Real estate factors change
Covid and environmental concerns among the issues driving innovation
Our way of life often changes because of external factors that we are helpless to influence. Factors such as global warming, PM2.5 air pollution, the Russia-Ukraine conflict, rising energy costs, the economic downturn and other recent phenomena have forced people to approach their lives in different ways and alter their behaviour to match new realities.
Buying an electric vehicle (EV), wearing a mask, and cutting back on certain items in our diet are just a few examples of how we adjust. Businesses are not immune to the shifting sands of a dynamic world either; during the pandemic the real estate market was forced overnight to devise new ways of responding to evolving consumer demands.
"Awareness of environmental issues is now greater than ever before, and sustainability is at the heart of the discussion," said Pakkhaphol Tipsuna, sustainability manager at CBRE Thailand.
"This can be seen in several large-scale projects in Bangkok, most notably the recently renovated Queen Sirikit National Convention Center, where 4,500 square metres of rooftop solar cells have been installed to serve as a renewable energy source for the compound.
"New housing developments are also implementing such technologies to improve long-term energy efficiency for residents."
The conflict in Ukraine continues to push up the price of oil and other raw materials to the point where lifestyles need to adjust to match the rising cost of living.
One sign of this new awareness is the growing interest in EVs. It is now quite normal to see such vehicles on Thai roads, and the industry received a boost with the news that Tesla and BYD are about to enter the Thai market.
In a sign of the times, EV chargers are a common sight in new commercial and residential developments, viewed by many as a must-have feature.
Other concerns include improved air and water quality and other concepts of well-being that are being applied in all kinds of projects as people spend more time in their homes than ever before.
In the past few years, fine-particle air pollution known as PM2.5 has emerged as a health concern, especially in major Thai cities. This has resulted in air purifiers being seen as essential home appliances. Innovations such as the energy recovery ventilator are being used by both developers and private homeowners to improve air quality and reduce power bills.
The Internet of Things has been talked about for years, but is now starting to take more concrete shape as internet access becomes faster and nearly ubiquitous. Convenience remains key and this will only rise in importance. As technology advances and lifestyles shift, digital connectivity will find ways of advancing our well-being and setting the standard for new developments.
New factors that affect people's lives and behaviours arrive all the time, and property developers that adapt to the coming tech revolution and tailor the right solutions for buyers' needs are certain to enjoy greater success.
Yanisa Dechwattanatam is an assistant marketing manager at CBRE Thailand. She can be reached at firstname.lastname@example.org