Real estate has historically been a deceptively simple asset; it is bought or sold, whether as a leasehold or freehold interest. The UK property market is however undergoing significant changes in demands.
Both macro-economic and socio-cultural factors are significantly changing just what it is that people require from property. The proliferation of technology, demographic shifts, environmental awareness and a rising demand for flexibility are making both residential and commercial occupiers a far more discerning class of consumer with a new and evolving set of expectations and priorities. The traditional real estate industry is responding to this dynamic, but it needs to accelerate the pace of change if it is to meet these demands and keep up with competitors who are already reacting.
While the world is currently experiencing severe difficulties and disruption due to the ongoing coronavirus pandemic, systemic change was already underway in the market and in this context, we have identified four key drivers of change in the industry which will shape the decision-making of owners, developers and occupiers in 2020 and beyond.