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April 11, 2024

All but one big housebuilder sees decline in land bank volumes

All but one big housebuilder sees decline in land bank volumes

The latest industry research by property development appraisal software , APRAO, has revealed that all but one of the big housebuilders has seen a reduction in the volume of land banking plots held on an annual basis.  APRAO analysed the latest annual reports of the seven major UK property developers,

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Three Chamberlain Square marks major milestone

Three Chamberlain Square marks major milestone

Three Chamberlain Square, the next highly sustainable commercial building at Paradise Birmingham, has achieved a key landmark moment for itself and the city as its terracotta façade units make progress across the building. More than 8,000 bespoke facade panels are being installed on 3,000 windows across Three Chamberlain Square, starting

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Willmott Dixon completes construction on new music facility

Willmott Dixon completes construction on new music facility

Willmott Dixon has completed work on a new music facility, worth around £12 million, for Army musicians at the Royal Military Academy Sandhurst (RMAS). The purpose-built facility can now house all 54 musicians serving under British Army Band Sandhurst, offering a modern and acoustically optimised environment for rehearsals, performances and

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Sempra Homes secures funding for Markhams Chase development

Sempra Homes secures funding for Markhams Chase development

Funding has been secured by Sempra Homes for the delivery of the Markhams Chase development in Basildon. The development of three, contemporary two-bedroom houses will be delivered in partnership with One Public Estate under the Government’s Brownfield Land Release Fund (BLRF) programme. Melanie Keys, Services Manager at Sempra Homes commented:

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JAMES HARDIE APPOINTS NEW CHANNEL MANAGER

James Hardie Appoints new channel manager

James Hardie, the world leader in the manufacture of high-performance fibre cement and fibre gypsum building solutions, has appointed Edward Dunn as Channel Manager to further support trade partners in the North. Ed has nearly 10 years account management experience working for large national accounts and independent wholesalers.  In his

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BEP Surface Technologies launches innovation arm BEP Solutions to accelerate metal surface R&D

BEP Surface Technologies launches innovation arm BEP Solutions to accelerate metal surface R&D

New venture to partner with governments, academia and businesses to tackle global challenges… BEP Surface Technologies, a leading metal surface specialist, has launched an innovation arm, BEP Solutions, to accelerate international R&D partnerships to solve global challenges. Leveraging 54 years of engineering know-how and using leading-edge digital techniques, BEP Solutions

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Anticipating Market Shifts: AI's Role in Future Real Estate Development

Anticipating Market Shifts: AI’s Role in Future Real Estate Development

It’s often difficult to navigate the changes in the real estate market, but what if you had a compass that could predict the shifts before they happen? Artificial intelligence’s (AI’s) emerging role in real estate development is that compass, guiding developers and investors effectively. Whether it’s crafting personalized experiences for

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Latest Issue

BDC 317 : Jun 2024

April 11, 2024

The contractor behind the construction of a tri-station in Hebburn has shared the latest onsite images as the project heads towards

A look behind the scenes as one of the UK’s First Carbon Neutral Tri-Stations Takes Shape

The contractor behind the construction of a tri-station in Hebburn has shared the latest onsite images as the project heads towards completion and hand over in April 2024. North of England contractor, Esh Construction is the appointed contractor to deliver one of the UK’s first carbon neutral emergency service tri-stations on behalf of Tyne and Wear Fire and Rescue Service and Fire Authority. The new Hebburn Tri-Station will become home to Tyne and Wear Fire and Rescue Service (TWFRS), Northumbria Police and the North East Ambulance Service (NEAS). It is based on land between Hebburn’s Marine Drive and Campbell Park Road and will replace the current Hebburn Community Fire Station, which has been in operation for nearly 60 years. Passers-by can now see two buildings taking shape – a main building which will include staff accommodation, offices, and appliance bays for emergency vehicles, as well as a free-standing training building to support and enhance the skills of specialist rescue as well as rope rescue fire fighters. The artist impressions released ahead of the project starting last year can now be seen in real life, with the striking multi-blue colour rain screen installed on the main building and the finishing touches being applied to the external render and windows. The rear of the main building includes five appliance bays, which will be used by the Fire and Rescue Service and the North East Ambulance Service. The site includes light vehicle charging (EV) points to support all three emergency services’ current fleets of electric vehicles.  But as technology develops – arrangements have also been put in place for future proofing any potential expansion of heavy or light vehicles. ‘E’ cycle storage and charging facilities have been included for the Police’s Neighbourhood Policing Team. Brickwork on the fire house, training tower and associated garage is now complete along with the installation of the specialist rope rescue training crane jib.  The tower and fire house provides outstanding facilities for training and exercises. It will also allow joint training scenarios with partner blue light services to adopt a universal approach to supporting the general public in all things safety related.  Externally, work on the perimeter fencing and landscaping will continue, and a wildflower meadow will be planted that will help to nurture the relationship between local wildlife and the environment. Another element of the project that demonstrates the tri-station’s eco-credentials is the use of modern sustainable technologies including ground source heat pumps and photovoltaic panels (PV’s) of which there are over 340 panels spread across the tri-stations flat roofs. These PV’s will help generate up to 100% of clean renewable electricity required to run the tri-station. Grant Watson, Construction Manager for Esh’s commercial build division, said: “At Esh, we pride ourselves on building and maintaining strong working relationships with our clients and we are excited to see the pioneering scheme come to life as a key hub for the local community.” The two-storey purpose-built facility is being delivered to ensure the emergency services provide the best service possible to the communities across Tyne and Wear. To reduce the building’s environmental impact all walls, floors, the roof and structure have been designed to be as energy and thermal efficient as possible. TWFRS Chief Fire Officer, Peter Heath, said: “We are delighted to see the progress that has been made over the past 14 months with the construction of the Hebburn Tri-Station in South Tyneside. It represents our continued commitment to keeping people safe. “The station design included a clear briefing to minimise the impact of contaminants from firefighting and the design and flow of the station will contribute significantly to our work to minimise the impact of the firefighting activity on our staff and partners.” During the early construction phases, 585 hot rolled steel girders weighing 151 tonnes were constructed on site, and if they had been laid ‘end to end’ it would’ve been the equivalent to the length of 20 football pitches. There are also 12 bore holes helping to provide warm and hot water on the Tri-Station with a cumulative depth of more than 2,500m. Esh Construction is utilising locally sourced materials and 86% of construction operatives hail from the North East. A total of 228 apprentice weeks have also been delivered on the scheme. To find out more about Esh Group, visit www.eshgroup.co.uk Building, Design & Construction Magazine | The Choice of Industry Professionals

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All but one big housebuilder sees decline in land bank volumes

All but one big housebuilder sees decline in land bank volumes

The latest industry research by property development appraisal software , APRAO, has revealed that all but one of the big housebuilders has seen a reduction in the volume of land banking plots held on an annual basis.  APRAO analysed the latest annual reports of the seven major UK property developers, looking at total land banking plots held* and how this total compares to the previous year.  The figures show that some 501,691 land bank plots are currently held by the big housebuilders, a reduction of -5.4% on the 530,378 held the previous year.  Barratt Developments has seen the largest decline in the number of plots held within its land bank, down -13% year on year.  Berkeley Group has also seen one of the largest land bank reductions, with total plots falling by -12.3% year on year.  Persimmon has seen the third largest reduction at -5.7%, although with a total of 82,235 plots still held, it does rank as the housebuilder with the second strongest book in this respect.  Redrow (-4.5%), Taylor Wimpey (-3%) and Vistry Group (-1.7%) have also seen a year on year decline in total land bank plots held. In fact, just one housebuilder has seen an increase, albeit a marginal one. Bellway’s land bank currently sits at 98,164 plots, the largest of all the major housebuilders, having seen this total increase by 0.5% year on year.  CEO of APRAO, Daniel Norman, commented: “While 2023 proved to be a particularly tricky one for the UK property market, the overarching expectation was that 2024 would bring a greater degree of market stability and that’s certainly what we’ve seen in recent months. Mortgage approvals are climbing as buyers return to the mix and house prices have also started to improve, driven almost entirely by a buoyant new-build market. It’s clear that the nation’s big housebuilders have acted in anticipation of these improving market conditions, utilising their existing land banks with the aim of delivering additional stock to market in order to help fuel this improving market sentiment.  Of course, with other factors such as higher interest rates still presenting an obstacle, there has been less urgency to refresh land bank stock levels. But with the base rate forecast to fall this year, it’s likely that 2024 will see developers renew their stock pipeline when the time is right.” Sources and data tables Building, Design & Construction Magazine | The Choice of Industry Professionals

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Three Chamberlain Square marks major milestone

Three Chamberlain Square marks major milestone

Three Chamberlain Square, the next highly sustainable commercial building at Paradise Birmingham, has achieved a key landmark moment for itself and the city as its terracotta façade units make progress across the building. More than 8,000 bespoke facade panels are being installed on 3,000 windows across Three Chamberlain Square, starting with the building’s Paradise Street elevations. The panels give the building its unique and appealing terracotta finish as well as its characteristic ogee arches, with the terracotta manufactured by a traditional supplier in the heart of Tuscany, Italy. The amount of terracotta used in the building adds up to more than a kilometre in length, equal to the length of 20 West Midlands Metro trams end to end. The building is currently at its eighth floor level in terms of construction progress, out of ten overall floors, and will top out later this year. Scheduled to open in 2025, main contractor Sir Rober McAlpine (SRM) began work on site in the spring of 2023. Three Chamberlain Square forms an integral part of the overall Paradise masterplan which is bringing up to 2 million sq ft of commercial space, including 370 residential units and 120,000 sq ft of leisure space, to the city. At 189,000 sq ft, Three Chamberlain Square also helps ensure a continued supply of Grade A office space for the city with an emphasis on sustainability and low energy and low carbon design as part of the global drive to net zero. The unitised façade is manufactured and assembled off site by specialist contractor Inasus, with Palagio in Italy contributing the profiled terracotta fins. Palagio has been in business for fifty years supplying terracotta materials around the world. The façade has excellent thermal insulation properties which will improve the energy efficiency of the building. It is fully demountable, meaning its component parts can be refurbished and recycled in the future, rather than demolished. The terracotta is also unglazed, reducing the embodied carbon further, and once installed requires little maintenance. Gently aging as time goes by, terracotta also helps give buildings a uniquely organic look and feel, and at Three Chamberlain Square this process is a key part of the building’s appeal and identity as a highly sustainable space. Designed by architects Feilden Clegg Bradley Studios (FCBS), Three Chamberlain Square is a radical statement of sustainability for the city and aims to be one of the greenest commercial buildings built in the UK to date. With BREEAM Outstanding and NABERS 5* at design stage ratings already in place, it is already proving to be a first for Birmingham in terms of environmental standards. Ross Fittall, commercial development director at Paradise Birmingham developer MEPC, said: “The façade panels are a key part of the design of Three Chamberlain Square and bring a new architectural aesthetic to Paradise, one that complements the adjacent Grade I listed Town Hall and pays homage to the Victorian terracotta buildings found throughout the city. “As well as being an organic and beautiful material, terracotta is also robust and stands the test of time. It is completely fitting to be used here on Three Chamberlain Square, the most sustainable commercial building in Birmingham, situated in the civic heart of the city centre.” Leader of Birmingham City Council, Councillor John Cotton, joined representatives from MEPC and SRM at the installation of the terracotta panels. He said: “Three Chamberlain Square is a really good example of the tremendous transformation of Birmingham. “We’re seeing record levels of investment in the city and that is about new jobs, new opportunities and bringing new businesses here. This shows how we are working together to change the city for the better so everyone can live, work and thrive in this great city of ours.” As an important contributor to regional growth, Paradise is committed to creating high quality, new pedestrian streets and squares for everyone to enjoy, as well as improving wider pedestrian and public transport links across the city. Early work on the access and transport links around Paradise were supported by Greater Birmingham Local Enterprise Partnership (GBSLEP). Paradise has already completed phase one of the development with One Chamberlain Square wholly occupied by PwC and Two Chamberlain Square providing some of the best views in Birmingham, with stunning vistas across Chamberlain Square itself and of the city’s impressive Classical and Victorian civic architecture. Leisure operators include Dishoom, Rosa’s Thai Café, Albert’s Schloss, F1® Arcade and Yorks Café. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Sir Robert McAlpine appoints Mike Hickson OBE as Managing Director of Defence

Sir Robert McAlpine appoints Mike Hickson OBE as Managing Director of Defence

Mike joins Sir Robert McAlpine from HS2 Limited… Sir Robert McAlpine has today announced the appointment of Mike Hickson OBE as Managing Director of Defence. Joining Sir Robert McAlpine from HS2 Limited, Mike will be responsible for setting and delivering the company’s Defence strategy. This forms an essential part of growing the infrastructure business unit, one of the company’s core sectors.  Mike brings 30 years of military experience to his new role, including active service in Afghanistan and Iraq. As a Brigadier, he was appointed Chief Logistician at PJHQ Northwood before becoming Director of the Royal Logistic Corps. After the military, Mike joined Fluor, initially in business development for government services, before becoming Logistics Director. He then joined HS2 Limited as Programme Director for the Central Section of Phase 1, ultimately spending the last three years as Land and Property Director.  In post, Mike will help develop projects that are critical to the UK’s Defence infrastructure. Commenting on the news, Tony Gates, Executive Managing Director of Infrastructure at Sir Robert McAlpine, said: “We are delighted to welcome Mike to lead our defence team as well as set and deliver our Defence strategy. Mike’s career to date and specialist knowledge of the sector demonstrates he will be an invaluable asset to Sir Robert McAlpine and the right fit to build our Defence business.” Mike Hickson OBE, Managing Director of Defence at Sir Robert McAlpine, said: “Sir Robert McAlpine is a household name, renowned for its infrastructure work. I look forward to working closely with the team to continue that legacy and deliver world class infrastructure for Defence projects.” Sir Robert McAlpine recently signed the Armed Forces Covenant, pledging its commitment to supporting the Armed Forces community. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Willmott Dixon completes construction on new music facility

Willmott Dixon completes construction on new music facility

Willmott Dixon has completed work on a new music facility, worth around £12 million, for Army musicians at the Royal Military Academy Sandhurst (RMAS). The purpose-built facility can now house all 54 musicians serving under British Army Band Sandhurst, offering a modern and acoustically optimised environment for rehearsals, performances and musical collaboration. The project saw Willmott Dixon refurbish former stables dating from c1850 as well as old offices at RMAS to deliver an instrument store, music library, offices, rehearsal rooms, changing rooms, and a crew room. The facility also has sustainable features, with two of the blocks being installed with solar panels and heat source pumps. Called the Joint Bands School project, which began in February 2023, Willmott Dixon worked with the Defence Infrastructure Organisation (DIO) and Pick Everard. It was funded under the Defence Estate Optimisation (DEO) Army Programme, which is investing £3.35Bn over 10 years to improve living, working and training accommodation for soldiers. Accelerated under the SCAPE framework, the completed work achieved Defence Related Environmental Assessment Methodology (DREAM) ‘Very Good’ and ‘Excellent’ ratings, contributing sustainably to the built environment. Debs Thorne, Joint Bands School programme manager, said: “This project is a fantastic example of the significant investment underway across the Army estate, to support military training and future capability through delivery of modern, sustainable infrastructure. I have been impressed by the quality of the finished buildings and I trust that the British Army Band Sandhurst will soon feel at home in their new, purpose-built music facility.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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Balfour Beatty appoints Steve O’Sullivan as Project Director for HS2’s new super-hub station

Balfour Beatty appoints Steve O’Sullivan as Project Director for HS2’s new super-hub station

Balfour Beatty today announces the appointment of Steve O’Sullivan as Project Director with responsibility for Balfour Beatty VINCI SYSTRA’s HS2 Old Oak Common station project. Steve replaces Nigel Russell, who was promoted to Chief Executive Officer of Balfour Beatty’s HS2 Major Projects business in January 2024. With over 40 years’ experience in the industry, Steve has been involved in the delivery of some of the largest and most complex infrastructure projects in the UK and overseas including Nam Cheong Station West Rail interchange in Hong Kong and Terminal 2B and Terminal 5 at Heathrow Airport. In addition, he was responsible for Balfour Beatty’s joint venture project with Morgan Sindall and VINCI Construction, as Senior Project Director, on the Whitechapel Elizabeth Line station project and more recently, was Balfour Beatty’s Senior Representative on the Sizewell C Nuclear power Station project. Steve joined Balfour Beatty as an Electrical Engineering apprentice in 1980 and is testament to the company’s commitment to attracting, training, and retaining its employees to offer customers the best capabilities whilst providing the quality leadership required to drive forward world-class infrastructure projects. Nigel Russell, Chief Executive Officer of Balfour Beatty’s HS2 Major Projects business said: “I am pleased to hand over the reigns of the HS2 Old Oak Common project to Steve. “Steve’s detailed knowledge and understanding of the market, combined with his wealth of experience, makes him perfectly placed to perform this role and lead the delivery of the UK’s best-connected and largest new railway station.” Steve O’Sullivan, Balfour Beatty VINCI SYSTRA Project Director at HS2 Old Oak Common station, said: “I have worked in the construction and infrastructure industry – and at Balfour Beatty in particular – for many years, helping to deliver iconic schemes around the world. “But there is no infrastructure scheme more recognizable than HS2. It’s a household name and is critical for thousands of people and communities in the UK. It is therefore an honour to be leading the 2,000 employees who are already working tirelessly at Old Oak Common to ensure its success and be part of the regeneration of the area in which I grew up.” The Balfour Beatty VINCI SYSTRA joint venture was awarded the HS2 construction management contract for the Old Oak Common station project in 2019, with responsibility for the final design, construction and commissioning of the station and delivering six underground platforms as well as up to eight platforms on the adjacent Great Western Main Line. Last year, Balfour Beatty VINCI SYSTRA celebrated a significant milestone at Old Oak Common, with two years of permanent construction completed including the installation of the 1.2 mile diaphragm wall for the underground box which will contain the six new high-speed platforms and the first base slab concrete pour in the western end of the station box. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Sempra Homes secures funding for Markhams Chase development

Sempra Homes secures funding for Markhams Chase development

Funding has been secured by Sempra Homes for the delivery of the Markhams Chase development in Basildon. The development of three, contemporary two-bedroom houses will be delivered in partnership with One Public Estate under the Government’s Brownfield Land Release Fund (BLRF) programme. Melanie Keys, Services Manager at Sempra Homes commented: “We are pleased to see this development come forward, which will be delivered in partnership with One Public Estate and Homes England. It has been a long time in the making, and we look forward to seeing the transformation of the site from its current unused hardstanding, which has been prone to fly-tipping and nuisance for many years, into three beautiful contemporary homes.” The modern homes will be available as part of Sempra Homes’ Shared Ownership affordable housing programme, which will give priority to Basildon Borough residents, key workers, and veterans, who will be able to purchase these homes and make their first steps on the housing ladder. The homes will be built to a high specification featuring integrated energy-efficient appliances in the kitchen Using a Fabric First Approach, they will be designed to be energy efficient as well as meet National Space standards. Sempra Homes will also be working with Secured by Design officers to achieve gold accreditation, creating a safe place for people to live. As part of the sustainability strategy for the development, each property will have an electric vehicle charging point, and all mature trees will be retained as well as the inclusion of a wild meadow and pollinator planting to encourage wildlife. Sempra Homes will also be creating a new sheltered bus stop on Markhams Close with real-time information boards and providing a contribution of £10,000 towards the Find Your Active Basildon Partnership to improve the health of the local community through well-being and physical activity community work in the area, which is aligned with the Council’s Safe and Sounds Estates work. The development was designed by Calford Seadon Architects and Building Associates are appointed to construct the new development, with PSW acting as Sempra’s Employers Agents. Image: Calford Seaden Building, Design & Construction Magazine | The Choice of Industry Professionals

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JAMES HARDIE APPOINTS NEW CHANNEL MANAGER

James Hardie Appoints new channel manager

James Hardie, the world leader in the manufacture of high-performance fibre cement and fibre gypsum building solutions, has appointed Edward Dunn as Channel Manager to further support trade partners in the North. Ed has nearly 10 years account management experience working for large national accounts and independent wholesalers.  In his most recent role he worked for Glen Dimplex Flame Europe where he was responsible for sales in the North & Scotland. As Channel Manager Ed will identify and drive future growth opportunities for James Hardie products, fostering relationships with key stakeholders at distributors, installers, and contractors in the region. Ed commented: “I wanted to join a fast-paced company where there was scope to develop my role and make a real difference. James Hardie has a great product portfolio and clear strategy for aggressive business growth.  Since I started with the company I’ve been inspired by my colleagues’ attitudes and the support from the senior management team.  I look forward to contributing to the company’s success in the future.”  “The creation of this role underscores our commitment to delivering excellent customer service for our clients and partners,” said Lee Bucknall, UK Sales Manager at James Hardie.  “Ed’s account management experience in the Northern region will help us to develop relationships with the channel, and grow our market share in the area.” Building, Design & Construction Magazine | The Choice of Industry Professionals

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BEP Surface Technologies launches innovation arm BEP Solutions to accelerate metal surface R&D

BEP Surface Technologies launches innovation arm BEP Solutions to accelerate metal surface R&D

New venture to partner with governments, academia and businesses to tackle global challenges… BEP Surface Technologies, a leading metal surface specialist, has launched an innovation arm, BEP Solutions, to accelerate international R&D partnerships to solve global challenges. Leveraging 54 years of engineering know-how and using leading-edge digital techniques, BEP Solutions will build on its strong track record of collaborating with governments, academia and businesses to address challenges within existing and emerging industries. From its innovation lab, located at BEP’s headquarters in Radcliffe, Greater Manchester, the venture will target new partnerships to develop solutions for long-standing barriers in manufacturing and engineering.  The consultancy is poised to make significant contributions in areas such as optimising chill roll processes for leading packaging manufacturers and designing copper-coated canisters to secure long-term nuclear waste storage, prioritising safety and sustainability. BEP works in the plastics, defence, energy, power generation and nuclear sectors and offers unique capabilities to solve contemporary challenges in cutting-edge new industries such as hydrogen and EV battery production. Andrew McClusky, Managing Director of BEP Surface Technologies, said: “For more than half a century BEP has cultivated a research and development mindset to find innovative solutions to metal surface engineering challenges. This has established us as the go-to partner for an impressive list of businesses, universities, and government agencies around the globe. “The launch of BEP Solutions formalises our commitment to further leverage our unique expertise, to strengthen existing partnerships, and to create new ones. A dedicated arm for R&D and innovation offers a conduit to drive transformative advancements to address global challenges.” BEP’s previous collaborations include the Graphene Engineering Innovation Centre (GEIC) to develop a novel graphene-impregnated copper coating, a leading global food packaging manufacturer, to achieve chill roll process optimisation; a major defence supplier, undertaking multi-faceted research programmes into surface coatings; and a global nuclear waste management organisation, driving research into the development of copper-coated containers. Other R&D partnerships have included the University of Sheffield Nuclear Advanced Manufacturing Research Centre (AMRC), part of the High-Value Manufacturing Catapult, Innovate UK, the UK’s national innovation agency, and the National Physical Laboratory (NPL), the UK’s National Metrology Institute. McClusky added: “We value collaborative partnerships, whether working hand-in-hand with government entities to deliver funded research initiatives, collaborating with prestigious academic institutions in the UK, bringing advanced material innovation to meet the rigorous demands of the defence industry, or providing tailored solutions to private enterprises. “Whether advancing surface technologies, optimising industrial processes, or pioneering new solutions, BEP Solutions is ready to collaborate and make a meaningful impact.” For more information visit https://solutions.bep-st.com Building, Design & Construction Magazine | The Choice of Industry Professionals

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Anticipating Market Shifts: AI's Role in Future Real Estate Development

Anticipating Market Shifts: AI’s Role in Future Real Estate Development

It’s often difficult to navigate the changes in the real estate market, but what if you had a compass that could predict the shifts before they happen? Artificial intelligence’s (AI’s) emerging role in real estate development is that compass, guiding developers and investors effectively. Whether it’s crafting personalized experiences for homebuyers or streamlining management processes, AI is reshaping how we approach building communities and investing in them.  5 Ways AI Plays a Role in the Future of Real Estate Development AI is quickly becoming a cornerstone in real estate development, offering tools that revolutionize how we build, market, and manage properties. Here are five ways AI is shaping the future. 1. Predictive Analytics for Investment Insights In real estate development, making informed decisions can mean the difference between a lucrative investment and an underperforming asset. This is where predictive analytics comes into its own, offering a powerful tool for gaining nuanced insights that guide future investments.  By processing vast datasets, including historical property data, current market trends, demographic shifts, and economic indicators, AI uncovers patterns impossible for humans to discern unaided. And according to a McKinsey&Company report, companies that use big data and analytics in their operations are more productive and 5 to 6% more profitable.  For you in real estate development, leveraging predictive analytics means you’re no longer relying on gut feelings or linear projections. Instead, you receive sophisticated forecasts about neighborhood growth trajectories or the ebb and flow of market prices. 2. Virtual Staging AI for Property Marketing In today’s dynamic real estate market, capturing the attention of potential buyers is crucial.  That’s where the concept of AI-powered virtual home staging comes into play, revolutionizing property marketing with cutting-edge technology. By employing virtual staging AI tools for property marketing, agents and developers can create compelling visual narratives from their computer screens. Agents no longer have to lug around furniture to and from the property. Not only that, but a HomeLight survey shows that 83% of agents agree that a staged home will sell faster than a non-staged home. Agents will also save a lot of money and time and have the option to instantly change the furniture of their property to the buyer’s preferences. 3. Enhanced Customer Service with Chatbots  In the real estate arena, responsiveness can be the difference between closing a deal and losing a client. That’s where AI chatbots come into the picture, offering an unrivaled enhancement to customer service. These smart assistants provide immediate communication any time of day or night, ensuring that potential clients always feel heard and aided. Here are some standout benefits of integrating chatbots: An Intercom report found that, while it’s true that 87% of consumers prefer to speak to a human, AI chatbots increased sales by an average of 67%. This proves that when chatbots are used appropriately, they can increase your profit margin and enhance customer service simultaneously.  4. Efficient Property Management Through Automation Property management is evolving rapidly with the advent of AI automation, significantly simplifying the complexities involved in managing real estate assets. By incorporating this technology, property managers can boost their efficiency, cut down on errors, and free up time to focus on more strategic tasks that demand a human touch. Now, they’ll be less busy. Here’s how automation aids in honing property management: Considering that businesses leveraging automation have seen a 14.5% increase in sales productivity and a 12% reduction in marketing overheads, applying these tools to property management boosts your operational competence and positively impacts your bottom line. 5. Tailored Recommendations for Buyers and Renters In today’s real estate landscape, personalization is the key to capturing attention and closing deals. As both buyers and renters wade through an ocean of choices, what they truly crave are recommendations that feel handpicked for their unique needs and lifestyles. The use of sophisticated algorithms allows AI to analyze vast amounts of data on user preferences, past behavior, and even financial criteria to present highly tailored suggestions.  It’s not surprising, then, that 80% of consumers are more likely to make a purchase when brands offer personalized experiences. For people in real estate development or sales, this means employing AI can help predict which properties will work best with your clients. These systems will learn, based on previous data, exactly what buyers and renters want and need.  Anticipating Market Shifts Keeps You Ahead Embrace the power of predictive analytics, virtual staging, and chatbot efficiency to unlock new possibilities and propel your investments forward. The future is beckoning to those ready for innovation in property management and development. So why wait? Take the leap into AI integration today. It could be the decision that shapes your success in the market of tomorrow.

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