Tenant Experience to influence proptech adoption over the next five years
Cushman & Wakefield, a leading global real estate services firm, has today published The Proptech Top 5 for Asia Pacific Asset Services report – their 2019 survey of over 100 clients across Asia Pacific on their sentiments towards proptech. The respondents include office asset managers, development managers, leasing managers and technology specialists across the region including Australia, China, Hong Kong and Singapore.
The report identified chatbots and real-time occupancy portals as the most desired technology solutions, placing tenant experience firmly at front of mind. Chatbots present a game-changing opportunity to reduce costs for helpdesks amidst increasing call volumes and to enhance customer experience. The transformation of tenant portals will offer greater value by providing real-time data, connecting workers from different companies within buildings or landlord’s portfolio of buildings, and driving new revenue streams.
The respondents were also asked to rank the top five drivers for investing in proptech and their top five concerns around using proptech. Operational efficiency and improved capital growth emerged as top drivers for proptech, while the high costs of implementation and uncertainty over return on investment are the top concerns.
Dr Dominic Brown, Head of Insight & Analysis, Asia Pacific said “The survey results show that companies are currently focused on mitigating costs to drive improved financial performance of the asset. Landlords are clearly directing their core focus on efficiency and an asset’s capital growth prospects. However, the respondents to our survey have indicated a shift in focus to improving the quality of the workplace experience over the next five years.”
The Asia Pacific region is uniquely placed to adopt and harness the power of proptech. More than half, 62 per cent of the world’s millennials reside in Asia Pacific. There are in excess of one billion smartphone users in China and India alone, while smartphone penetration is as high as 69% in Australia. These drivers, together with a governmental desire to create leading edge smart cities generate a powerful force for change, which will drive the adoption rates of proptech in the region.
For the full report, please click here to download.
For further information, please contact:
Assistant Communications Manager, Asia Pacific
+65 6317 8305
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.