The key obstacles in the way of technological advancement in the property business are the lack of collaboration and transparency. Property Forum visited the International Property Technology Summit in Moscow, Russia.
The first panel discussion of the summit brought together proptech experts from different parts of the world. The moderator of the discussion, Mark Grinis, Global Real Estate, Hospitality & Construction Leader at EY, underlined that the real estate industry is the one that uses Excel the most, so there is definitely a need to step it up. One of the fields that can benefit the most from proptech is construction. Major international construction companies have state of the art systems, but smaller companies are not very technologically savvy. So naturally, that is an area where we can see dramatic innovation.
Real estate is not linear, it`s exponential
Mr. Grinis also talked about a conflict that is appearing more and more often between tenants and developers. A developer, which is building a new 90,000+ sqm (1 million sq ft) headquarters for EY in New York, wanted the firm to sign a 20-30 years long lease. EY as a tenant, however, would prefer to sign for a much shorter period (1 or 5 years), because with these current disruptions it is impossible to predict the spatial needs of a company that far along in the future. This is a conflict that needs to be solved, he concluded.
The fact that companies are no longer willing to commit to long leases increases demand for temporary spaces, added Ivan Nokhrin from PropTech Russia. He believes that tech start-ups are creating a new paradigm where there are no borders in business anymore. The current exponential development of technology, however, means that many professionals will lose their jobs within the next 20 years, so we need to figure out new ways for the use of the human capital that can be replaced by technology.
Panel members agreed that the key obstacles in the way of technological advancement are the lack of collaboration and transparency. People need to work together in order to share to data, emphasised Anna Walkowska, the Founder of PropTech Poland and ProperGate, who believes that more shared data leads to increased transparency.
Document State Enterprise, based in Kiev, has opened a branch in Poland. The administrative unit, directly cooperating with the Ukrainian government, began its operations in a 600 sq m office in Blue Office in Warsaw.
Medicover will open its seventh Kraków medical centre in the Brain Park office complex. The centre will occupy more than 1,500 sqm of space at its new address in an investment being developed by Echo Investment.
PM Group, the manufacturer and distributor of technical products and accessories for heat-insulating carpentry, has leased 2,200 sqm for a new distribution centre in ELI Park 3. The project part of the ELI Park Bucharest North West hub is developed by Element Industrial.
Karol Milczarski has joined the ranks of Colliers Poland experts, taking up the position of Senior Associate in the Commercial Space Department. His main task is to comprehensively support clients in the process of acquiring attractive street locations not only on high streets, but also within densely populated residential districts.
Danubius Hotels has appointed Andrea Róna as Group Director of Development. She has decades of experience in hotel management and development as well as asset management. The expert will be responsible for the further expansion and development of the hotel chain.
Cushman & Wakefield promotes Petr Markvart, Head of Landlord Representation Services in the Office Agency team, to Partner.
Investment transactions worth €336 million were concluded on Romania’s property market in the first semester of 2022, up 13% year-on-year, while for the whole year the sector could generate deals closer to or even higher than €1 billion, according to a report by real estate consultancy Colliers.
Accolade has completed its first photovoltaic power plant in its Bydgoszcz industrial park. This is a significant milestone in the group's long-term strategy toward energy security in its industrial parks in Europe.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.