Beginning this Thursday, Propmodo’s editors along with several expert contributors will connect the dots to uncover the biggest real estate industry trends shaping the year ahead and unveil them in our Propmodo Metatrends 2019 digital package, magazine and special event series. This groundbreaking project promises to deliver new insights for Propmodo’s readers and the entire global real estate community. It is made possible by several forward thinking sponsors including Investor Management Services, Estated, Open Box Software, IBS, and TransitScreen.
What are Propmodo Metatrends? They are macroeconomic forces, sociocultural changes, and technological advancements that are reshaping the built environment. Companies, governments, and property firms may call Metatrends by different names, but the most effective ones have organized their strategy in some way around them. By definition, they are big and include some of the real estate industry’s greatest challenges— and opportunities.
These are the Metatrends we will be exploring in-depth throughout the year:
Regulatory Intelligence: A piece of real estate’s worth is tied to what the government allows you to do with it. Understanding what local, state and federal governments want to be done on a parcel has always been hard to do but now technology is giving ways to directly connect with government officials. This has become increasingly important because of the newly designated Opportunity Zones and a change in accounting standards around government incentives.
Space-as-a-service: What started as a way for small companies and freelancers to afford professional office space has changed the way the property industry is thinking about how it offers space. As more and more companies and people are choosing flexible lease options buildings are starting to look at what services they can provide for their tenants rather than just how much space they can provide. No longer is real estate viewed as a product, now the new paradigm is becoming space-as-a-service and the effects of this shift is causing every real estate manager and owner to rethink how they do business.
Data accessibility: Buildings produce a large amount of useful data. From the price of the space inside to the preferences of the occupants to the mechanics of the building itself, information is fundamental to the value proposition of any property. Operators in the space understand this and thus do their best to keep their data proprietary in order to monetize it. Technology is slowing knocking down the walls around this protected data, often for the benefit of the industry as a whole. We look at how open and standardized data will change the property industry and add value to the entire real estate ecosystem.
Branded spaces: Brands are some of the most valuable things in the world. In consumer products, branding is one of the most important elements for a company’s success but in the property industry it has been largely overlooked. Now there has been an effort by many of the most progressive firms to create brands around their properties and, hopefully, reap the benefit that comes with a strong emotional connection with their end users.
Flexible design: Buildings last a long time. That means that design decisions, while they might be correct at the time, might turn out to be inappropriate as technology and culture change. In order to reduce the inefficiencies that are inherent in changing a building, companies are changing how they think about design. A number of innovations have created ways to make flexibility an intrinsic part of a building.
Sensors eat the world: A common term in the technology community is that “software will eat the world.” This has turned out to be true as some of the world most valuable companies have figured out how to analyze data in advanced new ways. But in the built world the data doesn’t come in bytes. Before software can be applied to our buildings data needs to be collected by sensors of all kinds and integrated into one system. This Metatrend will look at the way sensors are able to collect data and what is needed in order to make this complex information digestible for both computers and humans alike.
Mobility: The changing ways in which we travel are affecting the value propositions of almost every property. We examine how will changes to cities and towns like dockless bike and scooter sharing, autonomous vehicles and increased public transit infrastructure will impact the way real estate is designed, managed and valued.
Valuation: New sources of data and more sophisticated methods are challenging our assumptions about the way we determine property value. Each building and piece of land is unique but since we have not historically had the ability to value them as such. Now technology has given the real estate industry a better tool to determine property value but whether or not they will they be adopted is yet to be determined.
Process automation: Every job in real estate requires a lot of work. But many of the menial (and some of the advanced) tasks are starting to be automated using intelligent software. Figuring out what can and should be automated will be on of the keys for success for any modern real estate professional
Propmodo Metatrends 2019 authors include Philip Russo, Antony Slumbers, Bradley Tusk, Josh Panknin, Elie Finegold, Candyce Edelen, Deedee Chong and more. You can also look forward to joining us for exclusive filmed events featuring the brightest minds discussing these important trends. The first will be held in New York City on February 22nd, and the second will be in Los Angeles on March 22nd. In addition, Propmodo Metatrends will be published as a special annual magazine available to subscribers and distributed at several global industry events. If you want your copy, subscribe now.
Is your company interested in becoming a Metatrends partner and helping Propmodo define the future of real estate? Download the prospectus and get in touch.