This is the first in a series of posts that will dig deeper into the context of commercial real estate.
What is context? By definition it is the conditions and circumstances that are relevant to an event, fact, etc.
Why is it important to commercial real estate? It’s what connects bricks and mortar to the rest of the world.
Think of the internet of today and the connectivity it allows. Think of what’s taken for granted as allowable permission to get that connectivity. Look at the simple things in our everyday life.
As I sit here with my mini laptop I can track exactly to the yard where my 15 year old daughters phone is.
I can check my thermostat and adjust it. I can adjust my lights and open my garage door. So you say big deal I can do that.
That’s the point. Any one and everyone can and will be creating using and sharing that data.
Look at your daily life. You get in your car and leave for work. It most likely has a GPS sensor in it. Your every move in that car is being tracked. Now add that data to everyone else on the road . How about your phone that you pick up and take with you into your office and then to lunch and then to that bar for “networking” and then to the daughters volleyball game and then to a restaurant for a quick sandwich and then a quick trip to the drug store and then back home. Add that data to everyone else….on the planet.
There are other basic sensors that are always on transmitting 24/7 from weather satellites, HVAC units, shoes, motion sensors,video cameras, etc etc etc. At what point is almost every inch of this planet creating data in real time? I think basically NOW is a good answer.
Almost everyone and everything can and will be a data collection point.
What will we do with all of that data?
What happens to commercial real estate when all that data is available to everyone?
Well…..Context and Commercial Real Estate Part 2.