Newspaper article THE JOURNAL RECORD

Commentary: Real Estate 2.0

Newspaper article THE JOURNAL RECORD

Commentary: Real Estate 2.0

Article excerpt

Most everyone has probably heard of MySpace and YouTube, which have quickly become two of the most popular Web sites on the Internet today. MySpace is a Web site that allows people to create their own single page on the Internet with anything they want, such as profile information, photos, videos and music. YouTube is also a user-driven site that allows people to post their own videos that they have produced or clips from television shows and movies. Web sites like these have been coined by technology experts as Web 2.0 alluding to the theory that these user-driven Web sites are the next generation of the Internet.

Peter Pike, president of California-based PikeNet, a commercial real estate consulting firm, speculates that the next generation of commercial real estate Web sites could incorporate this Web 2.0 structure. While he said it is very difficult to predict the next big trend in Internet technology, he said that the Internet as a whole appears to be moving more towards these user-driven content Web sites. As a result, there is no reason to doubt that real estate information on the Internet could move this direction as well.

So what would a commercial real estate Web site utilizing a MySpace-type infrastructure look like? For one thing these sites could be the next logical step in providing and obtaining market data. The Internet has proven to be the best resource for industry professionals to obtain market data in just a matter of minutes in markets all over the world. A user-driven system might enable brokers, lenders and investors to share thoughts and data in their respective markets, whether it is vacancy rates, rental rates, new construction news and economic statistics. …

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