Real Estate Journal — Owners, Developers & Managers — March 29 - April 11, 2019 — 3B


M id A tlantic

O wners , D evelopers & M anagers

Why the time is right for capitalizing on commercial real estate-specific innovations Tech investment in today’s digital (and unpredictable) world I processes are the keys to not only survive, but thrive in any market cycle.

s the U.S. economy still on the rise, slowing or heading toward reces- sion? Take your p i ck , because no one seems to know for sure. With predictions v a r y i n g w i t h e a c h new report, uncertainty appears to be the only true constant. For instance, the Federal Open Market Committee projects a slowdown in 2019 even though the GDP is still expected to increase by 2.3 percent. The Dodge Data & Analytics’ 2019 Construc- tion Outlook predicts about $800 billion in new construc- tion starts this year, staying essentially even with 2018 spending. For those who pre- fer facts over projections, we suggest a look at the current market. Here in New Jersey, commercial real estate indus- try leaders continue to report unprecedented industrial sec- tor dynamics and improving office fundamentals. Yet regardless of industry performance, challenges – and opportunities – will always exist for property develop- ers, owners and operators. Even in the best of times they must stay ahead of the game to secure and retain tenants, while creating operationally efficient properties. The abil- ity to transition and upgrade Michael Mullin Owners, Developers &Managers

This trend was recently highlighted by Deloitte in a report stating “new business models and competition, ex- tensive use of technology, and changing tenant and investor expectations are redefining the commercial real estate in- dustry. As investors increas- ingly favor newer business models and the tech-enabled ecosystem, companies in the commercial real estate in- dustry will have to realign business priorities and adapt to new demands. The most agile will win away customers and top talent – along with investment dollars.”

This burgeoning market- place has prompted solutions providers to evolve with a distinct understanding of commercial real estate needs. This includes taking full ad- vantage of an increasingly mobile and interconnected world to provide a compre- hensive suite of features that address virtually all prop- erty management and con- struction management tasks. These can range from stand- alone property management/ accounting and construction management/accounting plat- forms to customer resource management, tenant services,

project tracking and report- ing, vacancy management, budgeting, valuation, and contract management appli- cations, among many other real estate services categories. At its core, an ERP solution designed with open APIs (ap- plication program interfaces) serves as a “single point of truth” for today’s increasingly collaborative and mobile busi- ness world, capturing and pro- cessing real estate enterprise data while providing a wide range of financial management and reporting applications. It can easily integrate with the continued on page 18B

Consider technology, which is playing a more pivotal role today than ever before in the quest to gain efficiencies and bolster the bottom line. And there is no better time than when profits and fundamen- tals are strong to capitalize on the latest innovations. Within this context, many commercial real estate firms are recognizing the advan- tages of today’s digital world, and the evolution of fully in- tegrated enterprise resource planning (ERP) solutions.

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