06 Feb PropTech and Brexit
PropTech: The Antidote to Post-Brexit Uncertainty
While British and European politicians play Brexit Deal or No Deal, it’s a challenging time for London’s real estate market. The uncertainty bred from conflicting forecasts and opinions on the consequences of splitting from the EU looms large. Whatever the outcome of Brexit negotiations, it’s clear that with large institutions like Goldman Sachs announcing the relocation of services to Europe, and financial centres like Frankfurt and Paris seeing a spike in commercial real estate transactions in 2018, London will face more global competition.
So how does London weather the Brexit storm? If the last financial crash in 2008 taught us anything it’s that an uncertain market often prompts a growth in innovation. Considering the data and tech revolution taking place in the property industry, could PropTech become the cornerstone of London’s real estate market?
Embracing the PropTech revolution
The rise of PropTech is no flash in the pan. As technology increasingly pervades every aspect of our lives, it’s inevitable that integration within the built environment will continue to develop at a rapid pace. Although tech adoption in 2018 was slower than expected, the majority of forecasts as well as research findings like Osborne Clarke’s Future Proof Real Estate report, point to PropTech being at the forefront of driving change in the property industry beyond 2020.
Cities who run with the PropTech baton look set to prosper in coming years. With London already considered a world leader in the sector, seizing the advantage now could go some way in offsetting disadvantages that may spring from the Brexit fallout and limit the impact of hubs like Paris, Amsterdam and Berlin that are increasingly snapping at London’s heels. Colliers International’s recent Brexit Property Impacts Report flags up the need for post-Brexit London to continue to incorporate new technologies and AI in real estate in order to differentiate its value from other cities.
Investing in London’s future
While innovation shows no signs of slowing, 2019 and beyond are primed to be the time for the next big step – the substantive adoption of new technologies. In the past, the cost of investment has been something of a barrier in the property industry’s willingness to embrace technology, but the tide is turning. The growing use of integrated systems in the workplace has made the enduring benefits clearer to investors and demonstrated that survival in the PropTech era means focussing on a long-term strategy.
The ultimate impact of Brexit on the London market and the way the property industry will respond to the challenges may still be up for debate, but what’s clear is that the Proptech movement is here for the long haul. For London, it’s clear that the smart money will be on looking beyond the conventional and continuing to embrace digital innovation to drive global investment.
Biometric solutions in the PropTech era
With a forward-thinking property sector demonstrating a growing desire to invest in intelligent buildings, reliable, cost-effective and easily integrated biometric systems are already proving their worth at the forefront of the PropTech revolution.
At QikID Services Ltd, we’re committed to delivering cohesive solutions that enable commercial office real estate developers to keep the competitive advantage in what could be a tough sector, post Brexit. To find out more about the identity management and security applications of our QikDETEKT biometric facial recognition system, contact us to discuss the art of the possible.