Technology has dramatically transformed nearly every trade.
Jacob Frydman believes commercial real estate companies have transformed real estate development in big cities, and wants to share his analysis of the future property development trends because of th shift. For more than 30 years, Frydman has been executing and participating in highly complex real estate transactions, valued at over $2 billion, while observing emerging trends in the market.—
Technology has dramatically transformed nearly every trade, and it was only a matter of time before it started reshaping the commercial real estate (CRE) industry. Jacob Frydman, who is a recognized thought-leader in this field, is optimistic about the state of the market in 2016. CRE tech companies are already replacing archaic tools of the real estate trade, resulting in many executives tossing aside their excel sheets and 20-year-old tech platforms for modern, more efficient software. In addition to changing the way people invest and fundraise, this new technology is revitalizing the industry, turning real estate players into enthusiastic investors.
More importantly, this change is welcomed. In fact, CRE technology firms received more than $90 million capital investment in just the first half of 2015, according to a 2015 mid-year report. These companies will undoubtedly have an impact on four areas: leasing data and workflow platforms, “open source” data exchanges, advanced analytics platforms, and online marketplace solutions. Unsurprisingly, the influx of tech companies in the CRE market has already reshaped the industry in many ways. A shift from outdated systems changes the way real estate executives navigate, making them more efficient and, in return, boosting competition. As a result, there’s been a greater emphasis on better tools and visibility as well as an increased mobility in the industry overall, as noted by a recent Forbes article. The last two or three years have brought in a wave of CRE mobile apps that enable executives to make effective, quick and timely decisions. If mobile technology keeps advancing at this rate, CRE professionals may be able to run their entire leasing business from anywhere in the world at any time.
The majority of experts, including Jacob Frydman, believe that the influx of technology will impact the industry in a positive way. Among the findings of a recent Forbes Insight report, which surveyed more than 200 real estate executives, the majority of respondents said they see solid prospects for the sector, with 52 percent saying they believe that their segment of the market is either strong or very strong, and 71 percent noting that adequate capital is available for investment.
Jacob Frydman is a New York-based property expert and consultant who has worked in the CRE industry for over a quarter of a century. During this time, he has executed several complex real estate transactions including Two Dag Hammarskjold Plaza and the Aetna Building in lower Manhattan’s financial district. He frequently appears on television programs such as Fox News, Bloomberg TV, CNBC and others to discuss trends in commercial real estate market. An avid philanthropist, Frydman devotes much of his time and capital to various organizations including Chabad of Dutchess County and the Brem Foundation.
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