Membership Customer Service and Administration Support, ULI Asia Pacific
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ESG identified as key decision factor in new technology adoption across the region.
HONG KONG (3 November 2021) – Data analytics and project management are the two key areas of focus for innovation in the Asia Pacific real estate sector, according to the Urban Land Institute (ULI) Technology and Innovation survey. Conducted in collaboration with Taronga Ventures, the new survey lifts the lid on the level of technology adoption in the region and the challenges the industry faces while implementing innovation.
Real estate companies in Asia Pacific have recognised the importance of actively driving innovation in their organisations, with 88% planning to partner with technology companies in the next two years while 75% are looking to participate in an innovation programme. Aligning sustainability with innovation strategies is also a key priority, with ESG considered as a significant factor in the decision-making for new technologies.
David Faulkner, President of ULI Asia Pacific, said: “Innovation and technology are high on the agenda of senior leaders in the region’s real estate sector. 60% of firms have now established a technology team while 62% have already partnered with technology companies to engage with new technologies. While firms appreciate the importance of technology integration, they also report that internal challenges – such as a resistance to change (53%) and business-as-usual conflicts (43%) – are the two largest barriers to technology adoption. This breaks down the common misconception that budget and strategy are the key barriers to innovation.”
Jonathan Hannan, Co-Founder and Managing Partner of Taronga Ventures, said, “It was pleasing to see most firms had set up internal technology teams (60%) to interface and partner with emerging technology companies (62%). In years to come, we hope to see greater executive leadership for innovation with more appointments of Chief Digital Officers (24%) and Chief Innovation Officers (20%). That said, we are encouraged by the increasing focus on ESG considerations in new technology decision making and almost half respondents applying innovation to sustainability management (47%). The survey has been an important status check on the rapidly advancing state of innovation across Asia Pacific.”
Additional insights from the survey include:
To download the full infographic highlighting the results of the survey, visit https://asia.uli.org/data-analytics-and-project-management-are-key-drivers-for-apac-real-estate-industry-innovation-reveals-urban-land-institute-and-taronga-ventures-survey/.
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