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.
The La Mania boutique has reopened in the Westfield Mokotów shopping centre in Warsaw. Five new brands have also joined the tenants, including Apple and AB Foto.
Jula, the Swedish multi-market chain, is planning to open another shop in the Warsaw agglomeration. The new outlet will be established on the site of the San Park Mysiadło retail park currently under construction. The shop will occupy an area of nearly 2,500 sqm.
Primark has opened its first shop in Łodź, investing more than €9 million. Łódź Manufaktura is the brand's sixth location in Poland and twelfth in the Central and Eastern European region. Primark in Łódź comprises more than 3,300 sqm of retail space on one floor.
Nives Grzunov as the Head of Indotek Group for Croatia, effective from September 15, 2023. In this key role, Nives will oversee Indotek's Croatian endeavours under the Dalmatie Group brand.
Michał Różycki has taken up the position of director of the land and residential property division at Greenfields, a Polish company that provides advice on land sales and purchase transactions.
Nhood Services Poland is expanding its service activities for the commercial real estate industry. Anna Wysocka has been appointed director of New Business Development, responsible for expanding the company's client portfolio in this area.
Kaufland intends to significantly reduce CO2 emissions in the future in the construction of new stores. Therefore, the retailer is currently testing various alternatives to materials such as concrete and steel at pilot locations. In Bratislava, the company is opening the largest timber store in Slovakia. In Tuttlingen, Baden-Württemberg, a store is being built using recycled building materials including items such as walls, the facade, and the parking lot.
FLE has successfully signed and closed the acquisition of the ca. 12,500 sqm DAFA warehouse and light production facility in Natolin (Grodzisk Mazowiecki Region), located in Warsaw logistic Zone II. The transaction was construed as a sale and long-term lease back. The price has not been disclosed.
Romanian property holding Meta Estate Trust has sold its 40% stake in Redport Properties, the developer of The Level Apartments project in Bucharest, for more than €2.7 million. Additionally, the holding has decided to gradually reinvest €2 million by acquiring 10% of Redport Capital for future developments.
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.