Transforming real estate in a changing world

The construction and property sector and the provision of infrastructure remain an integral part of the achievement of the United Nations Sustainable Development Goals (SDGs). In developed economies new infrastructure has to be delivered to replace or improve the aging stock. In the developing/emerging economies there is demand for new infrastructure to address the deficits.

The process of procurement of infrastructure from inception to occupation is fraught with numerous challenges and unenviable outcomes including:

• resource constraints
• dysfunctional teams
• inefficient processes and tools/technologies
• waste
• adverse environmental impacts
• legal bottlenecks
• unethical practices; and
• dire occupational safety and health consequences.

Advances in technology have resulted in a fast changing landscape for construction contracts. Lawyers struggle to keep up with the pace of innovation, the need to provide legal solutions and accommodate new approaches.

Building Information Modelling (BIM) has become part of the common parlance in construction, notwithstanding limited evidence of its impact on the ground. Intelligent contracts appear as a logical extension to BIM whereby the contractual performance itself becomes automated.

Commercial real estate as an element of the UK economy has a market value of £1.6 billion. This sector drives everything from commerce, to employee wellbeing, to sustainability. The practical application to research in this area can have dramatic consequences in everyday life.

Alternative property investments also play a major role and is finding its way into areas as diverse as long term residential accommodation and fishing quota. Monitoring the development of these sectors is vitally important to understand their broader impacts on investment and society.