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Proptech to impact properties featuring commercial leases

| Oct 18, 2018 | Commercial Leases

Technology has transformed nearly all aspects of people’s lives, and real estate in Los Angeles and other parts of California is no exception. Specifically, those who own properties featuring commercial leases will no doubt be impacted by proptech companies — companies that produce technology related to properties — in the years ahead. Here is a look at what proptech companies are doing and how this will impact real estate in 2018 and beyond.

Proptech businesses are producing applications designed to transform occupant experiences and building management. It is anticipated that proptech will be critical for every commercial real estate stakeholder in the coming years. These stakeholders include landlords, tenants and property managers.

For example, co-working spaces are especially becoming increasingly popular in commercial real estate. Technology can now reduce friction related to transactions and boost the viability and desirability of the resource sharing process. It can also help to boost transparency and provide 100 percent accurate measures of occupancy and vacancy in real time. An example of this is VTS, an asset management and leasing application that allows one to calculate how many individuals are in a building at any time and where they are.

The world of commercial real estate, which shows great promise in California, will hopefully only be enhanced by technological advancements, such as proptech. However, navigating the purchase and sale of properties featuring commercial leases can still be tricky from a legal standpoint. Fortunately, attorneys in Los Angeles can provide real estate buyers and sellers with the guidance they need to successfully execute deals in the most personally beneficial manner for them.