Real Estate 20:20

Abstract

This paper seeks to establish a framework for studying real estate futures. In doing so, it explores the general climate of change within which property decisions will have to be made, and examines the specific real estate opportunities that might emerge as a result of that change. For the purpose of appraisal, the forces of change are grouped into six sectors - cultural, demographic, economic, environmental, governmental and technological. Property perspectives are then portrayed for each of these sectors, and some conclusions drawn regarding the likely directions of change in the fields of real estate investment, development and management. Above all, the paper aims to provoke thought and provide a means for identifying and evaluating the forces of change as they affect decision making in the real estate industry.