There is no denying that the economic forecast for 2023 appears bleak for the built environment sector, with property values set to fall and construction rates to slow.

However, it’s not all doom and gloom. Big real estate players are banking on 2025 as their next landmark year, with London investment set to roar back after the sharp decline, and for projects that have been put on the back burner, this should lead to a construction boom.

So instead of focusing on the negative impacts of a slowdown, we should instead see it as a golden opportunity for the sector – the best developers will use 2023 to de-risk and ensure the right strategy is in place for the effective delivery of their ambitious projects.

This, paired with the government’s revamped devolution agenda – the success of which will require the most cutting-edge planning technology – could mean a golden era for proptech, and the planning industry as a whole. But we must sow the seeds now to ensure future success.

Instead of waiting for the government to mandate the digitisation of the planning system, it is up to us as an industry to lay the foundations of economic recovery through savvy investment to make sure the right tools are in place to deliver success. Staying one step ahead now will reap double the rewards, leading us to the light at the end of the economic tunnel.

Jamie Holmes, chief executive, VU CITY

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