New report from JLL reveals real estate implications for ASEAN of
technological transformation
SINGAPORE, May 30, 2016 - (ACN Newswire) - Southeast Asian
countries have the potential to leapfrog ahead of other developing
nations by embracing new technologies to transform how people work,
live and play, according to a new report by real estate consultancy
JLL.
Ahead of the World Economic Forum on ASEAN, taking place in Kuala
Lumpur, Malaysia on 1 and 2 June, JLL has released a report looking
at how advanced digital technologies could impact countries in the
newly established ASEAN Economic Community (AEC), a trading bloc of
10 Southeast Asian nations.
Chris Fossick, Managing Director, Singapore & South East Asia,
JLL, says: "In many ways, new technologies will allow people to
bypass current constraints and leapfrog into greater efficiency.
The impact on real estate and infrastructure in Southeast Asia is
likely to be positive and transformational. If harnessed
effectively, the changes will bring improved productivity, income
levels and quality of life to the population."
Southeast Asian economies are forecast to grow at 5 percent
annually until 2020, exceeding global growth of 3.5 percent. The
urban population in Southeast Asia's cities is growing by around
2.2 percent annually and the middle income population is set to
increase by 70 million to 194 million by 2020.
New ways to work
In the sphere of work, demand for office space will change due to
greater outsourcing from developed markets, more flexible work
practices, and an increase in co-sharing spaces.
Regina Lim, National Director, Advisory & Research, Capital
Markets, JLL and author of the report, says: "While growth in
demand for office space slowed after the global financial crisis,
Southeast Asia has bucked the trend, with demand expected to grow
at 6 percent per year until 2020 due to economic growth, further
acceleration of outsourcing from developed markets, and the rise of
the middle class. In particular, we anticipate strong growth in
demand for office space in Manila and Kuala Lumpur."
The report reveals that traditional corporate occupiers may be
giving way to new models of working.
"While automation and artificial intelligence will eliminate some
jobs, new jobs are likely to be created. Adoption of flexible
working will continue to rise and by 2030, co-working spaces could
make up 10 to 15 percent of office stock in Southeast Asia,
compared to only 1 to 5 percent today," explains Ms Lim.
Growth of shopping via mobile.
Despite relatively low rates of PC ownership and internet
connectivity, online shopping penetration is higher in Southeast
Asia than in developed markets such as the US and UK. In fact, 50
to 80 percent of consumers in Southeast Asia living outside cities
are bypassing PCs to use mobile phones to shop online. But rather
than negating the need for bricks-and-mortar shops, JLL's research
suggests it will drive online retailers to expand into physical
stores as more consumers choose to 'click and collect' purchases
and test products in store.
Changes in lodging habits
In terms of accommodation, home-sharing platforms such as Airbnb
and Homeaway will impact both residential and hotel real estate in
Southeast Asia. These platforms raise the efficiency with which
property is used, freeing up spare capacity such as second homes.
Thus there could be a reduction in the number of hotel rooms and
residential apartments needed to accommodate the same number of
visitors.
About the Fourth Industrial Revolution
The Fourth Industrial Revolution is characterised by the fusion and
amplification of emerging technology breakthroughs in artificial
intelligence, automation and robotics, multiplied by the extreme
connectivity between billions of people with mobile devices with
unprecedented access to data and knowledge.
Download JLL's report 'The Fourth Industrial Revolution: Impact on
Real Estate in Southeast Asia" here.
http://access.jll.com/sea-4th-industrial-revolution-insights-2016/
Notes to Editors:
Regina Lim, author of the report, is available for interview.
Contact Bee Lin Ang at Beelin.Ang@ap.jll.com (+65 6494 3582) or Eva
Sogbanmu (+65 6494 3572) to arrange.
The following JLL spokespeople are available for interview at the
World Economic Forum on ASEAN:
- Chris Fossick, Managing Director, Singapore & Southeast
Asia
- Sylvia Koh, Head of Corporate Consulting, Asia Pacific
- Susheel Koul, Managing Director, Corporate Solutions, Asia
Pacific
- Todd Lauchlan, Head of Indonesia
- Suphin Mechuchep, Head of Thailand
- Jeremy Sheldon, Managing Director, Markets, Asia Pacific
About Jones Lang LaSalle, Inc.
JLL (NYSE:JLL) is a professional services and investment management
firm offering specialized real estate services to clients seeking
increased value by owning, occupying and investing in real estate.
A Fortune 500 company with annual fee revenue of $5.2 billion and
gross revenue of $6.0 billion, JLL has more than 280 corporate
offices, operates in more than 80 countries and has a global
workforce of more than 60,000. On behalf of its clients, the firm
provides management and real estate outsourcing services for a
property portfolio of 4.0 billion square feet, or 372 million
square meters, and completed $138 billion in sales, acquisitions
and finance transactions in 2015. Its investment management
business, LaSalle Investment Management, has $58.3 billion of real
estate assets under management. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with over
33,000 employees operating in 92 offices in 16 countries across the
region. The firm won 15 awards at the International Property Awards
Asia Pacific in 2016 and was named number one real estate advisor
in Asia at the 2015 Euromoney Real Estate Awards.
www.ap.jll.com.
Source: Jones Lang LaSalle, Inc.
Contact:
Bee Lin Ang
Phone: +65 6494 3582
Email: Beelin.Ang@ap.jll.com
Eva Sogbanmu
Phone: +65 6494 3572
Email: Eva.Sogbanmu@ap.jll.com
Copyright 2016 ACN Newswire . All rights reserved.
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