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Technology may take bigger role in commercial real estate deals

Many industries have benefited greatly from many of the technological innovations that have been developed in recent years. However, according to an article recently published on the Forbes website, commercial real estate has not been one of those industries.

However, the writer of the article predicts this could change throughout 2015. The article states that there are already companies that offer technologically-base services designed to help those in commercial real estate do their jobs.

The areas in which technological innovation may have an impact on commercial real estate are as follows:

  • The sharing and aggregation of information. Because the real estate market is rife with constant listing changes and deals, timely information is an invaluable commodity.
  • An improvement in transaction processes. Currently, there are technology companies that offer tools to help brokers stay better informed which can aid in leasing negotiations.
  • Better process management. In order to keep a project well organized, developers must be able to contact reputable contractors, architects and any other necessary vendors. Companies that act as conduits between these various parties can help businesses get information that is beyond simple word-of-mouth.

As time moves on, technology is sure to play a bigger role in the manner in which commercial real estate business is conducted. Hopefully, a greater availability of information will help ensure that you are able to find the right people when carrying out a project.

However, in the commercial real estate industry, there will always be those who will breach the terms of a contract. Should you find yourself in such a situation, you may want to seek the advice of an attorney.

A Florida real estate attorney who is familiar with contract language may prove helpful when trying to have a contract enforced or when seeking damages due to a breach of contract.

Source: Forbes, "Why Commercial Real Estate Is Ripe For Disruption In 2015," William Robertson, Dec. 16, 2014

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