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Navigating the labyrinth of the commercial real estate (CRE) market demands an eye attuned to the next big trend. If you’re a CRE investor, then you know that what worked yesterday may not work again tomorrow.
Typically, commercial real estate is considered to be:
- Apartments (Multi-Family)
- Industrial space
- Retail space
- Office space
- Special Use (Hotels, Airports, etc.)
Today in 2024, the commercial real estate marketing space is buzzing with innovation and adaptation. Below are the top trends that are reshaping the marketing landscape.
Virtual Reality Tours
Gone are the days when potential tenants or buyers needed to be physically present to view a commercial property. Virtual tours have revolutionized the market.
They offer immersive experiences that allow users to “walk through” a space from the comfort of their current location. This not only saves time and travel expenses but also enables a broader reach for properties.
There are growing software programs and apps that now make creating virtual tours easy.
However, you can also simply use a smart phone and have your prospective tenant call you (or a member of your team) while you’re at the property. Using this technique, you simply flip your phone’s camera around and walk them through the property in real-time.
Data-Driven Decision Making
Today, nearly all CRE investors rely on data analytics to make informed decisions. We look at metrics such as:
- Market Analytics – Common metrics to track involve average household income, average home price, average family size, median age, etc.
- Population Trends – For this metric, you’re usually trying to determine if the nearby area is attracting more people every year. This is because you want to own assets in growing markets.
- Competitor Data – For this metric, you’re usually looking at how many competitors are located near the property you’re considering buying and how their assets are performing
The key is not just collecting data. It is also about interpreting and acting on it. This can help you to make smart decisions about whether or not to acquire a property, how to market it to prospective tenants, how to price it, and how to manage it.
Sustainability and Green Practices
Sustainability has shifted from a fringe movement to a mainstream consideration in commercial real estate. Properties that boast green certifications are often more attractive and can command higher rental prices.
Marketing strategies can leverage a building’s sustainability initiatives, using them to appeal to a growing number of environmentally conscious businesses.
In my opinion, this is a positive trend and one that I hope continues to grow substantially in momentum.
Social Media Influencer Partnerships
Influencer marketing isn’t only for fashion and lifestyle brands. Commercial real estate has recently seen the rise of industry-specific influencers too.
Examples of this trend could be having a social media influencer promote an apartment property that you recently acquired. If they have a large audience or if you work with multiple smaller influencers, it’s likely that collaborating with them will have a positive effect on your property.
Similarly, if you’re doing a large renovation on the apartment building, you might want to invite a local social media influencer to document the process as you do the work. In exchange for payment, they’ll help you highlight the positive amenities that you’re adding to the complex.
Partnering with social media influencers is simply a modern way to amplify a property’s visibility and reputation.
SEO and Online Presence
Today in 2024, having an online presence is crucial, no matter what market you’re in. In the CRE market, this means that you now need to have a strong search engine optimization (SEO) strategy. This activity is not longer optional.
Given this reality, most smart CRE investors partner with SEO companies to make sure that their properties rank highly in Google Search. For example, if you own a self storage facility, you’ll want to rank highly for the term “self storage” and your local zip code. If you own an apartment building, you’ll want to rank highly for terms like “two-bedroom apartment” or “dog friendly apartment” and your local zip code.
If you’re trying to learn more about this, take a look at this page for commercial real estate SEO. This type of digital marketing strategy can drive traffic to a property’s website and generate leads.
Diverse and Inclusive Marketing
Diversity and inclusivity are no longer just buzzwords. They are essential considerations in all industries. This includes the commercial real estate industry.
Marketing strategies that showcase diversity and inclusivity can attract a wider range of clients. They also create a more positive and welcoming image for the company.
Examples of this can be including people of different races, genders, ages, and abilities in the marketing materials that you use to promote your facility.
The Evolving World of Commercial Real Estate Marketing
The CRE market is dynamic and ever-changing. Given this reality, marketing strategies must also adapt and evolve to stay relevant.
Investors who keep up with the latest trends and technologies have an undeniable competitive edge.
So, what’s next for commercial real estate marketing? Only time will tell. But one thing is for sure, change will be the only constant and technology adoption will be requisite.
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