The UK happens to be the most influential property technology or ‘PropTech’ hub in the world, despite Brexit-related problems and uncertainty. As well as the global pandemic, which hit the UK just as hard as some of the worst-hit countries.
In 2021, investment into the country’s fast-growing proptech sector had reached record levels and, in fact, had more than quadrupled since 2020. This is according to a report published by Pi Labs, a venture capital firm, which reported a massive 360% increase in funding for the sector between 2020 (£347.79M) and 2021 (£1.6B).
The report also revealed that the creation of a vast range of technology-based solutions address common issues faced by property managers in the world of commercial property. This has been one of the key drivers responsible for the surge in, investment between mid-2021 and mid-2022.
Property technology is growing significantly in the UK on a YoY basis – the sector is fully aware of the operational performance gaps which have gone un-addressed in the last few years. And is now completely awake to the changes needed to hit net zero targets; investors, landlords and occupiers are realising that technological adoption will indeed play a critical role in not only future-proofing assets, but also meeting sustainability pledges.
The UK is also in the lead in many sub-sectors of global property technology. For example, Geovation, a Government-backed accelerator programme specialising in proptech, has already nurtured companies like Flock, Skyscape and LandInsight – all of whom are ahead of the global innovation curve.
Geovation is backed by OS (Ordnance Survey) and HMLR (Her Majesty’s Land Registry) specialising in location and geospatial data breakthroughs – for the most part, its focus has been largely on supporting up and coming tech companies. So far, the accelerator has supported a good, 79 startups, where almost £20M has been raised in investment funding.
Owing to the large wave of capital raised in 2021 as well as accelerated adoption, many companies are starting to achieve scale – so, we can definitely expect later stage funding rounds to drive further investment growth throughout 2022.
Experts have also observed how some of the globe’s largest institutional investors are entering the ‘prop-tech intersection’ after identifying a high potential for growth. Fairly recently, Sovereign Wealth Fund Mubadala based in Abu Dhabi invested into Plentific’s $100M Series C round alongside other institutions.
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Data standardisation refers to using consistent methods for collecting data, although this is a very basic and somewhat generic description of what it truly is. If we delve in deeper, data standardisation is the process used for transforming data to fit a constrained and predefined set of values – ultimately, relying on uniformity to improve efficiencies.
Data standardisation refers to using consistent methods for collecting data, although this is a very basic and somewhat generic description of what it truly is. If we delve in deeper, data standardisation is the process used for transforming data to fit a constrained and predefined set of values – ultimately, relying on uniformity to improve efficiencies.
The previous year was a roller coaster for the commercial property sector, with both landlords and tenants facing unique challenges. It looks like 2023 is also going to be a challenging year for landlords – with the higher increased rates and Section 21 changes, for instance – and for tenants as well, who are finding it to keep up with rental demands owing to the inflation and the current cost-of-living crisis.
When an economic shock or recession hits, all properties are impacted. However, commercial properties must bear most of the brunt because a lower demand in the building, sale, and letting of commercial properties means that businesses cannot function as effectively and contribute to the economy as they normally would.
There’s no escaping technology and the impact it has had on our lives, making everything from ordering something online to power up our home appliances from several miles away really easy. Technology has also fundamentally changed how landlords and letting agencies, for example, buy, manage, and operate spaces – making lives easier for tech-savvy homeowners and demanding tenants alike.
The public at large believes that housing inspections should be in the hands of local councils – at least, according to this survey. Conducted by the APSE (Association for Public Service Excellence) reported that 59% of the public are in favour of Building Inspections by local councils, while 23.4% support private inspections.
In 2021, UK commercial properties contributed on average, 20% of carbon emissions, according to a report published by the Committee on Climate Change. Furthermore, in larger cities, including London, commercial buildings were responsible for more than 70% of the city’s emissions on a whole.
The commercial property sector has an important role to play in the UK economy, not only in terms of a direct and indirect output generator, but also in terms of helping retailers, financial services and other businesses boost production.
Technology can transform facilities management (FM), helping you save on costs and drive efficiencies. For many businesses and organisations, their three main expenses are: Employees, Technology, Facilities. However, in the rush to recruit talent and keep up with new technology, organisations can end up overlooking their facilities.
Facilities managers must adapt to changing recommendations, regulations and legislation. There has been Government consultation for the Future Buildings Standard, on proposed changes to fuel and power conservation and ventilation in building regulations.
