David Fuller-Watts explains how proptech is enabling the real estate industry to respond to the latest trends and challenges.
Shifts in consumer behaviour and the way we work and live have continued to shape the real estate industry this year. These trends have accelerated the adoption of technology, enabling property owners and managers to quickly adapt to change and futureproof their business.
Shining the spotlight on ESG
The need to demonstrate ESG principles grew in 2021 and has intensified this year. The environmental element has become a key focus for the property industry, driven by the urgent need to address the climate crisis, meet net zero targets, and lower energy use.
Many building owners, managers, and tenants are recognising the importance of data and measurement to achieve these aims. Digital technology plays a key role by enabling all stakeholders to understand how a building is being used and the impact on energy use. Through a platform like Mallcomm, landlords can track environmental performance in real time and gather data from tenants to establish how carbon emissions can be reduced.
These insights can determine whether the opening hours of a building should be changed to reduce energy use, if there is a need for more energy-efficient or intuitive lighting in common areas, how natural ventilation may reduce the burden on heating and cooling systems, and how much water could be recycled.
In an increasingly purpose-driven world, developing and refining ESG strategies will continue to be a priority for the real estate industry in 2023. Technology will provide valuable insights and digital tools that help turn pledges into actions.
Community comes first
No longer a buzzword in real estate, placemaking is being applied across the residential, commercial and retail sectors to create stronger communities. Successful placemaking can involve many different measures, and in an increasingly digital world, technology is a crucial part of the mix.
Digital tools can strengthen connections between people and places of all sizes by enhancing engagement. The Mallcomm platform for example, creates a digital hub that connects all those who work at, or visit, a place including occupiers, management teams, suppliers and customers.
For larger mixed-use schemes and shopping malls, the platform can enhance people’s experience of the destination both on and off site. The latest news and information, including special offers, events, and competitions, can be accessed whenever and wherever people want. To support local communities, the technology can also be used by businesses in the area to promote their events or offers to potential customers.
The need to improve engagement and a sense of community will form an important part of customer and tenant retention strategies in 2023. And this is a demand that is increasing across the world, including North America and South Africa as reflected in our new partnership with the Gateway Theatre of Shopping.
Efficiency gains
In a challenging economic climate, finding ways to reduce costs and improve productivity is more important than ever before, and this has become another driver of digital transformation.
The property industry is not only implementing new technology, but consolidating systems to streamline costs. Adoption of technology that digitises paper-based processes such as access requests and reporting is on the rise, helping property managers to significantly reduce their workloads..
Providing a central source of communication through a digital platform is generating time and cost efficiencies too. This enables property managers to deal with tenants’ requests more effectively, helping to boost productivity and enhance relationships.
Amid economic uncertainty, managers are also under huge pressure to gather, report on, and present, sales figures. This is another area where proptech is growing with a focus on quick and effective data management and insight.
Adapting to change
Many of the trends we have witnessed this year will continue into 2023, bringing technology and the real estate industry closer together. With the right advice and a tailored approach, proptech can help property owners, managers and investors keep up with the pace of change and ultimately, improve the bottom line.
Proptech providers will also need to evolve, ensuring digital tools are fit for purpose and can meet new demands and expectations. Following investment from Synova, Mallcomm will be developing a range of new features to keep continuously improving our offer to the real estate industry, helping our clients to create successful places and sustainable communities.
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