The ULI UK recently launched the Tech Forum with a Leadership Roundtable amongst a diverse cross-section of Real Estate and Technology professionals.

The vibrant debate moderated by Ben O’Neill of Hammerson PLC, ULI UK Tech Forum Chair, highlighted how technology is already playing a leading role in reshaping our urban realm but the complexity of how the industry is adapting and transitioning in this ‘new age’ is still largely unchartered.

Amanda Clack, President of the RICS and Head of Infrastructure at EY, set the scene, highlighting that over 60% of the global population living in cities by 2030, with those populations increasing to 6.3 billion by 2050. With over 60% of the global population living in cities by 2030, there will be an increasing strain on resources and societies yet as this ‘new age’ of technology evolves there is essential we reshape our thinking to find sustainable solutions for future urban populations.

The debate highlighted several incidences in which innovative technology was enabling the urban realm to adapt to these challenges. However, the political environment, current businesses and professional practices, and governance were not keeping pace with the rate of change. Some of the changes and challenges that technology will bring:

• Cities being seen as more valuable than nations
• The increasing role of “space as service” with co-working, generation rent and other occupational changes
• Slow changes in policy can limit adaptability of cities, especially when linked to planning/zoning
• New and localised solutions to energy generation, transmission and storage
• Connectivity as a new asset class as Autonomous Vehicles (AV) are adopted around non-ownership models
• The shared and circular economy driving adaptability, resource efficiency and innovation
• Artificial intelligence and how lives are ‘managed’ across the urban realm
• The challenge to randomness, surprise and delight in human interactions – and the case for the “Unsmart City”
• The risk of human redundancy as technology replaces the person, making the opportunity available to all

It was agreed that governments may be slow to move on this agenda but city Mayors were observed as key drivers for adoption with the following examples; Singapore and Pittsburgh trialling driverless taxis; open city-data platforms in London and Stockholm; free Wi-Fi networks across city areas; innovation districts across most major cities that allow them to foster talent and opportunities that new technology could bring.

Virtual reality, artificial intelligence, modular construction and other innovative technologies are already enabling a more efficient use, management and development of our urban environment. Building use is being optimised on an occupier level, lease terms are being reduced and new levels of interaction across virtual ‘communities’ are allowing for a change in social mindset and client engagement. All of which seem to be changing real estate to a more responsive, resource efficient and service orientated mindset, however not all sectors of the industry are actively responding to this change.

Will we see new roles created or will robotics or artificial intelligence make current roles redundant? What is clear is the speed of change seems infinite yet how real estate and society adjusts to new technology and innovation, is an area that needs ongoing engagement.

Many organisations are adjusting to the new paradigm but it was agreed there is still a high level of tech indigestion.  This is limiting the industry’s innovation and adoption of new technology.

Concern around the implications for wider society and the need to meet global challenges such as equality, climate change, resource scarcity and quality of life were acknowledged as motivations for the industry to come together.

The ULI Tech Forum aims to define the Rubik’s Cube of technology by keeping abreast of emerging technology and its implications for the wider urban realm. The Forum will therefore be based on a multi-faceted programme that regularly brings people from across the urban environment and leading tech firms together to connect, openly share knowledge and educate the wider markets in how technology is influencing our urban realm. In addition, the Forum will also integrate with ULI’s wider programmes and support the ULI’s mission to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.

A special thank you to all our participants and EY for kindly hosting the forum.

Information shared during the Tech Forum – Leadership Roundtable:

• ULI Europe Report: Technology, Real Estate, and the Innovation Economy
• View the presentation: RICS Futures: Our Changing World
• ULI UK: Innovators and Disruptors Series can be found in our Events Programme

We look forward to sharing details of our future forums.