ESSENSYS
Creating flexible, connected spaces Interview with James Shannon
T
he commercial real estate market is changing rapidly – for investors, landlords and occupiers. It’s not just the profound impact of the pandemic on the property market and the accompanying surge in companies adopting more flexible working practices for their staff. New technology is also reshaping the market, allowing companies to embrace new products and services that are changing the way commercial spaces are let, used and managed. In order to remain competitive, landlords and commercial real estate investors need be agile. They need to adapt quickly and provide the flexibility their customers increasingly want. “Enterprise occupiers are looking for more than just space,” says James Shannon, Chief Product and Technology Officer for essensys, a UK-listed company that provides software-as-a-service and technology to the flexible real estate industry. “They’re expecting to license or lease a productive space. This means touchless access, the ability to have booking availability and amenities.” These days, property management is becoming about much more than just managing an asset. He says: “It signifies the evolution from pure asset management to a dynamic service and hospitality delivery.” In this new world, so-called proptech enables traditional investors, who may not have the internal capability or 8 | www.propertyfundsworld.com
resource to do it themselves, to deliver better services for their occupiers. Technology is a critical tool which allows landlords and investors to be more active in the market. Shannon says the pandemic has played an important role in accelerating uptake of new technology in the industry. “We have to recognise that the pandemic has been a catalyst for proptech deployment,” he says. “The real estate market had already been demonstrating a growing need for tech-driven, flexible workspaces. JLL predicts 30 percent of office space to be flexible in some form by 2030. This trend has accelerated as a result of Covid-19.” The pandemic has fostered the emergence of the ‘work from anywhere’ ethos which, in turn, is bringing about a huge evolution in the world of real estate. It has underscored the need for flexible and well-connected workspaces. Shannon says: “The more forward-thinking landlords and investors see this opportunity and are looking for partners to enable them to provide these services quickly.” Essensys develops software and technology that helps landlords and real estate investors provide a “seamless digital experience for end-users”. The first step is to give occupiers the ability to easily browse and book space using a simple smartphone app. “Following that, when people turn up at the building, their experience should be smooth – from going through PROPTECH IN FOCUS | Jul 2021
