For decades, the commercial real estate industry had a reputation for being slow to adopt technology. Today, with the rise of artificial intelligence and a fast-growing proptech market, that is all changing.
JLL’s Global Future of Work survey found that 90% of corporate real estate organizations surveyed plan to expand their investment in AI over the next five years. Meanwhile, the global proptech market is projected to grow from $40B in 2025 to more than $88B by 2032.
“The rise of technology in CRE has led to a greater focus on operational excellence and efficiency,” EisnerAmper Head of Real Assets Advisory Naseem Wenzel said. “Technology will become a bigger part of every asset class as digital tools play a key role in measuring that excellence.”
Wenzel, a CRE industry adviser for 26 years, works with firms to implement strategies to help them achieve their objectives. She said that advising is her passion and she is looking forward to guiding EisnerAmper clients on their tech journeys.
When it comes to CRE and tech adoption, Wenzel said she is seeing a rise in data aggregation platforms, which enable organizations to have access to their own data, third-party data and, overall, think about what data means within their organizations. That last part is the key to moving on to the next generation of proptech.
“If you have the data figured out, it will open the door for AI,” she said.
Bisnow spoke with CRE leaders from Rudin, BXP and Charney Cos. to learn more about how firms are leveraging technology to increase operational efficiency and enhance their business. Wenzel offered insights into how companies that are looking to do the same can approach tech adoption.
Innovation And Efficiency
Rudin Vice President and Head of Information Technology Neal Mohammed said that the firm views technology not just as a tool but as a fundamental driver of innovation and efficiency. With that in mind, the company has invested heavily in data analytics platforms that aggregate market data, property performance metrics and tenant information.
“This allows us to make more informed decisions about acquisitions, leasing strategies and asset management,” he said. “We're using robotic process automation to streamline tasks like invoice processing, lease administration and reporting. This frees up our team to focus on higher-value activities like building relationships and developing creative solutions for our clients.”
Charney Brokerage President and Chief Data Officer Andrew Steiker-Epstein said the developer partnered with Venn to create a custom Gowanus Wharf app focused on creating a superior resident experience and streamlining operational processes. Tenants start by going through a full move-in checklist where they can seamlessly book a moving company, reserve the building elevator, sign up for utilities and cable/internet, pay rent, receive their digital keys and more.
“As a tenant, they have access to a social experience, which consists of a variety of community groups,” he said. “They also have the ability to reserve amenities, sign up for fitness classes, create/RSVP for building and neighborhood events, send maintenance requests and more. We currently have a 98% adoption rate and an 85% engagement rate on the app.”
Mohammed said Rudin has also heavily invested in tenant experience apps that provide a centralized platform to access building amenities, connect with other tenants, submit service requests and receive important building updates.
“These apps create a more connected and engaged tenant community, leading to higher satisfaction and retention,” he said. “We see this as crucial in today's market.”
Workplace developer BXP highlighted three distinct areas of tech-driven information, Senior Vice President and Chief Technology Officer James Whalen said.
“The first is how we run our company and operations more efficiently, which all focus on process change and data insights,” he said. “The second is how we enhance the experience of occupants and guests in traversing and using space, and the third is how we elevate the performance of our buildings to save energy and reduce costs.”
With this approach, Whalen said, BXP can “drive and orchestrate continual innovations across all areas of our business.”
Enhancing Leasing Activity
Along with driving operational efficiencies, CRE firms are also using technology to drive another key aspect of their business: leasing.
Whalen described leasing a high-touch business that heavily relies on data to drive its outcomes. With that in mind, his firm uses proptech tools like VTS to provide an important platform for broad awareness of all events in the entire leasing process.
At Rudin, Mohammed said the firm utilizes customer relationship management systems to provide personalized service.
“Tenant portals allow tenants to easily submit maintenance requests, access important documents and communicate with our team,” he said. “This ensures efficient and transparent communication.”
He added that Rudin is exploring AI-powered leasing platforms that can automate lead generation, qualify prospects and negotiate lease terms. This will allow its leasing team to focus on building relationships and closing deals.
As a result of this investment in technology, Rudin has seen improved tenant satisfaction and reduced operating costs, Mohammed said.
“Our tenant portals and proactive communication strategies have led to a quantifiable increase in tenant satisfaction scores,” he said. “Also, smart building technologies have helped us reduce energy consumption and overall operational expenses, while data-driven decision-making has enabled us to identify undervalued assets and optimize our investment strategies, resulting in higher returns for our investors.”
As an additional benefit, he said the company’s commitment to innovation and technology has made Rudin a more attractive employer for top talent in the industry.
Steiker-Epstein said that Charney used Venn to create a custom application for the lease-signing process that allows tenants to go from logging in to the app to lease signing in less than five minutes.
“Our app process allows tenants to sign in directly to their bank accounts and payroll providers to quickly verify income and assets, along with facial recognition to match their ID, and undergo a credit/background check,” he said. “They can do this from their phone.”
Through the use of this app, Charney has noticed a 45% improvement in its drop-off rate compared to the previous processes, he said. The company also uses an AI leasing tool, Zuma, that automatically responds to inquiries and schedules tours by booking slots on its leasing agents' calendars.
“This has increased our tour volume by over 100% and tour conversion by 20%,” Steiker-Epstein said. “In just three months of opening, we've had 1,209 tours.”
Successful Implementation
Wenzel said that companies looking to leverage tools like these need to first consider their sources and uses of data. Specifically, they need to think about what their data priorities are and build a road map.
“There are a lot of data sets that you can go after, but you need to ask yourself, ‘What are the critical ones, and will the platform be able to serve that?’” she said. “Understanding your existing operating model and where you want to go from a growth perspective and your goals and objectives is key. Because once you define that, you're able to see where the gaps are and how to fill them.”
She added that firms need to question how long tech implementation will take, because if it takes too long, people can lose interest, which is why companies need tools that are quick and agile.
After choosing the tools that are right for the business, firms need to devise a strategy for integrating them into their day-to-day operations. Wenzel said that when it comes to this step, companies often forget proper change management. What this means is that any technology a firm implements is going to change the way people work, and employees need to be made fully aware of that change, the impact that will have on the organization and its value.
“This all comes down to sponsorship from the leadership team,” Wenzel said. “The executive team needs to make it clear to employees that they are completely behind the initiative and believe in the importance of the technology.”
The Future Of CRE Tech
Looking ahead, EisnerAmper’s Wenzel said she expects to see some consolidation in the proptech industry.
“As the focus on operational excellence and efficiency continues, more companies will merge to build stronger platforms,” she said.
Mohammed said that beyond simple automation, he expects to see a rise of agentic AI systems that autonomously execute complex tasks and make decisions on behalf of users.
“Imagine AI agents that can proactively manage building operations, negotiate leases or even identify and pursue investment opportunities with minimal human intervention,” he said. “This will be a game-changer.”
He added that with the increasing reliance on technology and data in commercial real estate, cybersecurity and data privacy will become paramount. Advanced threat detection, data encryption and robust security protocols will be essential to protect sensitive information and maintain tenant trust.
Technologies that promote energy efficiency, reduce carbon emissions and enhance building resilience will become increasingly important as sustainability becomes a top priority for tenants and investors.
“I believe there will also be a rise in ‘phygital’ experiences that blur the lines between physical and digital spaces,” Mohammed said. “Think integrated sensor networks providing real-time occupancy data for space optimization or applications enhancing the in-building experience. The key will be seamless integration and providing real value to the user.”
Steiker-Epstein also expects to see a rise in AI tools, especially related to leasing and property management.
“More buildings will be focused on tenant experience and social connectivity with apps powered by companies like Venn,” he said. "We're likely to see changes in how tours are conducted as virtual and digital experiences continue to improve, including an increase in self-guided tours and sight-unseen leases. I anticipate more tech-forward amenities in residential buildings — things like immersive display rooms or even in-building Imax theaters. But I believe the biggest advances will be in the health and wellness space, as new innovations are applied to residential amenities: robot massages, smart saunas, light and sound therapies, AI-powered fitness classes and more.”
Whalen said that when it comes to technology, no conversation with a five-to-10-year horizon will escape the impact of AI.
“The changes will be fundamental in how software is created and how a person interacts with information and processes in their daily work,” he said.
Wenzel added that any CRE firms that are weighing their tech options and evaluating their priorities should work with a trusted adviser like EisnerAmper that can help them achieve their goals.
“We can help you not only think about technology but also people, process and data,” she said. “Collectively, we will use that to build a road map for how to make your future goals a reality.”
This article was produced in collaboration between Studio B and EisnerAmper. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.
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