BOMA International’s 2018 Commercial Real Estate (CRE) Technology Trends Report, conducted in partnership with Building Engines, surveyed 600 CRE professionals seeking answers to four of this year’s most relevant industry questions:
- How effectively are CRE professionals using property operations technology?
- How are highly-effective organizations using technology differently than others?
- What feature gaps exist in current CRE technology solutions?
- What do industry professionals expect for the future of CRE technology solutions?
“CRE professionals are under increasing pressure to meet tenant expectations, reduce operating costs and adopt a host of constantly changing technologies,” said 2017-2018 BOMA International Chair Rob Brierley, BOMA Fellow, managing director of Real Estate Management Services and executive vice president of Colliers Boston. This year’s Technology Trends Report was designed to assess how CRE professionals are performing under this pressure.
Survey respondents included everyone from owners and asset managers to property and facility managers to maintenance workers and engineers. The sampling represents a comprehensive set of property types including major-market Class A office, medical office, industrial, retail, and mixed-use properties.
The results clearly distinguish a set of characteristics unique to those CRE professionals who most effectively utilize technology. This group of respondents — classified by the report as Achievers — consider themselves ahead of the technological curve and dedicated to the early adoption of leading edge technology solutions.
While 23% of respondents felt they qualified as an Achiever, a mere 4% of asset managers did so — clearly highlighting the CRE industry’s collective reluctance to embrace advancing technology. A low percentage of technological efficient asset managers is a problem to be faced, considering that the report also found that solutions mandated by corporate offices or building owners are 20% more likely to be “highly effective” than solutions selected at the property level.
Most respondents identified as Maintainers (59% of respondents) — those “just keeping up” with industry-standard technologies, adopting low-risk tech solutions which have been proven reliable. The smallest percentage (18%) of professionals identified themselves as Trailers — someone who is falling behind technologically, slow to justify spending money and energy on technology, lagging behind industry standards, and producing poor overall results.
Staying ahead of the competition and keeping tenants happy is vitally important to high performance in this industry, and Achievers are the ones doing just that. In a blog post outlining key takeaways for leaders from BOMA 2018, Charles Flanagan, Director of Inbound and Lead Generation at Building Engines, says that “The dynamic of workplace design continues to change the needs and desires of tenants. Amenities that building owners once thought would drive interest and revenue at their buildings are now quickly becoming a competitive necessity, rather than an advantage.”
If you’re a CRE professional, then you should be asking yourself this question in every technology-related situation: What Would Achievers Do?
Based on the findings in the BOMA/Building Engines report, we have six answers for you: