Evolving property: what does the future hold?
With PropTech terms developing quickly, the use of digital technology in the building sector can seem a challenge to navigate. It has been rapidly evolving in recent decades, but the real-estate sector has been one of the slowest to adopt it.
Broadly speaking, #PropTech is the application of technology within the property sector to improve areas such as real-estate transactions, property management and tenant experiences.
The use of digital technology in the real-estate sector provides opportunities for growth and innovation. What does the future hold for Smart Building?
The future of #RealEstate is digital
Digitalisation has impacted almost every sector and dominates the way many people live in the modern world. The real-estate sector has not been immune to this impact and there have been a number of trends in which stakeholders are embracing digital solutions.
These include but are not limited to:
· Brokers and agents
· Lenders and investors
· Property Managers
· Tenants
· Third Party Diligence and Maintenance Providers
For example, the use of digital technology allows lenders and investors to gain data more efficiently and for wider geographical areas. Tenants are able to communicate with management directly and at the point of need or pay rent more efficiently. Lastly, property managers can access real-time user data efficiently, allowing them to manage portfolios better.
The future of real estate is people-centric
The arrival of the COVID-19 pandemic accelerated a shift in attitudes and expectations regarding workplaces and community buildings. Relationships between owners and occupiers changed. Challenges magnified by the pandemic such as health and safety, flexibility and efficiency have become focus points for what society expects from its buildings.
Buildings are changing and so is the way we use them. More and more often, users are perceiving buildings through the RICS IBOS pillars, placing themselves and their experience at the heart of what a building is for.
‘’Innovations such as sensors, robotics and data analytics contribute towards energy efficiency and provide an enhanced experience to building occupants. Smart FM is integral to the built environment and transforming data into actionable insights can help to deliver sustainable results for clients” says Christopher Loh, Senior Director, Facilities Management, C&W Services.
The use of smart technology allows data to be collected that can be used to continuously monitor and improve occupant experience. This offers a range of opportunities for building owners and managers.
The future of real estate is #Sustainable
Along with user-centredness, the environmental footprint of buildings is becoming more widely valued. The efficiency and sustainability of buildings influences users and occupiers’ feelings towards it and is part of a larger social trend within climate consciousness.
This places demands on workplaces, community buildings and rented homes. Smart building and the integration of PropTech can contribute to both stronger-performing buildings as well as ethical and economical ones.
Phil Kim, Chair and Managing Director at Asia Pacific at The Jerde Partnership, advises on mixed-use design, retail, urban revitalisation, the value of place and building lasting environmental and social sustainability. Jerde's people-based designs for Langham Place Hong Kong, Roppongi Hills Tokyo and Quay Quarter Sydney have attracted over one billion visitors to their projects, demonstrating there is interest in sustainable, people-focused real-estate.
The future of PropTech is full of potential. It can be applied to target key challenges within buildings or integrated into new projects to create better user-experiences and a more sustainable future for real-estate.
Join us for the RICS-REDAS Smart Buildings Conference 2022 on 02 and 03 November. Follow up with featured speakers, continue the discussion and learn more about this fascinating area.
Organised by RICS
In collaboration with REDAS
Industry support partners:
· ACES
· IES
· REITAS
· SCL(S)
· SGBC
· SIBL
· SPM