Urban Tech on the Rise: Big Data Disrupts the Real Estate Industry

Urban Tech on the Rise: Big Data Disrupts the Real Estate IndustryFeaturing interviews with Marc Rutzen and Jasjeet ThindStanislas ChaillouBlockedUnblockFollowFollowingJan 1Stanislas Chaillou, Harvard GSD M.Arch I ‘19Daniel Fink, MIT SMArchS ’17Pamella Gonçalves, MIT Sloan MBA ’17Data visualization by BBVA on CartoThe practice of Urban Analytics is taking off within the real estate industry..Data science and algorithmic logic are close to the forefront of new urban development practices..How close?.is the question — experts predict that digitization will go far beyond intelligent building management systems..New analytical tools with predictive capabilities will dramatically affect the future of urban development, reshaping the real estate industry in the process.In his introduction to ‘Smart Cities,’ Anthony Townsend raises the issue clearly: “Today more people live in cities than in the countryside, mobile broadband connections outnumber fixed ones and machines outnumber people on a new Internet of Things.” Yet neither the glossy marketing of major IT players such as IBM and Cisco nor the dystopian theories of critical scientists like Adam Greenfield admit that the digital revolution washing over cities has yet to be fully evidenced..Instead, over the last decade we have witnessed the slow emergence followed by strong growth of the computational paradigm applied to urban planning and real estate.As the travel and tourism sectors demonstrate, Big Data can radically transform entire industries..Widespread disintermediation combined with newfound efficiencies have massively empowered consumers while destroying the traditional roles played by brokers and agencies..Similar trends are occurring in the real estate industry..Although the disruption is still elusive, transformation is underway..In fact, the fragmentation of the sector and the inertia of the profession maintain market opacity and mask reality.The urban analytics realm has been growing steadily since the 1980s and the inception of personal computers..From a simple aggregation of data on the web to database scraping and filtering, the 90s saw a refinement of real estate-tech tools..With cloud computing and high-speed internet, online platforms are now bringing the potential ofmachine learning, neural networks, and artificial intelligence to real estate market forecasting.. More details

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