TheCable

Louis Glickman asserts that the best investment on earth is earth. The business of space is changing. No longer the preserve of governments and large corporations, the commercialization of space is now a reality for small businesses and entrepreneurs. This article explores how technology is changing the business of space, and how businesses and entrepreneurs are leveraging this change to their advantage. From 3D printing to the Internet of Things, learn more about how the technologies of tomorrow are reshaping the business landscape today.

In today’s business world, having a physical space to conduct business is still extremely important. Even with the rise of digital and remote work, there is a great demand for property business space globally. According to a 2019 report by Cushman & Wakefield, the global market for property business space is currently valued at $8 trillion. This figure is expected to grow to $10 trillion by 2030. Juxtaposed with the total wealth in the world estimated at $463.567 trillion (published by Credit Suisse, 2021), revealing that the property business has huge potential for expansion. There are a number of factors that are driving this growth. First, the world population is projected to increase from 7.7 billion in 2020 to 9.1 billion by 2050. This means that there will be more people living in cities and requiring office space for businesses. Additionally, as economies continue to globalize, there is an increasing need for businesses to have a physical presence in multiple countries. This also creates demand for property business space. Technology is also playing a role in the growth of the property business space market. With the rise of new technologies like artificial intelligence and virtual reality, businesses are now looking for office spaces that can accommodate these cutting-edge technologies. This has led to an increase in demand for properties with state-of-the-art amenities and infrastructure. Investment into the property business space market is expected to continue to grow in the coming years. This presents a great opportunity for those looking to get involved in this rapidly growing industry.

Noteworthy that technology has revolutionized the business world, making it possible for businesses to operate on a global scale. Through technology, businesses can communicate with customers and suppliers around the world, track their inventory levels, and manage their finances. Additionally, technology can help businesses to automate their processes and improve their productivity. In today’s competitive business environment, organizations that leverage technology will have a distinct advantage over those that do not.

Although the global property business is constantly evolving and changing, this can be a challenge for companies who are trying to keep up with the latest trends and technologies. In order to stay competitive, businesses need to be able to quickly adapt to new changes in the market. They also need to have the right tools and resources in place to support their growth. Another challenge of the global property business is managing risk. With properties located all over the world, there is always the potential for something to go wrong. Whether it’s a natural disaster or a political upheaval, businesses need to have contingency plans in place to protect their assets. Finally, the global property business can be complex and time-consuming. There are a lot of moving parts involved in managing properties on an international scale. From finding the right tenants to dealing with local regulations, businesses need to be prepared for everything.

Impressive to say that as the world of business becomes increasingly globalized, more and more opportunities are opening up in the field of global property. If you’re interested in getting involved in this growing industry, here are a few tips on how to get started:

1. Do your research. Before you jump into any new venture, it is important to do your homework and learn as much as you can about the industry you are entering. When it comes to global property, there are a lot of different factors to consider – from local market conditions to international regulations. It is important to have a good understanding of your target market, as this will dictate your marketing strategy and ultimately your success in making a sale. Take time to learn about the demographics, needs, and wants of your ideal buyer or tenant. By doing your research upfront, you will be better equipped to make informed decisions and avoid potential pitfalls along the way.

2. Get connected. The global property market is all about networking – so it is important to get connected with other professionals in the field. Attend industry events, join relevant online forums and communities, and make sure you are up-to-date on the latest news and trends. Subscribe to and read industry publications, attend trade shows and conferences, and network with other professionals in the field. This will not only help you gain valuable insights but also give you a competitive edge when it comes to winning business deals.

3. Be prepared to adapt. The global marketplace is constantly changing, so it’s important to be flexible and prepared to adapt your strategies as needed. Whether it’s keeping up with new technology or understanding shifting cultural norms, being able to adjust on the fly will be key to success in this ever-changing landscape. Do not let setbacks stop you from achieving the set-out goals, as an open mind towards new technologies and how they can be leveraged to your advantage cannot be overemphasized.

4. Have a solid business plan: A well-crafted business plan is essential for any successful business venture, and this is especially true in the global property market. Make sure to do your due diligence in researching the market and developing a sound financial strategy before moving forward.

Furthermore, the latest technology in the field of property business is constantly evolving. In order to stay ahead of the curve, it is important to be up-to-date on the latest trends and developments. Some of the latest technology trends in the property business include:

1. Virtual Reality (VR): VR technology is being used more and more in the property business for everything from marketing purposes to helping buyers visualize properties before they purchase them.

2. Augmented Reality (AR): AR is also being used in the property business, primarily for marketing purposes. It allows potential buyers to get a better sense of what a property looks like and how it would fit into their lifestyle.

3. 3D Printing: This is starting to be used in the construction of homes and other buildings. This technology offers a faster and more efficient way to construct buildings, which can lead to lower costs for developers and homeowners alike.

4. Big Data: Big data is playing an increasingly important role in the property business, as it can provide insights that help buyers, sellers, landlords, and developers make better decisions. Good data utilization is critical to success in any venture today, as the saying goes, data is the new oil.

5. The Internet of Things (IoT): The IoT refers to a network of physical devices that are connected to the internet and can share data with each other. This technology is becoming more prevalent in the property business, as it can be used for things like security systems and energy management, enabling efficiency in homes and spaces.

Technology has been a huge driver in the globalization of the real estate industry. In order to survive and thrive in today’s economy, companies must be able to utilize technology to its fullest potential. The following are case studies of companies in the global property business that have used technology to give them a leg up on the competition:

Company A is a real estate investment firm that has utilized technology to streamline its investment process. By using online tools and databases, they have been able to identify potential properties and track their progress. This has allowed them to make quick and informed decisions about where to invest their money.

Company B is a real estate development firm that uses technology for project management. By using software like Procore (an all-in-one construction management software), they are able to track every aspect of their projects from start to finish. This allows them to stay on schedule and within budget, which is essential for any development project.

Company C is a residential real estate brokerage that uses technology for lead generation and marketing. They use platforms like Zillow (a real estate marketplace) and Trulia (a real estate listings and rental properties platform) to reach potential homebuyers and sellers. They also use social media platforms like Facebook and Instagram to build relationships with their clients across the world.

Technology has revolutionized the real estate industry and those who are able to leverage it will be successful. These case studies show how different companies have used technology to their advantage.

In Nigeria, many companies are turning to technology to help them streamline their operations and better serve their customers. Here are a few case studies of Nigerian property businesses that are using technology to stay ahead of the curve:

1. Lagos-based real estate company, Jiji Properties, has developed a mobile app that allows users to search for properties and contact agents directly. The app also provides users with up-to-date market information so they can make informed decisions about their property purchases.

2. Lagos-based Purple Real Estate Income Plc, with its Purple Shop and Play. The shop is a full-service e-commerce platform that leverages the retail base online and helps the stores and businesses in their centers reach more customers through online channels. It provides more than just retail but also marketing elements and real-time analytics to enable growth for businesses. In their quest to enhance the lifestyle experience for consumers, they are also putting together Play, an entertainment and family fun area in all their facilities driven primarily by VR technology.

3. Abuja-based real estate development and management company, Proforce Limited, has developed a web-based platform that allows tenants to pay rent online and submit maintenance requests electronically. This has helped the company save time and money on administrative tasks, and provide a better experience for its tenants.

4. Port Harcourt-based real estate firm, Mayfair Gardens, has adopted a paperless workflow by using cloud-based software to manage all aspects of their business including sales, marketing, accounting, and customer service. This has helped the company reduce its operating costs and become more efficient.

The future of technology and business is always evolving. What was once considered the latest and greatest, can quickly become outdated. There are many exciting possibilities for the future of technology and business. The key is to stay informed and be prepared to adapt as changes occur.

In conclusion, the race to be the leading player in global business is on, with firms all around the world looking for new and innovative ways to increase their productivity, connect with customers and drive growth. Technology is playing an increasingly important role in this, with firms using everything from artificial intelligence and Big Data to cloud-based solutions and the Internet of Things to give them a competitive edge. What does this mean for the future of business? It’s hard to say definitively, but one thing is clear: those firms that are able to leverage technology effectively will be the ones who succeed in the years to come.

Also, there are exciting opportunities for businesses to enter the global property market by leveraging space and technology. Here are some recommendations on how to get started:
1. Look for opportunities to use technology to improve efficiency and lower costs.
2. Research the property market in different countries to identify potential growth areas.
3. Work with experienced professionals to navigate the complexities of the global property market.
4. Be prepared to adapt your business model as the global property market evolves.

Thank you for the investment in time. Please follow me on Medium: https://medium.com/@roariyo and LinkedIn: https://www.linkedin.com/in/olufemi-ariyo-923ba6130/ or send an email to [email protected]