Commercial Real Estate (CRE) Technology Adoption Process

It seems that each year everything is becoming smarter – Our phones, cars, TV’s, household appliances robots – Don’t worry, not the James Cameron kind. But with all these devices giving human intelligence a run for its money, why not smart buildings? For the last 12 years, or at least from the advent of our blog, we have preached the holy word of Commercial Real Estate Technology and the impact it can have on operational efficiency and tenant service. In the article Smart, Connected, High Performance, Intelligent Buildings Have Jumped the Chasm!, Realcomm CEO, Jim Young, talks about how technology can be integrated into the building you manage, essentially making them, well…Smart.

In the article, Jim outlines the 5-stage Technology Adoption Life-cycle. This is adapted from Jeffrey Moore’s landmark book, “Crossing the Chasm,” which defines the timeline from when the “innovators” will begin to adopt new technology, to when the “laggards”, those who were late to the game, finally jump aboard . The “Chasm” he talks about, is in the middle of the Early Adopters stage of the life-cycle and is the point where technology usage finally goes mainstream and a large majority of companies are embracing and adopting  new technology. From the data Realcomm collected, Jim believes that we jumped the chasm sometime in the last 12 months.

Technology Adoption Lifecycle

So what does this mean? Well, this is the right time to adopt…or risk falling behind. CRE technology has proven to make a significant difference in all areas of property operations. Many companies are becoming more open to integrating new technology into their buildings, allowing them to automate and collect data on almost any activity that happens on the property, or properties. Being able to aggregate this data from multiple buildings and use it appropriately can help property managers more efficiently track work orders and inspections, perform preventive maintenance, and enhance security at all the properties they manage. Companies that utilize these technologies are going to be a lot more appealing to prospective tenants and have higher retention rates from their current tenants, as these technologies are becoming features they are aware of as well.

Join the REvolution. You don’t want to fall into the chasm now do you?