Billed as a gathering for MRI’s community to mobilize and “gain special industry insights and connect with other users,” we amassed a team and left New York, headed south.
A proud sponsor of MRI Software’s 2018 International User Conference held in Atlanta, GA, we spent 4 full days learning, leading, connecting, and engaging with clients, partners, leaders, and influencers across the commercial real estate industry. Thanks to all who stopped by our booth, joined us for dinner, made it to our product sneak peek luncheon and celebrated Oktoberfest with us alongside our partner AvidXchange.
While there, we were also excited to share a little news. An announcement came from MRI’s CEO, Patrick Ghilani, on the main stage that we’re still buzzing about. Honest Buildings is now a preferred partner of MRI, and we’ve built our two-way integration between the systems that will now drive deeper value for our shared customers. Stay tuned for more.
We look forward to all the ways Honest Buildings will continue to collaborate with MRI Software and its dynamic community as we work together to move commercial real estate into a new digitally-driven era.
One of the highlights for us was Geoff Lewis, our Chief Product Officer, engaging alongside peers in dialogue on a panel discussion entitled,
To Boldly Go where Commercial Real Estate has not Gone Before: How Emerging Technology Trends and a Changing Workforce will Impact Commercial Property Owners
Two Market Forces Driving Change
In the new economy, change is the only constant. Panelists identified two principal market forces driving commercial real estate owners to change the way they run their business. First, tenant expectations have changed dramatically. Lessees expect far more than just a standard place to live, work, or play. Amenities and mixed-use spaces are no longer “nice to have.” As Convene’s Chris Kelly put it earlier this year at our 2018 Catalyst conference, real estate is evolving from commodity to experience and must deliver on those expectations to attract and retain potential renters while simultaneously holding and building asset value.
Second, institutional investment is growing rapidly. Despite concerns about an impending economic slowdown, according to London-based Preqin, investment in commercial real estate by global firms allocating $1B or more in 2018 is up 13% over last year. Viability and performance expectations have also changed, with a clearer focus on building safety, energy efficiency, and of course, reporting of data.
Data You Can See; Data You Can Use
Once they buy in, providing owners with data is an exciting evolution within commercial real estate. However, if the insights and answers owners need aren’t readily accessible, data has no value. Data transparency and its ability to be useful is critical. For technology to be useful and worth the investment, it must gather data and make that data sufficiently transparent in order to be valuable in providing actionable insights.
Build or Buy?
Because the stakes are always high when it comes to allocation of resources, savvy decision makers find themselves considering in-house solutions. Cost and production capacity should be considered, but in this case, buy is almost always the appropriate answer. If you are aligned with the right technology partner, the one who understands not only your needs but also your industry and its landscape, commercial real estate owners can leave the business of data aggregation and insights up to the subject matter experts, and focus on their core concern and area of expertise, maximizing the value of their portfolio, both for tenants and investors.
We’ll be posting a recording of the panel as soon as it becomes available. For now, so long, Atlanta.