Originally published in The Role of Data Analytics in Commercial Real Estate Siting, Design and Valuation Decisions by Clifford A. Lipscomb, Ph.D., MRICS in October 2022.
Industries are rapidly evolving as business processes grow more interconnected and automated. Data and analytics play an important role in information technologies and their interaction with the physical world, including emerging fields such as artificial intelligence, the Internet of Things (IoT), and virtual and augmented reality. Although commercial real estate (CRE) has been slower than other industries to adopt data analytics, some firms have identified several ways that data analytics can support land and building development and contribute to better project outcomes.