Digitalization in Real Estate · Real Estate Europe 2016 PwC/ULI 2015 Emerging Trends in Real...
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Digitalization in Real Estate
Peter Sittler
29th June 2017
European Real Estate Society (ERES) ConferenceDelft, Netherlands
D E PA R T M E N T O F R E A L E S TAT E M A N A G E M E N T
F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S
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digitization vs. digitalization
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S2
Google Trends, https://trends.google.at/trends/explore?q=digitization,digitalization [20.07.2017]
digitization
digitalization
digitization
“the action or process of digitizing; the
conversion of analogue data into digital form”
digitalization
“the adoption or increase in use of digital or
computer technology by an organization,
industry, country, etc.”
Brennen/Kreiss 2014
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What means digitalization?
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S3
“Digitalization means changing business models by improving business
processes due to the use of information and communication technologies”
Deloitte 2013, p. 8
“Digitalization in the real estate sector can be viewed from a variety of
perspectives (...) Due to the relatively low data density of real estate
industry, as well as its rather small degree of digitalization, big data is less
important than a consequent improvement of the conventional data and its
processing. This means that the focus will be on the general perception of
the importance of digitalization, the quality and quantity of available data
as well as the effectiveness and efficiency of their use in management
decisions.”
Brusgul et al. 2014, p. 11
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Digital Economy Society Index (DESI)
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S4
European Union 2017, p. 1
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Research background/aim
► Several studies about digitalization (especially DACH region)
► Many buzz words concerning digitalization
► Finding trending topics/technologies for real estate
► Bringing all relevant topics together
► Presenting an overall survey
► Clustering for real estate sectors
► Writing a book „Digitalisierung in der Immobilienwirtschaft“
(English: „Digitalization in real estate industy“)
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S5
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Methodology
TO COME UP…
► (Nearly) Complete PropTech List with each business model
► Analyze future business models and trends in real estate
Restrictions/Limitations
► New literature does always come up
► Fast development of technology
► Rapid changing of technology based companies
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S6
Literatureresearch
ClusteringRelevant
business models
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Literature
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S7
Autor/s Title (short)
Bölting et al. 2016 Digitalisierung in der Immobilienwirtschaft
Brusgul et al. 2014 Digitalisierung in der Immobilienwirtschaft
Clark/Moonen 2015 Technology, Real Estate, and the Innovation Economy
Cook 2015 RICS futures: turning disruption from technology to opportunity
DDI 2016 DDIV-Digitalisierungsumfrage
DMK/FOG 2015 Digitale Transformation in der Wohnungswirtschaft
FTI/Future PropTech 2017 PropTech 2017
Hügel 2017 Innovationsbarometer der Immobilienwirtschaft 2017
IFI 2017 PropTech-Studie 2017
Just et al. 2015 IREBS InnoVation Monitor 2.0
KPMG 2016 SnapShot! on Digitalization. Real Estate Europe 2016
PwC/ULI 2015 Emerging Trends in Real Estate - A balancing act
PwC/ULI 2017 Emerging Trends in Real Estate - New market realities
Rauch/Pfeffer 2012 HEAG 2040 - Die Stadtwirtschaft von morgen
Rodeck et al. 2016 Einsatz digitaler Technologien in der Immobilienwirtschaft
Roland Berger 2016 Digitalisierung der Bauwirtschaft
Russo et al. 2016 Innovationsbarometer der Immobilienwirtschaft 2015/2016
Schmidiger 2016 Digitalisierungsbarometer
Staub et al. 2016 Digital Real Estate
Zeitner/Peyinghaus 2014 Prozess Management Real Estate Monitor 2014
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Clustering Digital Real Estate
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S8
Changing of working environment
Smart Real Estate
Digital Real Estate
Marketing
Real Estate Management
Construction/Planning
Building/Facility Management
Valuation/Asset Management
New Business Models
Mobile Applications Big Data/Smart Data
Cloud Computing (Data) Security
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Big Data/Smart Data
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S9
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Topics of digital real estate
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S10
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Trends of digital technologyin real estate
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S11
Mobility/Mobile devices
Plattforms an digital ecosystems
Cloud technology
Internet of things
Building Information Modeling (BIM)
Big Data/Data Mining
3D printer
Moving profiles
Augmented Reality and Visualization
Smart contracts
Blockchain technology
Roboter technology
Artificial intelligence
current to prospective (no information)
IFI 2017, p. 15 (n=260)
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PropTech definition
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S12
“PropTech is made up of the terms
‘Property’ and ‘Technology’ and refers
to innovative companies that combine
the new technological possibilities
with the real estate sector using their
business models”
Catella 2016, p. 1
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Beginning of PropTechs
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S13
Neinken 2015, p. 7
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PropTech List 1
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S14
PropTech
List
Own research
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PropTech List 2
► Name
► Country (DACH)
► Year of Founding
► Contact
► Webpage
► Corporate activity
► Business model
► Solution for
► Rating
► Category
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PropTech List 3
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S16
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Companies with known products or ser vices
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IFI 2017, p. 7
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Conclusions
► Digitalization has a growing importance in real estate industry
► PropTech sector is at the beginning
► Innovation, flexibility and communication is needed
► Not only new technologies are accelerating the digital disruption
► Ongoing changing of society and customer behaviour
► New business models are occuring
D E P A R T M E N T O F R E A L E S T A T E M A N A G E M E N T – F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S18
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D E PA R T M E N T O F R E A L E S TAT E M A N A G E M E N T
F H W I E N O F W K W U N I V E R S I T Y O F A P P L I E D S C I E N C E S
W ä h r i n g e r G ü r t e l 97 , 11 8 0 V i e n n a
Te l e p h o n e + 4 3 ( 1 ) 476 7 7 - 5 8 2 0 F a x - 57 0 4
i m m o @ f h - w i e n . a c . a t f h - w i e n . a c . a t / i m m o
facebook.com/FHWien
twitter.com/fhwienAT
youtube.com/FHWien
xing.com/net/fhwiengruppe
Peter Sittler
Endowed Chair of Real Estate
(founded by the city of Vienna/MA23)