From Ballots to Bail-Out. The impact of the election on real estate.

In a month of political change, we’ve been thinking about how the real estate industry is likely to be impacted.

As a parting comment from voters to the Conservatives (for now, anyway), save for Rishi Sunak, every one of the party’s former prime ministers lost their seat. The UK is desperate for an overhaul.

The Labour manifesto is one thing, but the great and the good advise us to look wider. Labour will also face potential opposition from new directions, following the increased MP representation from other parties, so will have to push hard and fast to fulfil its promises, particularly those affecting our real estate industry.

Amongst other proposals, Labour has committed to building 1.5m new homes (similar to Conservative promises), but is focussing on affordable housing, energy efficiency measures (investing an additional £6.6bn into more energy-efficient homes) and accelerating cladding remediation.

It’s no surprise that many consider planning reform to be a critical foundation for Labour to achieve its aims and for the UK to get back on a growth trajectory. Indeed planning, business rate reform, and affordable housing sat front and centre in Labour’s campaign. Labour has such a strong position in the Commons now, having doubled its MP presence, that ministers will have the power to overrule Councils and actually bring about development, pushing back on the stunting effect of nimbyism.

Labour has a massive challenge ahead of it in all respects, particularly around our public services and general infrastructure, having committed not merely to bolstering the NHS but to resolving transport issues affecting rail and road. About time too! Our recent Office Worker Survey and Productivity Research both highlight commuting as the number one deterrent to returning to the office. Fix that and watch the ripple effect on our workforce, office occupation rates and potentially the economy, too.

To achieve all it promises and all the country desperately needs, Labour will have to supplement traditional funding methods by proactively securing investment to counteract the current fiscal shambles; the real estate market has a key role in attracting that interest.

Regardless of one’s own political leanings, Keir Starmer is a dyed-in-the-wool administrator whose raison d’etre is to ‘get things done’. As long as he possesses enough political courage, we should see benefits not just for real estate, but for the UK generally.

Webinar: Reducing Scope 3 emissions in real estate investments

In 2023, the IPF Research Programme launched its second grants scheme to support innovative research in real estate investment. An exclusive webinar on July 16th will showcase the groundbreaking findings from the award-winning research.

Join Remit Consulting’s Neil Webster and Elijah Lewis as they delve into the critical topic of Scope 3 emissions and discover why real estate investors need to prioritise these emissions and learn effective strategies to reduce carbon footprints.

Date: 16th July 2024

Time: 9:00AM – 10:00AM BST

Location: Online Webinar

• Understanding Scope 3 Emissions: Gain a comprehensive understanding of what Scope 3 emissions are and why they are crucial for real estate investors.

• Impact on Real Estate: Learn about the specific impact of Scope 3 emissions on the real estate sector and why it’s essential to address them now.

• Strategies for Reduction: Discover actionable strategies to decarbonise tenant deliveries and other Scope 3 emission sources.

• Research Insights: Hear directly from Neil Webster and Elijah Lewis about the latest findings and innovative solutions to reduce carbon emissions in real estate.

• Takeaways: Practical strategies you can implement to make a real difference in reducing carbon emissions.

Register here: https://www.ipf.org.uk/event/ipf-webinar-grant-award-winners.html

Insights from the RealComm Conference in Florida

Andrew Waller and Lorna Landells recently attended the prestigious RealComm conference in Tampa, USA. The event brought together experts and innovators in the real estate industry to discuss the latest trends, technologies, and strategies shaping the future of real estate.

From AI avatars to greet you in your office reception to the latest developments in customer service from the major property software houses, Andrew and Lorna have returned with a wealth of knowledge and insights that they are eager to share with clients and contacts, to help propel your business forward in today's competitive market.

Email us today to schedule an appointment and take advantage of the knowledge and expertise the team has brought back from RealComm.

PS, we also have a small number of slots available for our board-level "get to grips with AI" workshops - these 2-hour sessions level up the board's understanding of AI and will prioritise your next steps.

Look up, London! Starting a Green Revolution in the City

Maybe it’s because I’m focused on what’s happening around me, or perhaps it’s just familiarity, but I find it too easy to walk through London, or any city, without looking upwards. On a recent trip to the City, I realised that I had walked along the historic streets amidst the towering structures, without noticing some substantial new changes to the skyline of the Square Mile.

Take 40 Leadenhall Street, for example - my destination that day. It towers 34 storeys and totals 900,000 sq ft, providing around 820,000 sq ft of business space in the traditional style of a Manhattan skyscraper, but with four high-level terraces - green spaces in the heart of the Square Mile, with amazing views towards the Thames and across the capital. But, despite its classic design, this is different from your average skyscraper. Its story is about innovation, sustainability and pursuing a greener future. Its journey from design to skyline standout was not just about reaching new heights—it is about treading lightly on the planet while doing so.

At a time when some are doubting the future of offices, 40 Leadenhall Street is offering something different that tenants clearly appreciate: almost all of the building is now let.

Optimised for sustainability

Inside 40 Leadenhall Street, smart design and energy efficiency take centre stage. Intelligent sensors adjust lighting and temperature based on occupancy, while high-performance insulation ensures comfort year-round. Every aspect of the building is optimised for sustainability, striving to minimise its environmental footprint without compromising on comfort or convenience.

Water conservation is a priority at 40 Leadenhall Street. Water harvesting systems collect and store water for reuse (though not for drinking), while low-flow fixtures and water-efficient landscaping ensure that every drop is used wisely. It's a small step that sends a powerful message: in the fight against water scarcity, every building has a role to play.

The aim is for 40 Leadenhall Street to achieve BREEAM Excellent and NABERS 5*, among other certifications, demonstrating the ambition to provide a better, cleaner and more productive place to work and spend time.

Despite the impressive certification, what truly sets 40 Leadenhall Street apart isn't just its eco-friendly features. It's the impact it will have on its tenants, staff and visitors. By pushing the boundaries of sustainable architecture, it will inspire others to follow suit, hopefully sparking a revolution in urban design and construction. I believe that people around the world look to 40 Leadenhall Street as a model for a greener, more sustainable future.

So, the next time you find yourself wandering the streets of London, take a moment to look up. Amidst the sea of steel and glass, you'll find a symbol of what is possible when buildings not only stand tall but also stand for the future.

Navigating the UK’s rail network in 2024

Yiannis takes a look at the state of the railways in Britain:

Planes Trains and Automobiles

If you have seen the 1987 film Planes Trains and Automobiles, you’ve probably chuckled at the ridiculous lengths that Steve Martin and John Candy had to go to for their journey home at Thanksgiving. Re-watching it now in 2024 Britain, I have a new sense of sympathy for Steve and John’s struggle as, if this cinematic adventure were to be remade and set in the UK in 2024, they would probably shun the railways altogether. 

The cost of train travel: a barrier to mobility

One of the first hurdles that Neal and Del would encounter in the UK is the prohibitive cost of train travel. Taking a typical journey like Bristol to London, travellers are often faced with fares ranging from £60 to £100 for a return ticket. In comparison, driving—despite the price of petrol hovering around £1.50 per litre—would cost significantly less, especially if the expenses are shared among passengers. The disparity grows starker on longer journeys. A flight from London to Edinburgh might only set you back about £30 if booked in advance, while a train ticket could cost over three times as much. The train journey also takes significantly longer—up to five hours, compared to just over an hour by air. This pricing dynamic not only questions the value offered by train travel but also highlights an inefficient pricing structure that can deter potential passengers. It also has implications for the country’s Net Zero ambitions and the Green Agenda. 

Delays and strikes: the chronic disruptors

The unreliability of UK trains would be another major script point for our 2024 remake. With delays often caused by infrastructure woes and frequent strikes—currently a weekly headline—the UK's railways struggle to provide the dependable service that commuters and travellers require. Between June 2022 and February 2023, the UK lost over 2.4 million accumulated working days to rail and bus network strikes, underscoring the profound economic impacts of such disruptions. Remit Consulting’s ongoing “ReTurn Report” has regularly confirmed the strong correlation between industrial action and the number of staff choosing to work from home rather than attending the office. 

Impact of delays on workplace productivity

Beyond the immediate inconvenience and cost implications, the frequent delays and disruptions in the UK rail network have a significant ripple effect on workplace productivity, particularly for those who rely on trains for their daily commutes. According to the recent Office Worker Survey conducted by Remit Consulting, commuting issues are a prominent factor influencing employees' decisions to work from home or the office with 64% of workers saying that the cost and time spent commuting is the main factor deterring them from returning from the office. 

The unpredictability of train schedules can lead to inconsistent arrival times, missed meetings, and a cumulative loss of working hours, which ultimately dampens overall productivity.  

Why are we stuck at the station?

The roots of these issues are deep. The UK's railway infrastructure, some of the oldest in the world, is in constant need of costly maintenance and upgrades. The fragmentation introduced by privatisation in the 1990s has led to a confusing array of operators and ticketing systems, adding inefficiencies and cost pressures. Furthermore, the rail sector receives considerably lower subsidies compared to its European counterparts, which translates into higher costs for passengers.

Charting a course forward

The question then arises: what can be done? In advance of the General Election, possible solutions that have been suggested include:

• Increased Government Investment: Boosting funding for infrastructure could improve reliability and efficiency.

• Policy Overhaul: Introducing either greater competition in the rail sector or considering some form of renationalisation to reduce fragmentation and streamline operations.

• Promoting Off-Peak Travel: Encouraging flexible travel times could alleviate congestion and reduce fares for non-peak travellers.

A journey of improvement

If Neal and Del were navigating the UK in 2024, their journey might lack the comedic element of surprise, replaced instead by predictable frustration. However, by addressing these systemic issues, perhaps the UK could rewrite the script for its rail network, turning travel chaos into a smooth ride. As we look towards the future, let’s advocate for a transport system that won’t leave passengers longing for the days of planes and automobiles—or even shower curtain ring salesmen.

Lorna's Logic: Service with a Byte

I have just come back from Japan – which may warrant a blog all its own, but at this point, I shall rant about the ubiquitous bot instead.

Customer, customer, customer: I don’t need to spout research supporting the myriad business benefits of putting the customer first as it is such an ingrained mantra. How can we serve our customers better, how can we attract them to us and keep them? Technology should be one obvious way to achieve this goal, yet somehow, we have managed to move the dial backwards by believing we can leave it to the bots.

As a long-standing and loyal customer to my network provider, I shall not name it here, but my experience this week was infuriating and unlikely to be unique. So, back to the Japan reference: when travelling in that marvellous country, calls and data downloads can be prohibitively expensive, and so I took the ‘smart’ step of installing a Japanese eSim for the duration. All AOK so far. I disabled it on return and came back to work only to find my business line no longer functioned, despite all aspects of the phone telling me it was.

Fast-forward to a chatbot and the inane circular process of trying to get it to understand my problem; (to be read in Dalek voice) – “We have sent you a text to that number with a security code so we can continue”. My phone number isn’t working, may I speak to a human? “We have sent you a text to that number with a security code so we can continue.” My phone number isn’t working, may I speak to a human? etc, etc. After three rounds of this, I was told I had failed security and could not access any further ‘help’ for the next 30 minutes?!

Websites now almost unanimously avoid pointing you to a human who could help you, burying the ‘contact us’ option deep within their folds. Everywhere you look, there is a piece of technology between the customer and the service provider, designed to smooth the interaction, but somehow doing the opposite. On a recent trip to the doctor’s surgery, I witnessed an elderly and baffled patient being directed to an iPad to book herself in, clearly adding to her distress.

The Institute of Customer Service, in the States, suggests that self-service solutions seem to work for simple transactions and leave customers largely satisfied. However, there is a real desire for human interaction when dealing with complex problems, which are either complicated in the first place or made worse by a bot. How many of you also launch early into “May I speak to a human?” when dealing with a chatbot? Copy and paste, copy and paste, copy and paste.

Step back to the early days of call centres, when you could speak to a knowledgeable human and resolve your issue swiftly. Unfortunately, the deterioration in service standards from call centres, coupled with increasing levels of rudeness and abuse from our current society, has left call centre operators with rising attrition rates and problems finding quality staff (National Customer Rage Survey 2023). It has become a vicious circle, resulting in customer satisfaction steadily and steeply declining over the past decade or so.

Fast-forward to the idea that technology is the panacea. Using an algorithm to convince your customers they really need to buy that chainsaw to go with their hairdryer purchase just goes to show how far we’ve moved from the reality of customer service being about people.

A recent study by Keele University supports the idea of a place for technology in customer service, but, for now, just as a frontline offer, leaving complex problems to remain with a human. Their reasoning, which makes sense to me, is that AI is not yet equipped with the human nuances certain intricate problems demand and is especially unwelcome where the problem has a technological origin: think automated checkouts or, in my case, a non-functioning phone line.

There is also research to support the concept of generative AI acting in tandem with humans rather than as a substitute (Brynjolfsson, 2023). Where call centre agents were assisted by an AI assistant offering real-time response suggestions, yet remained in control of the conversation with the customer, not only did the number of issues resolved per hour rise by circa 14%, but the agents were learning more effective techniques and becoming more consistent across the team. In turn, harking back to the issue of our rude society, the study measured a significant improvement in the treatment of the agents, reducing the attrition rate. Not quite so vicious a circle after all.

If you can actually find one of those secret ‘contact us’ telephone numbers and can write that novel whilst on hold listening to supermarket music, then a human does still exist somewhere in that vast corporate entity and, who knows, you might just get some actual customer service.

Insights from Mipim: Artificial Intelligence set to transform property businesses.

• Lots of AI, and retrofitting for ESG (we also discovered where the best place in the world is if you’re a dog.)

The Mipim conference, held in Cannes in March, once again shed light on the transformative power of technology in the property sector, and at this year’s four-day event, it was Artificial Intelligence (AI) that everybody seemed to be talking about.

It was not a surprise to us that AI was the topic at the heart of conversations about innovation within real estate, and we arrived in Cannes well-prepared with the findings of our new “AI in Property” report.

Its findings on the adoption of AI within the industry and its eagerness to embrace this transformative and disruptive technology were presented by Andrew Waller at the BPF’s technology event in the JLL Pavilion. It didn't go unnoticed, and both Mipim News and Costar featured the launch prominently.

The survey revealed a varied degree of AI integration across large enterprises, questioning the common belief that larger organisations are always pioneers in embracing new technologies. It underscored the difficulty of not only implementing cutting-edge technology but also the importance of making certain that employees are well-versed and proficient in its application. This highlighted that a significant number of employees at bigger firms remain unacquainted with the technology and confirming the intricate change management challenges involved in assimilating AI into the workplace.

One of the questions in the survey asked respondents to give their expectations for the areas of use of AI. As the real estate sector races towards Net Zero, it was no surprise to find that ESG and topics such as the monitoring and management of energy consumption using AI were high on the list.

ESG was also a hot topic at Mipim and there was an emphasis on retro-fitting as a sustainable solution, with delegates underscoring that it has never been more critical to the industry and society. However, there was a word of caution from one speaker, who pointed out that, without the careful management of HVAC systems in retro-fitted properties (and others), these efforts risk inefficiency. Thankfully, digital innovation and AI offer a smart solution.

Other things we learnt about AI at Mipim:

• In a notable shift, industry professionals are gravitating back to ChatGPT over Google's Gemini, seeking a more user-driven experience rather than one dictated by algorithms.

• Anton Newton of Pinsent Masons likened AI to a Sat Nav—a tool that aids but doesn't override human judgment.

• Yalda Gerami from Salesforce highlighted a startling gap, with only 4% of companies possessing AI-ready data.

• Matthias Hallwich of HWKN Architecture provocatively stated that AI has overturned traditional architectural value models, a sentiment echoed by HWKN's use of AI to produce thousands of architectural models overnight.

• In response to a public consultation on a new development, HKWN used AI to produce 5,000 architectural models in one day, based on comments, suggestions, ideas, likes and dislikes, etc.

• A tech company from Israel, called Swapp, has innovated the production of construction drawings, accelerating the process from weeks to hours, exemplifying the efficiency AI has brought to the sector.

Things we learnt about the Investment markets:

• Pinsent Masons's debt specialist predicted numerous transactions in the market later this year. However, others in the Debt Market disagree that there will be lots of deals this year, as capital flows still have the handbrake on due to interest rates.

• The Fund Administration market is undergoing a major transformation because of technology according to at least one commentator.

• There was a general agreement at Mipim that a recovery in the Capital Markets is coming, but there are limited opportunities for investors at the current time.

Odds & ends and our favourite quotes from Mipim:

• On the topic of the Return to the Office, a top-five building surveying firm in the UK is insisting that its graduates are in the office five days a week.

• Our favourite name for a Proptech Startup we came across at Mipim is Gropius.

• "Miami is the best place on Earth to be a dog." Chair of Miami Realtors Association

• “Annually, 3,150 million tons of C02 was produced by real estate in Europe in 2023.” This is the equivalent to the weight of the Great Barrier Reef.

• "Spaces with corners make you more aroused.”

“So, you want to be a management consultant?”

Assuming you have the why, let’s talk about the where, when and how. Here’s what we think you might want to know about joining Remit Consulting:

1. Bring your skills with you – we don’t expect you to have sector experience. Bring your transferable skills and a curiosity to understand real estate and our clients' issues. We generally promote from within, and the Assistant Consultant is our entry-level role. We welcome degree and masters qualified candidates with or without a real estate specialism.

2. As a small independent firm, our advantage for you is that you are visible - you get to know our people, our clients, projects and activities from day one.

3. You will be at the table working with our senior-level clients. These companies could be; owners and investors, occupiers, or third-party service providers.

4. Our tight-knit core team has a wealth of industry and consultancy experience. Beyond that, our extensive network of external associate consultants holds deep industry and subject matter expertise which is vital to the successful delivery of our client’s projects.

5. We have always worked in an agile and flexible environment. Where you are each day will depend on what the task is. You might work from a shared office a few days a week, a client office, or from home for quieter head-down tasks.

6. We are in this together and we want to be transparent in how we deal with each other. Assuming you have the skill set and personal drive to succeed we will work together to get the best out of each other.

7. Your advancement will depend on the consolidation of your skills, acquired industry knowledge and networking, as well as your own identification of business growth opportunities.

If you think you have something to bring to the table, please send your CV and a covering email, outlining why you are interested in talking to us. Send to recruitment@remitconsulting.com

If you are a little further along your career path and want to be introduced to us, get in touch using the email address above and let us know your area of specialism.

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Current Vacancies

Remit Consulting in the UK is looking for an Assistant Consultant to work with the London team on consultancy projects. Ideally, the candidate will have a business or property-related undergraduate or Masters degree and be able to demonstrate relevant work experience gained along the way.

Click here to see more details.

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Integration of AI in real estate: a mixed reality despite high expectations

The results of a survey, by Remit Consulting, on the adoption of artificial intelligence (AI) within the real estate sector show a mixed level of integration among large firms, challenging the prevailing assumption that bigger companies are at the forefront of technology adoption.

The survey highlighted the challenge of not just adopting new technology, but also ensuring that staff are familiar with it and adequately trained in its use, with a notable proportion of those working for larger firms in the sector remaining unfamiliar with the technology, underscoring the complexities of integrating AI.

On a more positive note, the research uncovered that a significant majority, 64% of firms, are either experimenting with AI on a trial basis or using it ad hoc. This trend is largely driven by the accessibility of Large Language Models (LLMs), which have opened new avenues for creative and experimental uses of AI in real estate.

Andrew Waller of Remit Consulting commented: “This mixed reality of AI adoption within the real estate sector serves as a wake-up call to firms, underlining the importance of a holistic approach to technology integration beyond mere investment. As the industry looks to the future, the successful incorporation of AI will depend not just on the technology itself, but on the people behind it and the policies that guide its use.

“The findings from the survey underscore the urgent need for real estate firms to not only understand and embrace AI technology but also to invest in the training and development of their staff.”

The survey also highlighted a concerning gap in the sector's readiness, with only about a third of firms having established policies to navigate the challenges posed by the technology, including issues of confidentiality, intellectual property, and the credibility of AI-generated outputs. This lack of preparedness suggests that the real estate industry may be underestimating the importance of comprehensive policies in the era of AI.

“As the sector navigates the complexities of AI integration, the development of robust policies will be crucial in addressing the challenges and unlocking the full potential of the technology in real estate,” added Waller.

Remit Consulting presented the findings of its survey at Mipim 2024 during the BPF’s “Top Tech Trends in Real Estate: A global & UK perspective” at the JLL Marquee.

Download your free copy of the AI in Property report.

Lorna's Logic: Beer Goggles

I live on a main road. This is not always as bad as it sounds, but recently its interminable roadworks have been pushing me toward the edge. That might be why I haven’t written one of these blogs for a little while.

Anyway, back to the storyline. Why oh why are roads constantly being dug up, replaced, dug up, replaced, does anyone know? There was an advertisement back in 1998 (yes, we had television then too) for Heineken and if you get a chance, watch it as it plays on the idea that once a hole is dug, why not make full use of it for all utilities?

I should point out too that in the whole week of temporary traffic lights and enraged drivers, I saw not one worker doing anything. A colleague of mine came up with the amusing theory that perhaps it is modern-day vandalism; the vandals have a store of temporary lights and cones and just swoop in to cause chaos and disruption before clearing out to raise blood pressure in the next street.

A recent survey we did at Remit highlighted the biggest obstacle to people returning to the office is commuting. What better way to cause anarchy amongst the workers than to disrupt the already tortuous trek? Moreover, a study in 2017 (Samra et al) found a significant rise in systolic and diastolic blood pressure correlated to the duration spent exposed to traffic congestion; another reason to stay at home.

For some inexplicable reason, there appears to be no co-ordination between the utility services, and the reality for a large proportion of the working population is that you often need to get from A to B. We can’t all walk or cycle, and even if we could, we would be breathing in the air of all those stationary vehicles. The utopia of all-electric vehicles is still a long way distant, so could someone, please, think about joining up the dots?

In looking into the background for this latest rant, I discovered Alastair Lenczner had hit on exactly the same point as me as long ago as 2015, even to the point of the beer advertisement. (I am so disappointed to find myself unoriginal). Mr Lenczner went on, in his article, to point out that way back in the 19th Century the UK was managing to co-ordinate public works, specifically exampling the Victoria Embankment project where a river wall, major sewer, railway, roadway, pipes of all types, and even a park were created in harmony and efficiently. He goes on to suggest that red tape and regulatory frameworks are probably preventing us from saving money, saving time, and saving our already-overstressed hearts.

With a shameless regurgitation of its slogan, “Heineken refreshes the parts other beers cannot reach”, maybe someone in government will read this while downing a pint and have it reach the relevant part.

International Women's Day

To mark International Women's Day 2024, we decided to celebrate the achievements of those women our team considers to be inspirational but underappreciated or unrecognised and collectively have created short posts on why these women we would like to be honoured.

Some of those on our list of inspiring women are from the past, some are from the current day.

Who would you add to the list?

Julie d’Aubigny

Julie d’Aubigny, who lived from 1670 until 1707 in Paris was a shocking woman for her time. Not only was she adored as an opera singer, but she became known for cross-dressing so that she could participate in exclusively male activities, such as fencing. In one wild evening, she interrupted a ball when she attended in men's clothes and kissed a young woman, for which she was challenged to a duel by three different noblemen. She fought all three at once and won, but had to go on the run as duelling was outlawed.

Renee Hector

Renee, a former Watford FC Women defender, is known for her remarkable football talent and resilience. Following an ACL injury in 2020, she shifted her focus towards coaching, earning UEFA B accreditation by late 2022. Now leading Watford FC Women's U23s and contributing to The England U17s elite coaching program, her dedication showcases her potential to become a leading football manager and coach, inspiring many with her journey from player to mentor.

Anne Hidalgo

Anne Hidalgo, marking history as the first female Mayor of Paris, has led the city with visionary policies, especially during her second term amidst the pandemic. Her initiatives, including the introduction of 50 kilometres of pop-up cycle lanes and ambitious plans to transform over half of Paris's parking spaces into green areas, alongside reimagining the Champs-Élysées as a 'fantastic garden', underscore her commitment to sustainable urban development and public health.

Aitana Bonmati

A professional footballer who plays in midfield. Bonmati has won the Champions League twice and the Spanish top league four times with Barcelona. She also won the 2023 World Cup with Spain. Individually, she has won Fifa’s and UEFA’s Women’s Player of the Year, the Ballon d’Or Feminine and many other awards.

Mary Wortley Montagu

Mary Wortley Montagu (1689-1752) was an English aristocrat and writer, who played a pivotal role in the fight against smallpox by introducing variolation to Britain after observing its practice in the Ottoman Empire. Despite surviving smallpox and losing her brother to the disease, she faced resistance in promoting this early form of inoculation. However, she successfully demonstrated its effectiveness, including inoculating her daughter, and persuaded the Princess of Wales of its merits, thus laying the groundwork for future vaccination efforts.

Walatta Petros

Walatta Petros is one of thirty women saints in the Ethiopian Orthodox Täwaḥədo Church and one of only six of these women saints with hagiographies. She is heralded particularly for her instrumental involvement in the defence against Roman Catholicism in Ethiopia in the early 1600s, demonstrated by King Susənyos reversing the conversion to Catholicism in 1632.

Many aspects of her life, and influence, are heavily debated due to misinformation in historical records and the delay in an accurate translation of her hagiography written by Gälawdewos’ in 1672.

Grace Darling

In 1838, a passenger ship was wrecked off the coast of the Farne Islands. Grace, who at 22 was supporting her father in running the nearest lighthouse, spotted the wreck and determined that the weather was too stormy for the local lifeboat to launch. She and her father risked their lives to rescue the survivors, taking two trips to the wreck in their small row boat. In total, 18 of the 60 on board were saved, and Grace was heralded as a hero.

Melinda Gates

Melinda Gates has been a transformative force in philanthropy, tirelessly championing gender equality and spearheading global health initiatives. Her work through the Bill & Melinda Gates Foundation has brought critical issues to the forefront, making substantial impacts on the lives of women and girls worldwide.

Assita Kanko

Assita Kanko, since 2019 a Belgian MEP, has made her mark as a vocal human rights activist, politician, and journalist. Known for her outspoken advocacy on behalf of hostages, Kanko brings critical attention to human rights abuses, championing the voiceless and striving for justice in the European Parliament.

The top three reasons to meet with Remit Consulting at MIPIM

As the global real estate industry gears up for MIPIM, in Cannes, between March 12 and 15, 2024, you might be thinking, whom do I need to see while I am there?

Here’s why arranging a meeting with Remit Consulting at MIPIM could be the best strategic decision you make at the conference.

1. Unveiling AI’s role in real estate

The real estate industry is standing on the brink of a transformative era, with Artificial Intelligence (AI) at its core. Remit Consulting will be presenting and sharing the findings of the firm’s recent survey on AI adoption and will also provide invaluable insights into how these technologies are reshaping the industry. Whether you’re a technology enthusiast or a real estate professional keen to leverage AI, our findings will equip you with the knowledge to help you stay ahead. AI will save money for your business– or will it?

2. Insights into the future of the office and economic resilience

The future of office spaces and the resilience of landlords and investors against economic shocks have never been more pertinent. Leveraging the comprehensive benchmarking research of our "Return" and "Remark" surveys, Remit Consulting offers a deep dive into the post-pandemic ‘return to the office’ (or not) and the intricacies of rent collection across the UK's commercial sectors. Our analysis provides a clear picture of occupancy levels and financial health, offering strategic foresight into navigating future challenges. Can you afford to ignore the data?

3. Guiding business transformation for real estate professionals across Europe

The path to business transformation for real estate companies in Europe is complex and multifaceted. Remit Consulting is in its 21st year of advising property teams across Europe and is ready to guide you through this journey, offering expert advice on restructuring strategies to enhance efficiency, adaptability, and growth. Our experience across the European markets positions us to advise on best practices, innovative technology solutions, and strategic planning to ensure your business thrives in the ever-changing real estate landscape.

Connect with us at MIPIM

To arrange a meeting with our team at MIPIM, please email sarah.rade@remitconsulting.com with your preferred time.

We look forward to connecting with you in Cannes.

Remit Consulting's "Artificial Intelligence in Property" survey

Help us to understand the digital transformation of real estate and the future of the property industry

PLEASE NOTE: THE SURVEY IS NOW CLOSED

Remit Consulting is looking to help the property industry understand the next wave of innovation within the UK property market with a survey of property professionals regarding the use of Artificial Intelligence (AI) in the sector. The survey is a chance for the industry to share its collective thoughts on how AI is shaping, enhancing, or challenging the real estate landscape.

All insights are crucial for unveiling the true potential and hurdles of AI adoption across the industry, and everyone from the property market is invited to participate and contribute to a report that will provide insights into the adoption of this technology.

Additionally, for every 200 responses the survey receives, Remit Consulting will be donating £100 to JDRF, supporting Type 1 Diabetes research.

Lorna's Logic: FOBI..A

It’s been a long time since I invented a word; I think ‘wugahumfdamup’ was the last one. However, in this frantic age of online meetings meetings meetings I realised there was a word, or really an acronym which definitely did not apply to me and which could be replaced by one that was not only easy to say, but came pretty close to its namesake, “phobia”.

FOMO (or Fear of Missing Out for the cave-dwellers) seems all too prevalent in our society and people view their success in life by how many followers they have, by being included in anything and everything. Do they not get exhausted by the constant barrage of contact and detail being thrown at them? Relevant and important information is always welcome, but how often is it missed amongst the fluff or, worse, the trolling?

Back to meetings of the online variety. A recent study (1) of over 630 workers found that they, and by extension probably “we”, spend over a third of our working week in meetings. If you assume even a modest amount of those are irrelevant and multiply by the salary cost, then we are looking at a very expensive pastime. Moreover, apparently, those of us who manage up to four team members spend as much as 22 hours a week in meetings, more than half a standard week!

Some of these meetings are obviously vital, but I like to think a show of hands for those who feel all are vital would be a tad sparse. It seems that despite the majority believing many of their meetings are unnecessary, 83% of us still accept the invitations!

We need to connect with each other and, as many of us are working remotely now, online meetings are a key way to do this. However, why don’t we have a 2024 resolution to have an absolute maximum of ten hours spent in meetings a week? At least then we would have time to perform the actions which arose from the few relevant meetings, and also time to decompress from the gallery of faces and PowerPoint slides.

Here's an idea: if everyone had to state two benefits they had gained at the end of each meeting, it might weed out some of the unnecessary ones (and also identify who was watching TikTok at the same time).

Clearly, I have a self-diagnosed FOBI..A, a Fear Of Being Included..Again.

(1) Dr. Steven G. Rogelberg, 2022

Remit Consulting’s Elijah Lewis selected as a MIPIM Challenger for his vision on urban development and climate change.

Remit Consulting’s Elijah Lewis has been selected by an international jury as one of the 16 MIPIM Challengers, a prestigious acknowledgement for professionals under 30, and will be participating in the three-day conference at MIPIM, the global real estate conference being held in Cannes, France, this Spring.

His selection came following a recent essay in which Elijah outlined a compelling argument for addressing the climate crisis through urban development strategies.

Highlighting the dire consequences of climate change on urban environments, noting the increasing frequency of extreme weather events, rising sea levels, and heat waves, Elijah’s essay stressed the urgency of action.

Central to Elijah's thesis was the role of young professionals in shaping the future of urban environments. The essay advocated for a strong focus on data literacy, a skill he deems essential for making informed, evidence-based decisions as, according to Elijah, such an approach will be critical in identifying and implementing the most effective solutions to the climate crisis. He argued that young professionals, with their digital acumen and fresh perspectives, are uniquely positioned to drive positive change in urban development.

His essay also outlined a strategic framework for urban development in the face of climate change, including the tracking of greenhouse emissions, assessing vulnerabilities, developing mitigation strategies, and monitoring progress.

This March Elijah will join the other MIPIM Challengers, in a series of conference sessions, presentations and workshops at MIPIM, where they will focus on tackling the climate crisis by building sustainable, vibrant, and inclusive urban environments for future generations.

Artificial Intelligence (AI) in property

Artificial Intelligence (AI) is not just a futuristic concept, but a present-day reality that is reshaping the global property industry. It is a transformative and disruptive force, that is already driving advancements from property valuation to sustainable development.

Below you will find links to articles that will assist your understanding of how AI is revolutionising the way we interact with, manage, and conceptualise real estate and help you to discover how AI's predictive analytics, data-driven decision-making, and automated processes are setting new benchmarks in efficiency and innovation.

You will also find details of Remit Consulting’s 90-minute team workshops that have been specifically designed for real estate professionals and firms to identify and leverage the potential digital transformation opportunities that AI can offer.

Why not join us in exploring the potential of AI to redefine the property sector, offering unprecedented opportunities for growth, sustainability, and advancement?

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Around the world, the real estate industry is being transformed by the integration of artificial intelligence and advanced data analysis.
Remit Consulting believes that AI will prove to be a game-changer in the real estate industry, providing invaluable insights and efficiencies across various aspects of the business.

Learn more about how artificial intelligence is reshaping property markets.

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AI's growth in real estate isn’t just about automating tasks; it's a paradigm shift in business operations. As we navigate the post-pandemic economy, the integration of AI tools to complement traditional methods is not just advisable; it's imperative.

Learn more about navigating the AI odyssey in real estate along with the challenges and opportunities, of the future that were discussed by Remit Consulting’s Associates.

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The Realcomm CIO Forum 2023, held in London, showcased the integration of AI within the global real estate industry. By exploring its applications, panellists, speakers and delegates highlighted how it is transforming property management, building operations, and decision-making processes across the industry.

Learn more about the links between Formula One pit stops, warehousing roofs, and sustainability data sets?

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If you are confused by AI in property, Remit Consulting can help by providing expert assistance through the firm's Artificial Intelligence workshop. The 90-minute workshops are aimed at helping property businesses to identify the potential digital transformation opportunities that AI offers.

Remit Consulting has five free workshops that are available to the first to enquire.

Learn more about our AI Workshops.

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What links Formula One pit stops, warehousing roofs, and sustainability data sets? The answer is the Realcomm CIO Forum London.

Artificial Intelligence is making humans rethink the global property market.

Amidst a rapidly evolving technological landscape, the Realcomm CIO Forum 2023, held in London, showcased the integration of artificial intelligence (AI) within the real estate industry. The forum highlighted how AI is transforming property management, building operations, and decision-making processes across the industry, exploring its applications, challenges, and the potential future it holds for the global property market.

Helping customers get the right answers in Property Management

AI's profound impact on property management was vividly illustrated by Neal Gemassmer of YARDI and Paul Reid of Carrier who discussed the use of AI-driven chatbots in North America, that are reshaping tenant-landlord communication, improving efficiency and tenant services and IoT innovations allowing real time management and automation of HVAC systems.

These tools not only automate tasks and invoice processing but also analyse complex documents, streamlining property management. This technological fusion is redefining building management, emphasising responsive and sustainable environments that go beyond cost savings, and are helping to create intelligent ecosystems, adaptively responding to occupants needs and environmental conditions.

Cloud Computing's role in real estate: lessons from Formula One

The potential of cloud computing in real estate, as demonstrated by AWS's partnership with Formula One, offered a striking insight into the future use of advanced technology within the sector. AWS's work in F1, involving the analysis of up to one million data points per second in real-time to predict race strategies, showcased the immense capabilities of cloud computing in handling vast data sets.

This technology is relevant in the real estate sector, which is increasingly capturing and analysing large quantities of building data. The applications range from optimising energy use to revolutionising design and construction processes, echoing the intricate data handling seen in F1. The integration of cloud computing and AI in real estate not only promises enhanced efficiency, but also aligns operations with sustainable practices. This convergence suggests a future where real estate management is not just about efficiency, but also about sustainable development.

And the downside to AI? Just be careful out there!

While the advantages of AI in real estate are clear, the forum also brought to light the inherent challenges in its adoption. Tailoring AI solutions to diverse property needs and safeguarding data integrity are paramount concerns.

The discussions at the forum, particularly the panel with experts from Cushman & Wakefield, LGIM, Argent, and MAPP, underscored the critical need for AI strategies that resonate with occupant needs. For example, employees everywhere are now experimenting with AI tools that do not keep information private. New rules need to be put in place and all the panellists’ companies are struggling to keep up with this.

This approach is not just about technology deployment; it's as much about cultivating a culture that understands the risks and rewards and acts appropriately.

How will logistics change your life?

The insightful dialogue between Andrew Waller and Paul Weston of Prologis, highlighted during the Realcomm CIO Forum, served as a compelling case study on the strategic role of AI in logistics real estate. Reflecting broader market trends based on the movement of goods, the sector is often seen as a barometer of wider economic health.

AI's integration into logistics operations is revolutionising how these economic indicators can be analysed and interpreted. For example, logistics sites now use automatic number plate recognition (ANPR) to analyse traffic flows and future requirements much more accurately than previous methods. This earlier detection of market shifts, providing real estate stakeholders with advanced insights for proactive decision-making.

In this context, AI is not just a tool for operational efficiency but a critical component for economic forecasting.

AI - Something to be scared of? ... or embraced?

As we stand at the precipice of a digital revolution in the industry, AI stands out as a precursor of innovation, sustainability, and efficiency. The Realcomm event not only mapped out the current trajectory of AI in property markets around the world but also painted a picture of a future where AI is not just a part of the real estate landscape – but its backbone, that will drive its growth and evolution.

About Realcomm and its London CIO Forum

Realcomm's London edition of its CIO Forum, was held recently at Amazon's UK Headquarters in the City of London, is one of many annual conferences, webinars, workshops, and forums, that allow real estate executives to examine the convergence of technology and real estate. The events, including the annual conference [LINK], provide educational, networking and collaboration opportunities.

To have been a participant in the CIO Forum as Realcomm’s Education Partner, Remit Consulting is very privileged to have been able to gain insights into how the global property markets are being rapidly transformed by the integration of AI into real estate businesses. We are pleased to be able to share the day's key points with you: From compliance to competitiveness: ESG in real estate and the role of building certifications.

From compliance to competitiveness: ESG in real estate and the role of building certifications

In the complex world of real estate, building certifications are more than mere compliance markers; they are integral components in the evolving narrative of sustainable real estate. They guide investment decisions, influence design and construction practices, and shape the marketability of properties. The significance of such certifications has never been more pronounced.

This trend is not just a UK phenomenon but a global one, reflecting a growing awareness of environmental impacts and a shifting regulatory landscape. At Realcomm’s London CIO forum, Neil Pennel from Landsec; Helena Rivers from AECOM and Rob MacWhannell from Better Buildings gave us some key considerations when seeking out certification.

Diversity of Certifications

The landscape of possible certifications is vast and complex to navigate, with certifications from overall building performance (e.g. LEED or BREEAM) to specific components like timber, steel, HVAC (Heating, Ventilation, and Air Conditioning) systems, (e.g. ENERGYSTAR, EPDs and HPDs) to governance and reporting (e.g. GRI, CDP, ISO 14001). A quick Google produces tens of options for the UK alone, all with a slightly different angle. In some instances, certifications are seen as essential for construction compliance and building integrity. However, certain certifications are pursued primarily for marketing purposes, to enhance the attractiveness of a building to potential buyers or tenants.

This makes it hard to know which to prioritise, and that is before you consider the challenges posed by the varying international standards and regulations. Across different regions and countries, there are distinct sets of rules and criteria, which can create a complicated scenario for multinational companies and investors looking to maintain consistent standards in their portfolios.

Evolving Criteria and Retrospective Adaptations

Future developments are expected to focus heavily on integrating smart building technologies, emphasising net-zero carbon emissions, and enhancing occupant well-being. These trends not only reflect a shift towards more sustainable practices but also indicate a growing alignment of certifications with digital transformation and climate change objectives.

As standards change over time, maintaining certifications can become a moving target, particularly for older buildings that may require significant retrofitting to meet new standards. Paul Weston of Prologis and Andrew Waller of Remit Consulting examined the potential for sustainable retrofits or adaptations in the logistics sector. By fitting solar panels to warehouses, up to 15 GWh of electricity can be generated. This not only can power the buildings but can contribute excess power to the national grid. These efforts can make Prologis’ offer more competitive to occupiers than others, illustrating again the duality of sustainable adaptation’s benefits – environmental protection and marketing power.

Certification Market Maturity and Effectiveness

While the growing number of certifications promotes competitiveness, it does not always drive desired changes in sustainability and efficiency. The panel agreed on the need for fewer, more focused certifications that align closely with the industry's sustainability goals and practical realities.

There is also a critical gap in ongoing monitoring post-certification. More continuous and rigorous assessment is needed to ensure sustained compliance and performance, made harder by the ever-changing landscape. From an investor’s perspective, this is problematic as it becomes harder to justify or benchmark your investments in certifications.

Where to start

As this field continues to evolve, embracing these certifications is not just a regulatory necessity but a cornerstone of sustainable development and proof to a commitment to a greener, more efficient future. The panel at Realcomm’s London CIO forum gave the following pointers to help property companies achieve appropriate ESG certification:

• A strategic approach is key, and the advice is to start by identifying certifications that align closely with your project's goals and values, particularly those focusing on sustainability and energy efficiency.

• You do not need to secure every available certification. Prioritise certifications that offer clear benefits in terms of compliance, marketability, and operational cost savings.

• Consider the long-term implications of certification choices, especially in terms of maintenance and potential retrofitting needs.

• Engaging with a consultant who specialises in this area can provide invaluable guidance.

About Realcomm and its London CIO Forum

Realcomm's London edition of its CIO Forum, was held recently at Amazon's UK Headquarters in the City of London, is one of many annual conferences, webinars, workshops, and forums, that allow real estate executives to examine the convergence of technology and real estate. The events, including the annual conference [LINK], provide educational, networking and collaboration opportunities.

To have been a participant in the CIO Forum as Realcomm’s Education Partner, Remit Consulting is very privileged to have been able to gain insights into how the global property markets are being rapidly transformed by the integration of AI into real estate businesses. We are pleased to be able to share the day's key points with you: What links Formula One pit stops, warehousing roofs, and sustainability data sets? The answer is the Realcomm CIO Forum London.

Internetworking

No, I haven’t forgotten where the space bar is. I wanted to soap-box about networking and it occurred to me that there could be a play on words here, or at least maybe just on the kerning.

There remains a lively debate on remote versus in-person working and it seems that one of the many casualties of the former is our ability to network effectively.

In our Thursday Associate call, last week, we at Remit Consulting discussed the need for, and potential diminishing of, networking in the traditional sense. The pro-online-networking voices lauded the wider audience online meetings could reach, and the obvious benefits to that. The more traditional (luddite?) of us promoted the view that networking is not just collecting numbers on LinkedIn or suchlike, never to be remembered or viewed again, but is about forming a real connection to others, sharing knowledge not only about our work but a preview into our personal lives and experiences. Call me old-fashioned, but surely that is how true relationships start?

An article last week in BBC Worklife reports on the surprising increase in business travel. Stay with me on this, it is relevant. The big difference in the upsurge here is the motive. Whereas airlines and public alike expected a plummet in numbers travelling due to hybrid working, it seems that the need to connect with colleagues is stronger than ever now that we see each other less frequently, and so travel to meet each other is on the up (no pun intended).

We are a social species currently spending more time in our respective lairs than venturing forth to meet others. In a previous blog (“Smoking causes Coughing”) I mentioned research around the wellbeing benefits of interacting with strangers, so maybe the rise in business travel could be a sign of the few brave ones taking the first cautious steps. Amex GBT data suggests 70% of survey respondents (sample of 425 business workers) feel disconnected when primarily working remotely and 88% of them feel meeting in-person is vital for networking (ah, she’s back).

Networking is not only good for us, it is a human and business imperative. Scuttling out of your lair to reluctantly attend the office, an event, or whatever, and then hurtling back as soon as possible is not going to enhance your life, is not going to bring you that wonderful support network and, critically, is not going to bring in future business.

Networks are everywhere, join one or start one – let’s be human again.

Confused by AI in property? Access expert assistance with Remit Consulting's Artificial Intelligence workshops

• AI in real estate: free guidance on where to start.

In an era where Artificial Intelligence (AI) is becoming increasingly intertwined with our work lives, the property industry stands at the cusp of a significant shift. With many real estate professionals grappling with the integration of AI into their daily operations, we have identified that the key questions revolve around how to effectively embrace and incorporate these advancements into existing systems and workflows.

Recognising the crucial role of digital transformation, the firm is offering 90-minute team workshops specifically designed for property industry professionals. These workshops are intended to help firms identify and leverage the potential digital transformation opportunities that AI can offer.

Typically available to clients at a cost, in a move that underscores the firm’s commitment to fostering industry-wide adaptation of AI, Remit Consulting is extending these informative sessions to non-clients as well. The AI workshops present an invaluable opportunity for professionals to understand and engage with AI technologies.

For more information or to take advantage of this limited offer, interested parties are encouraged to contact Yiannis Michael.