If the advances in technology and the introduction of 5G are embraced, opportunities within Real Estate would be endless; ranging from connecting multiple devices inside the building, to connecting driverless vehicles to both the building itself and the surrounding traffic systems. Cluttons found that 52% of tenants surveyed had limited or no understanding of 5G. This necessity for growth extends to our infrastructure; our big cities such as London and Cardiff require new infrastructure to improve their connectivity to maintain their position in the market, compared to other European cities. Connectivity is becoming a key factor for businesses when choosing rental spaces. This will provide opportunities for both landlords and tenants; as landlords will be able to rent space to telecoms operators, while tenants will benefit from having an office space which is well connected.
The balance between taking unnecessary risks and embracing change is a constant battle for businesses dealing with the ever-growing technological developments. The demand for encouraging change is evidenced through the success of companies such as Regus. These companies take advantage of the growing need for agility and flexibility within real estate, met with the gradual infiltration of technology, such as 5G. This presents vast opportunities for those who embrace it, but the businesses that fear it will struggle to keep up with the market.
The rise of technology is also creating work for technologically ‘astute’ individuals, who have capitalised on the lack of awareness in businesses. A key example is Synergi, which has launched a ‘Digital BusinessDen’ which will act as a Q&A platform for other businesses and provide solutions such as streamlining operations and improving efficiency and productivity.
For businesses who embrace such technological developments, great opportunities will arise, leaving those who refuse to venture into the unknown behind.
The survey of Bisnow’s London readership found that 69% had moved the location of their business in order to improve their connectivity. Respondents scored connectivity 9.7 out of 10 on a scale of its importance as a factor when choosing where to base a business.