The ever-changing technological revolution is changing the face of the commercial real estate industry worldwide, nationwide and in Texas. Online marketing will continue to grow exponentially, but this is not expected to detract from the all-important need to retain personal relationships in order to conduct commercial real estate transactions. The globalization of the industry will go hand-in-hand with the increase of technological resources.
Globalization is expected to increase the pool of ready buyers and to make such transactions easier to accomplish and more comfortable to carry out. Turning to online tools, commercial real estate professionals will be able to conduct and transact real estate transactions more efficiently. The need to conduct due diligence on a property before buying it will be accomplished, in many respects, through the increased variety of information that can be digitally transferred to potential buyers.
The local aspect of the commercial real estate business will not essentially change, but in some cases, such relationships will be fostered online and develop into personal contacts. Buyers and sellers will still turn to local real estate experts to assist in making the transaction a more personal and value-laden process. The future of this revolutionary evolution in the commercial real estate industry in Texas and elsewhere contemplates greater methods of using the data to empower users to engage in transactions with even greater ease and knowledge than ever before.
In Texas and elsewhere, there is a vital role for the commercial real estate attorney to shepherd into play these paradigmatic changes. Buyers and sellers will have ready access to their commercial law attorneys at each step of the transaction. Electronic preparation of legal documents will be rapidly delivered through the programs that law firms and other professionals use to carry on their daily business in so many more powerful and efficient ways than ever imagined.
Source: globest.com, “Big-Picture Changes in Commercial Real Estate“, Carrie Rossenfeld, Aug. 30, 2017