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Articles - Tržište nekretnina

How will technology affect the development of the real estate market? Read a great interview with Marko Pavlović, CEO of Flow and Form agency

1. Tell us a bit more about your startup, what exactly do you do? Flow and Form is a digital agency specializing in the development of applications, which help property owners and operators to improve the way they manage and experience the use of their buildings and other facilities. We started operations in 2017, and during that period we helped several technology companies around the world to market their proptech products. With our clients, we have found a lot of success in developing desktop booking applications and analyzing workspace utilization in organizations like Amazon and Netflix. The company currently has 20 employees with its main office in Zagreb, and in the future we plan to publicly present our own products for commercial and residential buildings. 2. Looking globally, PropTech experienced a real boom during the pandemic. Some new apps have appeared. Do you believe this trend will continue after the pandemic? Proptech is definitely on the rise looking at the growth of private equity in proptech companies and the number of start-ups looking to enter the market. The pandemic has prompted many space owners and operators to think about the new needs of their tenants, especially in the office space. But these needs existed even before the pandemic, and this pandemic only accelerated the process of what I think would happen anyway. I think that this trend will certainly continue after the pandemic because the way we work and live is changing, so the physical space in which we live will take on new meaning and new functionalities. 3. Your review of the real estate sector in the Republic of Croatia? In 2020, one of the largest coworking offices in this part of Europe opened in Zagreb. How can PropTech tools help improve coworking business development services? The residential real estate market in the Republic of Croatia remains very dynamic because even in the pandemic we saw an increase in prices, a drop in interest rates on housing loans, and several interesting projects such as VMD Park Kneževa with over 120 new apartments. While the quality of housing is taking on a new meaning, the need for quality housing is growing in the west, and I think that the same trend will continue in the Republic of Croatia with a slight delay. Although the pandemic affected the business real estate market the most, the price did not vary much depending on the location, and the plans of larger organizations in Zagreb have changed, so we could see more new business and coworking space projects. I am extremely glad that we now have a large and beautiful coworking space in Zagreb that offers a new model of flexibility to individuals, workers and companies. Coworking spaces attach a lot of importance to the user experience within the space, and we are already convinced that technology can drastically improve the user experience. Therefore, I believe there are two main ways that technology can help: 1. Improving usability and space occupancy. 2. Improving the user experience of the space. The solutions we saw as a successful move of coworking space in the world were the implementation of an application for booking workspace such as tables, conferences and other rooms where users can book and pay for their space in real time through the application. A useful addition to this is the installation of sensors to monitor the usability of the space in real time because this way we can automate the reservation and cancellation of table reservations, and also provide information to owners on how the space is used, which days and which places are most represented. Such applications also offer the ability to find people of interest in the space, a channel for communication with customers, ordering and charging for additional services and many other features that improve the user experience and help owners make better decisions. 4. Do you believe that new concepts of work and new concepts of business will lead to changes in renting business premises? Definitely! Business spaces take on different meanings and people create different expectations than just space. I think that the view of business space is changing in the direction of providing quality service in addition to space, where before only the location and the space itself were important. Expectations from business space owners will be significantly higher, as an example, several business space owners in the U.S. have already provided a private daycare for the children of space employees to improve their service. In other examples, the concept of the promotional space has completely changed, so that CloudKitchen allows small restaurants to rent a kitchen intended for delivery cheaply and quickly. This changes the dynamics of rental periods and contracts that were previously fixed at a minimum of 5 or 10 years, while we already see a lot of flexibility requirements where contracts are defined for shorter periods such as a couple of months or a year. I believe that for this reason, the monthly payment or “subscription” billing model will gain popularity in the future. 5. Future trends? How will technology affect the development of the real estate market? What are the positive aspects of these changes? In the future, we will change some of the oldest tools and concepts related to real estate, this will include changing everything from using physical keys to the way we buy and pay for the use of space. What exactly will it look like in the end? I don’t know, but what I do know is that physical objects (in this case real estate) will adapt to the fact that we all now have technology in our pockets, and will allow us complete control and a different experience of the space we live and work in. Houses, buildings, business and housing will be smarter, and the race to build such spaces has just begun, all over the world. I believe the real estate industry has made the world’s largest contribution to the climate crisis. Real estate is the largest asset class in the world and one of the largest sectors of the global economy. Therefore, it should come as no surprise to learn that the sector consumes about 40% of the world’s energy, emits 30% of all greenhouse gases and consumes 40% of all raw materials. Given this reality, as the global community harmonizes culturally, economically, and politically around tackling climate change, real estate is likely to take center stage. I believe that the people who manage global real estate assets - valued at around $ 50 trillion - are therefore one of the most important decision-making groups in the world that will be part of this urgent conversation. I am pleased that investment in real estate decarbonisation has quadrupled this year, that major decarbonisation decisions have been made in the US, Europe and other countries on a political and economic level, and I look forward to seeing results in the future. I believe that we all have a responsibility, and especially those of us who are in the technology sector - where we are laying the foundations for the future of real estate, we need to think about what kind of world we will leave behind. Therefore, I believe that new trends and a new “mindset” in the real estate industry will make a positive, “green” impact on the world around us.

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The price of new residential construction is the highest in ten years

The average price per square meter of new construction in the first half of 2021 reached the level of as much as 13,385 kuna for the level of the whole of Croatia, which has not been recorded in the last ten years.

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The growth seems to have come to an end: The real estate market has stalled

The rise in the real estate market is coming to an end, experts say.

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The appetites of property owners, however, are too great

Real estate is still a desirable investment, both in Europe and in the Republic of Croatia. The impact of the pandemic on the purchasing power of investors is felt, but it does not affect the price, which continues to grow on average. It has a negative impact primarily on real estate transactions, ie it is the cause of a decrease in the number of transactions throughout Croatia.

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We spoke with Mr. Leonard Zovko Country Manager Croatia, Serbia and Slovenia at the International Workplace Group

Read what he says, what changes are expected in the commercial real estate sector

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Trends in real estate purchases in Croatia 2021.

Buying real estate in Croatia is considered a good investment for many foreign citizens.

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Who should be in the driving seat of the real estate innovation

The prolific change of 2020 has shaped the real estate industry more than anything else in decades. The digitization had been underway before the pandemic, but the speed of that shift has accelerated in ways that nobody could have predicted.   With all that in mind, many landlords and asset managers are currently re-thinking what their product and offering should be to stay competitive and how it should reflect all the latest trends (think digitization, remote work, ESG, wellbeing expectations, data). With all the goals that should be covered, it can be difficult for landlords to navigate the right way for their unique business case.   In terms of implementing the technology, one question gets repeated in the conversations I have: what is in the competence of landlords and what are the topics each individual tenant should address.   As I wrote in my previous article, stepping into this new era, I believe every building should have a digital layer to allow better life in buildings. To enable that, properties need to run on an operating system to create an elevated experience for occupants.   But every OS is a complex thing with many use cases to consider. So speaking about a commercial building, what does it mean? Where should you as a landlord or asset manager start?   From our perspective, the tenant experience platform has two verticals:   Connected building and portfolio – to set the infrastructure for future integrations, streamline communication, enable mobile access system, guest management, payments, issue reporting, on-demand amenities and services, energy monitoring and finally work with analytics to understand customer needs and preferences. Altogether, this presents the heart of the building. Empowering tenants – every tenant should be able to set their private digital environment, where they can operate their workplace in the new way of working (agile, hybrid, hub & spoke...) with features supporting on-demand booking of hot desks, meeting rooms, monitoring of occupancy, air quality data and much more The success of a landlord largely depends on the success of tenants. The success of a tenant company largely depends on the success of teams and individuals, their happiness, productivity, and in turn, loyalty.   Thus, sporting tenants should be one of the landlord’s top priorities. In conclusion, a progressive landlord should introduce both layers. This strategic approach puts landlords in the driving seat of these changes with the right tech infrastructure that attracts, retains and fully empowers tenants.   On top of that, it brings a full advantage to stay competitive in a market that is heavily shifting to flexible space operations. Finally, landlords get prepared for a tech-enabled future and successfully integrate both physical and digital aspects of life in buildings. With the right OS, your building is no longer a piece of hardware that requires CAPEX for every update, but rather a Tesla car that is getting updated to keep up with the always-changing world.   Thanks to the huge effort of our team, inputs from our clients and partners, we plan a significant upgrade of the Spaceflow platform which is going to be released in mid-2021. Our aim with this update is to empower landlords all over the world with the best off-the-shelf technology to implement both these verticals in an easier way. What to look forward to? Our platform will get a fresh look and will get fully integrated and customizable. All modules are currently being enhanced based on the product discoveries with occupants and long-term cooperation with some of the top global real estate owners. Stay tuned!

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GOVERNMENT DECIDES: No rent will be paid for state property damaged in the earthquake

Tenants and users from the area of Sisak-Moslavina, Karlovac, Zagreb and Krapina-Zagorje counties and the City of Zagreb will be exempted from paying rent in state real estate

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