Several real estate experts have debated the changes that the sector will undergo after the covid-19 pandemic in a digital meeting organized by the Círculo de Empresarios de Galicia. The digitization of ‘real estate’ has been the most repeated speech during the talk in which the importance of open spaces in post-coronavirus housing and of the last mile in the logistics segment has also been pointed out.
The webinar began with an exposition of the six major changes that will occur in the real estate sector with respect to digitization: The covid-19 has accelerated technological development because it was something that already existed, but that very few companies applied.
Digitization can be broken down into six major factors. The first of them is related to improving the experience and risk prevention of people who use real estate assets. “Our clients demand applications to reserve rooms, to check how many parking spaces are free in buildings … In short, manage an asset and its occupants through technology.”
The second point refers to what surrounds the real estate asset. “For investors in the retail segment, it is very important to know what is happening around their premises. E-commerce has eaten face-to-face sales and that is why it is key to monitor the asset to analyze what type of customer is moving that street, how much is being spent… ”.
Virtual reality during this confinement “is the third aspect to highlight because investors are increasingly interested in verifying through a screen what the final aspect of their offices will be thanks to virtual and remote visits to assets.”
A virtual experience that also facilitates the commercialization of the product is the fourth factor to take into account in postcovid-19 technological development. “Clients not only want to see the property, they also want to have the option of closing operations through these digital platforms without even visiting the asset.”
The last two aspects to highlight are the monitoring of the Kpi of the assets and the analysis of the different scenarios that may arise in the medium term. “It is key to know what happens inside the real estate assets and above all to anticipate what is going to happen in the future to be able to act in advance. For this, it is important to have teams that analyze the situation in the different areas in order to offer clients a view of the socioeconomic levels, the demand, the offer … that their assets will have in six months. This has helped promoters to change the purpose of some of their promotions for sale and which will now be rented out due to the foreseeable increase in this demand. ”
It has also been commented that the promoters will again give importance to the terrace and open spaces to the detriment of more m2 of closed surface. The entry of investment funds in the built to rent will boost the sector.
You have to take a little distance to see how new residential projects evolve, where open spaces will have great importance. The investor appetite for the ‘brick’ has continued during the state of alarm and only glimpses of shadows in retail, in the hotel sector and on floors pending changes in use, “because the uncertainty is greater”.
There has been an increase in interest in single-family homes, but it could be that this circumstance is only a test by the future owner.
The promotion of houses must be one of the economic engines to get out of this conjunctural crisis. In Logistics, investors will focus on boosting the last mile. Only retail and hotels can suffer more worryingly from the effects of covid-19. The Administration has a fundamental role to mitigate these effects and this is important to improve the fiscal issue.