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The World’s Oldest Asset Class Enters the 21st Century: How Technology Is Transforming Real Estate Investment

Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon and Asieh Mansour
The Journal of Portfolio Management Special Real Estate Issue 2019, 45 (7) 14-23; DOI: https://doi.org/10.3905/jpm.2019.45.7.014
Jim Clayton
is a professor, the Timothy R. Price Chair, and the director of the Brookfield Centre in Real Estate & Infrastructure at the Schulich School of Business at York University in Toronto, Canada
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Frank J. Fabozzi
is a professor of finance at EDHEC Business School in Nice, France
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S. Michael Giliberto
is an adjunct professor in the Graduate School of Business at Columbia University in New York, NY
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Jacques N. Gordon
is global investment strategist at LaSalle Investment Management in Chicago, IL
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Youguo Liang
is head of global research and public markets in the Real Estate and Infrastructure Department at the Abu Dhabi Investment Authority in Abu Dhabi, United Arab Emirates
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Greg MacKinnon
is director of research at the Pension Real Estate Association in Hartford, CT
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Asieh Mansour
is a senior advisor to The Townsend Group in San Francisco, CA
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Abstract

In this article by the editors of this special issue, the authors discuss the changes being brought to real estate investment by new technology and how the other articles in the special issue nest into this broad theme. New technologies being applied specifically to property (proptech) are bringing changes to all aspects of commercial real estate, from construction to building management to investment to data collection. But, the authors argue, the greatest effect of new technology on commercial real estate investment will be from technology outside real estate and how it changes the way in which space is used by end users. Technology has already started to alter the way in which space is used and the types and locations of property being demanded. The authors argue that the ability to adopt technology into the investment process and adapt to how technology is changing the space market will be a key determinant of investment success in the future.

TOPIC: Real estate

Key Findings

  • • In the ninth edition of the Journal’s special real estate issue, the editors review the evolution of the asset class and introduce the theme of how technology is rapidly reshaping our understanding of how real estate performs.

  • • New technologies directly applied to real estate (proptech) are bringing rapid change, but perhaps more important is how technological advances outside real estate are altering the ways in which space is used.

  • • Adopting new technology, and adapting to how technology is changing the space market, may be key determinants of investment success in the future.

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The Journal of Portfolio Management: 45 (7)
The Journal of Portfolio Management
Vol. 45, Issue 7
Special Real Estate Issue 2019
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The World’s Oldest Asset Class Enters the 21st Century: How Technology Is Transforming Real Estate Investment
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2019, 45 (7) 14-23; DOI: 10.3905/jpm.2019.45.7.014

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The World’s Oldest Asset Class Enters the 21st Century: How Technology Is Transforming Real Estate Investment
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2019, 45 (7) 14-23; DOI: 10.3905/jpm.2019.45.7.014
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  • Article
    • Abstract
    • WHAT IS PROPTECH?
    • PROPERTY-TYPE SILOS ARE COMING DOWN
    • PHYSICAL SPACE DEFINES ITS COMPARATIVE ADVANTAGES
    • WHEN FACING CHANGES INVESTORS SHOULD NOT FORGET THE BASICS
    • ADDITIONAL READING
    • ENDNOTES
    • REFERENCES
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