Six new imperatives for real estate players – McKinsey

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Le secteur immobilier fait face à des défis tels que l’inflation élevée, les taux d’intérêt plus élevés et les préoccupations liées au changement climatique. La pandémie a également entraîné des changements dans les modes de vie et de travail, avec une demande croissante de conceptions physiques créatives, de services novateurs et de solutions durables dans le secteur immobilier. Les acteurs de l’immobilier doivent innover pour attirer les clients, créer des hubs innovants, générer de la valeur pour les projets, s’adapter au changement climatique, se digitaliser et se concentrer sur l’efficacité opérationnelle.

  • The real estate sector is facing numerous challenges such as Higher inflation, higher interest rates, and climate change concerns.
  • People’s way of living and working changed after COVID-19. Indeed, people got used to working remotely, buying stuff and groceries online or closer to their homes.
  • The evolving landscape of real estate demands that landlords offer creative physical designs, innovative services, and sustainable solutions while prioritizing digital sophistication to facilitate quicker decision-making, emissions reporting, and comprehensive space utilization analysis.

Challenges that face the real estate sector

  • The rise of interest rates, inflation, and reduced labor availability contribute to higher financing costs and lower profitability for owners, developers, and managers, while limited partners’ reduced commitments and the “denominator effect” complicate capital-raising efforts.
  • The combination of inflation, global economic uncertainty, and reduced housing affordability has created a challenging environment for real estate investors and operators, necessitating a shift in mindset towards operational excellence and tenant satisfaction as crucial factors for success in retaining market share.
  • McKinsey proposed 6 key imperatives for real estate investors: client-centric solutions, leveraging developments for momentum generation, seeking value creation throughout the project’s life cycle, encouraging sustainability as an opportunity, integrating digital solutions and advanced analytics comprehensively, and prioritizing operating efficiency.

The need to innovate in order to find clients

Intensified competition in the office real estate market is evident as companies reduce their office space, leading to an excess of available square footage in the United States and the United Kingdom over the past three years. Please refer to Exhibit 1 for more details. Therefore, real estate owners have to accompany the clients even more by helping create workspaces that are designed relevantly for the company (adapted to working hours, hybrid works).

The importance of creating innovative hubs

Real estate developers face heightened challenges in forecasting the future due to expanding cap rates, increased input costs, and limited labor availability, while rapidly changing behavior and unpredictability of traditional speculative plays further complicate the landscape. However, developers who strategically create tenant ecosystems and innovative hubs can attract anchor tenants, fast followers, residential occupants, and retailers, potentially enjoying a premium in commercial rents and catering to evolving space utilization preferences.

The importance of value creation for the project

Real estate players are shifting their focus from adept deal-making to emphasizing operations as a more competitive area, with larger players leveraging their scale by becoming operating-platform owners to provide consistent tenant experiences, leverage technology investments, and achieve efficient procurement and finance. Please refer to Exhibit 3.

The impact of climate change on the industry

According to the article, USD 7.5bn in total global property value could be at risk. Please refer to Exhibit 4 to see the difference in value for commercial real estate portfolios when counting the climate risk.

The digitalization of the real estate industry

The industry knew a great shift toward digitalization as a large number of data is being stored and processed in order to better understand the need for new tenants and residents. This also means the need of new talents in the area such as data scientists.

The importance of focusing on operating efficiency

In the face of rapidly growing input costs and inflation, real estate owners and managers must proactively address both costs and revenues by building resilient supply chains, controlling operating costs, leveraging digital tools for value-creating leasing decisions, consolidating contracts for energy and maintenance services, maintaining high credit ratings, accessing low-cost capital, and regularly refinancing to ensure desirable returns. Please refer to Exhibit 6 for more information.

Veuillez noter qu’il ne s’agit pas d’une liste exhaustive de toutes les informations contenues dans le rapport, mais plutôt d’un résumé de certains points et chiffres clés. Pour plus d’informations, veuillez lire le rapport complet.

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