Building Better Language

We are living in remarkable times.

‍Glacier-like trends are accelerating into a single, all consuming tsunami. Traditional real estate, forming the vast majority of our built environment, is simply not ready for the emerging landscape. Why?

The sector is governed by dry language and legal, adversarial terminology. Commercial and Residential. Landlord and Tenant. Acquisition and Disposal. Liability and Obligation. Yield and Gain. Consultant and Client. This has a powerful effect; it encourages companies and professionals alike to pursue narrow fields, and optimise accordingly.

The result is a well defined, yet fragile industry. Physical output is commoditised, professional collaboration is scarce and technological innovation is resisted. Language has restricted a holistic, cross-sector perspective; one that could have foresaw the disruption now taking place.

To create better real estate, we first need better language.

To put into context, let us think more about the emerging landscape. I like to describe it in terms of spaces, platforms, layers and networks;

• First, we have natural space upon which all life exists. It is a foundational layer, subject to natural phenomena outside of our control (weather patterns, climate, sunlight). We use it to nourish ourselves (water, sunlight, vegetation etc.) and create modern civilisation (raw materials, energy etc.).
• Then, we have personal space; the second layer. As humans we are centralised networks, subject to the sensory interpretations of our environment. Our senses are holistic, encompassing sound, sight, touch, sense and smell. Natural space powers our circadian rhythm (our internal body clock).
• The third layer is physical space, where we build and experience civilised life. It offers comfort, community, security, shelter, connection etc. based on ‘jobs to be done’. It is a decentralised network, with interconnected hubs and spokes. Imagine a community owned, flexible workplace, which in turn offers variation from remote working and home life.
• Finally we have digital space, an invisible fourth layer. It enables online-first commerce and the dynamic / distributed / remote workforce. Done well, digital space can offer trust, empowerment and lifelong leaning. Over time, this layer will gradually automate most predictable and repeatable tasks.

Now in this landscape, physical space is very important. It is not just a generalised use class, a financial asset or managerial headache. It is the crux of our existence. In this landscape, real estate becomes a valuable interface between natural and digital life. It is a stage for the modern automated economy; where the skills we need will be intuitive and profoundly human.

This requires a different blend of language; one that promotes the importance of aesthetic, layout, technology and culture. One that reflects a more flexible, community focused offering. There is no reason why we cannot still refer to landlords and tenants, consultants and clients etc. They will remain the backbone of the industry, after all. The future however, belongs to those who prioritise people-centric language. Those who design and build experiential real estate. Those who refer to family life, continuous learning and regional vibrancy.

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Signing out. Steven.