Input from the UK’s leading real-estate owners, occupiers, developers and investors has helped JLL envisage the ideal city as it may appear in the future.
Co-working and living spaces, smart and healthy buildings, wi-fi trees, reverse vending machines, driverless transport and multi-generation housing should all feature, say leading property stakeholders. Their thoughts were brought together and used in tandem with JLL’s own trends to predict what will influence real estate and infrastructure over the next 20 years.
JLL says tech innovation, urbanisation, land and resource scarcity, a low carbon economy, demographic workplace change, health and wellness, and transparency and social values are important factors in the future cityscape – an environment that will be a distinct departure from what agents see today. “To succeed and thrive in a world that is continuously changing, radical thinking is needed.”
The inevitability of radical change prompted JLL to also create a Transformation Framework, designed to help property businesses identify and meet the challenges presented by a constantly evolving sector. The framework will not only help agents advise clients moving forwards but also help them shape their own company, especially in light of rapid prop tech advances and disruptive strategies.
As detailed in PropTech 3.0: the future of real estate by the highly respected expert Professor Andrew Baum, published in 2017 by the University of Oxford, agents should be mindful of virtual and augmented reality viewing software, intelligent AI algorithms that give accurate and instant appraisals, blockchain tech and open source banking.
Emma Hoskyn, Director, Upstream Sustainability Services at JLL, says property professionals need to alter their forward thinking: “To succeed and thrive in a world that is continuously changing, radical thinking is needed. Rather than tackling each real estate trend individually to accomplish objectives in the short or medium term, companies need to incorporate the trends into every step of their business decisions, long-term vision and structure.”
JLL’s Transformation Framework is available online, along with a special section covering prop tech.