Tech adoption in
commercial real
estate demands a
robust corporate
strategy
The commercial real estate industry is in the midst of exciting change. Prior to 2020, it
was already in the evolutionary process of redening systems and operations for a new
generation of technological advancement, and “disruption” became the watchword.
Then COVID-19 hit, forcing the industry to focus on the immediacy of safety, sanitation
and the preservation of building stock in a time of dramatically reduced occupancies.
This year has been an inection point, intensifying the need for technology solutions to
better address a more exible work experience in addition to improving efciency and
reducing costs through the automation of certain processes and the elimination of error.
COVID-19 has served to accelerate the awareness of tech’s importance in operations
and accelerate that disruption. Companies have pushed the limits of their current
technologies, and the prolonged crisis has highlighted the opportunity for further
progress.
There have been major steps forward in the industry’s embrace of technology solutions,
but there is still a major disconnect between interest and adoption. This is caused in
large part by an industry caught up in “higher priorities” and technology companies
viewed by many as too fragmented to provide integrated soup-to-nuts solutions.
Nevertheless, the mandate remains to create a technology strategy that aligns the
enterprise architecture to the strategic direction of the company.
Ultimately, the winners in this highly competitive space will be those who adapt and reap
the cost savings and operational efciencies that a fully realized technology platform
can deliver. That is where investor capital will migrate to, widening the competitive gap
eve more.
This report is the result of a major global survey of corporate decision-makers
representing all commercial real estate disciplines and providers to the property-
technology space fueling innovation.
Building on that foundation, this report explores the disconnect between provider
and real estate owner and between owner and further adoption, and it points to
strategies to increase the rate of successful implementation. There is more to fully
integrated implementation than partnering with the right provider. Implementation is a
transformational journey, often redening the very culture of the corporate user.
This report highlights three key steps to implementing a fully realized technology
strategy:
1. Develop a technology strategy
2. Build a path to implementation
3. Develop a sourcing plan
Within that framework, this report will explore such issues as the need for
transformation management that impacts the entire culture of the organization, and the
importance of talent creation and management.
Companies in this space will not realize the full benets of technology adoption without
a carefully articulated strategy that allows each application to communicate across the
entire business platform in a fully integrated infrastructure.
The commercial real estate industry has made some real progress on this front, but
more needs to be done. Providing guidance on the task ahead is the primary goal of the
following report.
Foreword
1Tech adoption in commercial real estate demands a robust corporate strategy
Technology adoption:
needed now more than ever
There is no doubt that technology is critical to the commercial real estate industry, yet the market is bifurcated between leaders
and followers. The leaders are advancing rapidly with well-thought-out and extensive technology strategies through which they
can begin to improve efciency and reduce costs.
The rms leading the way recognize that in the long term, technology solutions will achieve this through the automation of
certain processes and the elimination of error. In addition, these solutions will also potentially transform the ability of these real
estate companies to leverage internal and external data to make better investment and operating decisions. They will likely also
help companies access new revenue streams to diversify their business and reduce risk.
Figure 1: Real estate owners’ technology priorities
Technology solutions, adopted strategically, will also help real
estate owners emerge from the COVID-19 pandemic with
more streamlined and automated systems and processes.
This will be critical for companies as they adjust to the new
resultant operating environment.
For example, enhanced systems and processes will be
essential to help facilitate a more exible use of a company’s
portfolio and within that portfolio, a more user-friendly ofce
experience. Buildings will be carefully managed to enable
a more individualistic experience incorporating everything
from project rooms, exible meeting rooms and shared
workspaces to social walls, virtual windows and townhall
space. Automation will also free up resources to engage in
higher-value activities to “do more with less.”
1
EY real estate owners survey, March 2020
“Real estate rms are now realizing they need to shift to the
changing technology landscape to stay relevant and gain
an edge on their competitiveness,” said a US technology
provider.
This is not to say that advancements are being made by
just the rareed few. Looking at the industry as a whole,
technology as a strategic agenda is a high priority for 69% of
respondents, and 61% have adopted one or more technology
tools.
1
Many of these tools, however, are still at the early
stages of adoption.
0 10 20 30 40 50 60 70 80 90 100
Help make better investment decisions
Access new metrics such as ESG data
points
Access new revenue streams and
increase income
Make operations more efficient and
reduce cost
%
#1 #2 #3 #4
Source: EY research
Priority
1
2Tech adoption in commercial real estate demands a robust corporate strategy
Attitudes driving delay
However, it is clear that the industry is still in the early stages of this technology shift. While 61% have adopted a technology
solution, only 28% have adopted multiple products. Thirty-three percent have integrated one or two technology solutions, but
35% are still piloting, evaluating or assessing the market. A slim margin of 4% has not started thinking about how technology can
be applied.
2
Figure 2: Percentage of companies that have adopted a tool by category
2
EY real estate owners survey, March 2020
3
EY real estate owners survey, March 2020
4
EY real estate technology company survey, March 2020
There are multiple reasons for this lag in adoption, be
they real or perceived. Not surprisingly, cost is a major
consideration, as is the ROI — the return on the technology
investment. Also holding back potential users are the skill sets
of staff members (53% of the survey respondents recognize
that they do not have the required tech talent), and the
traditional if-it-isn’t-broken-don’t-x-it culture toward legacy
systems that continue to function, though not as effectively as
currently available technology.
“Trying to juggle increasing demands from business units all
wanting new enhancements, new technologies and reporting
tools while maintaining discipline to the annual budget,” said a
US real estate investment trust (REIT).
Closely linked to that attitude is the view that technology to
improve efciency and reduce cost has never been part of the
traditional real estate value-add playbook — at any rate, not
to the extent that building improvements or tenant-turnover
issues have.
The list of reasons not to innovate goes on. Fifty-eight
percent say new systems don’t integrate easily into existing
infrastructure and processes, and 60% say competing
priorities for executive time and investment dollars delay
progress.
3
The hesitation to adopt is being noted as well by
technology providers, with 43% highlighting the challenge of
getting widespread adoption of their tools across a client’s
business, and 35% seeing a lack of wider process evolution as
a result of their application being adopted.
4
It is not surprising that the real estate industry in general lags
other sectors in adopting technology. Companies hesitate
at their own peril, risking that one day soon they will nd
themselves outmoded by their competition.
“The understanding of technology and its relevance for us
strategically has undergone a sea change over the last two
years, though it remains immature by the standards of other
sectors,” said a UK REIT.
Source: EY research
48%
35%
34%
27%
21%
19%
18%
10
15
20
25
30
35
40
45
50
55
%
3Tech adoption in commercial real estate demands a robust corporate strategy
Taking COVID-19 into account
COVID-19 has expedited the need for the technology evolution by pushing companies
to do more with their existing systems. To their credit, in the rush to respond to the
rapidly changing crisis, most have been able to adapt. Anecdotal examples from the
building management perspective include using in-place technology to hike HVAC
system run times (to comply with ASHRAE and CDC guidance) and the monitoring of
deep-sanitization protocols.
“Having the right technology tools allows you to effectively run your business. Our
service team technology platform allowed us to efciently track deferred work
orders,” said a US REIT.
In fact, 78%
5
of respondents say they either have rethought or expect to rethink their
technology strategy or the extent to which they adopt new technology tools as a
result of COVID-19. We believe two other factors — one directly COVID-19-related, one
not — will also accelerate technology adoption in the coming years:
First, COVID-19 is supercharging the industry transformation that was already
underway. The way people use buildings and real estate infrastructure is changing,
and it will have far-reaching consequences for every sector.
This will force companies to reimagine their operations to extract more value from
each asset in their portfolio. This will likely include diversifying revenue streams
through additional services and developing new business lines, such as energy
generation. To do this, companies will need to make better use of technology,
particularly if they want to access consumer-facing revenue streams.
“The industry was already at a very important point where real estate companies
were about to undergo signicant change and enhancement from new technologies.
The COVID environment provided a hard push forward, forcing companies to move
more quickly and use more resources toward change,” said a US REIT.
Second, industry leaders are beginning to differentiate themselves by adopting
multiple solutions at a portfolio and rm-wide level. They have invested in tech-
savvy talent who can develop and activate company-wide technology strategies.
Initially, these companies will differentiate themselves through cost savings, but more
signicant gaps between the haves and have-nots will emerge as pioneers begin to
use internally generated portfolio data sets and analytics to make better investment
and operating decisions and, by extension, remain relevant to the larger community
they serve. Investor capital will migrate to those winners, widening the competitive
gap even more.
“As investors begin to see the benet of companies adopting technology, we believe
they will help drive the industry forward more rapidly in the same way that investor
pressure has encouraged companies to do more and report more on ESG-related
issues.” said Mark Grinis, EY Global Real Estate, Hospitality & Construction Leader.
With 39% of survey respondents yet to adopt even a single technology tool, it is clear
that the industry is only starting out on its technology journey. There is still time to
ensure that companies adopt technology in a way that is strategic, effective and cost-
efcient.
5
EY real estate owners survey, June 2020
As investors begin
to see the benet of
companies adopting
technology, we believe
they will help drive the
industry forward more
rapidly in the same way
that investor pressure
has encouraged
companies to do more
and report more on
ESG-related issues.
Mark Grinis
EY Global Real Estate,
Hospitality & Construction
Leader
“
4Tech adoption in commercial real estate demands a robust corporate strategy
Toward an actionable
technology strategy
Real estate companies are starting to make headway in
their technology advancement, but the difculties around
implementation and the lack of evolution across the business,
which results from single-point adoption, suggest that many
are not going about this in an organized manner.
“The change in systems, approach and culture that is required
in a very fast changing environment can lead to signicant
operational stress,” said a US fund manager.
According to EY research, 82% of companies are assessing
and/or adopting externally created technology solutions on an
individual basis.
We suggest a three-pronged approach:
1. Develop a technology strategy
2. Build a path to implementation
3. Develop a sourcing plan
Throughout, it is essential to keep in mind the breadth of
changes a fully integrated technology strategy will bring. As
such, a transformation management procedure is vital to
success.
“We had lots of false starts before we nally got onto the
right path of implementing technology the right way in our
business,” said an Australian REIT.
Develop a technology strategy
A company’s technology strategy must align the enterprise
architecture with the strategic direction of the organization.
Companies will not realize the full benets of adoption
without a carefully articulated technology strategy that allows
each application to communicate across the entire business
platform in a fully integrated infrastructure. The ultimate ROI
for each tool comes from full integration and the total buy-in
of the entire culture.
“The company views technology as critical to the success of
the long-term vision. Being strategic and thoughtful with how
the technology is utilized is critical,” said a US REIT.
A fully realized technology strategy will:
• Ensure the chosen technology is aligned with the company’s
strategic direction to better align with business drivers
• Improve the ability to use horizon technologies to drive
further business results
• Enable better decisions concerning technology investments
• Improve the visibility of integration, interoperability and
interdependency among various business processes
• Improve the total cost of ownership by promoting reusability
and scalability, such as moving into business forecasting
models, rather than one-off tactical solutions
• Reduce operational costs by streamlining technology and
architectural diversity
• Enable faster roll-out of products and policies
The collaboration of professionals from various disciplines —
data scientists, IT specialists and business experts — from
inside and outside the company is critical throughout this
process. It is also important to make sure each is sufciently
aware of the others’ perspectives (e.g., data scientists should
be exposed to key business processes and pain points).
To develop an overarching technology strategy, dening
questions that the business needs to answer is a critical rst
step that will help ensure the process is driven by business
need and direction. Doing so will help identify a broad range of
use cases and allow the company to select the most promising
based on their technical feasibility, their potential business
impacts and their alignment with the corporate strategy.
2
5Tech adoption in commercial real estate demands a robust corporate strategy
To drill down into the specic areas key to the development of an effective
technology strategy, the following should be considered:
6
• Business context and strategy
• Specic use cases
• Prioritized information needs and data sources – internal and external
• Guidelines on data collection and management
• Technology implications
• Data ownership and governance responsibilities
• Implementation plans
Data analytics should be at the heart of every real estate company’s technology
strategy, given the importance and the associated opportunity it brings. Data
analytics
7
is the single most important vertical that real estate owners want
technology to address, as underscored by 92% of our survey respondents. But only
35% have adopted or developed a tool to date.
8
Figure 3: Percentage of respondents considering or already adopted solutions by vertical
Historically, many companies have struggled to develop effective data strategies, and
the lack of integration between property management and investment management
systems and other technologies has compounded the issue. Data-standardization
initiatives, such as the OSCRE Industry Data Model,
9
have emerged to help
companies develop consistent data standards and frameworks that cover the many
aspects of managing the real estate asset life cycle. This is a critical step toward
better integration among different technologies, one that ultimately accelerates the
shift to truly digital real estate.
6
SSON, SSON Intelligent automation global market report 2020
7
Data analytics is dened as software and other technology utilizing data and AI to provide business
insights that improve real estate decision-making.
8
EY real estate owners survey, March 2020
9
https://www.oscre.org/
Source: EY research
50 60 70 80 90 100
IoT technologies
Visualization tools
Construction technologies
Tenant experience
System automation
Management tools
Data and analytic tools
%
6Tech adoption in commercial real estate demands a robust corporate strategy
Build a technology
implementation strategy
Real estate companies have been struggling with
implementation, and 58% of survey respondents say new
systems don’t integrate easily (requiring a major change to IT
or business process to implement new technology). In part,
this may be the result of the many different systems in use.
In a recent US survey,
10
two-thirds of companies use one of
the three leading enterprise resource planning (ERP) system
providers, but across the 56 companies surveyed, 15 different
systems were highlighted. In addition, many respondents also
use speciality systems for specic functions like common area
maintenance costs, construction management or hospitality
management and integrate these directly or manually into
their general ledger system.
A fragmented property technology market and gaps in
expectations between real estate owners and technology
companies are further exacerbating this issue.
“The current offer is focused on selected stages of the
building life cycle. The proptech industry is lacking fully
integrated end-to-end solutions that go from asset
underwriting, development, construction, sales through
acquisition to actual and forecasted results,” said a US REIT.
“Perspectives of the acting parties differ tremendously.
Proptech is not clear what they really can do and what has
to be developed. People in companies hope that there are
solutions,” said a German fund manager.
We believe this situation will improve as products consolidate
under longstanding as well as new and emerging technology
companies. Integration will become easier as more end-to-end
solutions become available. There are signs of this occurring;
since the onset of COVID-19, venture funding has migrated
toward later-stage rounds and products with strong adoption.
These well-funded leaders with market penetration are
already driving consolidation by absorbing complementary
products.
10
EY real estate owners survey, 2019
Two critical questions should be top-of-mind
for real estate owners: What is your business
case for implementing tech, and how will
implementation roll out?
These questions put the focus on long-term business goals
and consideration of the technological infrastructure that
will facilitate those goals. Flexibility and scalability should
be key considerations. Companies also need to refresh their
approach regularly to keep their infrastructure current, which
creates a strong foundation for further implementation.
“There needs to be a platform approach rather than a
transactional focus,” said an Australian technology provider.
Targeting quick wins through this process is also helpful.
Companies can address signicant business pain points while
building the skills, methods, tools and infrastructure needed
for long-term delivery.
A “big bang” technology transformation may in certain
circumstances be appropriate. Otherwise, companies
developing a tech-implementation strategy may wish to take
an enterprise-wide approach through consecutive small
iterations — always keeping the ultimate technological goal
in mind.
Develop a sourcing plan
Sourcing reliable providers, and not just the cheapest
solution, is essential to the process, and they, too, must
be seen as collaborators in the transformation even if the
choice is to start with buying an individual-point solution or a
managed-service product. There are other ways to begin the
journey, such as developing and managing products in-house
and customizing existing products. All are proven methods of
foundational technology creation. Companies should also look
for solutions from outside the real estate sector.
It is encouraging to witness technology providers and real
estate owners beginning to work together to create products
that have the potential to be commercialized. These groups
are evaluating the marketability of their developing software/
IP solutions.
7Tech adoption in commercial real estate demands a robust corporate strategy
Transformation management:
key to implementation
The development of an actionable technology strategy is a transformational process. It demands more than specic, targeted
steps such as hiring a strategy champion or sourcing a particular vendor. It requires the redenition of various management
approaches to ensure the technology strategy aligns the enterprise architecture to the strategic direction of the company. But as
our survey highlighted, implementation challenges and stafng issues are two key barriers to technology adoption. In addition to
the survey results, the other big issue we see is program and transformation management.
“It’s slow and expensive, but we know that once we’re past the adoption challenge, it’s going to be protable and efcient,” said
an Irish real estate conglomerate.
Figure 4: What are the main challenges you face regarding implementation?
“Limited resources and competing priorities often trump new
technology solutions. Too many companies in the proptech
and systems space are not integrated,” said a US REIT.
One way to improve program and transformation
management is to start by establishing a transformation
management ofce. The technology journey will likely be
ongoing for most real estate companies. As such, creating
a central team ensures a consistent and comprehensive
integration of strategy, delivery, risk management and
realization to ensure business objectives are achieved.
A focused group headed by a technology leader (a CTO,
possibly hired from outside the industry) and populated with
representatives from across departments can improve work-
stream delivery, facilitate personnel buy-in and ultimately
enhance value.
In addition to the CTO, another critical position in the
transformation ofce is the company CFO, the keeper of the
keys to the company coffers. Companies need a truly forward-
thinking change agent who can do more than improve the
status quo. The right CFO will help drive this agenda in a way
that is highly effective.
Source: EY research
60%
58%
53%
38%
8% 4%
0
10
20
30
40
50
60
70
%
3
8Tech adoption in commercial real estate demands a robust corporate strategy
The foundations of an effective transformation management ofce are shown in gure 5.
Figure 5: Overview of the foundations of an effective transformation management ofce
As the transformation management ofce begins to build
out its technology strategy by implementing new tools,
specic considerations must be taken into account to ensure
successful deployment:
Start transformation management at project kick-off. It is
unwise to wait until go-live. Transformation management is a
process in itself, requiring signicant time and attention. For
example, communication activities should begin before project
kick-off and should continue throughout deployment.
New systems will not x old problems. While a new tool
or system could be part of the plans to address poor
performance (alongside other tactics like better training and
improved processes), a new software system by itself will not
x any real business problems.
“Decision makers are drowning in a hail of silver bullets. This
is driving some scepticism,” said an Australian technology
provider.
Consider the control environment. Controls are one of the
most effective ways to convince senior management of the
need to adopt technology. This is particularly true in situations
where technology will automate processes and in so doing
diminish the human error that could ultimately result in a
breach.
But those same controls are also a critical barrier to
overcome when plugging into any new application. Do third
parties charged with providing new technology and helping
integration truly understand the parameters in which a
public or private real estate company must operate? Will they
adapt their integration processes to meet specic regulatory
requirements? The intersection of highly creative technology
people and inexible industry rules and regulations can be a
major headache.
Assess the impact of automated controls early in the
process. The inclusion of automated controls in new
technology implementation needs to be considered at the
design stage of the implementation, when the company is
developing its business requirements. These considerations
are difcult to implement after go-live.
Go beyond the conference room to assess need. Gathering
business requirements in a conference room almost
guarantees key data and use cases will get lost. Recognizing
that at least a portion of requirements-gathering is
“situational” provides an extra level of validity to the ndings.
Keep decision-making on track. Most steering committee
and task force members have day jobs in addition to their
technology-transformation roles. This creates competing
priorities. This frequently means that questions and decision
points don’t get answered in a timely manner or are not
TMO Capability Structure —
Overview of the foundations of an effective TMO
Value Extraction
Organizational
Change Management
Project & Program
Management
Governance & Decision-Making
Strategic Alignment
1
2
3
4
5
6
7
Collaboration
Integration & Innovation
a. Business driver prioritization
b. Project/investment selection and optimization
a. Benefit cases and value extraction actions
b. Value and benefits monitoring and realization
a. Integrated portfolio: capabilities, applications, projects
b. Ideation and innovation management
a. Business engagement and readiness
b. Unique engagement methods (ThinkTank, etc.)
a. Project & program capabilities (schedules, risks, etc.)
b. Resource and capacity management
a.
Collaboration for teams, documents, risks, tasks, etc. that is
integrated and integrating with Transformation
Methods — Tools — Strategies
a. Transformation governance model and org structure
b. Dashboards and analytics
• Engage business stakeholders with data analytics
• Allow agility through business insights
• Control and manage execution and change saturation
• Activating the vision for the transformation
• Connect purpose/vision with projects/investments
• Engage business by articulating the vision
• Engage business stakeholders with tangible outcomes
• Ensure that tangible and measurable value is derived from
the transformation, and measured
• Use business language in communication
• Create visibility across layers of transformation
• Create the right ideas to consider
• Understand change fatigue and capacity to assimilate the
transformation changes
• Ensure business readiness and engagement
• Do projects right (on time, budget, scope, value)
• Govern the project portfolio with visibility
• Enable efficiencies and surface key data, risks and
opportunities leveraging one platform in full integration with
the Transformation
• Communication and continuity between teams
Key objectives
Early priority focus area
Source: EY research
9Tech adoption in commercial real estate demands a robust corporate strategy
given the appropriate amount of thought. Slow or incomplete
decisions can lead to a longer project, frequent reworking and
more confusion, all of which could carry additional costs.
Migrate data with condence. Nothing destroys perceptions
about a newly deployed system or tool faster than bad data.
Many companies push data migration testing to the very end,
which means it doesn’t get tested as thoroughly as it should.
Always perform User Acceptance Testing (UAT) with actual
business users. Many organizations limit UAT to having
system administrators log in and probe through a few key
use cases. We strongly recommend a thorough UAT as part
of each sprint toward go-live. Furthermore, the actual system
users must participate in the UAT testing. To the extent
possible, the UAT testing should use realistic data.
Mobilize and prioritize a top-tier hypercare process. This is
critical to supporting your go-live. Any major system issues
(whether stemming from technology, process or people) are
likely to surface within the rst month after launch, if they
surface at all. For that reason, plan to include a high-touch
hypercare period.
Crawl, walk, run, y. Get the basics right rst and build from
there. Technology adoption will most likely be an ongoing
program, not a nite project.
Analyze old processes for a new day. Do not drop your
existing processes into the new system. Rather, carefully
analyze how you conduct business to leverage what your
new system enables. Take the opportunity to reassess and
potentially redene processes.
“Technology adoption is often about rening the process vs.
introducing a new tool,” said a Canadian pension fund.
Talent creation and management
If people are not the most signicant impediment to more
rapid adoption of technology, they are certainly in the top tier.
“It’s people, not technology, that limits the growth of proptech
ideas,” said a Hong Kong fund manager.
There is no doubt that when it comes to technology in the real
estate sector, talent is an issue. Technology and real estate
companies alike recognize it, and 53% of real estate owners
say they don’t have the in-house talent to adopt technology
successfully.
But it is not just about talent. Thirty-eight percent of
companies suggest their existing culture is not open to this
type of change. The industry is still over-reliant on what has
proved reliable in years past and thus, in many cases, it is
resistant to change. This resistance can take many forms.
For many senior leaders, the issue is less about potential
benets and more about the cost to replace older but still
working systems. They tend to nd it hard to justify scrapping
systems that have been working for years or even decades.
They also tend to hesitate going much farther out on the risk
scale than their competitive peers. Breaking that ingrained
mentality will continue to be a challenge.
For more junior staff, there is the hurdle of visioning how
adopting technology can improve operational processes
and therefore benet the company. Staff members need to
trust the new system and its output, even though they often
feel it will take them longer to learn how to use a new tool
as opposed to completing processes the old, comfortable
way. Leadership in transformation management — such as
the transformation ofce, will go a long way to solving such
personnel issues.
“Very often people tend to resist change, even when they
know their current process is inefcient. It seems they are
afraid of the unfamiliar new tools and technologies. Strong
sponsorship is required,” said a US technology provider.
From an engagement perspective, company leadership needs
to articulate clearly and comprehensively their vision to
staff, outline what changes will be enacted and what they will
achieve. This must be supported by a strong business case so
all employees can embrace the vision. Communicating this to
the entire company, and not just to the individuals in areas
most impacted, is essential. From here, more detailed plans
can be developed and communicated to all stakeholders.
“We are trying to teach people how to accept the agile
delivery of technology. It can be challenging as people
have grown to expect that a solution will do everything
immediately,” said a US REIT.
Companies need to work closely with their technology
partners to deliver extensive training to all staff members —
and not just those most directly impacted by the new tools.
The nature of that training is also critical; the real estate
industry is not a tech-savvy sector, so technology providers
and real estate owners need to work together to bridge the
knowledge gap in a way that is inclusive and engaging.
“Companies need to be prepared to manage fully digital
operations that integrate and align the data, systems and
teams that process inter-dependent workows. It requires a
different internal team,” said a US technology provider.
10Tech adoption in commercial real estate demands a robust corporate strategy
Conclusion
These are indeed exciting times for the commercial real estate industry, which continues its reinvention toward more technology-
enabled operations and service propositions.
There have been notable leaders in this technology transformation, pioneers that have been able through these advancements to
reduce cost, improve operational efciencies and enhance tenant engagement, and in so doing improve their prot margins.
Others are following as they strive to achieve those same benets and differentiate themselves in a competitive marketplace.
Companies successful in this endeavor must embrace change, not just in the systems they employ but often in the very
foundations of their culture, redening issues such as hierarchy, stafng and training.
Technological transformation will be an ongoing journey for companies over the coming years. Setting out with a well-thought-
out and clearly communicated strategy will be a critical enabler of future success.
4
11Tech adoption in commercial real estate demands a robust corporate strategy
For more information,
please contact:
Mark Grinis
EY Global Real Estate,
Hospitality & Construction Leader
New York, NY
+1 212 773 5148
mark.grinis@ey.com
12Tech adoption in commercial real estate demands a robust corporate strategy
EY | Assurance | Tax | Strategy and Transactions | Consulting
About EY
EY is a global leader in assurance, tax, strategy, transaction and consulting
services. The insights and quality services we deliver help build trust and
confidence in the capital markets and in economies the world over. We
develop outstanding leaders who team to deliver on our promises to all of our
stakeholders. In so doing, we play a critical role in building a better working
world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the
member firms of Ernst & Young Global Limited, each of which is a separate
legal entity. Ernst & Young Global Limited, a UK company limited by guarantee,
does not provide services to clients. Information about how EY collects and
uses personal data and a description of the rights individuals have under data
protection legislation are available via ey.com/privacy. For more information
about our organization, please visit ey.com.
Ernst & Young LLP is a client-serving member firm of Ernst & Young Global
Limited operating in the US.
© 2020 Ernst & Young LLP.
All Rights Reserved.
US SCORE no. 10315-201US
CSG No. 2009-3578965
ED None
This material has been prepared for general informational purposes only and is not intended to be relied
upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.
ey.com
