Transform with technology: Shaping the future of real estate

JLL’s first global report on the rapidly evolving real estate technology landscape.

The pandemic has provided us with an unparalleled opportunity, even a necessity, to rethink the built environment. The technologies that are now available – and others in the process of being developed – are set to radically reshape how we construct, interact with and use buildings.

The increasing deployment of technologies, from connectivity and hardware advances enabling the mass use of sensors to machine learning and artificial intelligence, now mean that nearly every aspect of the property industry has the capacity to evolve more quickly than ever before.

As the real estate industry rises to the challenge of delivering a significantly decarbonized built environment, technology is likely to be the single biggest catalyst for green progress.

Technology will also be essential as we seek to better manage space and its impact on people. Now more than ever, the health and well-being of the workforce are paramount to business success.

The new workplace, aided by technology, calls for more effective and dynamic use of space. This presents immense opportunity, but the proliferation of new technologies, new companies and new operating models has made it difficult to navigate the shifting landscape.

There is so much technology out there that businesses are often left overwhelmed. Where and when does a business start to invest in new technology and how do they know which area to prioritize?

This report aims to help organizations navigate the complexities of the proptech landscape and provide a strategic technology road map, so that firms can capitalize on those tech investments that will increase the value and benefit of buildings and the happiness of those who occupy them.

Transform with technology

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Source: JLL

The Global Battle for New Heights

2020 wasn't the best year for high-rise living, but here we are one year later in 2021 on the road back to "normal", ready to jump into an elevator and soar to new heights.

Living on top of the world may have been put on pause for a while, but the curb appeal of having the highest vantage point in the world's biggest cities is always aspirational.

From Dubai, to Miami to New York developers continue to battle for new heights all with the aim of delivering the world's tallest tower- the ultimate architectural and engineering achievement.

As it stands Dubai currently holds the torch for the Burj Khalifa, but with several cranes climbing into the skies -- but -- will they keep the title?

This is the story of the battle for new heights.

Burj Khalifa, Dubai

Currently the world's tallest tower, Burj Khalifa soars to 2716 feet high. The records don't stop there, Burj Khalifa is also the highest number of stories in the world (160), has the highest occupied floor in the world, tallest observation deck, and elevator with the longest travel distance in the world. Burj Khalifa was developed by Dubai's largest real estate developer Emaar Properties who also take credit for building most of the major areas of the city including the Downtown district that was built around this tower, the Dubai Marina and Dubai Hills Estate - an incredible and vast golf community. Emaar Properties are no stranger to setting world records- they also built the world's biggest fountain connected to the world's largest mall- the Dubai Mall.

Central Park Tower New York

Though Burj Khalifa is currently the world's tallest tower, New York currently holds the title for the world's tallest residential building - Central Park Tower. With sweeping views of the Manhattan skyline (and beyond), the mile-high residents are literally moving in as

we speak- this challenging development started construction in 2014, topped out in 2019 and is just handing over now. Central Park Tower is sometimes dubbed Nordstrom Tower as the first five floors of the tower are occupied by a large store. Developed by Extell and Adrian Smith + Gordon Gill Architecture, this new skyscraper icon stands tall at 1550 feet hosting 179 exclusive homes. Central Park Tower is the second tallest skyscraper in the Western hemisphere, and the 14th tallest building in the world. This tower is definitely the king of the concrete jungle where dreams are made of.

Waldorf Astoria Residences Miami

Slightly down south, Florida's new development ambitions grow tall...with the recent launch of the Waldorf Astoria Hotel & Residences, Miami. This skyscraper will be the tallest tower in the world south of New York City upon completion serving up 100 stories of top-notch luxury. When complete, the development commits to rise to approximately 1049 feet into the sky. The upcoming record-breaking skyscraper,

designed by Sieger Suarez Architects and design architect Carlos Ott, has a distinctive architectural footprint appearing like stacked building blocks that will light up the Downtown Miami skyline, towering over Biscayne Bay. The developer, PMG, is no stranger to the skies with groundbreaking completed projects, from the Muse Residences in conjunction with Deepak Chopra in Sunny Isles to 111 West 57th Street, located on Midtown Manhattan's Billionaires' Row and the second tallest residential high-rise tower in the U.S. This development is scheduled for completion in 2024, until then we watch and wait.

Many other countries in the world including Saudi Arabia, Greece and China- who currently boast 15 of the world's tallest towers- have ambitious development plans with starchitects including the likes of Foster + Partners to one day hold the crown of "world's tallest tower" but if there is one thing we have learnt in the skyscraper race -- seeing is believing.

Source: The World Property Journal

Fitch Solutions forecasts the construction industry to bounce back in 2021

Fitch Solutions forecasts the construction industry to rebound this year but stakeholders believe public spending needs to be accelerated for recovery to happen.

The Philippine Constructors Association (PCA) also expressed opposition to a bill seeking to open the market to foreign players.

In a statement, PCA said last year, the construction sector suffered a contraction of 9.8 percent due to lockdown measures implemented to stem the spread of the pandemic.

PCA said the industry has since seen signs of recovery with current numbers from the Philippine Statistics Authority showing 4.2 million Filipinos are employed in construction up from 3.7 million in 2020.

But PCA said Fitch Solutions’ forecast is based on expectations the Philippines will effectively contain the spread of the virus.

The government has allotted more than P1 trillion for infrastructure for 2021.

Meanwhile, Senate Bill 1809 seeks to amend the Contractor’s License Law which will allow “persons, regardless of nationality or citizenship” properly licensed and registered with proper authorities to practice construction contracting in the Philippines.

The bill, if passed into law, will “effectively open the construction industry to foreign contractors without providing any further regulations,” said Wilfredo Decena, PCA president.

Decena said while other countries have taken steps to protect their local industry, some sectors are pushing for the further opening up of the local construction industry.

In a position paper submitted to Senate in response to the said bill, Decena said “the unregulated entry of foreign contractors, especially at this time when the construction industry is bleeding from the COVID-19 pandemic, will adversely affect small and medium-sized Filipino contractors and deprive Filipino workers of job opportunities in their own country.’

Instead of further opening the market up, PCA said the government should instead focus on providing opportunities and growth paths, specially for micro, small and medium contractors, including developing the talent capacity of the local workforce to help the recovery and growth of the construction sector.