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News Release

Dubai

Workspace, reworked: JLL analyses how technology, data and digital disruption will transform real estate


JLL the world's leading real estate investment and advisory firm introduced new report series titled 'Workspace, reworked: ride the wave of tech driven change', exploring the impact of technology, data and digital disruption on work spaces and real estate investment strategies. The series based on two reports, focuses on the office sector over the next 15 years, looking at how occupiers, developers and investors will need to view real estate differently and adapt in order to enhance investment returns and create work spaces that are fit for purpose in a rapidly changing, highly-connected world.

Key insights include:

  • Connectivity (fast and resilient) is fast becoming the fourth utility and will drive more location decisions
  • Real estate portfolios are more likely to be built around core hubs, and will comprise fewer locations, thanks to the combination of a changing workforce and greater connectivity
  • Emergence of new types of 'platinum prime' space – scarce Grade A, top tier location space designed to suit the behemoths of the new business world
  • Growing cohort of super-dynamic assets catering primarily to start-ups, that are flexible, modular and built to suit fluctuating business cycles 
  • The Internet of things and the next generation of smart buildings will become the vehicles to manage productivity, sustainability and user experience
  • Emergence of a new asset class, characterised by partnerships that marry equity with expertise, bridging the gap between institutional leasing and co-working
  • Seismic shift in demand for co-working space – up to 30% of a corporate portfolio will comprise flexible space by 2030.

    JLL in MENA released the findings from the report today in Dubai at an exclusive event with industry leaders and keynote speakers who provided insights on the impact of technology in the real estate landscape in the Middle East region.

    Industry leaders from occupiers, developers and investors were represented and heard from the likes of Meg Forbes from Mastercard and Brant Fletcher from ICD Brookfield, along with speakers from JLL's UK, EMEA and MENA businesses.

Craig Plumb, head of research, MENA, JLL: "We are witnessing incredible social, cultural and organisational change. Technological and organisational changes are altering how and where we work and, crucially, are allowing our impact on the external environment to be tracked, measured and analysed more than ever before. In our reports, we've identified the ways in which these changes are giving occupiers, developers and investors strong cues about how their approaches to real estate will need to change practically in the future. New opportunities will emerge and those who are able to respond to change will reap the rewards."

"Changes in technology and organisational structure are having a profound impact on real estate markets across the world.  They threaten to seriously disrupt investors portfolio plans and occupiers CRE plans as well as how both individual buildings and entire cities are designed, managed and operated.

"While the MENA region is not currently at the forefront of many of these global changes, the young, innovative and dynamic nature of the region means its real estate markets are likely to adjust to these changes very quickly over the next 20 years.  Key questions will be raised about the overall quantum of demand, the location and the layout of offices.  These questions will increasingly require the attention of investors and occupiers of individual buildings and the planners and managers of cities, as they seek to compete and prosper in an increasingly competitive and rapidly changing global landscape," Plumb added.

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