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Why CRE Technology is Moving from ‘Gold Rush’ to Consolidation Phase

Hear more at I.CON: Trends and Forecasts, June 8-9

At I.CON: Trends and Forecasts, speakers will discuss the top ten CRE technologies to pilot, what business problems they are trying to solve with tech, what products will help in a down market, and more. Bisnow connected with News Funnel founder Michael Beckerman, who will moderate a session on CRE technology, and CBRE chief digital and technology officer Chandra Dhandapani, one of the session’s panelists, to dive deeper into this trend. See an excerpt below.

Companies like CBRE are leading the charge in acquiring innovative platforms and the teams behind them. Floored CEO Dave Eisenberg and his roster of software engineers and 3D modelers came with the keys to their property visualization tool.

“CBRE is continually looking to leverage data and technology to build more differentiated abilities in-house, so acquiring the Floored team was incredibly powerful for us,” CBRE chief digital and technology officer Chandra Dhandapani said.

Dhandapani came to CBRE after serving as a senior technology executive at Capital One Financial for 17 years, where she developed technology solutions across desktop, online and mobile platforms for both customers and staff. The transition from banking to real estate has involved a different approach to becoming a digitally native company.

“In banking you typically have a standard platform that the industry uses, whether for credit cards, auto or consumer banking,” Dhandapani said. “In CRE, there doesn’t seem to be a single operating platform. Banking also has a lot more automation and is focused on automation and data as a way of working, whereas commercial real estate is people-driven.”

CBRE was the only real estate services company to invest in Fifth Wall Ventures, the first significant capital fund focused on backing new technologies specifically for the built environment. The fund closed with $212M of capital commitments with the hope it will spur focused innovation in real estate products that will change how the industry operates.

“Every company and every industry is going through this evolution. Technology can't be something that you think of after the fact, it must become an embedded part of who you are and how you work,” Dhandapani said. “I think that is going to be true in real estate as well.”

Read the full article on Bisnow, and register today for I.CON: Trends and Forecasts, June 8-9 in Long Beach, California, the critical conference for the industrial real estate sector and your opportunity to network and share strategies with top industrial leaders from across North America.