What key drivers are helping transform the future of real estate?
CELINE BONNER, ASSOCIATE DIRECTOR, FABRIC (EU) LTD
Real estate is ever changing in this modern day living. Technology is constantly developing and encouraging new ways of working to boost productivity and increase wellbeing. If you are not up to date with what the current expectations are, you will surely be left behind. As interior designers and architects, it’s possible to create an entire scheme in virtual reality. This is a relatively economical way to help your client and investors visualise the finished product. Years ago, you would create an entire mock-up room of a single room to help visualise at high costs.
GRAHAM COLLIER, SENIOR ASSOCIATE, MILLS & REEVE LLP
The rise of tech solutions is likely to have a substantial impact on the future of our city and town centres. Improvements in remote working means it is increasingly replacing office attendance, and highlighting commuter despair. People value flexibility and value their time, and they have become a lot more conscious of their priorities. Shared workspaces, home-working and office remodelling are likely to remain high on agendas.
LIMOR WOLFE, PARTNER, REAL ESTATE TEAM, HARPER MACLEOD LLP
The real estate market is now greatly attuned to modern working practice, which is in turn influencing investment. Tenants and owners are now looking for communal, high-spec offices, with flexible space, often with luxury add-ons, such as gyms, breakout spaces and even free bars. At a time when many Scottish cities are currently struggling to meet demand for Grade A office space, landlords and investors have recognised an opportunity to provide bespoke developments designed to meet modern needs.
ALISON WRING, DIRECTOR, LONDON COMMERCIAL, AECOM
Increases in migration and urbanisation, changing working patterns and the blending of the way we live, play and work, are all key elements that are driving changes in the real estate of tomorrow. Sitting alongside these, digital technologies are reshaping not only what we do, but also the ways in which our real estate needs to be imagined, built and operated.
DEEPAK PARMAR, DESIGN DIRECTOR, MCM
Spaces that have a definitive purpose are going to be at the forefront of real estate. The most iconic buildings will no longer simply be monuments to ego but spaces which encourage community, innovation and wellbeing, such as 22 Bishopsgate. I’ve recognised a shift from real estate being a commodity to becoming an experience and this will aid not only tenants, but also define the most forward-thinking developers.
IAIN MACDONALD, DIRECTOR, SCOTT BROWNRIGG
A key driver is ‘internationalisation’ – an example being the way that last mile logistics is a hot asset for the world’s largest cross-border investors. Another is the global demand for ‘digital real estate’ as we construct hyperscale data centers to service cloud computing and smart cities. I don’t think algorithms and AI alone will enable us to shape this new urban code. Coworking is history, we need to focus on how to co-exist with machines.