Report calls for government-backed digital forum

The UK is leading the way on data infrastructure and transparency in technology in real estate, according to a report by Liquid Real Estate Innovation commissioned by the British Property Federation. The results of The Liquid Report: Leading the Digital Transformation of Global Real Estate were published today on the back of research carried out by proptech consultant Dan Hughes. It calls for the creation of a government-backed digital real estate forum to connect proptech initiatives, for new strategies to unlock R&D spending and for real estate to put digitalisation at the heart of business strategy. In terms of how the UK’s expertise in and around tech compared with that of other countries, the report reveals that it is a front-runner regarding capacity for innovation, data infrastructure, market transparency and quality of education, but falls behind other nations in terms of venture capital investment and technology infrastructure (see the table below). A new digital forum The report goes on to recommend that a new digital real estate forum should be formed to create a more connected approach to tech in property and to allow the UK to “develop a joined-up proptech strategy and roadmap to remain competitive on a global scale”. It also calls for action to drive greater investment in research and development, and for the real estate sector to put digitalisation at the heart of its business strategies and to build digital skills into all staff training. Dan Hughes, founder and chief executive of Liquid REI, said: “Overall, real estate plays a huge part in the UK economy, and technology is a really important element of that. The UK has actually done a lot of the hard work already, and there are loads of initiatives that have been created. This is what the industry does so well. The next step is to bring all of those together.” Melanie Leech, chief executive of the British Property Federation, added: “We want to promote a collaborative approach that will see businesses work with government. We see a huge opportunity here for the sector and the UK, and reports like this really help us to make sure we understand the opportunities, barriers and risks of digital transformation. “The BPF has an important role to play as a convener across the industry providing a single voice to work with government, to join the dots between the many initiatives already underway bringing digital transformation to property, and at a grass-roots level working with businesses to learn from each other, and from other sectors, to embed best practice and to help them navigate the new digital landscape.”   KEY RECOMMENDATIONS The Liquid Report: Leading the Digital Transformation of Global Real Estate makes a number of key recommendations across three broad themes: Foundations for the future • UK government to publish a roadmap of real estate-relevant digitalisation plans. • A cross-sector coalition to map built environment data standards, to research priority use cases and ways to improve data sharing across the whole life cycle. • Real estate companies to build digital skills into all staff training and ensure digital transformation feeds directly into business plans. A joined-up government • A minister-led digital real estate forum to be created. • Creation of a digital government interface or hub for people to discover and access government activity relating to the digitalisation of real estate. • UK government to actively promote digital real estate on the world stage. Innovation and adoption • The UK real estate sector to create a collaborative real estate R&D hub or lab. • The UK government to launch a real estate catapult. • The government to target R&D tax credits and Innovate UK competitions towards real estate. Furthermore, it should ensure that technology to benefit a building over its lifespan is considered within the planning process. • The real estate sector to ensure that data and technology is clearly articulated as part of the decision-making process, and therefore more obviously included within the valuation of property. Click here to download The Liquid Report: Leading the Digital Transformation of Global Real Estate To send feedback, e-mail emily.wright@egi.co.uk or tweet @EmilyW_9 or @estatesgazette