Some of the fu3e. team attended the 'Technology driving profitable real estate' Bisnow event held recently at Ashby Capital’s Kensington Building, West London.
With the UK prop tech market predicted compound annual growth of 17.1% by 2032 suggesting that the real estate industry is finally ready to lose its somewhat tech-averse reputation, some of Europe’s biggest property investors discussed how they are looking to technology to source and analyse deals and what they were then looking for from tech providers.
'Technology driving profitable Real Estate'.
Naqash Tahir Global CIO of PGIM Real Estate acknowledged that the real estate industry has typically relied upon a “combination of institutional, traditional data and retrospective data,” and many of the panellists agreed with him that a cultural shift was needed in terms of monitoring data available and trusting it.
Simplicity of access
The culture shift within the industry, it was discussed would be aided by ease of access to structured data and fuelled by the power of the insights that could be gained from it across the life cycle.
When discussing who the panel felt was driving technological change within the industry, MRI’s Strategic Account Director Colin O’Reilly felt that Regulatory - for example CO2 targets - markets and clients were the three main drivers.
Colin continued that whilst Real Estate is at the start of the technology journey, he felt it AI would be ‘the next evolution on a journey of constant evolution’ and that his clients are looking at what technology can do to give them an edge in the market.
Tom Duncan - Head of Research and Investment Strategy, Cromwell Property Group – acknowledged there was value in PropTech to improve the speed and efficiency of deal execution, that it established a benchmark and brought transparency to the industry which in turn engendered trust between all parties.
Improving informed decision making
When asked however what he felt was the biggest potential of real estate data was, Tom felt this ultimately was “enabling more better decisions and far fewer bad decisions.” In the future he felt would be about “really getting under the skin of buildings, understanding what their parameters are and what that means for investment strategy.”
Tom and Naqash had also discussed what they felt was an interesting initiative globally, but had not yet reached the UK, of collaboratively sharing data, without any risk to confidentiality, and benefitting from the insights that could be gained. With so much data being produced in the real estate market, he said it’s up to software providers to process it and get it in front of the right people quickly.
Adam Clayton, fu3e. Enterprise Account Manager expressed after the event, “There was some fascinating discussions from panellists who provided some really great insights. It was so good to be back out meeting new people and connecting at live events once again”
The fu3e. team look forward to attending the forthcoming Bisnow event ‘Women Leading Real Estate’ on September 15th for more executive insights from market leaders shaping Real estate including Becky Worthington, Canary Wharf Group, Lama Kanazeh, Blackstone, Katherine Beislert, Hollis and Bella Peacock, Greystar.
Bisnow event ‘Women Leading Real Estate’ on September 15th: