There is a shift within the property sector from talking about data to actually using them, delegates heard at Real Asset Media’s Proptech, Data & Innovation briefing, which took place at the International Investors Lounge at EXPO Real.
“People are now realising the importance of data and seeing their value and this is just going to snowball,” said Martin Betts, vice president, commercial real estate for EMEA, NTrust.
More data are being gathered from all sections of the property market, and at the same time the way people use the data is changing and becoming more sophisticated.
“The plethora of data coming to the market is helping people to do proper due diligence to understand what they are buying,” said Natasha Patel, UK head of innovation and insight, Avison Young.
For investors and landlords technology also provides a crucial way of differentiating themselves from competitors.
“Understanding tenant needs and seeking customer satisfaction is crucial, and that is driving the trend for landlords to use proptech,” said Lukas Balik, CEO and co-founder, Spaceflow. “Creating a strong brand that is focused on the end user will guarantee success. It means making tech relevant for today’s world”.
The increasing focus on ESG has also a significant proptech component.
“ESG data have really come to the fore, not just energy data but looking at the very fabric and structure of the building, as people want more information,” said Betts.
The real estate industry is committed to meeting sustainability targets but it cannot do so without the help of technology.
“ESG is the biggest trend and the hottest topic,” said Patel. “Data and technology will provide invaluable help.”