Property sector needs to harness agility when dealing with innovations and disruption

Business needs to remain agile in a world of constant change and digital disruption. This was the key message at a recent industry breakfast hosted by the Property Council WA.

General Manager of Innovation at Commonwealth Bank of Australia, Tiziana Bianco said: “When one brand embraces innovation, such as one click purchases, this raises the bench mark across all industries.

“Business must not only be aware about what is happening within their own industry but also be in tune with what is changing around them.

“The success of disruptors such as Netflix was made not by using new technology, but rather applying old technology in a new way.

“As people are becoming more thoughtful when choosing an employer, it’s also critical for business to display a core purpose and a strong brand to attract and maintain talent,” Ms Bianco said.

When talking about technological advances and disruption more broadly, Ms Bianco said: “Some of our children won’t learn how to drive and some of them won’t be allowed to.

Deborah Binet from Cameron Chisolm Nicol, Clinton Ostwald from Urbis and Julian Lodge from Primewest were also on the expert panel to discuss what innovations are gaining traction in the property industry.

“One of the biggest issues facing renters is the uncertainty of tenure as well as a limited choice of properties to rent," Property Council WA Deputy Executive Director Alix Rhodes said.

"Build to rent allows longer term tenancy agreements and a pipeline of new supply of rentals from share studios to units that can have tailored kitchens and bathrooms.

“The build to rent space treats tenants as customers and will need a new breed of sales agents that will sell the amenity as much as the apartments.

Looking at innovative ideas put forward to revitalise C grade office buildings in the Perth CBD Ms Rhodes said: “Some of the offerings put forward included a mixed-use model converting C grade office buildings into three different classifications. The proposal includes a vertical supermarket, open plan, flexible working spaces and living spaces for professionals working on the lower levels.”

 “Building owners are also innovating to find new revenue streams, an initiative that Primewest  have come up with in Sydney, is that they have created a dark warehouse for a major grocery chain, which means they are able to process online sales through that location and deal with that separately to their retail store,” Ms Rhodes said.

Media contact:  Sadie Davidson  |  M   0467977427|   E  sdavidson@propertycouncil.com.au