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Commercial real estate's hesitance to embrace technology

The availability of data analytics technology has the potential to transform the commercial real estate industry in California, but the industry has been famously slow to adopt it. Many CRE firms still rely on old methods of data-gathering and are reticent to share the information with others.

Some of the hesitance to embrace modern technology within the CRE industry likely stems from the past experiences that the firms have had. In the past, firms would give their data to companies such as CoStar and then be forced to pay money in order to access it.

In the past, the more information that a CRE firm could gather, the greater its competitive edge. Technology today has made data much easier to gather and has forced the industry to have greater transparency. By sharing data, companies may be able to expand their horizons and reap profits in the process. By working with data analytics firms, companies can access data that has already been curated for them, helping them to save substantial man-hours that would otherwise be spent combing through documents and records. This can allow brokers to focus on other tasks in their businesses.

Commercial real estate transactions may be very complex, and disputes may arise. Stakeholders might benefit by retaining experienced business and commercial law attorneys who have commercial real estate practices. Attorneys may help to steer their clients so that they avoid the potential for real estate litigation. They may help to draft contracts and to review provisions in manners that protect their clients' financial interests. If a contractual dispute arises, the lawyers may litigate on behalf of their clients in order to try to secure a successful resolution for them.

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