The global real estate industry includes enterprises that deals in buying, selling, renting and operating owned or leased real estate properties. It also includes various real estate services such as property management, brokerage, valuation and other consulting services. The real estate market is mainly affected by various factors such as government policies & subsidies, a shift in demographics, changes in interest rate and overall health of the economy. Rapid urbanization, especially in developing countries, is the major factor driving the market for real estate globally.
The global real estate market can be broadly segmented into residential real estate, commercial real estate and industrial estate. Residential real estate is the largest and most important segment of the real estate market. The residential real estate market is driven by the growing population resulting in the rising need for houses. The commercial real estate industry is highly capital intensive and the amount of capital intensity depends on the property’s location and type of its ownership.
Recent developments in technology are expected to have a major impact on the global real estate market. The emerging trend in automating brokerage and leasing tasks and activities are eliminating the barriers between real estate owners and potential tenants. Tenants are able to obtain cost-effective and real-time availability of property information with the help of social media and mobile combined with cloud computing technology. The increasing trend of collaborative space usage and leasing of information technology infrastructure is reshaping the commercial real estate market.
The global market for real estate is also witnessing the rising demand for real estate software such as integrated workplace management system (IWMS). IWMS helps organizations to optimize the use of workplace resources through its various beneficial features such as strategic planning, request for proposal (RFP) analysis, portfolio management, lease management, transaction management, lease analysis, tax management and lease accounting.
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