The future of real estate is being transformed by advanced technology. Information, communication, goods and more have already been revolutionized by the technology industry and now office and living spaces are evolving too.
There are six technological developments that should change the way we conceptualize and monetize real estate.
Private satellites are creating a more connected world, from SpaceX to Google, these companies are trying to connect over 4 billion people to the web using floating balloons.
Next, intelligence is being democratized thanks to the cloud. Now, the average user can access all their data at anytime.
The internet of things (IoT) is having its moment. Sensors can collect data about our physical environment and use it to develop VR tools for our living and coworking spaces.
Additionally, our work/life balance is shifting. Technological developments are supporting the way we understand work/life distinction by making way for the gig economy and freelancers.
Brick-and-mortars are not as necessary as they once were due to AI developments that have changed the way we consume products.
Platform economy has shifted its emphasis from products to services and how we understand ownership. Now, we are seeing more rental services like catching an Uber instead of owning a car.
Overall, the real estate business model is beginning to reflect the notion of “space as a service.” Airbnb, WeWork and other companies have already marked this shift.