line with this thought, many stakeholders believe that digitization will increasingly shape the real estate business, real estate marketing, and even complex real estate transactions.

Digitalization for any business also has a chain effect, which first uses digital technologies to optimize internal value chains by easing the process of managing client deliverables and targets. It also then moves to extend the value chain to the clients of your clients – where traditional boundaries are crossed, creating integration and extension of work.

Realty requirements across the country are rapidly changing, and it's the businesses onus to bring customers, developers, and operators closer to each other by breaking down barriers of time and geographical location. This is where digitization of the property Leasing and buying experience eases the process as it enables individuals to access a vast array of properties and identify suitable properties at the click of a button. On the other hand, it also helps the real estate advisors’ in quickly connecting with prospective Occupiers and buyers and puts off much footwork for them. The digitization of properties also generates many consumer data, which enables the real estate advisors to understand the market sentiments better and make changes to their approach. The data driven decision making also makes the entire marketing process stronger as it gives us a clear picture on what is working and what isn’t.

Moreover, the current scenario of social distancing and the lockdown of physical spaces due to COVID 19 have led to more importance for digitization. As a majority of the people pre-research their buying interests online before making a decision and real estate is no different. In this digital era users' expectations have also raised, and players that provide a differentiated post-crisis experience stay ahead of the curve.

Keeping the current user experiences in mind and taking the next step in digitalizing the entire 'Client experience', CBRE launched Listings Platform. The digital platform is a one-stop solution that will display available commercial spaces including Office, Flexible workspace, and Retail across India.