Commercial Real Estate Attorneys in Chicago Can Help Sort Out Recent Market Changes

by | Jul 5, 2016 | Real Estate Attorney

The world of commercial real estate (CRE) has seen a staggering transformation from a quiet, privately-owned industry to a global phenomenon. Now, not only are institutional investors actively involved. Real estate is worth $6.7 trillion, nearly 10 percent of institutional investment portfolios. A large number of CRE tech companies are capitalizing on this by combining domain expertise with modern software, changing the way the industry works from its core.

There are some legal changes being made, hiring commercial real estate attorneys in Chicago can help you sort them out.

Rising Competition. Commercial real estate agents in Chicago note that this new level of competition is also evident in fund-raising. Firms with the best yields are picked first by institutional investors; talent and heightened visibility have become a priority. Work environments are forced to constantly adapt to the complexity of the CRE asset class grows. New skills sets are demanded, as well as more modern work environments.

Expectations for Real-Time Data Access. CRE is for the most part data-driven, which is why drawing insights merely by analyzing data from endless spreadsheets and ERP systems is an exhausting task requiring too many hours of manual data aggregation. Harnessing real-time portfolios and market data is the key. Utilizing modern software to aid in the new demand for real-time is another way CRE is changing. Leveraging portfolio data with software not only helps to close more deals, but it also reduces portfolio risk and helps to save time. Modern technology can aid asset managers in understanding which relationship they should focus on, allowing them to make deals where they hadn’t been able to before.

An Increase in Mobility. The CRE industry is behind other industries when it comes to mobile technology, but it’s quickly catching up. In the last 24 months, there’s been a sudden influx of CRE mobile apps, promising a future where CRE professionals will be able to run their entire leasing business from virtually anywhere.

Consumer Culture. In this new day and age, nothing is more important to consumers than technology and its ability to make everything faster and easier. Like with technology, the CRE industry is finally catching up, and core CRE software platforms are being eschewed for a new wave of modern technology. In short, real estate tech companies are the new future of the industry.

Questions about the changes of commercial real estate affect your business? Contact Starr, Bejgiert, Zink & Rowells, commercial real estate attorneys in Chicago.

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