Various
industries have been disrupted by technology and the speed of these disruptions
is growing exponentially especially after it was triggered by the Covid-19
pandemic. Pundits say that the current pandemic has exacerbated technology
disruption as each transformation usually happens slowly over time, as people
get more contented with the technology.
New
realities are forcing the workforce to utilize and quickly iterate and adapt to
new technology to have any semblance of productivity. Technology is quickly
emerging and shaping the future of the real estate and the world coping with
the pandemic is fuelling the mass adoption of many new technologies.
Awareness
and forward thinking will be vital in strategy and the approach to certain
aspects of the ever-evolving real estate environment. Covid-19 triggered
innovations have created an ecosystem for rapid advances, disruption, and the
changes of old approaches and systems.
Mwenda
Thuranira, the CEO of Myspace Properties, said, “Technology has transformed the
property sector in the region and more transformation in the sector should be
expected especially after Covid-19 triggered changes in every sector. The virus
is a humanitarian challenge that has transformed the way we live and perceive
the world. Property Developers and other stakeholders will face potential
long-term effects brought by the pandemic, including large-scale technology adoption,
changing consumer patterns, and more. Restricted business travel, conferencing,
and increasing dependency on digital interaction and video conferencing are
gaining preference, transforming the real estate sector.”
Technology
has developed exponentially, and the speed at which reliable and stable
industries are disrupted is irrefutable therefore, the industry is compelled to
reflect, review and reconsider business strategies to gear up for the changes
that come with technology catalysed by the pandemic. Rental and commercial
chains have been affected in the long run with low transaction volumes and
increasing work from the home culture in one fell swoop.
The
Covid-19 pandemic triggered an unparalleled wave of tech adoption for
businesses across all industries, the country, as well as around the world – as
employees and consultants worked remotely and connected with their team and
customers virtually.
While
much of the technology that was adopted was not ‘new,’ it was just not yet
implemented by many of the businesses that were transformed by the pandemic.
Necessity being the mother of technology adoption, the real estate sector is
going through an evolution right now with the tech providers have not been left
behind as they have stepped up to the plate to shape the industry.
“Covid-19
accelerated the growth of technology in real estate with smart building and
sustainable technology being the most largely adopted modernisations to date.
It might therefore be said that what drives technology adoption are major
events whether a pandemic, terrorist attack, hurricane, wildfire, cybersecurity
incursion, etc. and these events have significantly more impact on advancing
adoption than the announcement or roll-out of a cool new technology that
generates worldwide trend. While the adoption of new methods and technologies
are accelerated during disruption, the proven value and reliability of these
solutions typically continue, expand and improve as we believe will be the
security case,” says Mwenda.
The
high-tech risk has affected the real estate sector in Kenya it being at the
forefront of this disruption. The pundits who are anticipating these
disruptions and building technological risk mitigation into their current and
future business models will inherently become more risk-averse, effectively
creating opportunities by positioning their firms to adapt when this inevitably
occurs.
More
prominently, it is improving green or sustainable construction as property
developers are building structures and add-ons that make a smart and innovative
home. A technology-based solution aims to build environmentally friendly
properties using durable, cost-effective, and safer materials for the health of
future tenants.
Mwenda
Thuranira said, “The number of organizations across different sectors embracing
emerging technologies like the internet of things (IoT) will continue to grow
due to the immense capabilities the technology is having in operations of
institutions. Many business executives and managers have assessed and accepted
the increased awareness IoT create to the security and efficient running of
their businesses.”
Technology
has transformed the workplace design and infrastructure as the corporate world
is reinventing itself to facilitate hybrid workforces, design, and functions of
the office to adapt to the recent changes.
New
workplaces will have to support a greater range of hybrid and
work-from-anywhere models, requiring fully-fledged digital connectivity and
infrastructure with the capacity to adjust to new technologies, from internet
of things connectivity to 5G. This will place a much stronger spotlight on the
digital capabilities of buildings; for example, as measured by their WiredScore
rating.
The
physical design of workplaces within buildings will also need to adjust to
accommodate a variety of flexible functions.
Myspace
Property CEO said that flexible space is one of the key drivers in the adoption
of technology by the real estate sector. Availing flexible preferences to enable work-from-anywhere policies will
be a significant constituent of supporting hybrid workforces.
The
speedy growth in co-working providers and space was slowing even before the
virus, and the landscape is likely to shift further as institutional property
owners increasingly offer their flex space services to meet this demand.
Ms.
Catherine Murache, Human Resource Manager of MyTown, said, “new ways of working
will provide a unique challenge for organizations that need to spur efficiency,
talent retention, and co-operation across disseminated teams. Adopting these
innovations will necessitate an in-depth comprehension of how workstations are
being utilized, which will help to inform strategic decisions around portfolio
optimization, as well as the planning and organizing of workstations. This will
need technology such as occupancy sensors and IoT devices for monitoring how
space is being utilized, yard sticking this information, and communicating key
insights in an accessible manner.
An
improved comprehension of how workstation is being exploited also enables
automated and predictive facilities management – for instance, sensors can
track when a space has been vacated, triggering an automated cleaning order,
while predictive systems can order new supplies before they run low based on
previous usage history.”
