As the 4th Industrial Revolution takes hold, the pace of change has never been faster. Especially in the fastest city in the US, New York.
Over 2,500 leaders from business, government, academia, media, and the arts met last week to participate at the 46th Annual Meeting of the World Economic Forum in Davos-Klosters, Switzerland. With this year’s theme being ‘Mastering the Fourth Industrial Revolution’, we can’t help but notice how our own city has changed to adapt to the needs of its inhabitants. This new Industrial Revolution is driven by technology, which New Yorkers heavily depend on in their day-to-day lives. Let’s take a look at the factors at play and their impact on NYC business, life, and real estate:
- The Internet of Things: Network connectivity in New York City has never been more evident, relied-on, and necessary. Wi-Fi hotspots are being placed in subway stations and bus stops. These new hotspots will offer Wi-Fi connection within 150 feet of a location, allowing anyone on the street to benefit from NYC’s top internet browsing speeds. Over the next year, NYC will replace 7,500 payphones with these new Wi-Fi access points, showing that our reliance on the Internet of Things is ever- increasing.
- Emerging Technology: A growth in touchscreens and user interfaces has invaded the city. Places such as your neighborhood subway stop or a Bloomingdales makeup counter are now utilizing their consumer’s desire for interactive technology. Other high-end retailers on Fifth Avenue, such as Rebecca Minkoff and Kate Spade, are following suit by installing their own digital components, containing digital versions of their latest ad campaign, runway show, or catalogue. With the installation of large touchscreen interfaces, consumption is turning into an interactive experience between consumer and technology, further proving our dependence on connectivity in the Big Apple.
- Real Estate Goes Green: A new hyper-focus has been placed on all things environmentally-friendly, and New York City has begun to take strides in a greener direction. Buildings are being constructed with more efficient and sustainable materials, similar to JLL’s work on the Empire State Building, allowing them to be more economically responsible, and allowing their patrons to reap the rewards. New Yorkers are demanding healthier places to live and work, and real estate is evolving to satisfy these changing needs.
Globally, we are in the midst of a technological revolution that will fundamentally change the way we live and work, and New York City is evolving to meet the needs of its tech-savvy population. The speed at which all of this is happening is unprecedented, and if we had to guess, we would say that New York City is going to be at the forefront of most of the action .