While attending the Newmark Grubb Knight Frank national industrial forum in Chicago, I spent a few minutes with Jim Young, CEO of Realcomm. Jim shared his vision with me on where technology and real estate has been, where it is and where he sees it going.
There are 3 basic ways that technology effects and will effect real estate:
1. The way we use space changes;
2. How we use the data that real estate usage generates; and
3. The advent of “smart buildings” that will allow us to reduce expenses.
Jim imagines the day that we will be able to predict market rise and fall by the use of “big data” and the application of sophisticated algorithms.
Jim and Realcomm also has a strong emphasis on sustainability, which he explains is simply doing things the smartest way with the least amount of resources.