A decade of change: How the 2010s revamped real estate

Technology was nice to have in 2010. It’s now a must have.

“The take-up of the iPad is symbolic of the rapid advancement in technology and the impact on how people work,” says Andrew Ballantyne, Head of Research for JLL Australia.

It’s created an always-on culture where the boundaries between the digital world and real life are increasingly blurred.  

“Technology has been the ultimate game changer,” says Amber Schiada, Senior Director of Research and Strategy for JLL in California. “We went from flip phones to smart phones, and now everyone has the internet in the palm of their hand. The way we live and work has been so impacted by this small advancement, that it’s revolutionized communication, travel, finance, and shopping.”

As people flocked to cities, urban life got more expensive, increasingly pushing people to rent homes. And instead of renting from local landlords, professionally-managed multifamily schemes are gaining ground.

“A decade ago, there was little sign that a professionally-managed rented sector had such potential,” says Nick Whitten, Head of UK Living Research and Strategy for JLL. “But halfway through the past decade, that changed as large institutions sought out opportunities beyond the commercial real estate sectors and demand for rented apartments grew — as a reaction to house price rises.”

In 2010, it was clear that the global financial crisis would reshape financial markets and policies. But short-term fixes became long-term strategies.  

“Measures put in place in 2009 and 2010, such as rock-bottom interest rates, are still with us today, so in some respects little has changed,” says David Rea, EMEA Chief Economist for JLL EMEA.

“Unconventional policy measures, such as quantitative easing, launched in 2009 in the UK and 2015 in the Euro area, are still running, and represent the largest shift in monetary policymaking over the past decade. That said, policymakers have moved even further into unconventional territory: A decade ago, no-one would have foreseen negative interest rates at the ECB. Today they are the norm.”