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Risk in Context Podcast: Adapting real estate to fit the cities of the future

Evolving nature of work, to shifting requirements of residents and businesses, many cities around the world are experiencing significant changes.

28/11/2023 · 3 minute read

From an increased reliance on transformative technologies, to the evolving nature of work, to shifting requirements of residents and businesses, many cities around the world are experiencing significant changes. For real estate owners and developers and others, these shifts bring new risks, but they also present opportunities.

In order to best service the current and future needs of their residents and businesses, cities require more purposeful urban planning that allows for more sustainable living, working, and recreational spaces. And understanding people’s shifting needs will be instrumental in developing new buildings or adapting existing ones to better fit emerging lifestyles.

In this episode of Risk in Context, Rory Heilakka, a Partner at Oliver Wyman, speaks with Nikki Greenberg, the Founder and Chief Innovation Officer of Real Estate of the Future and a real estate futurist and innovation strategist, who spoke at the recent 2023 Marsh Global Real Estate & Hospitality Conference. They discuss the changes taking place in cities, the opportunities that these present for real estate owners and developers, and the risks that the cities of the future may pose and will need to be managed.

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Key takeaways

City design requires future-ready and adaptable thinking.

Embracing transformative technologies and being open to change may help real estate stakeholders remain relevant and meet the evolving needs of residents and businesses.

AI, other technologies will revolutionise the way cities operate.

Technological advances, including automation and AI, together with the changing nature of work and new modes of transportation, such as flying taxis, are impacting the evolution of cities, requiring purposeful urban planning and a reimagination of spaces and buildings.

Look ahead to prepare for tomorrow.

As they look for opportunities to improve buildings, real estate builders and developers should analyse residents’ and visitors’ evolving habits and requirements and design buildings that serve those needs, keeping in mind future generations.

About our speakers

Rory Heilakka

Rory Heilakka

Partner, Oliver Wyman Transportation and Digital Practices

  • United States

Rory Heilakka is a Partner within Oliver Wyman and part of the firm’s Transportation and Digital Practices. Based in the New York office, he has been with Oliver Wyman for almost 15 years, advising clients on a range of issues and has worked extensively in the travel and hospitality sector, with a focus on applying technology and advanced analytics to inform strategy and lasting business outcomes. He is also a leader within the Oliver Wyman Forum focused on the implications of technology and AI for global cities and has helped develop Oliver Wyman’s Cities AI Readiness Index.

Nikki Greenberg

Nikki Greenberg

Founder and Chief Innovation Officer, Real Estate of the Future

  • United States

Nikki Greenberg is the Founder and Chief Innovation Officer of Real Estate of the Future and a real estate futurist who directs companies on what to do today to deliver on the needs of tomorrow. With a career that has spanned the US, Asia, and Australia, she has held cross-functional leadership positions with a focus on innovation and design. She also served as a three-term co-chair of the ULI New York Real Estate Technology and Innovation Council, and global ambassador of Women in PropTech, which she also founded. She is an alumna of University of New South Wales (UNSW) in Sydney, Australia, where she attained master’s degrees in international business and architecture and a bachelor’s of architecture with honors.

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