Changing world, changing property market

That’s according to an expert in property technology who is in New Zealand to speak at a series of events put on by global real estate services firm JLL.

Jordan Kostelac, who is JLL’s Asia-Pacific director of PropTech, says the future of PropTech includes buildings with augmented capabilities.

“So that’s the ability to hold a device up to a building and see all its vital data, inspect plans, get instructions for repairs, or report an issue.”

There is a host of disruptors set to dramatically impact on commercial property in the next three years, he says.

They include the “sharing economy” and co-working, which emphasise communal spaces, and the Internet of Things, which allows devices to talk to each other and thereby streamline our activities.

“Commercial tenants and buyers have rising technology expectations, requiring more expenditure upfront,” Kostelac adds.

Additionally, these changes are leading to an increasing blurring of the lines between property sectors and a greater focus on providing a product for consumption.

JLL New Zealand head of research and consultancy Paul Winstanley says the future of work – whether in the office, shop or warehouse – is in combining creature comforts with a collaborative, carefully-crafted workspaces infused with technology.

"Retail is drawing customers with innovations like ‘enter-tailing’, combining retail with entertainment.