2018 Real Estate Outlook
Optimize opportunities in
an ever-changing environment
Brochure / report title goes here | Section title goes here
1
Contents
Create value amid uncertainty and change
1
Unlock the value of REITs: Accelerate business
3
Focus on RE fintech startups: Avail alternative
8
capital options
Embrace robotics & cognitive automation (R&CA):
Augment productivity
12
Reimagine talent and culture: Advance people
16
Chart the path to create value and grow
20
Endnotes
21
Contacts
23
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
1
The real estate (RE) industry seems to be on an
accelerating disruption curve highlighted by rapid
changes in tenant dynamics, customer demographic
shifts, and ever increasing needs for better and faster
data access to allow improved service and amenities.
A case in point: the ongoing development of the
18-million-square-feet Hudson Yards megaproject
in New York City.1 This $25 billon mixed-use
redevelopment on Manhattan's West Side integrates
technology with real estate development. Hudson
Yards is expected to be a connected, sustainable,
and integrated neighborhood of residential and
commercial buildings (retail, hotels, and office),
streets, parks, and public spaces.2
Hudson Yards and some other forward-looking
developments are focusing on items such as heat
mapping to track crowd size and energy usage, opt-in
mobile apps to help collect data about users' health and
activities, and energy savings using a microgrid. These
and other fascinating innovations show some of
the initiatives RE companies are deploying to respond
to the overarching themes of our Outlook reports of
the last two yearstechnology advancements that are
disrupting the ecosystem and innovations that can help
companies effectively prepare for a dynamic future.
Clearly, cities today are no longer mere aggregations of
buildings and people. Moving forward, as the industry
prepares for smart cities and mobility, RE companies
seem to have no choice but to be constantly aware of
new developments in this demanding ecosystem. At
a broader level, there are fast-paced advancements
in mobile computing (5G technology), cognitive, and
artificial intelligence, and use of enhanced data-
gathering tools such as sensors, which are widening
the gap between changes in technology and business
productivity (see figure 1). Often layering into the rapid
change are workforce shifts in age, gender, and race
that are affecting how we do business and redefining
both cultural norms and "job/career satisfaction."
Figure 1: Change in technology vs. business productivity
Source: Josh Bersin, Bill Pelster, Jeff Schwartz, Bernard van der Vyver, "2017 Deloitte Global Human Capital Trends:
Rewriting the rules for the digital age," February 28, 2017.
Time
Business
productivity
Technology change
Gap in business
performance
potential
Rate of changeCreate value amid uncertainty and change
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
2
These ecosystem developments appear to signal more
change and uncertainty, and may even confuse many
RE executives about the best way to move forward.
We believe that companies should consider to look
within at current processes and people and evaluate
different ways to bridge the gap between technology
advancements and business productivity. Based on
in-depth research and analysis as well as extensive
discussions with industry professionals, we expect
that RE companies could maximize value creation and
growth by prioritizing the following four themes as they
plan for the next 12-18 months:
Accelerate business: Unlock the value
of real estate investment trusts (REITs)
Avail alternative capital options:
Focus on RE fintech startups
Augment productivity: Embrace robotic
and cognitive automation (R&CA)
Advance people: Reimagine talent
and culture
Overall, with the continuous shift at all levelscore
business, tenants, and peopleRE companies may have
to take some risks and show dexterity in embracing
change and adapting for the future.
The real estate industry seems to be
on an accelerating disruption curve
highlighted by rapid changes in tenant
dynamics, customer demographic shifts,
and ever-increasing needs for better and
faster data access to allow improved
service and amenities.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
3
What is the new market expectation when it
comes to value?
Currently, many traditional REITs are trading well below
their net asset values (NAVs). Consider these statistics:
As of July 26, 2017, the SNL US REIT Equity index was
down 5.6 percent year-over-year (YOY) compared with
the 14.2 percent rise in the S&P 500.3 Among REIT
subsectors, retail and office REITs have been the most
impacted with negative YOY returns of 25.5 percent and
7.8 percent, respectively.4 Overall, REITs are trading at a
4 percent discount to NAV, with regional malls trading at
a historically high discount of 33.3 percent.5 Certainly,
a lot of value has been eroded, despite the fact that
commercial real estate (CRE) fundamentals remain
strong with positive rent growth and net absorption
and stable vacancy rates across nearly all core property
types.6 In contrast, the nontraditional REIT peers, such
as those focused on telecom towers and data centers,
continue to outperform traditional REITs and even the
broader market indices. For instance, as of July 31, 2017,
FTSE NAREIT indices for infrastructure REITs and data
center REITs rose 14.4 percent YOY and 20.2 percent
YOY, respectively, while the S&P 500 returned 13.7
percent in the same period.7
So what could be bothering investors and markets
about traditional REIT stocks? We believe there could
be three factors.
First, the market could be discounting traditional
REIT stock prices for the broader macroeconomic
trends, such as rising interest rates, tightening lending
standards, and perceived heated property valuations.
Second, REIT stocks are likely being impacted by the
influence of market trends that are impacting tenants.
The media coverage or the carryover stigma of certain
industries most affected by disruption could be the
Achilles' heel for high performing large REITs, even those
with class-A properties. This could very well be the case
with class-A mall REITs.8
Third, the rise in investor activism in the real estate
space is perhaps delaying decisions that create higher
shareholder value in the long term. To put this in
perspective, the number of activist campaigns rose
to 23 in 2016 compared with just three in 2010, and
certain other estimates suggest that 15 percent of all
the activist campaigns in 2016 targeted the real estate
sector.9 Many of these activities are aimed at just making
short-term gains or are related to concerns around
capital allocation and corporate governance.10 As an
example, many investors tend to raise concerns about
the boards' rights to amend bylaws without shareholder
approval and provisions under the Maryland Unsolicited
Takeover Act, which, among other things, allows REITs
to independently stagger their boards.11 Further, the
separate Global Industry Classification Standard (GICS)
classification of real estate as a separate sector has
increased interest from generalist investors who, in
many cases, may not have the sophisticated level of
understanding that REIT-dedicated investors have. As
a result, many REITs are striving to find the balance
between prioritizing short-term considerations to
respond to shareholder activists and making necessary
investments, such as in technology that could drive
value in the long term.
In any case, the above macroeconomic and sectoral
trends have driven M&A activity in the REIT sectorin
2016, deal value rose 44.2 percent YOY to $66.9 billion,
the highest since 2006.12 Interestingly, the number
of deals in 2016 was a tad lower than the prior year,
indicating larger average deal size. In the first half of
2017, deal value has been lower than in the first half of
2016, but higher than in the second half of 2016. Please
refer to figure 2 for more details.
Unlock the value of REITs:
Accelerate business
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
5
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
4
M&A activity with REIT as targets
Annual deal count (RHS)
Deal value ($ Million-1H)
Deal value ($ Million-2H)
0
10
20
30
40
2012
2013
2014
2015
2016
1H2017
20,000
0
40,000
60,000
80,000
REIT valuation and returns by property type*
*Data center and infrastructure returns are as of July 31, 2017 while all others are as of July 26, 2017.
Source: S&P Global Market Intelligence, FTSE NAREIT US Real Estate Index Returns, NAREIT.
Premium/discount to NAV
FTSE NAREIT Index returns (YOY)
SNL US REIT Index returns (YOY)
4.5
-1.3
-10.1
-15.1
-33.3
20.2
14.4
7.2
4.4
-5.6
-7.8
-25.9
-27.2
-40
-30
-20
-10
0
10
20
30
Data
center
Infrastructure Industrial Multifamily
All
Office
Shopping
center
Regional
mall
PercentageNA
NA
-4
2Q17
2Q16
Vacancy
0%
5%
10%
15%
Office
Industrial
Retail
2%
4%
6%
Office
Industrial
Retail
Rent growth
Net absorption (MSF)
0
20
40
60
80
Office
Industrial
Retail
2Q17
2Q16
Source: Q2 2017 Office and Industrial MarketBeat, Cushman & Wakefield; US Retail Outlook Q2 2016 and Q2 2017, JLL.
Macroeconomic
headwinds
Lending standards
Interest rates
Property prices
Investor activism
Active M&A
market
Negative returns and discounted REIT valuations
Deal value soared in 2016. 1H17 was slower than 1H16, but better than 2H16
0%
20%
40%
60%
80%
100%
2012
2013
2014
2015
2016
2017 YTD
Government
Investor
Private
Public
Number of deals by acquirer's ultimate parent status
Private acquirers give equal competition to public acquirers in 2017
Deal multiples
0
5
10
15
20
25
2012
2013
2014
2015
2016
2017 YTD
Median deal value to EBIDTA
Median deal value to sales
Source: Thomson Reuters, accessed on July 7, 2017; Deloitte Center for Financial Services analysis.
Median deal multiples started to rise in 2017 after declining in the last
two years
However, CRE fundamentals remain robust
Figure 2: Numberspeak: Factors affecting REIT valuations
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
6
Where should companies start?
There are many ways traditional REITs can consider to
unlock value, including revisiting corporate governance
and communication strategy, optimizing property
portfolios, and reassessing the public status.
Revisit corporate governance and communication
strategy: In light of changing investor demography
and activism, REITs would benefit from improving
transparency by reassessing existing corporate
governance practices and communication strategy.
This is important, as the acid test for every public
company is how well it succeeds in managing investor
confidence and risk perception. REITs would have to
be more inclusive and transparent in selecting board
members, designing the governance framework and
structure, and assigning roles and responsibilities.13
REIT boards would also have to work more
collaboratively and communicate more frequently
with various stakeholders, such as management,
regulators, and investors. Along with frequent,
tailored, and timely communication, REITs should
evaluate the channel and content.
From a channel perspective, REITs are likely to benefit
from a combination of in-person and online investor
outreach programs. According to a March 2017 NAREIT
survey of REIT investor relations professionals, two-
thirds do not use social media as part of their investor
relations strategy and most of them prefer traditional
communication techniques.14
From a content perspective, REITs have an opportunity
to use the latest visualization and analytical tools to
provide business insights. For this, they can increase
technology investment to consistently measure and
analyze the company and market performance and
possibly enhance their forecasting ability.
Optimize property portfolio: Strategic portfolio
optimization is another possible way to unlock
shareholder value. Companies can consider reassessing
their property portfolio to identify and shed non-core
assets or unlock value through spin-offs. Property and
portfolio disposition involves sophisticated financial
modeling and analysis of current and future financial
projections to identify non-core properties and the
impact on the financial performance of the REIT going
forward. Spin-offs can be even more complicated. REITs
should evaluate whether the portfolio to be separated
has the scale and the management team to be
successful as a standalone entity, and would also need
to convince shareholders and investors of the financial
benefits of the transaction.
Alternatively, REITs can assess the size and scale they
need to achieve in order to compete on cost of capital,
develop long-term multichannel relationships, operate
efficiently and effectively, and attract key talent. In
addition, consistent with the investor communications
discussion above, REIT executive management needs to
be able to communicate to the investor community the
specific benefits of scale. In fact, out of the 10 US REIT
mergers announced in the first half of 2017, six were
aimed at building scale by expanding presence in new
geographic markets and/or property types.15
Finally, as part of overall portfolio optimization, REITs
can continue to increase investments in technologies
to create operational efficiencies and improve topline
growth. For instance, companies can target higher
proportions of smart buildings in their portfolios to
provide more value to owners and occupiers in the
form of lower operating expenses, such as energy
costs, improved health and productivity benefits
through smarter heating, ventilation, and air-
conditioning (HVAC), and lighting; and tighter security
due to real-time monitoring and faster emergency
response systems.16 For revenue optimization,
companies can make more informed decisions based
on data and insights from Internet of Things or IOT
sensors and transparent market information, such as
lease comparables. Companies can combine, analyze,
and present insights from the large sets of sensor data
in a manner that tenants or other stakeholders can
leverage in order to better predict behaviors and thus
augment their decision making.17
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
7
Challenge public/private status: While public
REIT status has the benefits of liquidity and easier
access to capital, it also entails higher costs in terms
of administrative and regulatory requirements. In
addition, many believe that the public markets are
challenged in determining value for current and
future development opportunities, and discount
them more than private markets. In times of lower
market valuations, REITs could do well to conduct a
cost-benefit analysis to assess whether their current
scale and valuation justify the costs of remaining
public and listed. At times, the cost of compliance
with regulations from the US Securities and Exchange
Commission (SEC) and Sarbanes-Oxley, maintenance
of investor relations and public reporting groups, and
other overhead associated with being public can more
than offset the cost of capital benefits of being public.
In the case of higher costs and stakeholders being
open to privatization, companies can look at strategic
or financial buyout transactions as private institutional
investors continue to scout for opportunities in
the public space.18 In fact, there could even be
opportunities to bring private capital into hard-to-value
segments of a REIT's business, such as development, to
provide a better indicator of value of the development
opportunities and perhaps drive a lower overall cost of
capital. For example, the REIT could raise a fund from
institutional investors or joint venture with private
equity investors to fund development projects.
The bottom line
Unlike in past years, REIT valuations today are
increasingly impacted by investor activism
and media attention. This is compounded by
the current dilemma faced by many REITs of
highlighting intrinsic value and base fundamental
economic improvements compared with
the perceived value. To unleash this value,
companies should consider different approaches
to reinstate shareholder enthusiasm. This would
require critical assessment of existing corporate
governance and communication strategies and
also the current state of operations, growth
opportunities, and strategic alternatives, which
may lead to M&A or company structuring
considerations.
There are many ways traditional
REITs can consider to unlock value,
including revisiting corporate
governance and communication
strategy, optimizing property
portfolios, and reassessing
public/private status.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
8
Why should companies focus on
RE fintech startups?
Technology startups seem to be here to stay. Rapid
advancements in technology have lowered entry
barriers for tech startups. Over the last 15 years, the
cost of establishing an internet-based startup has
reduced substantially, from $3 million in the 1990s to
just $300 today.19 And in the recent past, these startups
have become more and more synonymous with
disruption and innovation.
The last decade has witnessed an exponential growth
in RE tech startups. Globally, the number of RE tech
startups rose from 176 in 2008 to 1,274 by 2017.20 In
the same period, cumulative investments in these
startups soared from $2.4 billion to $33.7 billion.21
While venture capital (VC) remains the dominant
funding source, there is substantial capital flow from
non-VC investors as well, including REITs, established
real estate services companies and investors, private
equity firms, and high net worth individuals. In the
five-year period between 2011 and 2016, funding
from non-VC sources for RE tech startups increased
at a compound annual growth rate (CAGR) of 65.7
percent to $2.3 billion in 2016.22 And there is an all-
time record funding of $5.8 billion year-to-date (YTD),
as of September 18, 2017.23 Please refer to figure 3 for
more details.
For the purposes of this outlook, we've categorized RE
tech startups into two categories: RE operations and
RE fintechs.
Operations-related tech startups focus on the core
real estate business, such as property search, leasing,
facility management, smart building technologies, and
home services.

RE fintechs are enabling financing and investments
in real estate. They offer diverse services and
solutions, such as real estate transaction services,
digital lending platforms for CRE owners and
lenders, online real estate investments options for
individuals, and investments in single-family homes
for institutional investors.
Focus on real estate fintech startups:
Avail alternative capital options
The fintech onslaught cannot be
ignored. Traditional RE companies
can benefit by engaging with
these startups in different ways.
Companies can make choices
based on their investing capacity,
the utility of a startup's services, its
need for financing, and so forth.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
9
The general notion is often that startups are a threat
to incumbent RE companies. And this may be true, as
with the help of technology, they are indeed offering
innovative solutions and enhanced user experiences
at a relatively lower cost, faster pace, and with a
user-friendly environment. Take the case of startups
that directly compete with REITs by providing online
investment avenues for individuals to invest in CRE.24
Also called eREITs, their solutions combine the
features of nontraded REITs and crowdfunding, with
lower fees.25 However, unlike traditional crowdfunding
ventures, eREITs offer multiple and diversified asset-
lending services. Large crowdfunding firms, such
as Fundrise and RealtyMogul.com, have been key
proponents of eREITs so far.26 Even companies such as
RealtyShares provide similar investment opportunities
in CRE and are looking to potentially compete
with traditional REITs. As such, RE fintech startups
comprise only 3.2 percent of the overall global RE
tech startup space by investments, having raised
$1.1 billion so far, but they are certainly disrupting
traditional business models.27
Alternately, there are many ways in which traditional
RE companies can benefit from the solutions offered
by RE fintech firms. The platforms these firms provide
can expand and diversify the lender base and enable
more individuals and institutions to get exposure to real
estate. This is especially useful for US-based companies,
which face a challenging financing environment, where
traditional lenders such as banks are tightening lending
standards and commercial mortgage-backed securities
(CMBS) issuances remain well below their historical
highs due to the implementation of the new regulations
following the 2008 financial crisis. In light of the fact that
the global online lending industry is expected to grow
from $40 billion in 2016 to over $1 trillion in the next five
years, the growth in CRE financing may very well be led
by these RE fintechs.28
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
10
Yearly investments in RE fintechs by investor type*
RE fintech startups continue to receive increased funding each year, dominated by VC investors.
*Analysis based on startups established in or after 1998; Venture Scanner data is as of September 18, 2017.
Source: Venture Scanner; Deloitte Center for Financial Services analysis.
Venture capital
Debt financing
Seed
Others
50
0
100
150
200
250
300
$ Million2012
2013
2014
2015
2016
2017 YTD
Prominent RE fintech models
1. Digital lending platforms
for CRE owners and lenders
2. Online RE investment solutions
for individuals
3. Commercial and residential
investment options for
institutional investors
4. Property transaction services
Top five RE fintechs
1. Cadre
2. Money360
3. HouseCanary, Inc.
4. RealtyShares
5. Better Mortgage
Based on total
investment received*
*Analysis based on Venture Scanner data as of September 18, 2017.
Source: Venture Scanner; Deloitte Center for Financial Services analysis.
Number of tech startups
Overall1274
RE fintechs178
Investments
Overall$33.7 billion
RE fintechs$1.1 billion
Figure 3: Numberspeak: RE fintech overview
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
11
Where should companies start?
The fintech onslaught cannot be ignored. Traditional
RE companies can benefit by engaging with these
startups in different ways. Companies can make
choices based on their investing capacity, the utility of
a startup's services, its need for financing, and so forth.
As end users, RE companies can leverage some of the
online services and solutions for key property-related
decisions. Companies can also access capital by using
the innovative funding and investing platforms that RE
fintechs have to offer. Alternately, they could partner
with the RE fintechs for meeting their financing and
investment needs. Finally, RE companies can invest in
them and benefit from their growth.
Use RE fintechs' services: CRE owners, developers,
and investors can use RE fintech platforms for a variety
of servicesincluding leasing, acquisition, disposition
decisions, managing the underwriting process, and
accessing detailed financial models for property financing.
The most obvious and key benefits would be efficiency
and convenience as these online and sharable solutions
have the capability to provide analysis faster, cheaper, and
more efficiently.29 As an example, Assess+RE provides
cloud-based services such as property-level valuation
models and related financial analysis.30
Partner: CRE owners, operators, and developers
can collaborate with startups to raise equity, secure
joint venture partners, or even sell their properties by
gaining access to accredited and institutional investors.
Cadre, with $133.3 million in funding, is one such
platform that helps connect CRE owners, operators,
and investors.31,32 CRE owners can also partner with
startups to finance projects and obtain loan offers from
a diverse set of lenders, including banks, private equity
firms, and crowdfunders. For instance, digital lending
marketplaces, such as StackSource, help connect CRE
owners and lenders.33
Invest: RE companies that have a fair understanding
of the startup business, substantial funds, and the
appropriate risk appetite can invest in fintechs with a
strong value proposition. RE companies could take this
route for a variety of reasons, including relevance to
existing business or future strategy and the desire to
gain knowledge of the startup's technology or other
intellectual property. In some instances, RE companies
may want to create value for the startup by sharing their
expertise and/or relationships or even contributing
to the startup's business by being customers for its
products or services.
The bottom line
The RE space is witnessing significant action.
Almost every day, new headlines appear about
digital initiatives, digital incubators/innovation
teams, acquisitions or collaboration with nimble
fintech firms, and more. Startups are constantly
incubating new ideas as they continue to
increase in size and services. As such, traditional
RE companies can potentially benefit from
collaborating with the fintech startups. However,
they would need to assess their engagement
approach with the fintech startups, as the latter
have a significantly different style of operations.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
12
Why should companies
consider R&CA?
Automation is transforming the industry, changing
the nature of work and helping companies go beyond
conventional barriers. RE companies have been
rather slow to adopt technology effectively and
this reflects in the many operational inefficiencies
that plague the industry today. For example, many
RE companies continue to use spreadsheets for
recording, collating, and analyzing data for cost
aggregation, lease administration, invoices, accounts
payables, property valuation, and forecasting.
However, many other businesses in other industries
(and some of the technology leaders among RE
companies) use sophisticated analytical tools
on gathered data to provide enhanced business
intelligence and visualization.
Further, as an example, a deeper dive into an RE
company's lease accounting and administration
processes suggests that many documentssuch as
lease agreements, deeds, brokerage contracts, vendor
payables and credit applications, property management
agreements, and property tax assessmentsare still
maintained in a physical (either scanned or spreadsheet)
format. As a result, substantial time is often spent
reading, manipulating, or abstracting paper or digital
documents for relevant information. Many times, RE
players are also challenged to perform in-depth analysis,
as the data is not structured in the desired format.
Consequently, companies typically employ dedicated
teams for defining parameters and analyzing the data.
More importantly, they are challenged to develop and
capitalize on the insights locked within their documents
to make informed decisions.
The high level of human involvement increases the
probability of fraud and error. Research suggests
that most errors in the accounting and tax functions
tend to be the result of human involvement: deletion
of spreadsheet formulas and incorrect manual
calculations, multiple sources of data input, and storage
of sensitive data on unsecured devices.34
R&CA technology can be a game changer in this evolving
environment. A combination of robotic process and
cognitive automation, it can help RE companies reduce
errors and increase operational efficiency by replicating
human actions and judgment at tremendous speed,
scale, and quality, all at a relatively lower cost.
Let's understand the two technologies in more detail.
First, robotic process automation (RPA) essentially uses
software to automate many manual, repetitive and often
rules-based processes and tasks.35 The technology has
huge potential, with the market estimated to touch
$16.9 billion in 2024, which reflects a CAGR of 47.1
percent during the 2016-2024 period.36
Second, cognitive automation uses machine learning
capabilities for judgment-based processes and
predictive decisions. Natural language processing,
natural language generation, machine learning, cognitive
analytics, and sensing are some of the cognitive
capabilities that can revolutionize the RE ecosystem.
Embrace robotics & cognitive automation
(R&CA): Augment productivity
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
13
The implementation of R&CA can eliminate inefficiency
inherent in many finance and accounting taskssuch as
lease accounting and administration, invoice processing,
and payroll managementby:
Optimizing costs: RPA can decrease costs drastically
and may even end up being cheaper than offshoring.37
R&CA software can enable processing 24/7/365
without breaks and holidays.
Improving speed and accuracy: RPA can accomplish
mundane and cumbersome tasks, such as extraction
and digitization of data from lease contracts or
invoices, faster and more accurately than people can.38
Studies have shown that using cognitive technology
to generate actionable data from unstructured
documents can increase efficiency by 4.5 times than
traditional processes.39
Streamlining record management: Optical
character recognition with cognitive technologies can
enable lease records, invoices, and other essential
documents that are usually recorded manually or
scanned to be converted into formats suitable for
reporting and analysis.
Enhancing compliance and risk monitoring:
Given the rule-based nature of RPA, RE companies
can automate many of their risk and compliance
monitoring activities. As examples, tracking invoices
for compliance with contractual terms or periodic
review of lease contracts to avoid any potential risks
of tenant defaults of any contractual obligation can be
easily automated.
Allowing informed decision making: Use of
cognitive extraction technologies such as natural
language processing or NLP would allow companies to
cull relevant data and information from unstructured
documents fairly quickly. After that, RE companies
can use a variety of tools and technologies to convert
the unstructured data into a structured format, and
then visualize and generate actionable insights.40
For example, converting lease data into a structured
format could also provide benefits to property
management, lease administration, and billing
processes as it would be easier to integrate the data
and store it in a more centralized manner.
Eventually, RE companies would be able to enhance
their overall productivity and utilize their employees to
perform more meaningful tasks.
RE companies may also have to revisit their talent
strategy, as use of R&CA technologies may require them
to train employees to do higher-order work that requires
thoughtfulness and discernment. To know more about
this, please read the "Reimagine talent
and culture" section later in the report.
The implementation of R&CA can eliminate
inefficiency inherent in many finance
and accounting taskssuch as lease
accounting and administration, invoice
processing, and payroll management.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
14
81%
Property, real estate,
and community
association managers
Less than 10%
10-20%
20-40%
40% +
90%
Appraisers and
assessors of real estate
94%
Budget
analysts
98%
Bookkeeping,
accounting, and
auditing clerks
98%
Procurement
clerks
99%
Title examiners,
abstractors,
and searchers
Probability of key occupations being
affected by automation
Expected cost savings through RPA implementation
Savings anticipated by organizations
Note: The numbers mentioned above are based on
the research paper "The Future of Employment: How
Susceptible Are Jobs to Computerization?"
Source: Frey, C. B., & Osborne, M. A. (2017). The future of
employment: How susceptible are jobs to computerisation?
Technological Forecasting and Social Change, 114, 254280.
http://doi.org/10.1016/j.techfore.2016.08.019
Source: Deloitte Global Shared Services Survey, 2017.
20%
45%
27%
9%
RPA technology is expected
to help organizations achieve
significantly higher savings and
productivity gains
Figure 4: Numberspeak: Expected automation of key RE occupations and cost savings through RPA implementation
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
15
Where should companies start?
Given the apparent benefits of R&CA technology,
RE companies should consider evaluating processes
and tasks that can be automated and the technology
implementation approach.
Evaluate processes and tasks: To begin with, RE
companies should assess current processes and
tasks, and identify the tasks eligible for RPA and
cognitive automation respectively or collectively.
Some of the key considerations could be a large
volume and repetitive nature of work, scalability
through addition of labor, high incidence of errors,
use of traditional workflow tools, budget constraints
that are limiting system modernization, and workflows
where decision making is based on disparate systems.
Roles requiring perceptual human skills, such as
handwriting recognition or facial identification, and
other cognitive abilities, like planning and reasoning,
could also be considered. Based on our analysis of
some of the key jobs in the RE sector (highlighted in
figure 4), we believe many property appraisal, budget
analysis, accounting, bookkeeping, and auditing and
property management related tasks are ripe for RPA
application. RE companies may even consider using
R&CA technology for future cash flow projections,
billing, payables processing, and payroll applications.
Assess implementation approach: Along with
assessing processes and tasks, RE companies would
need to evaluate the technology implementation
approach that they wish to pursue. This will largely
depend on their budgets and estimated return on
investment and the sense of urgency to automate
existing tasks.
Along with this, RE companies should consider two
more things, which go beyond financial considerations.
First, it would be an imperative for companies to
evaluate and implement data access, protection, and
privacy measures based on the amount of tenants'
and employees' personally identifiable information or
PII processed using these technologies. Second, RE
owners should acknowledge that the application of
R&CA technology would enable use of information and
analysis across different functions. This would require
more collaboration among a variety of stakeholders.
The bottom line
Like any new technology, R&CA typically comes
with the promise to improve routine tasks
radically by making them faster, cheaper, and
more accurate. RE owners have an opportunity
to embrace automation to drive operational
efficiency and augment productivity. Over time,
companies should consider using R&CA to create
more value through improved decision making
rather than just cost efficiencies.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
16
Why should companies
focus on talent and culture?
As real estate and construction (RE&C) companies
adapt to today's dynamic digital environment,
they must also confront a unique and challenging
talent situation. The workforce is becoming
increasingly diverse by generation, gender, and other
demographics. At the same time, it is increasingly
working side by side with machines in a more
hyperconnected and global environment. There
is a high potential of shorter shelf-life for many
employees' existing skills. These converging forces of
business disruption and talent disruption are creating
a perfect storm for RE&C companies.
RE&C companies are facing multiple talent concerns: an
ever-increasing shortage of skilled workers, a relatively
larger proportion of Baby Boomers in the workforce
approaching retirement with significantly fewer Gen
Xers in the population to replace them, and the industry
as a whole being seen as an unappealing proposition
for Millennials.41 In fact, the MIT Sloan Management
Review and Deloitte Digital's 2017 global study of digital
business revealed that only 10 percent of the global
RE&C respondents agreed or strongly agreed that their
organization has sufficient talent today to support their
digital business strategy.42
The current age demographics of RE employees
are quite revealing and could be concerning. In the
construction sector, the proportion of employees 55
years and older increased to 21 percent in 2016 from
16.8 percent in 2011.43 In the real estate sector, the
situation may be even more concerning, with 35.7
percent of employees in the 55 years or older age
category in 2016 compared to 32.1 percent in 2011.44
Research suggests that many RE&C companies aren't
effectively developing the next generation of leaders
despite a tenured leadership.45 In addition, these leaders
often follow a traditional hierarchical approach to
leadership, where decision making is driven by positional
authority and not skills or proficiency.46
In contrast, at 7.3 percent for construction and 4.3
percent for real estate, the proportion of workers in the
20-24 age group held constant during the comparable
period.47 This may be due to many RE&C companies
continuing to follow traditional and outmoded
approaches to attracting and retaining talent and
managing the organization. Consequently, the industry
may hold little or no charm for prospective Millennial
and Gen Z employees.48 RE&C companies, as a result,
seem challenged in hiring skilled younger talent. As
the findings of the 2017 survey of the Associated
General Contractors of America showed, 73 percent of
engineering and construction firms are finding it difficult
to hire skilled workers.49
Further, the focus, or perhaps lack of it, on employee
experience is another notable element that could be
negatively affecting culture at RE&C companies. For the
purposes of this report, we use the term "employee
experience" to describe how employees feel about their
employer organization with regard to opportunities
for growth, skills development, employee engagement,
and willingness to continue to work for their current
company.50 Legacy cultural attributes, which include a
company's adaptability to change, work style, leadership
style, decision making, or for that matter, risk appetite
may not be effective as work evolves and the war for
talent intensifies.
Consider this: Only 38 percent of the RE&C respondents
of the MIT Sloan Management Review and Deloitte
Digital's 2017 global study of digital business agreed or
strongly agreed that the leaders have the necessary
vision to lead a digital business. And 77 percent of RE&C
respondents agreed or strongly agreed that they expect
their jobs to change considerably over the next three
to five years as a result of digital business trends. At
the same time, only 30 percent of respondents agreed
or strongly agreed that their organization provides its
employees with adequate resources to develop skills to
thrive in a digital business environment. This presumed
lack of focus on digital readiness and the employee
experience may be contributing to the lack of talent
"stickiness" with which many current organizations seem
to be struggling. Please refer to figure 5 for more details.
Reimagine talent and culture:
Advance people
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
17
RE&C companies face several talent, leadership, and cultural challenges, which may hinder growth during the ongoing
digital transformation of the industry.
Source: 1 MIT Sloan Management Review and Deloitte
Digital's 2017 global study of digital business and
Deloitte Center for Financial Services analysis.
2 "Avoiding Vacancy: Becoming a 'Succession
Leader' in the Real Estate Sector," Russell Reynolds
Associates.
Source: MIT Sloan Management Review and Deloitte
Digital's 2017 global study of digital business and
Deloitte Center for Financial Services analysis.
And
Limited focus on
succession planning2
However...
And...
Traditional leadership models
Lack of leadership vision1
Less emphasis on
employee experience
Aging demographics
The proportion of Baby Boomers
(55 years and older) in the RE&C
workforce is on the rise
Source: Bureau of Labor Statistics,
accessed on July 30, 2017.
Construction
7.3%
Real Estate
4.3%
The proportion of workers in the
20-24 age group are essentially
flat for both the industries
during the same period
Only 38 percent
of the RE&C respondents agree
or strongly agree that their
leaders have the vision
necessary to lead their
digital business efforts
77 percent
of RE&C respondents agree or
strongly agree that their jobs will change
considerably over the next three to five
years as a result of digital business trends
Only 29 percent
of respondents agree or strongly
agree that their organization provides
adequate resources to develop skills to
thrive in a digital business environment
59 percent
of RE&C respondents expect to
work for their organization no
more than three years
Only 11 percent
of senior real estate leaders
believe the industry is adequately
prepared for CEO succession
Figure 5: Numberspeak: Talent, leadership, and cultural challenges faced by the RE&C industry
Construction
Real Estate
16.8%
32.1%
21.0%
35.7%
2011
2016
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
18
Where should companies start?
Clearly, RE&C companies should consider rethinking
their approach to talent, employee experience, and
organizational culture as the industry undergoes a
digital transformationif they are to stay viable. In
order to thrive in this ongoing change, the predominant
focus has to be threefold: tap the open talent economy,
redefine existing leadership models, and enrich the
employee experience.
Tap the open talent economy: RE&C companies
should likely realize and accept the fact that the
borderless talent economy is here to stay. Workers
now take many formstraditional "balance-sheet"
employees, contingent workers who are part of the
"gig" economy, contract outsourcers or "as a service"
workers, and autonomous machines/robots. The best
way forward for RE&C companies may be to integrate
the concept of the open talent economy into their
talent strategy. This new open talent economy is "a
collaborative, transparent, technology-enabled, rapid-
cycle way of doing business."51 It encompasses both
traditional and alternative work arrangements, such
as salaried workers, hourly employees, freelancers,
temporary workers, independent employees, and
open source talent.52 Interestingly, alternative work
arrangements contributed to 94 percent of the net new
employment between 2005 and 2015 in the United
States.53 Given this rapid evolution of work, companies
should consider more collaborative recruitment
approaches, involving the business, human resources,
and other relevant functions.54 RE&C leaders should
consider creating a digital employer brand and using
online social technologies to attract and engage
with prospective Millennial and Gen Z candidates
throughout the recruitment process.
Redefine existing leadership models: As
highlighted earlier, the possible lack of readiness of
existing RE&C leadership to steer their organizations
through the ongoing digital transformation of the
industry and the pervasive lack of robust succession
planning can be quite worrisome. According to the MIT
Sloan Management Review and Deloitte Digital's 2017
global study of digital business, RE&C respondents
considered an experimentation mind-set, a risk-taking
attitude, and a willingness to speak out as the three
most important leadership attributes for leaders to
demonstrate the ability to meet a company's digital
business transformation objectives.55 Certainly,
today's leaders need to transform into digital leaders,
which may require them to think, act, and react
differently.56 RE&C companies may want to consider
streamlining to a relatively flatter and collaborative
leadership structure, and start the process of
identifying future leaders earlier. Additionally, RE&C
companies should create experiential learning
opportunities to hone the necessary leadership skills
of existing and future leaders.57
Enrich the employee experience: RE&C companies
should consider a holistic approach to enhancing
the employee experience. This would happen when
companies successfully align their culture with the
evolving business, operating, and customer models.58
Companies should consider rewiring some of their
core cultural attributes to include agility, collaboration,
bolder risk appetite, distributed organization
structures, and data-driven decision making. To
explore these attributes in greater detail, please
refer to our report, Digital transformation in financial
services: The need to rewire organizational DNA.
Further, RE&C companies can improve their employee
engagement by making it a business priority. Deloitte's
Simply Irresistible OrganizationTM framework suggests
that five elementsmeaningful work, hands-on
engagement, positive work environment, growth
opportunity, and trust in leadershipwould allow
companies to increase engagement.59 Examples of
how companies manifest this include time and location
flexibility so that employees can better balance their
personal and professional lives, corporate social
responsibility opportunities that give a sense of purpose
by connecting the company and its employees with the
community, and customized learning and development
programs to cater to a more diverse workforce.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
19
As a case example, to enhance its employee
experience, CBRE Group, Inc., a CRE services company,
is redesigning its workplace to promote collaboration.60
The company is using a comprehensive approach
to improve employee engagement. Among others,
they are offering flexible work options and targeted
community improvement activities.61 CBRE also has
robust learning and development programs and
platforms for self-paced training and structured
professional development programs using immersive
learning and mentoring techniques.62
The bottom line
It seems the right time for RE&C companies
to make talent, the employee experience,
innovative leadership, and culture part of their
strategic priorities. This would allow companies
to better prepare for a digital future and to
build these capabilities as a competitive talent
differentiator. The way forward is likely not
going to be easy. Many RE&C companies may
have to rewire existing behaviors and remodel
key aspects of their HR functionrecruitment,
the employee experience, organizational
design, and leader development, for example.
But, as the future of work evolves with
the open talent economy and accelerating
advancements in cognitive technologies,
machine learning, and artificial intelligence,
RE&C companies will likely have to be agile,
innovative, and collaborative to continue to
stay ahead of their competitors in the race for
positive financial impact. The choice is clear:
keep pace with the changes in the environment
around us or slowly become irrelevant.
Methodology: Reimagine talent and culture
Our report leverages data from the 2017 Digital Business Global Executive
Study and Research Project, conducted by MIT Sloan Management Review
and Deloitte. To understand the challenges and opportunities associated
with the use of digital technology, MIT Sloan Management Review, in
collaboration with Deloitte, conducted its sixth annual survey of more than
3,500 business executives, managers, and analysts from organizations
around the world. Completed in the fall of 2016, the survey captured
insights from individuals in 117 countries and 29 industries, including
organizations of various sizes. More than two-thirds of the respondents
were from outside of the United States. The sample was drawn from
a number of sources, including MIT Sloan Management Review readers,
Deloitte Dbriefs webcast subscribers, and other interested parties. In
addition to the survey results, business executives from a number of
industries, as well as technology vendors, were interviewed to understand
the practical issues facing organizations today. Their insights contributed
to a richer understanding of the data.
For purposes of this report, we analyzed the 81 real estate and
construction respondents.
Global real estate and construction respondents'
geographic profile
23%
5%
72%
Undefined
Non-US countries
The US
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
20
RE companies face myriad challenges todayfrom the
way technology has leapfrogged into every aspect of
the industry to cultural changes, which if not embraced,
threaten to render companies or the service they deliver
obsolete. In the face of this, how do companies enhance
value and propel growth?
RE companies should be sharp as a tack and
acknowledge that the dimensions of value creation
and growth are changing rapidly. Using technology
and data to enhance not only tenant engagement, but
also operations and employee performance seems
the new norm. However, there is always a risk of tunnel
visionvalue creation should be more than mere
investments in new technologies. It requires a change in
mindset. Companies have to break existing silos among
people and processes. They have to learn to collaborate
intentionally, both internally (different functions) and
externally (fintech startups, customers and tenants,
government, and peers). RE companies also need to be
more fluid with processes and talent. Finally, companies
should communicate more frequently and regularly with
various internal and external stakeholders.
RE executives should take a step back and reflect on
their current operating model and its readiness to adapt
to the changing rules of the game. There isn't a one-
size-fits-all approach. We believe a winning formula will
likely be driven by a focused commitment and degree of
aggressive risk-taking on conducting business in a new
and different way.
Chart the path to create value and grow
We believe a winning formula will likely
be driven by a focused commitment
and degree of aggressive risk-taking
on conducting business in a new and
different way.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
21
Endnotes
1 Hudson Yards press kit, accessed on August 28, 2017, http://www.hudsonyardsnewyork.com/content/uploads/2017/08/HY_PressKit_
General_081817_web.pdf.
2
Chloe Sorvino, "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building," Forbes, May 31, 2016.
3
S&P Global Market Intelligence.
4
Returns represent respective subsectors' SNL US REIT indices. S&P Global Market Intelligence.
5
Ibid.
6 Q2 2017 Office and Industrial MarketBeat, Cushman & Wakefield; US Retail Outlook Q2 2016 and Q2 2017, JLL.
7
S&P Global Market Intelligence and FTSE NAREIT US Real Estate Index Returns, July 31, 2017, NAREIT.
8
"Class-A Mall REITs: Misunderstood And Mispriced," Seeking Alpha, February 3, 2017.
9
Tom Yeatts, "Activists upping the ante in real estate," S&P Global Market Intelligence, June 21, 2017; "Growth of REIT Industry Helping
Attract Activists, Menna Says," NAREIT, April 4, 2017.
10 Tom Yeatts, "Activists upping the ante in real estate," S&P Global Market Intelligence, June 21, 2017.
11 "Barbarians At The (REIT) Gates: REITs Should Be Prepared For A New World Order Of Shareholder Activists, Hostile Overtures And
Proxy Fights," Goodwin Procter LLP, February 4, 2015.
12 Thomson Reuters, accessed on July 7, 2017.
13 "Framing the Future of Corporate Governance: Deloitte Governance Framework," Deloitte Center for Board Effectiveness, 2016.
14 Sarah Borchersen-Keto, "REIT IR Professionals Offer Their Insight on Investor Outreach," NAREIT, May 30, 2017.
15 Thomson Reuters, accessed on July 7, 2017.
16 Surabhi Kejriwal & Saurabh Mahajan, "Smart buildings: How IOT Technology Aims to Add Value for Real Estate Companies," Deloitte
University Press, April 19, 2016.
17 Ibid.
18 Burland East, "The Wave Of Private Capital Behind Public REITs," Seeking Alpha, August 5, 2016, https://seekingalpha.com/
article/3996250-wave-private-capital-behind-public-reits.
19 "Disrupting the Disruptors: Startup Accelerators Feel Pressure to Evolve," Knowledge@Wharton, University of Pennsylvania, July 28,
2016, http://knowledge.wharton.upenn.edu/article/why-startup-accelerators-are-feeling-pressure-to-evolve/.
20 Venture Scanner database, data as of July 31, 2017.
21 Ibid.
22 Ibid.
23 Ibid.
24 Fundrise website https://fundrise.com/, accessed on August 4, 2017.
25 Ibid.
26 Fundrise website https://fundrise.com/; RealtyMogul.com website https://www.realtymogul.com/, accessed on August 4, 2017.
27 Venture Scanner database, data as of July 25, 2017.
28 Beth Mattson-Teig, "How is the CRE Industry Adapting to the Emergence of Fintech Solutions?," National Real Estate Investor, April 25,
2017.
29 Assess+RE website https://www.assessre.com/index.html, accessed on August 4, 2017.
30 Ibid.
31 Cadre website https://cadre.com/partnering, accessed on August 4, 2017.
32 Venture Scanner database, data as of September 7, 2017.
33 Beth Mattson-Teig, "How is the CRE Industry Adapting to the Emergence of Fintech Solutions?," National Real Estate Investor, April 25, 2017.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
22
34 Ken Berry, "Human Errors: the Top Corporate Tax and Accounting Mistakes," Accounting Web, February 3, 2015.
35 Richard Horton, "The robots are coming," Deloitte LLP, UK, 2015.
36 "IT Robotic Automation MarketGlobal Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 2024 Report," Transparency
Market Research, November 4, 2016.
35 Richard Horton, "The robots are coming," Deloitte LLP, UK, 2015.
38 Deloitte US, "Deloitte Intelligent Automation video," YouTube, May 27, 2016.
39 David Schatsky, Craig Muraskin, and Ragu Gurumurthy, "Cognitive technologies: The real opportunities for business," Deloitte Review, 2015.
40 Patricio Robles, "How 5 Natural Language Processing APIs Stack Up," ProgrammableWeb.
41 Diana Bell, "Real Estate Industry Strives to Attract Young Talent via Competitions, University Partnerships," National Real Estate Investor,
May 3, 2017.
42 G.C. Kane, D. Palmer, A.N. Phillips, D. Kiron, and N. Buckley, "Achieving Digital Maturity" MIT Sloan Management Review and Deloitte
University Press, July 2017.
43 Bureau of Labor Statistics, accessed on July 30, 2017.
44 Ibid.
45 Trisha Riggs, "Real Estate Industry Needs Better Preparation for CEO Succession," ULI, August 1, 2012.
46 Garth Andrus, Surabhi Kejriwal, and Richa Wadhwani, "Digital Transformation in Financial Services: The Need to Rewire Organizational
DNA," Deloitte University Press, November 2016.
47 Bureau of Labor Statistics, accessed on July 30, 2017.
48 Diana Bell, "Real Estate Industry Strives to Attract Young Talent via Competitions, University Partnerships," National Real Estate
Investor, May 3, 2017.
49 2017 Construction Outlook Survey, The Associated General Contractors of America, January 2017.
50 Garth Andrus, Surabhi Kejriwal, and Richa Wadhwani, "Digital Transformation in Financial Services: The Need to Rewire Organizational
DNA," Deloitte University Press, November 2016.
51 Andrew Liakopoulos, Lisa Barry, and Jeff Schwartz, "The Open Talent Economy: People and Work in a Borderless Workplace," Deloitte, 2013.
52 Open source talent includes people who provide services for you for free, either independently or part of a communityfor example,
those who answer questions about your products on the web in an open source help function. Andrew Liakopoulos, Lisa Barry, and Jeff
Schwartz, "The Open Talent Economy: People and Work in a Borderless Workplace," Deloitte, 2013.
53 Lawrence F. Katz, Alan B. Krueger, "The rise and nature of alternative work arrangements in the United States, 1995-2015," The National
Bureau of Economic Research Working paper series, accessed on July 29, 2017.
54 Ibid.
55 G.C. Kane, D. Palmer, A.N. Phillips, D. Kiron, and N. Buckley, "Achieving Digital Maturity" MIT Sloan Management Review and Deloitte
University Press, July 2017.
56 Anthony Abbatiello, Margorie Knight, Stacey Philpot, and Indranil Roy "Leadership Disrupted: Pushing the boundaries2017 Global
Human Capital Trends," Deloitte University Press, February 28, 2017.
57 Ibid.
58 Garth Andrus, Surabhi Kejriwal, and Richa Wadhwani, "Digital Transformation in Financial Services: The Need to Rewire Organizational
DNA," Deloitte University Press, November 2016.
59 Josh Bersin, "Becoming irresistible: A new model for employee engagement," Deloitte University Press, January 26, 2015.
60 Great Place To Work, accessed on August 2, 2017.
61 Ibid.
62 Ibid.
2018 Real Estate Outlook: Optimize opportunities in an ever-changing environment
23
The Center wishes to thank the following Deloitte client
service professionals for their insights and contributions
to the report:
Dharmesh Ajmera, managing director, Deloitte & Touche LLP
Garth Andrus, principal, Deloitte Consulting LLP
Darin Buelow, principal, Deloitte Consulting LLP
Dean Halfacre, partner, Deloitte Tax LLP
Matt Kimmel, principal, Deloitte Transactions and Business
Analytics LLP
Paul F. Legere, principal, Deloitte Consulting LLP
Michelle Meisels, principal, Deloitte Consulting LLP
Ken Meyer, principal, Deloitte Consulting LLP
Tom Pendergast, managing director, Deloitte Consulting LLP
Sridhar Rajan, principal, Deloitte Consulting LLP
Burt Rea, managing director, Deloitte Consulting LLP
Larry Varellas, partner, Deloitte Tax LLP
Joni Young, managing director, Deloitte Consulting LLP
The Center wishes to thank the following Deloitte
professionals for their support and contribution to the report:
Akanksha Bakshi, analyst, Deloitte Support Services India Pvt. Ltd
Michelle Chodosh, senior manager, Deloitte Services LP
Patty Danielecki, senior manager, Deloitte Services LP
Lisa De Greif Lauterbach, senior manager, Deloitte Services LP
Catherine Flynn, senior manager, Deloitte Services LP
Krishna Kumar, assistant manager, Deloitte Support Services
India Pvt. Ltd
Megan Lennon, senior manager, Deloitte Tax LLP
Erin Loucks, manager, Deloitte Services LP
Vipul Sangoi, analyst, Deloitte Support Services India Pvt. Ltd
Val Srinivas, senior manager, Deloitte Services LP
Gaurav Vajratkar, analyst, Deloitte Support Services India Pvt. Ltd
Industry leadership
Jim Berry
Vice chairman and partner
Deloitte US Real Estate & Construction leader
Deloitte & Touche LLP
+1 214 840 7360
jiberry@deloitte.com
Robert T. O'Brien
Vice chairman and partner
Deloitte Global Real Estate & Construction leader
Deloitte & Touche LLP
+1 312 486 2717
robrien@deloitte.com
Deloitte Center for Financial Services
Jim Eckenrode
Managing director
Deloitte Center for Financial Services
Deloitte Services LP
+1 617 585 4877
jeckenrode@deloitte.com
Authors
Lead author
Surabhi Kejriwal
Research leader, Real Estate & Construction
Deloitte Support Services India Pvt. Ltd.
+1 678 299 9087
sukejriwal@deloitte.com
Co-authors
Saurabh Mahajan
Manager
Deloitte Support Services India Pvt. Ltd.
Neeraj Sahjwani
Senior analyst
Deloitte Support Services India Pvt. Ltd.
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