EUROPE: EDUCATIONAL PROPERTY
Building for the future Emma Cleugh, partner at global property consultancy Knight Frank, offers advice to schools and universities across the UK on how to unlock value in educational buildings amid the coronavirus crisis, and why operators and investors should start planning now for the post-pandemic world
T
he outbreak of Covid-19 has significantly impacted almost every facet of our everyday lives, but nowhere is this more obvious than in the education sector. School classrooms and playgrounds, as well as university campuses, across the country have stood empty for weeks, as our society gets to grips with the effects of lockdown on our daily routines. But what does this mean for the future of education? It is likely that, not only will it force us to reconsider how education is delivered in the UK, but it will also make educational organisations reassess how they can use their physical spaces more efficiently and repurpose surplus real estate assets. Reports from the kitchen-table classroom is that the novelty of learning from home is wearing thin, as parents struggle to balance work commitments with home schooling, while students miss their friends and daily social interactions that form a key part of the educational experience. As with many things at this time, there is now an opportunity to rethink what educational platforms will need to deliver, and should provide, going forward, on account of changing dynamics in the educational market. At one end of the spectrum, we are already seeing that the internet and ever-advancing artificial intelligence can provide us with facts, and, as a result, we have seen significantly increased investment in remote-learning platforms. In some cases, there are obvious (albeit uncomfortable) advantages in substituting teachers for tech, including making education more flexible, accessible and affordable. This is especially true at a further and higher education level, where a long overdue ‘root-and-branch’ overhaul has already been identified But there are significant risks too. Great teachers – and great settings – inspire, and for this there is no substitute.
34
As such, it is hard to imagine people and places vanishing completely from the heart of a good, well-rounded education; however it feels inevitable that some changes as a result of Covid-19 are already underway. Lockdown has proved that nearly everything can be done online – including learning, communication, homework submissions and assessments. Education is, however, so much more than facts, coursework and exams. It is the values that are instilled in us; it is deep interest in subjects that is stimulated by inspirational teachers in lively classroom debates. Such environments and experiences are hard to replicate on a webinar. The environments and people around us shape the way we, as individuals, move through school and university and into work and adult life.
EducationInvestor Global • June 2020
