The world has changed significantly this year. The way people here in California and elsewhere do business has included more technological assistance than ever before. In-person meetings, paper contracts and more are limited at best. Even the commercial real estate industry has made some adjustments, and they may be here to stay.
Automated smart technology has helped maintain social distancing in the commercial and residential rental markets and is probably not going anywhere anytime soon. Many developers have had to quickly catch up and install touchless entries, including elevators that can be accessed via an app. Even the marketing of mixed-use buildings has changed. Prospective tenants can now view online floor plans and take virtual tours and virtual walkthroughs of a property. People can now tour a location, move into it and arrange maintenance in a touchless manner.
Developers looking to purchase land will most likely experience a nearly 100% technological closing process soon, if they have not done so already. E-signatures, e-recording and remote online notarization are all available and on the way to becoming more the norm rather than the exception. Even escrow deposits can be done securely online. Social media platforms could become invaluable in the industry as well.
With all of the changes that continue to take place here in California and around the world, it is no wonder that the commercial real estate industry is having to change as well. The trick is to keep up with the changes and even anticipate them. With the continued automation of numerous processes, it may be more important than ever to work with an experienced attorney with the technological wherewithal to continue to protect the rights and interests of developers, property owners and commercial tenants.