“Imagine ahead – plan backwards” has long been my idiosyncratic mantra for exploring the future horizons facing global real estate; in contrast, conceptually, to the more traditional conjecture regarding industry vogues and emerging business trends. Ever-changing landscapes in this ‘age of acceleration’ nowadays, indeed, demand that all agencies and organisations competing in a worldwide economy, including those in the transnational property industry, must address some critical overarching questions so as to prepare for the future ahead. These clearly concern such universal issues and challenges as:

• Geopolitical stability and the macro-economic environment.
• Disruption, dislocation and disaffection caused by artificial intelligence.
• The demographics of migration, urbanisation and agelessness.
• Connectivity, collaboration and creativity from globalisation.
• Responsible behaviour, sustainable strategies and well-being.

Moving more specifically to the role of real estate, is it time to rethink the part it plays in our societies and cultures, and how might it change in terms of expectations, obligations and performance in the future? Is there a seismic shift in the centre of gravity for the property markets of the world, from the situation of experiencing real estate as simply a financial asset, to a setting of not only viewing it as a product, but, even more significantly, seeing it as a service? Given an increasingly ‘collaborative economy’ at all scales, it could be argued that real estate leaders should generally be seeking greater engagement with politics and governance, and more formal involvement in advising, influencing and determining central and local government policy-making to facilitate the implementation of civic plans and major development projects.

At a more operational level, it is possible to pose a number of questions regarding the way in which the ‘functional activities’ of ‘property actors’ will be affected. Some of those most immediately coming to mind include:

• How will those charged with Investment decisions across real estate markets navigate global uncertainties? Where, and what, are the most attractive markets in the short/medium/long-term? Will real estate organisations be: sufficiently innovative in the creation of investment vehicles that reflect the needs of the financial community for shorter maturities and greater liquidity; or, sufficiently adroit to develop funding models that can take on new types of risk, often with longer-term investment horizons? As new wealth from emerging economies intensifies competition for prime assets, can the real estate investment community think laterally enough to develop property assets that can earn sufficiently attractive returns? Is Blockchain, still at a nascent stage, inevitably going to reconfigure dramatically the entire shape and functioning of commercial real estate investment markets?
• In terms of Development, is there a proper appreciation from without the industry that real estate lies at the very heart of those critical processes – urbanisation, environmentalism and sustainability – so central to our future prosperity and well-being? Likewise, is there a genuine awareness within, that there are new imaginative competitors, different business models, fresh exciting opportunities, constant commercial challenges, revised regulatory regimes, blurring sectoral boundaries, ingenious collaborative occupancies, pioneering partnership projects, and, perhaps above all, innovative analytical and simulation technologies, emerging to present a constantly changing landscape for the world of property?
• Is the role of Management assuming greater importance and enhanced standing in the overall sphere of real estate, as it becomes increasingly a service industry, and more and more technologically enabled? As this culture of ‘service’ becomes stronger, will we see changing patterns of tenure (more transient), facilities (fuller provision), and management (greater attention)? Most especially, has the character and function of ‘Facilities Management’ (FM) been changing significantly, with building owners progressively expecting FM teams to be stakeholders and collaborators for business growth? Do asset managers presently have sufficient skills to continuously improve the value of their buildings in an increasingly selective and sustainable marketplace, or are current asset values at risk of destruction?
• Can it be said that the field of Marketing, within the domain of property, is being utterly transformed? Has the entire world of agency, or brokerage, been threatened and revolutionised; and, are we only at the very beginning of that fear and insurrection, as a positive plethora of new players enter the game equipped with a resplendent and resourceful array of original technological devices and operating systems?

A new ‘anticipatory’ mindset, reinforced by fresh ways of thinking about the future, is needed by all those involved in conceiving, planning, designing, funding, constructing, occupying and managing the built environment, so as to face the challenges, and grasp the opportunities, that lie ahead over the next few decades.

 “The important thing is not to stop questioning”. (Albert Einstein)