PropTech: real estate sector is slow to embrace digitalisation but the benefits are substantial
IPUT, largest owner of offices in Dublin, in conjunction with Arup, the global engineering and design group, have launched a report, ‘Shaping our Cities’ which examines how digital technology is influencing the expectations and demands of investors, owners and occupiers. This, in turn, is now driving the sector to more rapidly integrate technology into their buildings, service offering and asset management capability.
The report includes input from a broad range of international participants in the real estate sector including global investors such as Allianz Real Estate, CBRE Global Investors and UBS; occupiers such as Knotel, LinkedIn, Twitter and WeWork; and other influential organisations within the sector.
Proptech has risen in importance within the real estate sector as investors, advisers, asset managers and financiers begin to understand the transformative applications of technology.
Investment Briefings is hosting its inaugural PropTech, Data & Innovation Summit at Nuveen Real Estate’s London headquarters at 201 Bishopsgate on November 27, 2019 at 08:30. The morning summit will include three presentations and two panel discussions as well as breaks for coffee and networking.
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The disruption being caused by digital technology is one of the major issues facing real estate owners, investors and occupiers today. However, the real estate sector has been slow to embrace the digital revolution, with one estimate that the sector is behind other industries by as much as five years.
Two big drivers are now changing all of that: the climate crisis and the evolving structure of the industry. Investors want more granular asset level data to evaluate the sustainable performance of their investments. Occupants want quality office spaces to attract and retain talent but with more flexibility within the office environment.
Niall Gaffney, IPUT CEO, said:
“There is now a critical need for the real estate community to invest in sustainable buildings and the public realm. The value of technology in servicing the needs of investors and occupiers will influence the shape of the real estate sector over the next decade.
“As we commence the development of almost 65,000 sq. m. of mixed-use space in Dublin city centre, we saw an opportunity to explore the key digital drivers of change in real estate globally and ensure we are delivering stock that is at the industry’s cutting-edge. Drawing on this research, we can apply global best-practice to our projects for the benefit of our future occupiers and support long-term returns for our shareholders.
“Our commitment is to invest in sustainable buildings and the public realm – that enhance the occupier experience – which will set new environmental standards for offices in Ireland and mark us out as a landlord of choice in the sector.”
IPUT’s technology report highlights will continue tomorrow.
