Digital experience comes to property

Long resistant to change – mostly because it didn’t need to – some of the most competitive property markets in the world are now seeing that they must compete on an experience layer in order to stay ahead of the game.

Why it matters

While the raw economics of too much demand and not nearly enough supply have typically meant that most property developers didn’t have to compete on other dimensions, the heights of the Hong Kong market – one of the most expensive in the world – are driving a revolution in digital services for tenants.

What’s happening

These ideas, explored in more depth by the South China Morning Post, seek to elide the physical space of the office with additional digital collaboration services. Moreover, tenants and their employees can now access a host of wellness and safety services that can further help sweeten the pill.

For the developers themselves, these digital enhancements allow deeper analytics of the building, smoothing facilities and maintenance management, operational and environmental efficiencies. This information is as useful for the developers’ sustainability efforts as for those of their tenants.

Where it’s going

These ideas are just emerging in commercial lettings, but hold potential for residential lettings around the world at a time when renting is more and more common, and working flexibility is changing what people expect from their living situations.

Sourced from SCMP