What’s next for real estate technology? Will it continue to thrive and grow, or will it face a sudden demise? It is hard to make a case for the latter given the billions of dollars poured into the sector over the last year, but trends can act as reliable indicators for what might happen next.
As such, with 2021 turning its page and revealing a new chapter, we hear the predictions of three CEOs; Peter Bredthauer of PRODA, John Macdonald of Recognyte and Marcus Ginn of Edozo.
Peter Bredthauer, CEO at PRODA
“2020 and 2021 were turbulent years for real estate. As owners and operators seek greater certainty in 2022, access to quality data will be absolutely critical. As a result, my prediction for the year ahead is that demand for data, analytics and detailed intelligence will become the absolute lifeblood of the property industry.
Owners and operators are under more pressure than ever before to assess performance across their portfolios – whether that’s assessing and tracking risk and returns, ESG and sustainability performance, or facilities management and building operations. Intense competition across the sector is leading to the rapid adoption of technologies that automate data processing and provide fast access to quality data.
Where collating, analysing and utilising quality data was only something for really ‘forward thinking’ landlords just five years ago, 2022 (in response to so many push and pull factors in the industry) will be the year that data and analytics adoption becomes paramount to achieving stability and success.”
John Macdonald, CEO atRecognyte
“To date, only a limited number of data-driven technology solutions have seen commercial success in real estate. As industry adoption develops and proptech as a sector matures, data and its ability to drive decision-making will emerge as a competitive advantage. Data will be seen as the foundation of any solution.
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As such, the main three shifts I would forecast are:
Wider adoption leading to data-led analytics becoming mainstream by 2024.
Clear differentiation between ‘data’ and ‘analytics’ vendors.
A greater demand from operators to measure and report sustainability credentials.
Though these changes will likely fuel the growth of data focused products, those that don’t solve a real pain point will simply fail. COP26 has increased pressure for the real estate sector to reach net zero by 2030, creating opportunities for new vendors to thrive.”
Marcus Ginn, CEO at Edozo
“The enormous challenges of the past 18 months are starting to drive innovation in the way commercial real estate is transacted. As a result, in 2022 we can expect to see a notable increase in the use of technologies like AI, as well as a steady move from data aggregation to process automation, as firms bid to stay competitive.
At present, the UK market for digital listings and transaction management lags far behind many other markets. However, by accelerating technology adoption, the commercial real estate industry can markedly improve transparency, efficiency and liquidity.
Of course, there will be some sub-markets that will rise to the challenge of doing so more quickly than others – notably the logistics sector – whilst others will continue to resist change. However, the reality is that failing to innovate will only result in companies struggling to stay competitive in an increasingly digitally-driven landscape.”
If one thing is clear, it is that the future of technology in the coming years has no glass ceiling. It’s potential is both great yet dependent on willingness to concede to new and innovative ways of doing things across the real estate lifecycle.