New “space as a service” initiatives are evolving. As a result of WeWork pulling its IPO, I expect you will see renegotiated leases and direct competition across the globe, with a $3 billion fund to start. Real estate development is moving in two directions — technology and experience — but firms need to figure out what that means for them, and how to spend their money.
Delete Technology, Add Humans
Many smart city projects have not met their goals. IoT may make some efficiency gains, but it doesn’t automatically improve quality of life or reduce complexity. City planners and real estate developers need to take a longer view and understand that ROI is directly tied to the GDP of the area.
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