Properties Magazine May 2017 : Page 34

FINANCIAL STRATEGIES Smart use of fiscal planning & action The Big ‘Aha’ L ALEC J. PACELLA ast month, I had the opportunity to attend a presentation made by Jack Uldrich. Jack makes his living primarily on the speaking circuit and is considered a futurist – his content revolves around emerging technologies of which businesses need to be aware. I found his presentation to be thought-provoking, so when my friendly Properties magazine editor came a-knocking for this month’s column, I knew just what the topic would be. internet. This year, AT&T has already introduced 5G networks in Indianapolis and Austin. This technology is 100 times faster than 4G, allowing huge data files to be transferred in seconds, not minutes. Think about the potential implications of this on a real estate industry that has already realized an increase in mobile workforces and a corresponding decrease in the need for actual space. The basic premise of Jack’s presenta-tion was the critical need for businesses to be aware of the rapid pace of change due to technology. To illustrate this, he highlighted Netflix. As most of us know, Netflix started out as a company that rented DVDs, mailing these straight to your doorstep along with a return enve-lope. But they recognized and reacted to massive pending changes due to technol-ogy and shifted their business – first to online streaming and then to developing actual online programming. Contrast this with Blockbuster, who had a 12-year head start on Netflix in the media rental busi-ness. We all know how their story ended. The rest of Jack’s presentation focused on various emerging trends and I want to focus on a few that I found particularly impactful to the real estate industry. Augmented reality The summer of 2016 will be remembered for many things: an NBA world cham-pionship, the RNC and Pokémon Go. Alright, that third one may be a stretch, but don’t downplay the significance of the technology this game represents. For those who don’t have a child under the age of 20, Pokémon Go gave new life to a franchise created 20 years ago by using a technology known as augmented reality. Gamers use their phone to capture vir-tual creatures that appear on the phone (in video camera mode) as if they are Bandwidth Many of us probably remember the ‘good old days’ of using a 56K modem to access this crazy new thing called the Subscribe Now & Save Over 80% Stay informed on the very best in construction and development in Northeast Ohio. Subscribe online or by phone at 216.251.8506. Clinic Clinic Rehabilitation INSIDE : Cleveland • l lp e Envelope • Hyatt Place at Legacy Village l ding Envel Roofing/Buil • Roofing/Building INSIDE SpringHill Suites Independence Hospital • AkzoNobel : ing Building een Build Green G INSIDE : MetroHealth Brecksville Health & Surgery Surgery Center • Renova Renovation ation & Restoration INSIDE : Larry Sears and Sally Zlotnick 7.95 2016/$7.95 April 2016/$7 ptember 2016/$7.95 Sep September Sears Sears think[box] think[box] at CWRU • Phoenix Building January 2016/$7.95 October ober 2016/$7.95 INDUSTRY LEADER SINCE 1946 Celebrating 70 Years Since 1946 Exclusive | Focused | Informative | Dependable | Connected www.Propertiesmag.com 34 ld The Schofield ke Reshaping ak akens awa Building Reaw istoric historic h Renovation revives o new to structure as home n Hotel apartments, Kimpton q Public Square $50 million public-private project brings renewed energy to ti Restoration specialists re-create e-create e Ohio Theatre’s original lobby bby design at Playhouse Square are Encore Resur Performance nce e the gence on Flats E East t Bank Phase Ph eI II Is sprout p t s new residential, entertainment dining & ex i Waterfront Properties | May 2017

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