Lawyer Monthly - August 2021 Edition

buildings have on our environment and society. ESG factors are increasingly seen as an essential element of real estate corporate processes, including legal and tax decision-making. Lack of technology hinders ESG integration Full integration of ESG requirements is still some way off being achieved in the real estate industry, however. If it is to be achieved, having the right data management tools will be crucial. Data and its evaluation are the basis for successful ESG management and digitisation is key to implementing it (the use of paperless processes helps the environment too). Unfortunately, the real estate industry has lagged behind in implementing technology. According to our survey respondents, a lack of knowledge about existing technology (48%) and not understanding the true benefits of it (45%) are identified as the most common reasons for a delay in digitising the real estate industry. Technology budgets are to be increased WWW.LAWYER-MONTHLY.COM | AUG 2021 68 THOUGHT LEADER ROSANNA WOODS Market intelligence is invaluable to lawyers. They must understand the key trends in the industries they serve if they are to capitalise on the opportunities they offer. For those lawyers in European real estate, what current trends are impacting them that they should know about? To understand such trends, as well as needs and challenges in European real estate, Drooms conducted research 1 among professionals in the industry. Sustainability is now a major trend The findings of the study reveal that sustainability is currently the biggest area of development for the sector in Europe, with more than a third (36%) of our respondents identifying sustainably managed assets as the most likely significant future trend. Other key trends identified by respondents included digitisation (26%) and Artificial Intelligence (21%). Sustainability appears to have climbed the agenda rapidly: a similar survey we conducted last September found that ‘more remote working’ was the biggest theme, also cited by 36%. ‘Sustainable’ investing, which integrates environmental and social goals, has been gathering momentum in the asset management industry for some years. But the growing worldwide consciousness of climate change and social issues accelerated during the pandemic in 2020. In real estate asset management, sustainability is gaining prominence, not least because of the substantial impact How Real Estate Lawyers Can Leverage Technology to Address the Sustainability Trend Sustainability has become a major trend in investment, even in the real estate sector. How can real estate lawyers best position themselves to manage ESG principles? ESG factors are increasingly seen as an essential element of real estate corporate processes, including legal and tax decision- making.