CBRE digital chief: If you’re still just talking about tech, it’s too late

One thing Chandra Dhandapani is unwaveringly sure of is that the proptech buzz is very much alive and kicking. [caption id="attachment_986489" align="alignright" width="200"] Chandra Dhandapani[/caption] Is there less open chat about it in the market? Perhaps. But this is not an indication of a quietening sector – it is more likely a sign of a more serious phase for technology in real estate to come. What we are experiencing, according to CBRE’s global chief digital and technology officer, is a crucial market evolution. “From my perspective, the buzz has not died down at all,” says Dhandapani, who is now three years into her current role. Based in Dallas, Dhandapani joined the real estate sector from the world of finance in 2015. “What we are seeing happening is a degree of clarity away from the initial hype,” she says. “People are asking big, important questions now, like what are the areas for digital transformation that really make sense? Which start-ups really make sense? Investors and occupiers around the world are very much in tune with what’s happening with the technology. They want more of it. They want to know about data. They want to know about smart buildings. This is an evolution curve, a maturing of tech in real estate.” For us, it has always been about having really strong technology talent and data talent within our company and working back from what clients want and need Action, not words As for the “quietening down” of tech chatter, Dhandapani says this is no bad thing. “If you are still just talking about technology, I think it’s too late now,” she says. “What we are seeing is companies turning in and focusing on their strategies to implement – and most major real estate firms are now definitely doing something about it now. That means they are likely to go into a quiet period because no one wants to share their strategy, do they?” Maybe not in much detail, but Dhandapani has no qualms giving away CBRE’s top line. “For us, it has always been about having really strong technology talent and data talent within our company and working back from what clients want and need. Off the back of that, we have formulated a very specific set of digital strategy priorities for every line of the business globally and we are now into execution mode.” She is quick to add that this is not a US-specific strategy. Amid generalisations that the States is, on average, two years ahead when it comes to tech adoption, Dhandapani says she is not sure this is still the case – certainly not across the board. “When we first started on this journey, I would say there probably was a time lag between the US and the UK. But we have shifted since then, and we don’t look at things and say ‘this is the US strategy and this is the UK strategy’ any more. “We are focused on a global platform approach – and in some cases the UK is in the lead. Take public records on data and property. You have access to volumes of that here that may not be available in other parts of the world, including the US. So how do we tap into what the UK market has to offer and apply it to the US market, and vice versa? We love what’s happening in the UK, and I don’t think the gap is widening – in fact, I think it’s shrinking.” Occupier-led demand As for the changes in the sector beyond CBRE and its peers, Dhandapani has been “pleasantly surprised” by the level of demand from occupiers. “They appreciate the need for the acceleration of technology and data capabilities.” Why? Talent, of course. “There is a huge war among occupiers for talent,” she says. “Every major occupier wants to make sure their workspaces are better than anybody else’s. They want to be more attractive for their current and future employees. The demand for tech solutions and innovations to facilitate this has been overwhelming.” All this, she says, is pushing the sector in an interesting direction. Because, despite political and economic uncertainty across the globe, the real estate sector is evolving, growing and adapting regardless. “If you really look at what is happening across the sector,” says Dhandapani, “this is probably one of the best, most exciting times we have seen in property for years. It’s not often in your career that you actually get to engage in an industry phenomenon. I feel like when I started in real estate the industry was just starting to shift but nobody actually knew what was going to happen. There are many people who thought ‘not in my lifetime’ and ‘not in my career’, but now we can clearly see, even within the past two years, how much has changed. “I came into the organisation believing strongly that in an industry where data has not been a big deal before, we absolutely had to build a data platform. The company trusted that instinct, and I think that has panned out for us. We have also made some bold moves which some would argue incumbent, large organisations can’t move fast enough to pull off. “I entered this sector three years ago with a fresh pair of eyes, and I can’t tell you how invaluable that is. That new, clean perspective. In fact, one of the things I ask myself at the end of every year in the December holidays is: ‘If I was new to this industry, what would I see?’ And that is something I would encourage everyone to do. Look at the sector without bias and with a real perspective, because that is what will keep propelling us forward.” So, if you were new to this industry, what would you see and what would you do about it? Get the full story Listen to the interview in full and all of EG’s tech-focused podcasts by subscribing to our TechTalk Radio podcast on any of your favourite podcast players, including Apple Podcasts, Overcast, Podbean and Spotify.   To send feedback, e-mail emily.wright@egi.co.uk or tweet @EmilyW_9 or @estatesgazette Main photo: Shutterstock