Last week, the ULI Chicago Young Leaders group kicked off its first virtual roundtable, discussing the impact of technology on commercial real estate. The discussion was based around the Urban Land article: “Industry Outlook for Property Technology: Americas”. Valerie Berstene, Architect, SmithGroup, led the 15-person roundtable, comprised of lenders, developers, architects, engineers, and brokers.

The discussion began reviewing technology trends and quickly transitioned to how we are using technology to handle the current COVID-19 pandemic. Virtual tours of tenant space and accommodating lease terms have proven successful over the last few weeks for Kyle Butler, JLL and Victor Ciancetta, JLL. Other building owners have granted 30-day money back guarantees if the tenant is not pleased with the space. This concept has been challenging with office tenants due to required infrastructure and interior build-outs. Virtual tours have also been less successful with office tenants.

Another topic discussed was the process of designing office space for the future. While work-from-home has shown companies the flexibility of their workforce, that doesn’t necessarily mean office spaces can downsize. Designers are now cognizant of the fact that sardine-style desks can increase the chances of disease transmission and are providing adequate spacing in current floor plans. Greg McHenry, Hines, mentioned the opportunity to fit small, work-from-home offices in new residential units, replacing the den, usually seen as a leftover area.

As a closing, members of the “roundtable” listed the one change they want to stick due to this pandemic. One item that hits home for me is the hope that municipalities will adopt electronic submittals of exhibits, plans, and calculations. Speaking to all young engineers and architects folding plans, removing staples due to a missing sheet, and frantically running filled bankers’ boxes to Village Halls, I think there is a light at the end of the tunnel. Along with virtual tours and healthier workspaces, I think this is something we can all get behind.

Summary written by ULI Chicago YL member John Gross, Civil Engineer, Kimley-Horn, Inc.