SECTOR FOCUS: PROPERTY


PROPERTY MATTERS


From pre-made homes to smart workplaces, TIM WESTERN, head of the Exeter office of JLL paints a picture of the changes that could shape our lives in the next five to 15 years


A seismic shift in how and where we work will take place by 2030, while new homes in larger South West towns and cities, such as Exeter and Plymouth, look set to be pre-fabricated ‘like cars’ within the next five years. New research by JLL -


Workspace, Reworked - into how technology is shaping the workplace was shared at its annual South West Market Review in Exeter as it looks ahead to the future asking ‘what next?’ for the region’s property market. Tim Western, Head of the


employee wellbeing and experience. Tim added: “This is something


‘Homes manufactured


like cars, in other words off site in a factory, will bring


‘car quality’ to the market’


Exeter office of JLL, said: “It is only a matter of time before we see a wave of change within the workplace in Exeter and across the South West as great strides are made in the advancement of smart technology. “Our interaction with augmented


and virtual reality devices – without the need for an interface – is likely to rise, and this will completely change how we go about our day. For example, virtual technologies will alert you to meetings and adapt your working environment to make it more comfortable and boost productivity. “Workers will be increasingly


freed from their desks, process- driven tasks will become automated and we expect to see smaller core workforces working with a pool of freelancers. However, there is no doubt that these changes will bring big challenges, both for workers and their employers.” An ability to innovate and be


creative will be what sets workers apart from one another as artificial intelligence looks set to take care of basic tasks, says JLL. Meanwhile, employers will need to work hard to attract and retain top talent by providing high quality core workspaces and focusing on


30 Chamber Profile March/April 2017


we have looked hard at when developing our own new offices in Exeter and more recently Bristol, which have been created to foster a healthy, modern and collaborative business environment.” JLL also predicts the growth in Exeter and across the South West of off-site construction of modular housing, the modern-day equivalent of the pre-fabs of the 1960s, which could alleviate pressure on the housing


market. Modular homes are


generally quicker and cheaper to build, and they are smaller, more flexible and often of higher quality, bringing time and cost efficiencies that could make house building more attractive to developers, says JLL. Tim Western said offsite


construction in the UK is growing 25% per year. “This technique results in a 30% reduction in build time, a 75% reduction in workforce and 40% less vehicle movements, meaning that modular housing is likely to drive a huge change in how homes get built over the next five years. “Homes manufactured like cars,


in other words off site in a factory, with the opportunity to pick and choose what goes into a basic structure, will bring ‘car quality’ to the market. Clients and designers need to adapt to this evolving trend; indeed, this is an opportunity for innovation that could give early adopters a competitive advantage.” JLL says that this approach


presents opportunities beyond the housing sector with offices, schools and hotels all set to benefit. Key elements of any building, including bathrooms, lift cores and window systems, can all be fabricated in a factory before being slotted into place.


As evidence of this trend, financial services company Legal & General is investing in the largest house building factory in Europe, near Leeds, marking the first time that such an investor has moved into producing pre-made homes. Tim said: “The considerable skills


shortage faced by the construction industry is going to make modular housing even more attractive. It may come into play in a big way here in the South West once work on Hinkley Point starts, which is going to absorb a large number of construction workers and put added pressure on the supply chain.” JLL also predicts that the recent surge in interest from local


authorities to invest in property will continue in 2017 and beyond. Tim said: “As councils continue to


battle with funding deficits, they are having to be more innovative about how they create new revenue streams. Local authorities can borrow at a low interest rate and property offers a solid return on investment so this makes it an attractive option. “Across the UK, we are even


seeing local authorities buying properties outside their patch if they think this will get them the best return. It’s already happened in Bristol, where Surrey County Council bought an office building at Aztec West, and we may see more of this across the wider region in 2017.”


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