Shaping the Future: Christmas Cheer at Bisnow’s Women Leading Real Estate Event

Kathryn Coveney, Partner, Real Estate, chaired one of the three panel sessions which discussed the development market outlook for 2025. In today's blog, Kat shares an overview of the event, and what the property world's most senior women think we should look out for in 2025.

Bisnow has been running this event in London for a number of years and the event itself goes from strength to strength. The conference room at The Hilton London Metropole was packed to the rafters with a host of women (and a number of men this year, which was great to see) from across the property industry and representing all seniorities, from graduates to C-Suite executives. 

The event opened with the State of the Market session analysing today's top financing and investment trends and how they'll shape deals in 2025, it was followed by an Elevate and Empower session talking to women in senior management and finished with the session I chaired on the Construction, Development and Design Outlook for 2025. I was delighted to share a stage with so many senior women from the industry's most prestigious companies including Nuveen, Greystar, Berkeley Group, Goldman Sachs, Hammerson and Oxford Properties amongst others (and even more delighted that we can call so many of them our clients).

There were several key themes that recurred throughout the discussions and that we agreed will have a significant impact on the next 12 months across both the investment and development markets.

• Increased demand for higher quality returns and the right opportunities: Market sentiment for 2025 was positive, anticipating increased market demand for a higher quality return as there is a lot of unallocated capital in private equity funds ready to be deployed for the right opportunity. There does appear to be a continued shift in where this capital is deployed though, with increased appetite from investors for affordable and single-family housing – two asset classes not traditionally favoured by investors - as well as the continued and rapid rise in data centres.
• Real assets rather than real estate: There was recognition that the lines between real estate and infrastructure continue to become increasingly blurred, with a call from panellists for a more holistic approach across all asset classes. It is time we stop approaching asset classes in silos.   

• Urgent need for planning reform: Despite the overall positivity towards the market next year, the urgent need for planning reform to unlock the sector was a point repeatedly made.  Many of the panellists shared that the time it has taken to obtain planning for major projects has more than doubled in recent years and this was genuinely stalling otherwise viable projects.  One investor panellist shared that they will no longer look at UK opportunities that do not already have the benefit of planning permission.  Another developer talked about how they now prioritise sites for their schemes where there is already an existing income stream to protect against prolonged wait times before development work can begin.
• Rising construction costs: A further issue for new developments remains being able to complete the build once you have finally received your permission.  High construction costs and a shortage of labour continue to put pressure on development projects across the UK.
• Sustainability: This has without a doubt become a key feature of the market.  Government policy, increased regulation and investors' stringent net zero standards, combined with insufficient availability of suitable products is making delivery of net zero goals challenging.

• PropTech: Panellists also considered the future impact of increasing data and AI and how they might be used to the benefit of the industry. Tech and AI are already starting to drive significant advances; from digital platforms that streamline transactions, advanced data analytics tools providing investor insights, through to the integration of smart energy solutions into new developments.  The opportunities for those that are embracing new technology are limitless and the industry needs to move quickly.

Outside of the market outlook discussions, one final theme which emerged during the Elevate and Empower session which seemed to resonate with the majority in the room (whilst not exclusively a women's issue) was the extent to which women in real estate (and other traditionally male-dominated sectors) still regularly experience feelings of imposter syndrome; even once they have reached the top of the corporate ladder. Overcoming this and gaining confidence is not without challenge but, acknowledging this for what it is, reflecting on genuine achievements, speaking to sponsors and mentors, and saying yes to opportunities which stretch us, are all part of the journey. To my mind, regularly reflecting on your personal value-add is a positive.  Plus, if you are not experiencing feelings of imposter syndrome from time to time, are you aiming high enough?

There remain a number of bumps in the road on the way to a wholly diverse real estate sector, as well as a fully reinvigorated one.  However, events like these, which showcase women in the industry and give them a platform to share market knowledge, insights and views all contribute to challenging the status quo – which is why we have already signed up to be part of it again next year!  I have a positive outlook for 2025.  There is still progress to be made in terms of diversity within the industry, but the number of women in senior leadership positions in the room served as a reminder that we have already travelled a long way, which was really inspiring to see.

Tomorrow door 21 opens to reveal some of our team's favourite seasonal traditions!