Big data in its many guises is firmly here, not least in demonstrating trending, pricing, valuation and modeling, but many areas of built environment such as construction - which absolutely rely on its simulation abilities.
There are so many areas of big data, however geolocation, for example, is an increasingly relied on resource to to value deals, look at emerging markets and helping to source and plan for new developments.
Tokenisation is another trend that is bound to utilise big data in the near future, not least after a luxury Manhattan condo became the city’s first major asset to have a digital home on the Ethereum blockchain, recently.
So why is there still a perceived gulf between available tech and its adoption? There is a broad spectrum that one size doesn’t fit all when it comes to the available tech out there. I also find many enthusiastic deep techies leading innovation with superb concepts, yet fail to scale their platforms reliably.
Data scientists, admittedly, are not property experts. And this can be seen as a limitation, or, a perspective unexplored, demonstrating a new degree of insight the industry hasn’t yet tapped into yet.
So, I believe big data entrepreneurs like myself need to constantly demonstrate very real examples of how big data can transform and work alongside commercial property.
Companies, for example, like Cherre have made international headlines for their recently record investment – or as I see it market confidence, in their answer toreal time data.
Our journey at Gyana is throwing up fascinating discovering on a daily basis. For example, a major property company acting for mall owners asked us to provide them the with the calendar day which brings the most footfall to key shopping centres around the country (excluding the obvious Black Friday).
The answer, using our sample of 6m anonymised individuals, linked to their mobile phone movements, was Valentine’s Day and this provided a hugely useful nugget for their marketing department looking to help retailers with data they otherwise wouldn’t have had. Pinpointing Valentine’s Day in that way wasn’t enough. The reason was clear it was a combination of casual dining as well as on-the-day purchases. Data tells stories if all angles have been covered. This is only one minor example.
Big data and the future
The future of big data integration needs to be this: a meaningful and simple symbiosis. When planners use big data to make the right decisions, it eventually reflects upon the effectiveness of the asset, thus impacting productivity of tenants, and even employee retention (if you are a commercial office space.) We’re currently working with BTR developers, REITS and commercial office “space as a service” where our tech helps to identify what would be the ideal brands/operators to bring in, given the lifestyle choices of the tenants.
This is an area of untapped potential as we will only make smarter cities and more relevant digitally-planned spaces. The environment / waste management can be a hugely beneficiary of this proposition. This will make every space more useful for the consumer and every rental /lease of optimised value - and duration for the landlord.
Our journey has shows us that anonymised big data can be used understand consumers’ life choices in a non-intrusive and safe way yet is imperative in making good decisions to plan the space in future. We just need to observe what is. And again, we are only one spoke in the wheel of tech serving the industry.
So, what can be a complicated debate needs to be this simple: Can big data and tech lead to a happy landlord, tenant, suppliers and ultimately consumers using the space? Everyone needs to benefit from this process for big data’s value to be realised. This is a key question that needs to be asked when presented with the task of integrating big data tech.