What we learned at CRETech
#Week19 saw Innesco head down to CREtech, where industry professionals gathered to discuss technology and innovation within the real estate sector.
From the opening remarks, audience members knew they were going to witness some terrific speakers. Emily Wright reassured all attendees that they were going to hear honest remarks and stories from those who joined her on the stage; she did an impeccable job at curating an engaging and relevant conversation.
Unsurprisingly, there was a significant focus on the adoption of AI. Discussions were upbeat and explored how CRE can, and needs to, ‘get over the fear’. Long-term it will be crucial to understand that the trend actually favours the sector, and those who don't adapt will lag behind. In an industry that has sometimes shied away from emerging tech, this will be tough, yet absolutely necessary.
There was also a widespread recognition of the urgent need for substantial upskilling and conscious culture development. Technology's effectiveness hinges on the proficiency and acceptance of its users. Given the shortage of data scientists in the CRE industry, recruiting, partnering, and upskilling will be vital to stay ahead of – or at least in line with – the curve, as well as creating a business culture that removes barriers for people to make change happen.
Beyond AI, it was refreshing to hear people talk about ‘innovation’, not as a cliché, but a concept requiring pragmatic consideration – and as something that needs to be integrated into how a business operates and delivers. This can be clearly seen through the efforts of Stanhope, WilkinsonEyre and Mitsubishi Estate at 8 Bishopsgate, as well as the work at Olympia with ex-Microsoft Chief Digital Offier Linda Chandler at the helm.
While we all recognise the shifting demands of the built environment, CRE needs to be creating resilient places and assets that have people as the main focus, and those who are presenting the most innovative solutions are those embracing not just technology and AI, but change as a whole.
While ‘tech’ is in the event name, no one should be put off by this, or jump to the conclusion that it lacks relevance for their traditional role. We’re in a world now where technology is intertwined in all that we do, whether that’s managing risk, planning, designing, optimising or delivering incredible experiences. All topics of discussion were relatable and relevant, and in the words of JLL’s CEO Christian Ulbrich during the opening keynote – you need to get on the train or you will be left behind.
PS: before we leave you to enjoy the weekend, a quick tip of our collective hat to Lawrence Hutchings on his new role as chief executive of Workspace. After successfully shepherding Capital & Regional through some turbulent times, we wish him well for his next challenge.