Future Cities Catapult has released a report that reveals the potential for broader prop tech adoption in the UK real estate sector. Commissioned by the British Property Federation, the report included the following data:
- 50% of prop tech companies emphasise sales and leasing while only 16% and 12% respectively apply themselves in construction and financing/investment.
- Less than 5% of prop tech companies are involved in land acquisition and refurbishment.
- No companies fell into the demolition/remediation category.
To improve sector engagement and encourage the adoption of new technologies, the report recommended that the sector, the British Property Federation, and the UK government take the following steps:
- Make more clear, authoritative, and quantitative information available on the needs of participants in the property lifecycle and the various technologies available to property professionals. To make this happen, potential actions include:
- Developing a library of existing and developing prop tech innovation.
- Creating a property innovation index to assess how prepared a company is for tech innovation.
- Creating a prop tech maturity index to give the market better insight into what technologies they should be investing in.
- Research the more pressing technology needs of British Property Federation members and their tenants.
- Make digital knowledge and innovative actions more mainstream. To achieve this goal, the next steps include:
- Creating influential roles with for people with digital skills, such as software developers, engineers, and designers.
- Establishing an open procurement platform based on challenge.
- Creating a leadership development course that provides an overview of the technologies that drive tech innovation.