The digital transformation of the real estate industry is not just a marketing gag – it is here to stay!
Technological change creates a multitude of new opportunities for the industry, but at the same time it creates a series of new challenges, and both need to be addressed at the same time.
For this reason, PwC and Evana gathered 50 real estate experts on 23. September 2019 under the motto “Get RE@di!” (Get your Real Estate digital!).
This slogan was not only the motto of the meeting, but also the name of the newly established think tank for the real estate industry that held its first gathering that day. In addition to the two initiators, the list of founding members includes AEW Capital Management L.P., Allianz Real Estate GmbH, alstria office REIT-AG, Apleona Real Estate GmbH, Barings Real Estate Advisors GmbH, Berlin Hyp AG, BNY Mellon Service Kapitalanlage-Gesellschaft mbH, Commerz Real AG, Conren Land AG, Corestate Capital Group GmbH, DREAM Global REIT, DWS International GmbH, Hahn-Immobilien-Beteiligungs AG, Hansainvest GmbH, HIH Real Estate GmbH, KGAL Investment Management GmbH & Co. KG, LaSalle Investment Management Inc., LHI Leasing GmbH, Patrizia AG, Principal Real Estate GmbH, Real I.S. AG, TüV Süd Advimo GmbH, Vivanium GmbH, Wealth Management Capital Holding GmbH and Westbridge Advisory GmbH, and all members engage in close cooperation. In total, the Get Re@di! initiative encompasses 33,000 employees and EUR 600 bn of assets under management (AUM).
It did not take long to define a common goal for the think tank: developing a holistic approach and standardized solutions with the aim of driving the digital transformation of the real estate industry.
To this end, Get RE@di! leverages the combined industry expertise of its members on all levels of real estate management. The list of results includes specific and universally applicable solutions. During the first meeting, seven focus groups were established, covering the areas of Asset Management, Investment Management, Corporate Group Functions, Digital Transformation, Data Models & Standards, Artificial Intelligence and Empiricism & Research. The members of the think tank will focus on these areas and cooperate across company borders to develop both conceptual and technical solutions. Other goals of the cooperation include the sustainable shaping, promotion and advancement of the real estate industry based on a standardized data model. Those are ambitious goals!
In the context of this common effort, Get RE@di! serves as a think tank as well as a platform for professional exchange and a link between theory and practice. Considering the current market situation, the think tank defines the collection, usability and analysis of real estate related data as crucial challenges. This mainly concerns asset related data originating e.g. from lease or service agreements. Using current technology, the information contained in such documents can only be processed to a very limited extent. In the future, there will be semi-annual meetings of the think tank, while focus groups will continue to cooperate on a continuous basis. We are already looking forward to exciting results and our common journey towards the digitization of our industry!