The importance of ‘proptech’ in commercial property

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Proptech, a word that describes how technology is being used in the commercial property market, is something of a buzzword in the sector at the moment, but what does it mean and how should it be used?

A recent meeting in Manchester, an April 2017 Manchester Evening News article mentions a discussion on how proptech should be applied to offices in the city. Buildings need to be prewired with connection to the internet at the highest possible speeds. Doug Ward, the co-founder of Telcom network, said:

“As technology increases in the workplace and the number of tech businesses grow, the importance of digital connectivity is going to increase further. Tech businesses are making the property industry reconsider the whole fundamentals of a property business.”

WiredScore was set up in Manchester to rate buildings for internet connectivity. After surveying businesses, WiredScore discovered that a third of them considered internet connectivity an important factor in attracting businesses to the city.

Manchester aims to become a leader in the digital economy by attracting hi-tech companies to set up offices in the city. The WiredScore ratings are part of this initiative and encourage landlords to make tech-ready buildings a priority.

The meeting also looked at how emerging technologies need to be catered for. For example, if drone deliveries become common, buildings may need landing sites.

Manchester is the leading commercial centre of the North West and attracts many property investors. There is a high demand for office space in the city and commercial mortgage interest rates are available at low interest rates for property investors.

The meeting in Manchester highlighted the importance of commercial landlords making sure their properties are technology enabled.

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