July 15, 2015

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Living Well
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Three Tech Trends Changing Real Estate

Press Release

July 15, 2015

Salt Lake City—Technological innovation is radically changing how and where people choose to work, live and play, essentially forcing us to rethink the built environment—and our place in it. Elie Finegold, senior vice president of global innovation and business intelligence at CBRE Group, Inc., recently discussed three emerging trends that are reshaping the way people will use real estate in the future with Blueprint, CBRE’s global online magazine.

According to Finegold, from broad access to WiFi and the ubiquity of smartphones to ever-lighter laptops and more powerful tablet devices, technology has created an inextricably connected world. With the virtual barrier between work and home all but gone, the way people think about real estate is fundamentally changing.

“This industrial-era concept that there is a separation between work and home is becoming increasingly less relevant,” he says. “Because you can work from anywhere, space has become more fungible.”

Finegold, an innovator and entrepreneur with expertise in real estate and technology, says there are three emerging trends reshaping the way people will use real estate in the future.

1. RADICAL MOBILITY

The ability of people and machines to work from anywhere is transforming the utilization of traditional spaces. “If you conduct a survey and ask people, ‘Have you worked in a living room, a bedroom, a plane, an office, an elevator, somebody else’s house—even a bathroom?’ everyone is going to answer yes to almost every one of them,” Finegold says.

“There’s a whole set of tasks that were once capable of only being done in an office that we can now do from anywhere, and though working face-to-face with others will likely never become obsolete, companies are going to be looking for much more adaptable real estate frameworks as a way of managing both flex in the workforce and the diversity of working habits,” he adds.

2. COLLABORATIVE ECONOMY

As people increasingly choose to share and crowdsource goods, services, funding and transportation, the real estate market must adapt to new ways of distributing demands, Finegold says.

The sharing economy created affordable solutions for consumers during the Great Recession and has offered unique income streams for people who need extra cash or more flexible work situations. For instance, Airbnb and Uber have enabled people to turn their homes and vehicles into sources of income.

As people migrate to cities, they may prefer to rent apartments or cars rather than own them. Similarly, if more people are going into business for themselves as freelancers or contractors, the demand for coworking spaces could outweigh the need for traditional office space.

3. TRANSPORTATION REVOLUTION

The rise of autonomous vehicles and transportation—self-driving cars, multi-modal trucking, distribution drones, etc.—coupled with collaborative models like Uber, will make it easier for people and goods to move around more freely. It may also ultimately change infrastructure needs, Finegold says, cutting down on the number of cars on the road or in parking lots at any given moment, while simultaneously creating a competitive market for space utilization.

“There will be huge opportunities for redevelopment of spaces previously used for personal vehicles, from streetside parking spots to multilevel parking decks,” Finegold says.

While some of these trends may be in the distant future, aspects of all three already exist, and they are quickly creating new modes for people to access real estate, Finegold says.

“If you take all of these things together, they are breaking down traditional work/life balances and changing the real estate landscape,” Finegold says. “Companies are attracted to places where there are live/work opportunities for employees.”

Utah Business Social
UB Events View All
Community Events View All

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel