Just a few years ago, video conferencing tools were a popular solution for remote meetings, but adoption was still relatively sparse. Today, things have changed. If you don’t have a video call at some point during the day, it can feel like something is off.
Commercial real estate is no exception. The industry is infamous for its constant change from year to year, from month to month and even from day to day. As such, CRE pros need to keep their ears to the ground for changes taking place. While it’s impossible to make predictions with 100 percent certainty, here are a few trends we can see coming for the rest of the year.
Trend #1: Keep An Eye On Crypto
While cryptocurrency has taken a hit so far this year, adoption by various companies and industries continues to increase. Commercial real estate is no exception. According to CFO Dive, “The Financial Accounting Standards Board (FASB) staff will present the findings of a digital assets research project next week, marking the first time the board will discuss the results of the exploration (of cryptocurrency).” Expect future standard updates when it comes to accounting for cryptocurrency, whether in the form of digital assets or as a payment method.
Trend #2: Environmental Considerations Will Continue
There’s been a focus on being environmentally conscious for more and more companies these days and it shouldn’t be a surprise if some additional standards or regulations pop up related to this. This is already starting, as The Wall Street Journal points out. Expect “the U.S. accounting standard-setter (to) consider writing clear rules related to companies’ renewable-energy credits and carbon offsets.” This should at least be a consideration for your long-term outlook.
Trend #3: CRE Technology Is More Important Than Ever
Historically, many commercial real estate professionals have been averse to adopting new technology and solutions for processes that have worked adequately. This has been changing in recent years, especially in 2021 when CRE tech adoption skyrocketed. This has helped with efficiency as CRE pros juggle a changing environment and multiple portfolios. From automated data and customized reports to easy organization and cloud-based, secure storage, the ways CRE technology can help are countless.
Trend #4: Bouncebacks Abound
It’s no secret the past couple of years have been up and down for the CRE industry. But it’s been particularly volatile for certain industries like lodging, travel and traditional office spaces. Expect the CRE areas that have been down lately to experience a bounceback, especially when it comes to hybrid work environments, multi-residential dwellings and travel/lodging. This can vary by region, so do your research to identify bounceback candidates and act accordingly.
If you’d like to see how commercial real estate software can help you keep track of CRE trends (and stay ahead of them), request a demo of Quarem today.