The commercial real estate sector faces some unique challenges in the next decade, due to an acute construction workforce shortage and rising construction costs. Firms must adopt new strategies in order to create a competitive advantage. Fortunately, new technologies are highlighting some of those potential strategies. The digital age has brought unprecedented changes to construction and commercial real estate, complete with new applications and devices that have forever changed the ways that firms design and assemble buildings. The impact of these new tools can be seen on and off the job site, both before the project begins and while it is under way. In particular, improved BIM products, innovative IoT implementations, and emerging machine-learning applications have created possibilities for firms to rise above the difficulties facing the industry. Improving productivity and efficiency is critical for firms looking to thrive in the coming decade, and the above technologies have proven to be vital tools for promoting both. Expect to see the increasing prevalence of these techniques and technologies, as they support construction companies in handling the challenges of the coming decade.
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