Connectivity, Technological Change and Commercial Property in the New Economy: A New Research Agenda

The New Economy, founded on Information and Communications Technology (ICT), is a cornerstone of technology-driven frameworks for economic growth, and can not only potentially recombine existing physical spaces to produce new urban forms, but also impact on real estate, in terms of space requirements and speed of turnover. The paper examines some key conceptual frameworks and argues for a 'socio-technical' conceptual framework to aid understanding of ICT in the commercial property sector, focusing on offices. It deconstructs the myths of the 'death of real estate' and 'productivity increase means jobs loss', in relation to offices. Finally, it examines some of the ways in which ICT is impacting on office property through preliminary findings from new research, funded by the British Property Federation and led by The College of Estate Management and RETRI in partnership with PIREC. The paper concludes by highlighting the most important components for a future research agenda in the field of real estate connectivity. NOTE: No part of this paper may be quoted without the permission of the authors. All results are preliminary and are not yet finally confirmed. 1 PIREC (www.pirec.co.uk) is a research and information resource for all participants in the broadband built environment. The three PIREC partners are CoLoAdvisors; College of Estate Management and RETRI. PIREC's focus is the impact of communications and technology on the ownership and occupation of property. Its scope is defined by the real estate and technology sectors and funded research is undertaken for subscription members.