Posted by: BayAreaComRE | January 27, 2010

Tracking the Trends: Social Media’s Role in the Economy and CRE Sector

The Bay Area is the epicenter of the world’s tech and Internet revolution. Period.

We at BayAreaComRE will investigate how this trend has evolved into social media, and why there are both global and local implications. Social media emerged as the forum for networking, research and innovation, collaboration and entertainment. BayAreaComRE will track this burgeoning, maturing and evolving industry and its significant impact on our business, commercial real estate.

Social Media comprises marketing, gaming, networking and many more facets that affect both corporations and small businesses, individuals and industries. It has inextricable trickle down effects with jobs, innovation, and, of course, office space! We are experiencing a prolific economic transformation, and social media is a driver and a trend-setter.

We recently attended a CoreNet event featuring social media’s effect on business. The numbers are staggering. Its message is, well, viral – Utilize social media or get left behind. To get perspective, let’s look at the proliferation of some of the prominent technological advancements.

Years to reach 50 millions users:

  • Radio – 38 Years
  • TV – 13 Years
  • Internet – 4 Years
  • iPod – 3 Years
  • Facebook – 100 million users in less than 9 months
  • iPhone Applications – 1 billion in 9 months.

 

“This will prove to be an exciting year for social media and the professionals who strategically use these sites to build brand awareness and relationships. The new developments in the medium are sure to come. Adapting to the times and looking forward is virtually certain to be the most effective trend for any perceptive professional (2010: The year social media comes of age for businesses by Sam Brace via Coy Davidson).

Social Media has buoyed the Bay Area economy, while the traditional service sectors have lagged. Social Media companies have raised funding, hired, innovated and absorbed immense amounts of office space. Consider companies like Salesforce.com, Facebook, Twitter, AKQA, Zynga, Playfish, and many more who are growing and adapting with this trend. This is a testament to the diversity of the Bay Area economy, and we are happy to be a part of it.

Look for our upcoming first feature on Social Media: Gaming.

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Responses

  1. You bring up an interesting and often untalked about aspect of social media – that these companie are use space users. However, this is pretty unique to the Bay area market and somewhat here in NYC.

    Social media as a business tool is certainly a game-changer, if used correctly. A lot of people have to realize that social media is just a tool, an easier way to reach out and connect with your market. It can also be a huge time-waster and although you may feel productive, you may not be doing anything to help your business.

    Get involved with social media, bog, but don’t forget the roots of the business – market knowledge, intelligence, connections etc.

    I just discovered this blog for the first time, I look forward to future content.

    http://www.astudentoftherealestategame.com/


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