"This evolutionary change is due to a series of sustained transition waves, which are driven by—and enabled by—a powerful global revolution in information technology," he said in the education session titled "Seven Transition Waves Impacting the Real Estate Industry," adding that these waves are major forces that are now, or will be soon impacting the development industry over this decade.
The transition waves he spoke of include demographic shifts, business consolidation pressures, capital market transformations, influence of emerging technologies, globalization, suburban/urban conflicts and city revitalization strategies.
"As we progress, we have begun to recognize that 'bigger' is a market reality—but that 'smaller' may well mean swifter and more resourceful," he noted. "Strategic alliances will evolve between large corporate real estate companies, and smaller, more resourceful and opportunistic enterprises."
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