6 Ways Real Estate Companies Should Reinvent Themselves in 2017

Real estate companies will need new strategies in 2017 to prepare for changes in the economy and the built environment, according to a new report by Deloitte titled “CloserLook 2017 Commercial Real Estate Outlook.”

Here are the six steps real estate companies need to take, according to the report:

  1. Improve decision making. “Consider the influence of technology advancements, urbanization, changing consumer preferences, security, climate change, and resource scarcity concerns on real estate decisions.”
  2. Leverage technology. “Leverage technologies such as the Internet of Things, cloud computing, mobility, 3D printing, and advanced analytics to be innovative with respect to locating future developments.”
  3. Integrate legacy systems. “Resolve integration issues with legacy systems while adopting new technologies.”
  4. Focus on cybersecurity. “Adopt a targeted and multipronged cybersecurity strategy that is secure, vigilant, and resilient.”
  5. Partner for innovation. “Drive innovation by partnering with existing startups, establishing research and innovation labs, and creating corporate accelerators.”
  6. Invest in talent. “Invest in the tools and talent to respond to the changes in the ecosystem at a desirable pace.”

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