IOREBA’s Fall Kick-Off Event Focuses on the Technology “Disruption” of Commercial Real Estate
IOREBA’s Fall Kick-Off Event Focuses on the
Technology “Disruption” of Commercial Real Estate
Iselin, N.J. (October 27, 2015)—The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA) recently hosted its Fall Kick-Off Event at the Renaissance Woodbridge Hotel in Iselin, N.J. The event, which was part of NYC Real Estate Tech Week 2015, focused on the technology “disruption” in the commercial real estate industry.
Rob DiLeo, 2015-2016 president of IOREBA and principal of NAI DiLeo-Bram & Co., had a vision to bring leaders of some of the top real estate technology companies together to lead a discussion on the effects of emerging technologies on the commercial real estate industry. He led the event asking panelists to elaborate on why the commercial real estate industry has been so far behind in technology, and how and why technology is now positioned to change that trend.
According to Aaron Block, co-founder and president of MetaProp-NYC, a new investment business that focuses on investing in new technology-driven real estate businesses, “Technology has dramatically disrupted every major industry for the past 20 years except the commercial real estate industry, and the industry is lagging years behind the rest of the world when it comes to technological innovation.” “New technologies are just beginning to truly impact and influence the way brokers, owners, managers, investors and tenants make decisions and how financing, venture capital, design and construction is being re-defined,” he added.
Panelists Justin Lee, co-founder of “thesquarefoot”; Alec LeFort, business development manager at VTS; and Jason Green, co-founder of “Eden Works;” described how technology is beginning to change every aspect of the industry.
“It is a changing process that is going to take a lot of effort from business leaders, we are not trying to disrupt your business, what we are really aiming to do is help you waste less time,” said LeFort.
“Our business—a commercial real estate management platform—is helping industry professionals make real-time data-driven decisions that can help them save a lot of time and money,” he added.
Justin Lee described the new focus on data analytics and how it is helping tenants, landlords and brokers alike. “Before tenants didn’t always know what properties were out there and what spaces were available to lease—there was essentially no hub with a slick user interface,” he explained. Tech companies, like Justin’s, are now creating these platforms were tenants, brokers and landlords can search for spaces, making the leasing process easier and much more streamlined.
Another aspect of technology being witnessed in the commercial real estate industry is space optimization and the monetization of underutilized assets, as in the instances of smart farms, where Jason Green’s company, Eden Works, is creating smart farms on flat roofs. “Competition is so stiff in New York City and we are helping building owners optimize their properties,” said Green. “Two years ago rooftop farming was just a trend, but today rooftop farmers are a viable commercial tenant and they are here to stay,” he added.
The large scale and competitive nature of the commercial real estate industry has created the need for more technology—technology that supports the on-demand, instant need for data and the need for industry professionals to have access to data when they are on the road—and all of this technology is helping professionals operate smarter and more effectively.
Pictured in photo (Left to Right): Alec LeFort, business development manager, VTS; Aaron Block, co-founder and president of MetaProp-NYC; Justin Lee, co-founder of thesquarefoot; Jason Green, co-founder of Eden Works; and Rob DiLeo, 2015-2016 president of IOREBA and principal of NAI DiLeo-Bram & Co.
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With roots dating back to 1927, IOREBA is the nation’s oldest, as well as one of the nation’s largest regional commercial real estate organizations, growing to more than 260 members from New Jersey, New York, Pennsylvania and Connecticut. The organization is continually expanding its offerings, designing more useful programs, and teaming with co-hosts for several events throughout the year to enhance its networking environment. For more information about IOREBA, visit www.ioreba.com or contact Ann Violette at email@example.com.
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