It has been an interesting few weeks in Tech City. Not least because the area has played host to both the Wired and Tech Crunch Disrupt conferences. London has a skip in its step at the moment, as unprecedented levels of venture investment come into the capital and confidence runs through
both the tech and property sectors.
Both conferences showcased the future of emerging technology and research: big data, robotics, new materials, biotech, driverless vehicles, space research and wearables.
The future is wearable
The one I responded to emotionally most was a demonstration of wearables – Google glasses had literally enabled a blind man to run unassisted, and he is going on to run from Boston to New York, and then run the New York marathon. Technology had given him his independence, freedom, dignity and joy. Then, there was technology for your feet – connecting a pair of trainers with transport app Citymapper and local restaurants. The trainers tickle you to prompt you to take a different route to work or try a new café.
Here are examples of technology reshaping our interactions with the city, to surprise us into learning something new. What started out as wearable technology is beginning to fuse into a concept of nearables – i-beacons will be able to give context to what is around us. This is making space and the city immersive in ways we have not experienced before.
At both conferences I was asked why a property person would attend. At these things everyone has their “elevator pitch” – so I tried mine out. Our industry builds the future, I said. I was just there checking in with an industry doing the same to make sure we are building the right product. Because with this convergence of the physical and digital it is clear that our industries will have to work together to design the right future for all of us.
This month saw the launch of PiLabs, Europe’s first property tech accelerator. See? We are working at the interface of business space and technology, providing property for tech ranging from co-working to serviced space to adjusted lease length portfolio management to the design of headquarters buildings and all the common areas and retail space that goes with them. At one end of the scale that is about business parks and science parks, and a property product that suits the specific needs of growing and maturing technology companies.
Technology v proptech
At the other end of the scale is proptech, which is totally different, but sounds alarmingly similar. Proptech is technology that focuses on revolutionising the property industry in some way. This might be new materials or construction techniques, online trading platforms for agents or investment (Zoopla, for example) online valuation, building management systems (tech-enabled security or internet of things applications that boost energy efficiency), green buildings, smart cities, i-beacon technology in retail environments, or as-yet unrealised property environments. This is where it all gets complicated.
What kind of company?
AirBnB is arguably a proptech company, but also a hospitality company. Zoopla is a proptech company, but could arguably be a fintech company.
PiLabs is an attempt to make a physical place where all of this complexity can come together: if you are changing the world with technology that affects property, then it is here you will find kindred spirits.
Then, when you have grown a company and need an office, there will be a universe of brokers ready to help you find a building – property for tech.
Juliette Morgan is a partner at Cushman & Wakefield and head of property at Tech City UK
