In an era defined by rapid transformation and unpredictability, the future of our cities has become a pressing concern. How will urban landscapes adapt to evolving lifestyles, work environments, investment trends, and recreational pursuits? The JLL Future Vision program aims to address these crucial questions through an ambitious research initiative that draws on the expertise of professionals from diverse disciplines, including demography, anthropology, and urban planning.
A Comprehensive Exploration of Megatrends
JLL Future Vision represents a robust, long-term investigation into the megatrends poised to shape the real estate industry. With a global network of 500 researchers, the program delves into the factors that will be most influential in the coming years. This initiative is not just about predicting the future but about preparing for multiple potential outcomes. By incorporating insights from a multi-disciplinary forum of future thinkers, JLL identifies the significant signals that will influence our societies and built environments.
Four Imperatives for Immediate Action
The program’s research has identified four urgent priorities for commercial real estate: climate, people, technology, and resilience. These imperatives are crucial for navigating the ongoing changes and disruptions in the industry. Ben Breslau, JLL’s Chief Research Officer, emphasizes the importance of this approach: “While no one knows what the future holds, we believe that exploring possible future scenarios enables the entire real estate value chain to prepare as much as possible for the unpredictable – and all the associated opportunities and risks, whatever they may be.”
Preparing for Change
The insights from JLL Future Vision are designed to help firms embrace uncertainty and provide a roadmap for navigating change. These actions, which can and should be taken today, span from designing and building real estate to how people and businesses interact with the built environment. The program’s findings will be shared in a series of articles, starting with an in-depth look at The Climate Inflection Point and the anticipated 5th Industrial Revolution.
Embracing a Scenario-Based Approach
Rather than attempting to forecast the future, JLL Future Vision adopts a scenario-based approach. This method enables planning for multiple futures by identifying the actions real estate companies must take now to capitalize on various eventualities. Steven Lewis, JLL Global Head of Insight, explains, “Our purpose has not been to forecast what will happen, which can be a fruitless – indeed misleading – activity. The focus instead is on a structured, scenario-based approach that enables planning for multiple futures.”
Key Drivers of Change
Major changes are colliding at a few points in human history as they are now. Technology, climate change, demographic shifts, and societal transformations are converging, placing the built environment at the center of these shifts. Buildings must now be designed and located with climate change in mind. The way people work, especially in the age of Artificial Intelligence, is reshaping how buildings are used. New technologies, from robotics to 3D printing, are poised to revolutionize construction and maintenance.
The Technology Imperative
The 5th Industrial Revolution is set to transform real estate strategies, integrating AI, quantum computing, and robotics to enhance efficiencies and solve societal and scientific challenges. The built environment will evolve into an interconnected ecosystem where physical spaces blend with digital experiences. Advanced automation, robotics, and intelligent materials will redefine construction processes, with digital twins monitoring every aspect of a building’s lifecycle.
The People Imperative
Dramatic shifts in how people live and work will continue to influence the real estate industry. AI and robotics will change the nature and amount of work people do, while new technologies will increase recreation time. Companies and governments will need to emphasize social impact, leading to hybrid workspaces that blend wellness, hospitality, and entertainment. Housing affordability will become a critical issue, and the real estate industry will play a key role in addressing it.
The Climate Imperative
In a future marked by regular heatwaves, flooding, and droughts, climate resilience will be paramount. Buildings will need to minimize environmental impact, utilizing AI-powered control systems and smart materials. The design, construction, and configuration of buildings will need to account for increased damage and disruption.
The Resilience Imperative
The real estate industry must address challenges related to climate change, technology, and demographic shifts with resilient strategies. This includes developing buildings that consume fewer resources, adopting agile business models, and enhancing risk management through scenario planning and stress testing.
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