Action is needed on six fronts if organisations in the land and built environment sectors are to address the social and economic challenges of the future head-on, according to a new RICS report launched at the Provada fair in Amsterdam on Tuesday.
Action is needed on six fronts if organisations in the land and built environment sectors are to address the social and economic challenges of the future head-on, according to a new RICS report launched at the Provada fair in Amsterdam on Tuesday.
‘The world is changing faster and faster and we need to be prepared to deal with the barrage of change that is coming our way,’ said Maarten Vermeulen, RICS managing director for Europe, Russia & CIS during the launch of the report.
He cited the war for talent; ethical behaviour; use of technology and big data; the creation of sustainable cities; strong leadership; and seizing new opportunities as the six areas where action is needed.
Entitled ‘Our Changing World: Let’s be Ready’, the report forms part of the RICS Futures project and follows three years of research during which interviews and roundtable discussions involving more than 200 professionals, academics and students in 19 countries took place.
Vermeulen singled out unprecedented urbanisation as one of the ‘big themes’ that will impact on land and real estate development in the coming decades.
He presented figures showing that cities currently house 54% of the world’s population but that this figure is set to rise to 60% by 2030 and 66% by 2050. Moreover, he added, more than 50% of urban growth will come from just seven countries: India, China, Nigeria, Indonesia, the US, Pakistan and the Democratic Republic of Congo. ‘We need sustainable cities to be able to deal with this growth,’ Vermeulen said.
On the subject of ethics, Vermeulen said the development of ethical behaviour was becoming ‘more and more important’ due to increased transparency in business dealings. ‘Reputations can be broken in an instant.’
Strong leadership was also crucial in a fast-changing world, he stressed. ‘We need people who show direction, and we need different types of leaders.’
He added: ‘Ethics, sustainability, boosting leadership, innovation, and commercial acumen will help our sector be able to adapt and succeed as business models, technology and societal expectations change.’
The full RICS report is attached below