FUTURE OF PROPTECH 08 - HubSpot
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I N D EPEN D EN T P U B L I C AT I O N BY RACONTEUR.NET #0632 26/11/2019
FUTURE OF
PROPTECH
03 PROPTECH IS MORE THAN JUST
DIGITAL TRANSFORMATION 06 HELPING FIRST-TIME
BUYERS THROUGH TECH 08 THREE WAYS TECH IS
STREAMLINING THE SECTOR
I N D EPEN D EN T P U B L I C AT I O N BY RACONTEUR.NET #0632 26/11/2019 RACONTEUR.NET 03
FUTURE OF TR ANSFORMATION
PROPTECH
Proptech is the
future, not a fad
Distributed in
Published in association with
It sounds like the latest tech trend to hit headlines and attract investment,
but proptech is about more than digital transformation. Technology can help put
purpose, culture shift and customer experience at the heart of the property sector
Jim McClelland technologies for efficiency, with
GettyImages/Klaus Vedfelt
digital dashboards that moni-
sked “what is proptech?”, tor energy conversion, storage and
A punters could be forgiven usage, to provide property manag-
for thinking it some shiny ers and homeowners greater control.
Contributors new smartphone phenomenon, all The sustainability benefits are
gizmos and gadgets. They would be multiple, says Professor Dave
wrong: it is actually all about them. Worsley, director of the Active
Samuel Horti Felicia Jackson For a start, proptech already has Building Centre. “Proptech in active
Tech, video games and Former editor at large pedigree. Residential behemoths buildings empowers homeown-
property journalist, he of Cleantech Investor,
Rightmove and Zoopla were pio- ers and tenants through creating
writes for titles such as founding editor of New
IGN, Property Week, PC Energy Finance and neering progress ten years ago. energy self-sufficient structures.
Gamer, Gamesradar European contributor Nor is technology the whole story. Further benefits to society include
and Techradar. to Forbes.com. It is plainly important to proptech – addressing fuel-poverty concerns,
the clue is in the name – but there improving air quality through
Nicolette Loizou Jim McClelland is more to market transformation reduced emissions and encouraging
Journalist covering Sustainable futurist,
than the miniaturisation of hard- adoption of electric vehicles.”
society, innovation speaker and writer, his
and future ideas, she specialisms include built ware and proliferation of sensors. In Yorkshire, Leeds City Council
has contributed to environment, corporate Machine-learning and cloud com- and the City of York are jointly har-
The Guardian, The social responsibility and puting are enabling, not defining. nessing the help of proptech to boost
Independent and South ecosystem services. For all the hype, proptech is often the health and welfare of local hous-
China Morning Post.
undersold, argues Alex Edds, direc- ing tenants. Backed by Innovate
tor of innovation, at JLL UK. “On UK, the scheme seeks to improve
Rich McEachran Sooraj Shah
Journalist covering tech, Contributing editor at the face of it, proptech is the digi- living standards and air quality, by
startups and innovation, New Statesman Tech, talisation of real estate, but beneath monitoring humidity and detecting
he writes for The Guardian, he regularly writes for the surface there is so much more damp in homes.
The Telegraph and Computing, IT Pro and a to it than that. At its core, proptech Proptech is proving a boon for belea-
Professional Engineering. number of other business
addresses fundamental questions In the digital age of the internet of Sector growth opportunities are guered property agents, under pres-
technology publications.
of how we experience and extract things, consumers expect a lot more even attracting the attention of sure to comply with fast-evolving
value from real estate,” he says. from their experience of the physical government, flexing its own digi- legislation on crime prevention and
Whereas value extraction has seen world, says Mallcomm chief execu- tal muscle in support. Calling for a security. Strict identity checks, for
an influx of venture capital and pri- tive and founder Michelle Buxton. “digital revolution in the property example, help combat money laun-
vate equity into the sector, the focus “The connected consumer wants sector”, UK housing minister Esther dering and fraud, says Rhys David,
on experience has opened the door to control their experience of real McVey announced plans to release chief executive of Credas, an identity
to customer expectations. estate: how they park, how they data held by local bodies to help UK verification tool that uses facial rec-
Mr Edds says: “Proptech is a reflec- access the building, control the tem- proptech thrive. ognition to confirm buyers and rent-
tion of the realisation that the con- perature, lighting, air conditioning The challenge for the property sec- ers are who they say they are.
sumer experience needs to be at the and utilities, how they are rewarded tor, however, is to mobilise its tech- “The regulator is very active in
Publishing manager Head of production
Ben Bruce Justyna O'Connell very heart of real estate. Where the for purchase and get tailored offers, nology strategy quickly enough to issuing new regulations, but equally
end-user was once forgotten when it book services and pay rent, plus manage change, warns Ms Buxton. active in enforcing them via fines
Associate editor Design came to decision-making, proptech source community news and infor- “Compared to other sectors, real and penalties. We are likely to see a
Peter Archer Joanna Bird
is turning this on its head. Proptech mation. They now expect it all at estate is a dinosaur when it comes lot of regtech-proptech crossover in
Sara Gelfgren
is shifting the balance of power in their fingertips,” she says. to evolution, but disruption has the the coming years, to provide solu-
Deputy editor Kellie Jerrard
Francesca Cassidy Harry Lewis-Irlam real estate.” According to Ms Buxton, data is sector in its grips and there is genu- tions to the changing legal land-
Celina Lucey Not surprisingly, residential was the game-changer, not just as col- ine panic,” she says. scape,” he says.
Managing editor Colm McDermott an early adopter of proptech, as sim- lected from consumer insights, but The impact of technology on real Ultimately, proptech represents
Benjamin Chiou Samuele Motta ple searching and shopping func- integrated with market, retailer, estate, however, takes many forms, part of property’s grand digital trans-
Jack Woolrich tions started to open up online prop- building and occupier data. As a with proptech a potential force for formation, which calls for the sector
Digital content executive
Head of design erty portfolios to prospective buyers result, the modern property mantra environmental and social good, tack- to embrace skills training and culture
Taryn Brickner
Tim Whitlock and renters. is no longer “location, location, loca- ling climate risk and public health. change, as much as technology shift
Fast forward to 2019 and a “walk tion”, she contends, but “location, So-called active buildings, for and evolving consumer demands.
through” is now on the wish list, experience, analytics”. instance, integrate renewable Forward is the only way, concludes
making augmented reality (AR) James Dearsley, co-founder of
56%
Although this publication is funded through advertising and almost a must-have investment global property and proptech plat-
sponsorship, all editorial is without bias and sponsored features for developers, according to Helen form for business Unissu. “No other
are clearly labelled. For an upcoming schedule, partnership Barlow, sales and marketing direc- industry that has gone through a
inquiries or feedback, please call +44 (0)20 3877 3800 or tor at SevenCapital. “AR is particu- of real estate decision-makers digital transformation has ever gone
email info@raconteur.net rate their business five out of
larly beneficial for off-plan devel- back,” he says. “Just like the music
Raconteur is a leading publisher of special-interest content and ten or lower for digital and
opments, where a potential buyer and automobile industries, real
research. Its publications and articles cover a wide range of topics, technological innovation maturity
needs to ‘view’ the property to feel estate is changing forever.”
including business, finance, sustainability, healthcare, lifestyle and
technology. Raconteur special reports are published exclusively in confident in what they’re planning The future is written, the future
The Times and The Sunday Times as well as online at raconteur.net to purchase, before it’s actually is digital. “We’re witnessing the
The information contained in this publication has been obtained built,” she says. digitalisation of a largely analogue
48% 73%
from sources the Proprietors believe to be correct. However, Also fast on to the original prop- industry and the opportunities it
no legal liability can be accepted for any errors. No part of this tech scene was management and presents are massive. Continued
believe customer see digital and
publication may be reproduced without the prior consent of the
engagement app Mallcomm, now experience is a major technological growth is inevitable. This is not a
Publisher. © Raconteur Media
accessed by more than 250,000 pain point where innovation as an fad or speculation of future growth.
users in 250 locations, across Europe proptech can help opportunity Proptech is here and here to stay,”
@raconteur /raconteur.net @raconteur_london and America. KPMG 2018 Mr Edds concludes.
raconteur.net /future-proptech-2019
04 FUTURE OF PROPTECH RACONTEUR.NET 05
Commercial feature
HOME OWNERSHIP for proptech to improve access to portion they don't own, and they
70%
home ownership is pretty limited, can increase their stake at any
Helping buyers on
because the main constraint is get- time and by any amount, without
UK rental
ting access to mortgage finance," paying fees.
he says. "There's not a whole lot Chief executive Hugh Boyle
you can do with tech to help that. claims it's less complicated and less
to the first rung
You can round up your change expensive than shared ownership.
market ripe
every time you buy a cup of coffee, "We will allow Wayhome custom-
but it takes a long time to save up a ers to increase their ownership as
deposit that way." regularly as they want and for as of would-be first-time
Where proptech could benefit little as they think they can afford," buyers believe the dream of
for digital
first-time buyers is by tokenis- he says. "This enables them to chip homeownership is already over
Hurdles have never been greater for first-time ing property ownership or a more
streamlined and automated sys-
away, add a little bit each month,
participating in any potential prop-
for many young people
buyers wishing to climb the housing ladder,
73%
tem than simple shared ownership, erty price growth." The home will
disruption
he says. "Shared ownership does it never be sold without the custom-
so what can proptech do to help? to some extent in a very analogue er's agreement and rent increases
way,” says Mr Bowles. “You can are linked to inflation.
buy 25 per cent and staircase in The company is currently final-
10 per cent increments, and it's all ising its fund, which will be man-
Samuel Horti quite clunky. If you can tokenise aged by Allianz Global Investors,
that, turn it into a more dynamic, and Mr Boyle expects it to begin Addressing the UK’s private rental crisis
less labour-intensive process with buying homes in the New Year.
or many first-time buy- Although tech can't change house smaller staircasing increments, it When it does, it will look at the
think that the government
with an innovative tech-based platform
F
should do more to help
ers, the dream of owning prices, some proptech firms believe becomes more effective and much types of homes first-time buy- first-time buyers
a home has never seemed it can make home ownership more easier to navigate." ers want to live in, such as two-
further out of reach. Rising house achievable and are flooding into Some proptech firms are trying bedroom flats, he says. Santander 2019
prices in Liverpool, Manchester, the space. But can technology to do exactly that. Wayhome aims But the scheme has its restric- enting a place to live in many in recent history, doubling in a decade.
Edinburgh and, until last year, Lon- really help more buyers on to the to circumnavigate mortgages by tions. The minimum 5 per cent R spots around the globe is Already a fifth of the UK population
don have priced buyers out of the housing ladder? asking buyers to stump up a 5 per deposit must be at least £12,500 stressful and expensive, yet in lives in privately rented accommoda-
areas where they wish to live, while Lawrence Bowles, senior residen- cent deposit and the company's and a customer's household income the UK it’s reached new heights. Trust tion, that’s 4.5 million households and
spiralling rents make it increas- tial research analyst at estate agent institutional investors will cover must exceed £30,000, putting it out The extra equity might also is in short supply and it’s not uncom- another half a million are expected by
ingly difficult to save for a deposit. Savills, is sceptical. "The capacity the rest. The buyer pays rent on the of reach of many single first-time help buyers shift their sights from mon for landlords to demand huge 2023. This booming industry is fuelled
buyers. While Savills’ Mr Bowles one-bedroom homes to two-bed deposits. Tenants must raise more than by stubbornly inflated house prices
believes it has potential to increase properties, allowing them to gen- £1,000 for a rental deposit to secure a and lacklustre wage rises.
home ownership, he points out erate rental income after they buy. home. At the same time more than 11 “With home ownership now a pipe
that Wayhome's customers are still "You can rent the second bedroom million people have less than a £100 in dream for many and ‘generation rent’
paying market rates, rather than to your mate and then he's paying savings. This private rental crisis needs firmly entrenched here in the UK, private
affordable housing rates and he'd most of your mortgage. Suddenly, to be resolved. and social tenants remain underserved
like to see the tech applied to hous- you have a bigger flat that's much There are other factors contributing and almost invisible to the property and
ing association products. more affordable,” says Mr Toader. to this perfect storm. Notably rents financial sector,” says Tahir Farooqui,
"That's one area where I can see It helps solve the “Catch-22” of are more expensive than at any point chief executive of Canopy, a digital
there's real opportunity for tech mortgage finance, he says. While rental platform, with its trademarked
to unlock access,” says Mr Bow- young buyers are less likely to RentPassportTM at its core.
les. “There's no reason a housing default on their loans and tend to “Tenants are able to effortlessly
association couldn't license the pick assets that increase in value, rent a property with Airbnb in 191
tech behind it and use it on their they still can't get a mortgage countries from their mobile devices,
platform for an affordable, grant- because they lack a large deposit. yet securing a long-term rental prop-
Tenants must raise more than
£1,000
funded property." "We realised it doesn’t make sense, erty in the UK market is a stressful and referencing companies have served deposit, without the need for the tenant suitability for a property,” says Mr
Mr Boyle says Wayhome is not so we'll give you the gap," he says. painful experience. It involves tenant only the needs of letting agents or to pay out a large lump sum. Canopy has Farooqui, who founded Canopy three
discussing its tech with housing "The bank's happy and, if we're screening and upfront deposits, both landlords. They’ve largely ignored ten- achieved this with a one-off insurance years ago.
associations. "A lot of their focus right, we'll get a bit of that [uplift prerequisites to renting a property, ants as a valued customer. This has cre- policy, which is typically 10 per cent Tenants can improve their credit his-
in on increasing the housing stock. in value] too." anywhere in the world.” ated the greatest market opportunity of the value of a renter’s cash deposit. tory over time by adding rental payments
What we're looking at is increasing The company, which also limits for a rental deposit Renters are also cash poor. It doesn’t in fintech: low-cost, high-tech financial Canopy has partnered with SwissRe to to their profile. This is easily facilitated by
home ownership and giving people its loans to those with incomes help that average rent as a proportion services for 21st-century renters, let- underwrite its cash deposits. using Open Banking technology. It’s why
a way to actually own a home." above £30,000, is still in its of income is now 35 per cent of peo- ting agents and landlords with trust at “By 2025 we want to eliminate the the company has teamed up with the
Other proptech firms take a more early days. Mr Toader says it has ple’s salaries, exceeding mortgage pay- its core,” says Mr Farooqui. need for all cash deposits on UK prop- likes of John Lewis Partnership, PwC and
conventional approach to home between 5,000 and 6,000 buyers ments in some regions. Unaffordable “Other sectors have embraced the erties. This is not just for the benefit of Estée Lauder. Employees can now use
ownership. Proportunity's custom- signed up, with 500 introduced to rents are not uncommon. Then there’s sharing economy, embedding trust renters; landlords benefit too. Removing the Canopy app to improve their access
ers still buy homes with a mortgage independent brokers since the end the deposit. For each move, tenants into their platforms, whether it’s holi- the need for a cash deposit increases the to more affordable financial products,
11m
from a lender, but the company of the summer. Up to 100 custom- Over must find five weeks rent to secure their day rentals with Airbnb, transport with attractiveness of a property to prospec- including mortgages.
provides an equity loan to boost ers are now living in their newly home, which is dead money. Currently Uber or food deliveries with Deliveroo. tive tenants; they could potentially afford “When I founded Canopy, I had
buyers' deposits, unlocking better purchased homes. in the UK, £4.5 billion is locked away in They’ve also freed up people’s assets more and move more rapidly between a vision; I wanted to make a posi-
mortgage rates. Proportunity can Proportunity's story mirrors cash deposits. to be used in trusted way, whether it properties, saving time and costs regis- tive social impact. This is about real
increase a deposit from 5 per cent that of many successful residen- people have less than £100 “It’s a huge sum of money that could be houses, apartments or vehicles. We tering with tenancy deposit schemes,” empowerment for the rental commu-
of a property's value to 20 per cent, tial proptech startups. Just like in savings be freed up if more trust was built can now do this with renters’ deposits, says Mr Farooqui, whose investors nity, not just here in the UK, but glob-
for example. It’s essentially a more Wayhome, it holds promise, but into renting. Finding large sums puts cutting down on the upfront payment include Direct Line Group, Experian, ally. We have pledged to return £1,200
flexible equivalent of the govern- remains unproven at scale and tenants under immense pressure, costs of moving.” West Hill Capital, Vision Blue Solutions back to renters’ pockets, by eliminating
ment's Help to Buy scheme. there are many other companies especially if they need to relocate Insurance is one answer. It is now and Pollen Street Capital. rental deposits by 2025. We also want
The firm charges between 4 and 7 in the same boat. As proptech regularly. It’s crucial we find ways to readily available and can cover the The core proposition is Canopy’s to boost people’s financial wellness, so
per cent interest on its loans, while companies scale up over the next improve people’s renting lives, make exact same areas protected by a cash RentPassportTM, which empowers tenants they can get on to the property ladder,”
£4.5 bn
Help to Buy loans are interest free few years, the market will begin tenancy more affordable and build a to build a portable digital rental history. It is says Mr Farooqui.
for the first five years. However, to see how, or even if, technology more inclusive rental society,” says Mr powered by Open Banking and also allows “The current system puts profits first
Proportunity's loans can be used can help first-time buyers. Mr Farooqui, whose tech-based platform a free tenant-screening solution. and tenants last. It is time we created a
to buy properties other than new Bowles at Savills, along with many aims to address this issue. Tenants are able to check their credit more equal rental ecosystem. Globally
builds, says the company's founder would-be homeowners, will take a locked away in cash deposits Then there is the booming gig econ- worthiness instantly through a soft this could help millions achieve better
Vadim Toader. lot of convincing. omy, which now accounts for 4.7 mil- credit check, powered by Experian. financial health. I think it’s a worthy goal.”
lion UK workers. The number of people They can also instantly verify their
in this sector has doubled in the past income, historical rental payments
three years. Precarious work life is now and rental affordability through Open
reflected in precarious home life. Gig Banking. The platform is currently used For more information please visit
It’s crucial we find ways to
5.8m
economy workers can be seen as a risky by more than 20,000 renters. www.canopy.rent
proposition for landlords and letting
agents. Therefore, some have to fork
improve people’s renting lives, “In the next two years we hope to
eliminate tenant-screening costs
You can round up your change every time out larger sums to secure a property. make tenancy more affordable for letting agents and landlords.
you buy a cup of coffee, but it takes a long people in the UK are virtually
invisible to the financial system
“The deposit is as outdated as
the UK’s Victorian housing stock.
and build a more inclusive Transparency on past rental behaviour
allows tenants, letting agents and land-
time to save up a deposit that way Historically, traditional tenant rental society lords to know immediately a tenant’s
06 FUTURE OF PROPTECH RACONTEUR.NET 07
Commercial feature
property managers to make sustaina-
Andy Falconer/Unsplash
bly informed decisions.
kate.sade/Unsplash
“Our internet of things solutions
eliminate the need for manual collec-
tion and analysis of the building data,
saving building managers time and
makes building management simpler
and significantly greener,” she says.
“arbn insight [smart monitoring tool]
is designed to be used over a period of
time as part of a continuous improve-
ment process for managing energy
consumption.”
The company’s technology exam-
ines data analysis of energy con-
sumption and makes comparisons. Carbon Credentials
After gathering the data, the plat-
form uses machine-learning to pre- Delivering carbon-curbing wirelessly to their platform
dict future energy consumption solutions to a client base for analysis.
based on predicted climates and as wide as Morgans Hotel They use this data to
the building’s location. This is use- Group and P&O Ferries might manage both energy and
ful when it comes to improving the lead you to think Carbon comfort. By optimising the
building’s energy performance. Credentials’ London office air-conditioning schedule
Digital letting service
Dr Taheri says: “Comparing your is well equipped to deal with during hot weather and
building with its peers, you could energy performance. ensuring lights are not left on
see that, for instance, your heating- They discovered high CO2 at night and weekends, ADAPt
related energy consumption is within levels in their office that achieves optimum results.
to revolutionise renting
an acceptable range for your build- impact on cognitive function Using this technology, not
ing usage type and size, in your cli- as well as the general working only were energy savings
mate zone, but your lighting energy environment. They used achieved during the hottest
consumption exceeds the standard. this data to engage with the days of the year, but the
Then the platform provides you with landlord and managed to get wellbeing and productivity
a list of lighting recommendation it fixed. of the workforce was
options that you should consider.” The data for the building improved. Grace Melville, An innovative digital lettings service looks set to transform the rental
S US TA IN A B ILIT Y These comparisons are made on a was mined via their ADAPt marketing executive at Carbon
Nicolette Loizou
weekly, monthly and annual basis, technology that combines Credentials, says: “When we property market
Giving owners
and puts climate-aware occupiers in tech and human input manage this exercise for our
hatever your opinion of cli- has a database platform which analy- Streets flooded in the picture when it comes to achiev- to achieve a successful clients, we are achieving an
W mate change, no one can ses, tracks and benchmarks building the centre of York ing sustainability. outcome. Carbon Credentials average of 10 to 15 per cent imes are tough for land- Bristol-based Bunk has created an
£3bn
deny that the weather is energy consumption data to enable German proptech company continuously stream the data energy savings.” T lords in the UK as they face all-in-one property app offering land-
the keys to
becoming more extreme and our organisations to identify energy sav- Sensorberg is also weighing in on reduced margins and rising lords and property managers the abil-
built environment must adapt to ings and to aid retro-fitting. the energy performance of build- running costs, coupled with increas- ity to let and manage their property
manage the energy performance of Its dataset determines building ings, but focused on the consumer ing legislation and tax hikes. Issues from as little as £10 a month. Properties
buildings. This is where proptech type and usage, occupancy rates side of the market. It has imple- are coming thick and fast. At the estimated spend by landlords and are automatically advertised on sites
sustainability
comes in. Many software tools have and equipment to provide an evalu- mented its technology in a residen- heating or blinds. It can also detect same time letting agents are being tenants on agents in 2018 such as Rightmove and Zoopla, and
been launched with the aim of help- ation of energy consumption. So will tial project in Berlin, which deploys if a window is open and can regulate squeezed by the tenant fee ban and, property owners can handle offers
16hours
ing property managers and tenants technology such as this make the a digital infrastructure system for the heating accordingly. The sys- for tenants, rent prices continue and manage the entire tenancy online.
address energy efficiency and meet role of the property manager obso- the benefit of 110 inhabitants and tem tracks energy consumption and, Smart buildings to rise. The result is a crisis of con- Tenants have an app to pay rent and
sustainable building goals. lete? Dr Mahnameh Taheri, man- is designed to manage energy effi- via a smartphone, monitors electric- fidence, in what many view as a dys- Bunk has partnered with Experian so
You may roll your eyes at being sold ager of energy products at arbnco, ciency for homes. ity, water and heating consumption, require both human functional market. all payments help contribute towards
yet another technological product, thinks not. Instead, she believes that Residents use their integrated sys- which can be specifically regulated.
connectivity and “There’s been huge change in the their credit history.
New proptech can help property but probably already have a smart the technology will instead empower tem to control lighting, underfloor Karoline Pantera, marketing man- rental market over the past few years of work spent by letting agents to Since its launch, Bunk now operates
meter, solar panel perhaps or even ager at Sensorberg, says: “If the sensor tech to analyse the in an attempt to make it fairer and set up a tenancy nationwide and aims to be active with
managers and tenants alike understand a timer. These products are fairly data shows an increase in CO2 level,
performance of better regulate it. But in reality, the landlords and property owners in every
£20
the sustainability of their buildings, standard now, but proptech is becom-
ing more sophisticated as innovators
PROJECTED UK RESIDENTIAL CO 2 EMISSIONS CONTINUE TO RISE
our platform could give a steering
command to the air circulation sys- a building
rental market is as broken as ever. It’s
arguably the last industry yet to grasp
town in the coming years. “It is crucial
that we reduce the current friction in
but should the burden for eco-friendly seek new ways to encourage us to live
more sustainably.
Metric tonnes of carbon dioxide equivalent tem to blow more fresh air in.”
In the basements, the Berlin res-
digitalisation and it’s ripe for disrup-
tion,” says Tom Woollard, co-founder
the rental market. We want to put land-
lords and tenants back in control. Our
homes really be passed to consumers? However, are these products 2017 64 idents also have access to digitally of Bunk, a digital lettings service.
cost per month to let and manage
job is to make their life easier and our
enough to minimise the environmen- rentable storage areas. They can use But if regulation is up for debate, Landlords across the country are sole focus is to continue doing that.
tal impact of poorly performing build- their app to book extra services, such will the energy efficiency of buildings growing increasingly frustrated. A poll your property with Bunk Bunk empowers property owners to
2020 66
ings and where does our responsibil- as the use of communal washing in 30 to 40 years’ time be dependent earlier this year found that almost half manage their properties and remain
ity as consumers lie in the midst of all 68 machines and dryers. This suggests on proptech to deliver eco-friendly are planning to reduce the number of compliant with ever-changing legisla-
2025
this technology? humans will still need to be consulted homes? And will humans and prop- properties they own or exit the market done. You don’t need a high level of tion,” says Mr Widnell.
One such technology currently tak- for any sharing element of a scheme tech innovators need to continue to entirely, according to the Residential skill to deal with many of these tasks, “We’re not here to render agents
2030 71
ing off is property manager software, and people remain at the heart of work together to improve the energy Landlords Association. but you can’t afford to get it wrong. obsolete; our service revolves around
which is central to improving the future sustainability goals. Concern performance of buildings? “Currently, the biggest problem is So we’ve made the whole process retaining that human element. But we
2035 75
energy performance of buildings. A that proptech will encourage con- Freddie Pritchard-Smith, chief that landlords aren’t in control of the transparent and data-driven,” says use technology for the right reasons
pioneer is Scotland-based arbnco that sumers to avoid their responsibilities executive of We Are Savvy, a letting process, agents are. Yet many Jack Widnell, fellow co-founder of so we can provide value to our cus-
UK Department for Business, Energy and Industrial Strategy 2019
as climate-aware individuals may be London-based, landlord-focused of the services offered by the high Bunk, which launched in June. tomers. Proptech solutions like ours
valid, but the emerging theme is one firm that gathers data to analyse street can now be rendered obso- More than £3 billion was spent on are driving change by building trust
of collaboration. heat maps, among other innova- lete by technology and innovation,” letting agents by landlords and ten- and transparency. In the next decade,
The environmental impact of build- tions, says: “We believe that a smart explains Mr Woollard, whose com- ants in 2018, according to Bunk’s we’ll see a revolution in the property
ings is now incorporated in global building requires both human con- pany is backed by the world’s largest research, and the co-founders market, as we have in other sectors.
political and economic decision-mak- nectivity and technology to success- building society Nationwide. believe their technology can help Property professionals will have to up
ing. So will proptech products, which fully analyse the performance of a Research has indicated that up to 16 level the playing field and reduce their game or face the perils mirrored
promise to improve energy efficiency building. While the data we capture hours of work is required by letting agents costs for all involved. in the rest of the high street.”
become compulsory if, at any time is important, it is also key to engage each time a new tenancy is set up, from “Over the years, letting agents have
in the future, a government here or within the community, within that credit referencing to signing agreements profited nicely, sitting in the middle
abroad decides households will be building, and discover first-hand and processing payments. Something without ever really improving their
fined for excessive consumption of how it is being used and if or how Bunk’s co-founders believe can be made a service, and we’re shining a light on For more information, please visit
energy in the way that some compa- this can be improved.” thing of the past with technology. this. What we’re doing is making the www.rentbunk.com
nies are? Sharon Darcy, director at Proptech may be a vital tool in the “When developing our platform, process more efficient and easier, as
Sustainability First, says that the idea battle against global warming, but we found most of the administra- well as driving down costs for the only
is “complex and much will depend on to win the war humans must occupy tion to do with letting a property can people that matter in this equation,
carbon taxes”. the frontline. be automated and that’s what we’ve the landlords and tenants.”
08 FUTURE OF PROPTECH RACONTEUR.NET 09
90%
PROP
MOST POPULAR AREAS OF 50% NUMBER OF PROPTECH INVESTMENTS PER INVESTOR
T H E G ROW I N G I M P O RTA N C E O F PROPTECH INNOVATION Average number of proptech investments made worldwide from 2017 to the first half of 2019
Smart buildings
FOR INVESTORS
Share of proptech investors 40%
2.7 5.0 4.8
interested in selected areas
of innovation worldwide
30% of traditional real estate
organisations think that the
Ar nd c
TECH
ch o
a
industry views proptech as an
ite nst
ct ru
20% opportunity/enabler
ur ct
e, io
93%
en n
gi
ne
er
10%
in
g
2017 2018 2019 (first half)
REBNY/Royal Institution of Chartered Surveyors 2019
believe traditional real estate
90 per cent of traditional real estate organisations see TOP WAYS INVESTORS ARE ENGAGING WITH PROPTECHS organisations need to engage with
proptech companies in order to
proptech as an opportunity, as rising levels of investment show. adapt to the changing
Even as the number of new proptech startups fall, investment global environment
levels continue to climb. So what innovations are decision- Invest in proptech companies 31%
Finance and investments
makers most excited about?
30%
Partner with proptech companies 26%
REASONS REAL ESTATE DECISION-MAKERS ARE INVESTING IN PROPTECH Launch or participate in accelerators 20%
What is the primary reason for your investment, or planned investment, in proptech startups?
Use proptechs’ services 17%
12% 2%
To mitigate risk Other My company does not engage with proptechs 4% say they currently invest or plan to
invest in proptech startups
1%
t
Other
en
em
e ag
19%
ag n
9%
us a
d em
Deloitte 2019 KPMG 2018
an pac
To get access For financial
S
to IP returns
Consumer/broker tech
PROPTECH FUNDING AND STARTUP NUMBERS
Number of proptechs launched Investment in proptech companies ($m)
19% 39%
To complement 300 12
To improve
collaboration your business activities
250 10
KPMG 2018 KPMG 2018
200 8
SHARE OF COMMERCIAL INVESTMENT IN PROPTECH
Percentage of commercial real estate capital investors plan to commit to proptech by percentage of respondents 150 6
3% 4% 26% 36% 15% 11% 5% 100 4
None 1-5% 6-10% 11-15% 16-20% 21-25% 26-30%
50 2
0 0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Deloitte 2019
Deloitte 2019
10 FUTURE OF PROPTECH RACONTEUR.NET 11
Commercial feature
C-SUITE OPINION
Shutterstock
Smart buildings Smart software Smart teams
Charting the
NFC and IoT connected locations Easily-accessible cloud-based Facility managers/ technicians
and equipment, such as HVAC, data, tasks and insights
lights, electronics
‘It is the challenge of
rise of the improving the world
property CTO we live in where
proptech can truly play NFC and IoT Cloud-based Smarter Return on
The property sector has long been behind a significant role’ sensors software teams investment
the curve with technology. Now a new wave Connecting physical
things, and all relevant
Data, tasks and insights
are easily accessible,
Communication and
data means efficient
Increased cost savings
and efficiency, but also
of chief technology officers have been tasked information, to the
digital world
from anywhere technicians and
informed managers
equipment’s performance
and employee experience
with getting it up to speed, but this will only eal estate and the built For example, the built world con-
R world affects our daily lives tributes about 40 per cent of the
work if they have a seat at the top table
Beyond the buzzword:
more than any other sec- UK’s total carbon footprint. This is
tor. After all, we live, breathe, work, mainly from the energy used in the
shop, dine, play, learn and commute running and construction of build-
in the built spaces around us. From ings and infrastructure.
Small steps to smart
Sooraj Shah this point of view, it’s incredible to For developers to deliver smart
think digital disruption has yet to buildings that produce net-zero
fundamentally transform the way emissions, the very latest technol-
he global real estate mar- “When an industry experiences real estate works. ogy, such as digital twins and the
buildings
T ket is expected to generate such rapid growth and demand For me, the journey started in early- internet of things, will have to be
revenue of $4,263.7 billion grows faster than supply, there 2015, when I launched FUTURE used alongside practical design ele-
by 2025. Considering the amount isn’t pressure for companies in PropTech, which was Europe’s first ments, including living walls and
of money flowing into the indus- the industry to focus on incre- conference dedicated to bringing automated lighting.
try, it may come as a surprise that mental efficiencies or even the the real estate sector together with Another global challenge is the
the property sector is behind oth- customer,” says Ms Marsh. “When the startups that are providing inno- lack of affordable, and high-qual-
ers when it comes to technology. growth slows, these considerations vative solutions. At that time there ity, housing. Modular construc- When it comes to maintaining buildings, investing in the right
software to collect and analyse data is crucial for operational
“The property sector is sadly become front of mind.” CTO to lead the charge,” says Edwin But, according to Mr Willis, it would of cases, the digital strategy lead were fewer than 200 proptech start- tion methods can build homes 50
behind the curve,” says David In other words, the stimulus to Willis, CTO at Rentify. be unheard of to have a CTO on the was not a technology specialist, ups in the UK and no recognisable per cent more quickly and at a cost
Kavanagh, former global chief
technology officer (CTO) of online
innovate with proptech may not
have been there.
The CTO is often tasked
with leading the digital strategy of
main board of a traditional firm.
“In general, these businesses
with 40 per cent of digital leaders
coming from a core real estate, con-
ecosystem or community focused on
modernising the industry; my aim
that is 20 per cent cheaper for the
buyer. All this while delivering an
efficiency and occupant experience
estate agent Purplebricks, who Mr Kavanagh says: “Purplebricks the business. have been slow to respond to struction or finance background. was to change that. energy-efficient home built with
now works as CTO of fintech Chip. was the most technologically According to KPMG’s third prop- technology because they don’t This in itself is not an issue if there This task proved to be easier said environmentally friendly materi-
It’s this lack of focus on technol- advanced and progressive in our tech report, Is your digital future realise the extent of the bene- is a technology specialist within than done. Bringing change to the als. Also emerging business models, he world is becoming increas- Some 43 per cent of 300 respondents C-suite executives, “We want this
ogy which has meant the CTO role space in our formative years. When in the right hands?, 58 per cent of fits as an internal team is seen as the business at a senior level, such world’s largest asset class that has such as co-living and build-to-rent, T ingly connected and people cited the level of investment required technology because it makes our job
has not yet gained the prominence I spoke to peers in the industry, I respondents said their real estate too big a liability or the changes as a CTO, who can work with the been operating very profitably in are already playing an important are living smarter and working as the biggest challenge when decid- easier, and it will improve operational
it should have. felt there was an unclear strategy business has a digital strategy in required are too time consuming, digital leader effectively. the same way for generations was a role to meet the government’s tar- smarter than ever before. Consequently, ing whether to adopt digital solutions. efficiency and the bottom line”.
Hannah Marsh, co-founder of around leveraging a modern tech place, but only 29 per cent said or because they outsource the tech But even though Mr Kavanagh tall order. However, we managed to get of building more than 300,000 both residential and commercial occu- Meanwhile, 23 per cent said there was a Facilities managers should demon-
residential review site HomeViews, for customer outcomes. I think in they have an enterprise-wide dig- to an external contractor, which explains that he enjoyed every bring together a passionate commu- homes a year. pants are also expecting their buildings lack of internal resources to interpret the strate to the board the business case for
suggests that the sector may have those traditional models, the tech- ital strategy. This suggests their removes the benefits of feeling minute as CTO of Purplebricks, nity of advocates who were as dedi- I strongly believe these huge soci- to be smarter. data and turn it into actionable insights. investing in smart technologies, show-
lagged behind others due to its nology bar is much lower.” organisation is not taking the idea your own pain points and feeding a lot depends on the leadership cated as I was. etal issues present a timely opportu- To meet these expectations, facili- And 18 per cent were concerned their ing how it will reduce costs and increase
swift rise since 2000. He believes it was the work of going digital seriously enough. into your own tech improvements,” directing the CTO. Fast forward five years and there has nity for the property and construc- ties managers are beginning to take an buildings aren’t suited to the adoption of profitability. This will put their company
of Purplebricks which led to But 95 per cent of respondents he explains. “It was harder to maintain [the never been a more exciting time to be tion industries to galvanise and interest in smart technology systems to connected technologies. on the path to efficient and sustainable
more traditional estate agencies said their businesses have a des- A concern stemming from the right culture] when the founders involved in the sector. Exponential change negative perceptions, while provide them with greater asset man- Perhaps one of the main reasons facilities management.
95%
investing and improving in their ignated person leading on digital KPMG survey was that in 65 per cent left to go overseas,” he says. “I was growth has seen proptech grabbing meeting their environmental, social agement flexibility and visibility across for perceived barriers to adoption is However, making a building smart
website functionality. transformation and 62 per cent said trusted to use the latest technology headlines across the world. and corporate governance targets, all their properties. because “smart” as a concept is a buz- needn’t involve a large capital outlay
It is in many ways thanks to the this individual is a senior employee, providing it improved customer There are now more than 824 start- which are becoming increasingly Not only is this enabling facilities zword shrouded in mystery. It is still that requires you to replace assets and
proptech that more significance is often a C-suite executive. outcomes, but nonetheless I feel ups in the UK with approximately important to institutional investors. managers to respond to maintenance very much rooted in the world of futur- equipment. Using the same contactless
being placed on technology in the Mr Kavanagh believes the role of I failed to influence or convince 7,247 around the world. Not to forget, This is not only for altruistic rea- events quickly, minimising downtime ology and hype, and as a result there is technology that has revolutionised the
industry and therefore more prom- the CTO has to be at board level to the business around artificial of course, the thousands of incum- sons, because the companies that and reducing resulting repair costs, but sometimes a misunderstanding about everyday payment experience, facilities
inence given to a technology leader. make the necessary impact. “The intelligence and automation early bents that are now adding digital and adopt technology will benefit from in some cases they’re able to predict what smart actually is. managers can place an Infraspeak near-
“There are a large number of new person at the table needs to have a enough, and I believe we could have proptech expertise to their suites of improving operational efficiency, breakdowns and faults, and then carry For example, facilities managers may field communication (NFC) tag on existing
of real estate companies
startups in the real estate industry rare mix of technical and interper- The person at the table done a lot more with our data.” products and services. gaining competitive advantages, out proactive maintenance. invest in LED lighting that can be turned equipment, turning these so-called dumb
have someone responsible for that are using tech to solve pain sonal skills that can colour in sto- Hiring a CTO is relatively easy; An impressive and record-break- attracting and retaining talent, and Research shows there is a clear appe- on and off using smartphones, thinking things into smart, connected things.
leading digital transformation points in the home-buying and rent- ries around technology and sell the needs to have a rare ensuring they have the necessary ing amount of capital – more than improving yield and profits. It’s a tite for using technology to improve it will make their buildings smart. But, The NFC tags are read by smartphones
and innovation ing process. These are businesses
which are founded on good tech and
benefits of emerging technologies
to property professionals in a lan-
mix of technical and influence, listening to them and
maintaining a consistent culture
£25 billion – has already been
invested this year. To put this into
massive win-win. And, of course,
proptech is the solution that brings it
operational efficiency. A study commis-
sioned by Schneider Electric found that
in fact, LED lights in themselves are not
smart unless facilities managers are
and link with Infraspeak’s cloud-based
software, where dynamic information on
KPMG 2019 are also likely to have invested in a guage they understand,” he says. interpersonal skills are much harder steps to take. context, only £1.4 billion was raised all together. 63 per cent of facilities managers and monitoring the lighting system, collecting the assets and equipment is centralised
in the whole of 2015. It’s great to directors are interested in implementing data and using insights to make informed and updated in real time. This gives facil-
see so much investment to support analytics to better monitor their building decisions on future maintenance events. ities managers the visibility they need to
innovation and, now that capital is systems. Nevertheless, barriers exist. To be truly smart, you need the digi- manage their assets, teams, utilities and
relatively accessible, the real chal- tal and physical capability, and you also associated costs effectively.
lenge of improving the world we live need the right mindset. While there is Taking small steps towards creat-
in begins. arguably already demand and a readi- ing a smart building is only the start of
With lots of capital comes great ness to invest at the board level of many the journey, but if you don’t take these
responsibility. Not only to deliver companies, it’s the facilities managers steps forward, you may find yourself left
multiple-fold returns to investors, and those who interact and deal with behind in the smart facilities manage-
technology on a daily basis who need to ment revolution.
To be truly smart,
but to deliver real value to the target
customers and society at large. This be aware of how smart can benefit them.
is the only way startups can grow to you need not just the If facilities managers understand For more information, please visit
become multi-million-dollar compa- what different smart technologies can www.infraspeak.com
nies adopted on a global scale. digital and physical offer and see how they can help the
It is the challenge of improving Gary Chimwa
Founder and chief executive
capability, but also company achieve the desired results,
the world we live in where proptech they can then communicate this infor-
can truly play a significant role. FUTURE PropTech the right mindset mation upwards. They can say to the
12 FUTURE OF PROPTECH RACONTEUR.NET 13
Commercial feature
Danii Brown/Shutterstock
Proptech allows
Online search
everyone to
gain actionable
insight into
accelerates
their operations
and holdings
commercial
property deals
Mr Ross sees this as a genera-
tional issue. “Privacy is a challenge
for the sector, but that’s likely to
change,” he says. “The average 15
year old doesn’t care because who
their data is shared with is very
A lack of quality technology solutions has held transparent. In-built transparency
and the power to choose will play a
back customer experience in the £1-trillion major role in acceptance.”
Olga Turischeva, partner at ven-
INVESTING
commercial property industry, but a new ture capital firm RTP Global, says
there are other risks to invest-
online platform is now helping it transform
Is the proptech
ment in the sector, caused by the
slow speed of proptech adoption
and investment multiples. But she
expects markets to stabilise over
bubble set to burst?
nline marketplaces that “WeWork is very strong online and the next 12 months.
O enable consumers to has filled a lot of space in its build- Another challenge can be get-
search online have trans- ings by taking advantage of digital ting traditional real estate funds to
formed many sectors. From Amazon channels,” says Andrew Miles, chief understand the implications of the
to Autotrader, Airbnb to eBay, online executive and co-founder of Realla, a technology. One way to identify
search has changed the way people search engine for commercial prop- value and address risk is to work
shop. Yet in the business-to-business erty. “On the other hand, the tra- out where you want to invest, not
world it is largely still more novelty ditional industry hasn’t had a relia- Gregory Dewerpe, founder of simply the sectors, such as travel,
than utility. ble online channel where they know Investing in proptech is an exciting opportunity, but problems A/O Proptech, says we’re now see- tourism, hospitality, commercial
This divide is no more apparent than
in the area of property. The UK resi-
quality tenants are searching.”
Evidence that commercial tenants At the other extreme, the owner of space available on an interface that’s facing companies such as WeWork are causing concern. So what ing big real estate companies “get-
ting investor pressure on efficien-
or residential, but precisely where
in the value chain. Is it in automat-
dential property industry changed
drastically when Rightmove brought
are searching online is irrefutable.
While demand initially lagged behind
a London office tower has tradition-
ally marketed the property through
very easy to search.
“The whole commercial property
does proptech have to offer? cies whether that’s in property and
asset management or on transac-
ing an existing service, cutting out
the middleman, increasing effi-
property searches online in the late-
1990s, followed by Zoopla a decade
the residential market, with less than
half of commercial tenants search-
Our vision is to be the go-to mega-launch parties, lavish gifts to
incentivise agents and double-page
industry wants faster deals and this
will enable that. You can have beautiful
tional efficiency”.
Building’s today may be dumb
ciency or in creating a new way to
do business?
later. Despite companies such as ing online before the global financial place where commercial spreads in the broadsheet newspapers. online adverts which are highly targeted
Felicia Jackson
containers, but tomorrow they’ll In the end, successful investing in
LoopNet and RealCommercial repli- crisis in 2008-9, in the last decade Marketing budgets of hundreds of thou- to anyone in the world who might be
tenants and investors can
be smart. Philip Ross, chief exec- proptech will be driven by the size
cating the experience for commercial that has accelerated rapidly to sands of pounds are not unusual, with searching. An Asian company looking for utive of Cordless Group, says: “It’s of the market and an understand-
property in America and Australia, the around 90 per cent today, according find a terrific overview of the no attributable return on investment. a large headquarters building in London he real estate sector is The ways in which people live and so REalyse and Datcha provide about the building itself becoming ing of the opportunities available.
industry has yet to evolve in the UK. to Google search statistics. Realla’s
space available on an interface
Realla is leading the charge in will retain an agent to help them search, T the largest asset class in work are changing, and proptech data on registered residential and intelligent and about people carry- Proptech is going to transform
The recent rise of WeWork, how- data shows that at least two thirds of addressing this imbalance between but they will look on the internet as well. the world and the scope enables those changes. The most commercial property which helps ing smart devices enabling them to the sector. The need to enable real
ever, has woken the UK’s commercial FTSE 350 businesses have searched that’s very easy to search customer demand and the commer- You need a superb online presence and for achieving efficiencies through obvious of these is shared working those with money to invest assess control their experience, interact estate owners to adapt to market
property industry up to how tech- for commercial property on its portal cial property market. The company you need to be on the portals where introducing innovative technology and shared living. In-depth data ana- deals and trends. with their environment and be pro- trends and consumer expectations
nology can transform the customer during this year alone. was acquired last year by an inter- people are searching.” is a major market opportunity. lytics and the automation of building Proptech is not limited to start- vided with new experiences.” means overall tech growth will con-
experience. WeWork’s questionable Yet online search in commercial national specialist in this sector, It’s clear everybody stands to ben- Investing in proptech is about and asset management provides the ups. A survey by Altus Group Of course, concerns about market tinue. What makes proptech excit-
business model is under the spotlight, property is still a very fragmented NASDAQ-listed CoStar Group, efit from moving the commercial employing tech to minimise the framework for new business models reported two fifths of real estate volatility exist, as they always do ing is that, as Mr Dewerpe points
but as the first commercial property and frustrating experience for the which owns the leading commercial property industry online. Tenants complexity and delays that seem and new opportunities. firms are already using automation when new markets are growing rap- out: “It’s not a choice any more. At
company to take a truly world-class end-user. “The internet has demon- property marketplace in America, get more liquidity and choice, not to integral to real estate dealings. And James Lavery, marketing director for benchmarking and performance idly. Privacy concerns have been $230 trillion, real estate constitutes
approach to marketing it has shown strated that it can do an amazing job “Targeted advertising has transformed Loopnet, as well as Apartments.com, mention faster discovery and a much there is an appetite; investment in at MRI Software, says: “Proptech analysis, and 16 per cent are using raised, where people may not want more than half the world’s assets
just how alluring a great brand can be at matching products and services every sector, yet finding the right com- which is taking on the formerly frag- better search experience. Landlords proptech has grown from $20 mil- allows everyone from a small prop- artificial intelligence for account- biometric data to be used to track and, one way or another, it affects
to commercial tenants. The result is with the people who want to buy them, mercial property is still unnecessarily mented US residential rentals market. and agents, meanwhile, get access to lion in 2008 to $4 billion in 2018. erty agent through to a major inter- ing and property management. where, and if, they are working. everyone on the planet.”
an industry in rapid catch-up mode. and at a very low cost,” says Mr Miles. painful for would-be customers. The combined platforms host more a cost-effective way of advertising to The fall of WeWork, however, national investor to gain action-
“The landlords and big asset manag- than 60 million visitors every month. targeted audiences. from multi-billion-dollar funded able insight into their operations
ers who own commercial properties Realla’s commercial-specific, jar- The future of the industry has unicorn to job cuts in a matter of and holdings, helping inform busi- VALUE OF FUNDRAISING BY PROPTECH COMPANIES WORLDWIDE
still market them by sending around gon-free filters enable users to search technology at its heart. Better data weeks, has the real estate sector ness strategies and improve their
brochures. And it was only a few years for the kind of office, industrial or drives more-considered investment Value of investments ($bn)
worried; in London it’s one of the day-to-day activities.”
ago when office managers still walked retail space they want. For each prop- decisions by pension funds. It can city’s largest landlords. The complexity of the UK tenancy
the streets noting down numbers on erty, users can see a detailed, up-to- improve the sustainability of build- James Dearsley, co-founder system has made it difficult to find 0 1 1 1 1 2 3 6 7 13 18
lettings boards. There has been no date overview with high-quality pho- ings with learning algorithms that of Unissu, says WeWork is a case short-term lets. As the UK work-
go-to place where advertisers know tography. The search portal is highly reduce energy consumption. And it apart. “It’s not a proptech firm. It’s force becomes more flexible, com-
they’ll get in front of the majority of customised to commercial property, makes the matching process seam- a technology-enabled real estate panies such as Tipi and Lavanda
potential tenants. The lack of an easily but is also logical, showcasing com- less for tenants and investors who firm because their innovation cut through the difficulties, avoid-
accessible solution has damaged their plex information in a digestible way are searching. As all sectors strive does not come from technology, it ing complex documentation or
ability to reach the online searcher.” and through a clean interface. to become more customer centric, comes in the form of a disruptive hefty deposits.
Lack of solutions in this area has “That’s what makes Realla different to data-driven search portals are key for business model,” he says. For landlords managing proper-
resulted in a reliance on expensive some of the residential property por- commercial property. So how can proptech investors ben- ties, platforms such as Plentific are a
and inefficient forms of traditional tals flirting in this space: we’re focused efit from real estate? Rupert Parker, boon. By providing access to a net-
advertising. Finding a tenant for a only on the needs of commercial ten- head of future-proofing at Avison work of maintenance providers, it
small industrial estate in the north of ants and the commercial agents or For more information please visit Young, says: “You add to the return enables landlords to keep their costs
England, for example, would require owners trying to advertise their space,” realla.co.uk on investment of a building by down while reacting swiftly to ten-
advertising boards on the surround- says Mr Miles. “Our vision is to be the improving the services and service ants’ needs, benefiting both sides of
ing A roads and a hope that the right go-to place where commercial tenants provision can be improved with the the equation.
person either saw them, or stumbled and investors of all kinds – retail, indus- right kinds of technology.” It’s this For investors, information in the
upon the local agent being used or trial, offices and serviced offices – can growth opportunity that technology real estate market has been noto- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
the local newspaper listings. come and find a terrific overview of the provides and drives the market. riously hard to bring together, Deloitte 2019
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