Last month I was invited to the CRE//Tech Intersect; a perk of being part of NEREJ Radio. The mission of the event was one of creating a larger conversation about technology in changing the commercial real estate industry. This event is held biannually; one on the west coast in San Francisco and the other on the east coast in N.Y.C. With all the technology conferences going on in N.Y.C. and Boston, from realDisruption to DisruptCRE, these conferences are highly attended and interest continues to grow. Technology in commercial real estate has been slowly picking up steam as more and more professionals are adopting these platforms to make their jobs more efficient. My three takeaways from this event are:
* The number of new technology companies embracing the challenge of moving our industry even further into the future;
* Not only how important data aggregation is, but also how it can be manipulated; and
* The energy and excitement each company showcased and exhibited.
The number of companies at this event was staggering, despite this being only the second year this event has taken place. There was over 50 companies exhibiting at this space. Each company had their platforms or tools ready to showcase how they can help professionals take another step in efficiency or process improvement. Many of these companies founders worked in the industry in different capacities and built these platforms to fill a gap in what the industry wanted or needed.
Data is the big buzzword of the 21st century. It is all we talk about from web analytics to market data. In our industry nothing means more than numbers, whether during negotiations or whether we are talking marketing in a new area, because as the saying goes "numbers don't lie." What is most fascinating is what these companies are doing with the analytical data and how they are breaking down the reports so that it easily digested and comprehended. Data helps professionals make educated decisions and reliable data allows you to be that much more precise in decision making. Data platforms will be a competitive field for quite some time to come.
The energy that was showcased by the participants during CRE//Tech Intersect really stood out. It was infectious from the very moment we entered the space. Everyone was out in front of their booths, ready to engage with others, share their product and talk about future products that could help the commercial real estate industry. I know, just on the excitement in the room alone, that this event will be promptly placed on next year's calendar.
In closing, a big shout out is deserved by Pierce Neinken, who put on this event, and all the sponsors for blowing away the two radio guys you invited.
Eric Wilson is the director of social media at NEREJ, Norwell, Mass.