Written by Hayley Bromfield • Published 11th March 2019 • 2 minute read
Over the last few years, there has been huge innovation coming out of the property industry, and the biggest driver of this change has been MIPIM – the leading property show in the sector. Now entering its 30th Year, there is a lot of speculation over what the biggest trends will be for 2019/2020.
We’ve picked out our favourite trends which we’re expecting to see coming out of the innovation forum at the conference.
In the last 12 months, we have witnessed huge diversification in the hospitality industry, with hotels looking to offer a more well-rounded experience to their guests. Competing with the thriving homestay industry, hotels are adjusting their business models to stay ahead of the curb and meet the needs of their clientele, with Marriott, for example, adding homestay options to their portfolio in the guise of Tribute Portfolio Homes. This increased demand for personalisation and unique experiences has also led to the rise of connected hotel rooms and personal digital assistances, with developers incorporating all the latest technology into their projects.
More and more homes and buildings are embracing smart devices, such as the Alexa or Google Home, to help streamline their lives, and the property world is no exception, creating property management platforms that tap straight into these digital assistants. Designed to cut down the monotonous task of imputing data, companies such as askporter have created an all-in-one property management platform that can look after the smaller tasks, free time up for agents as well as cut back on management costs. This type of system can be applied to both small scale operations and large corporates, with JLL working with artificial intelligence lab EBI.AI to create a virtual assistant for tenants in the commercial and residential properties.
When you think about the sharing economy in the property industry, Airbnb is the main brand that springs to many people’s minds. However, sharing economy is much more far-reaching than the billion-dollar homestay platform. Retail spaces have taken advantage of the growing trend, with companies such as Appear Here offering out retail space for a short term to outlets looking for cheaper costs and greater flexibility. Restaurants have even jumped on the bandwagon, offering ‘office seats’ for freelancers and entrepreneurs during their quiet times through platforms such as Spacious and AndCo. The success of Airbnb has even led to the creation of its own industry. Property management software such as Guesty and Your Welcome have specifically being designed for short-term rentals, and management companies, including Under the Doormat and SmartHosts, are offering Airbnb hosts a professional management service that takes the hassle out of hosting.
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