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Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
Rohit Talwar   Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11  - presentation and background materials
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Rohit Talwar Thriving in Turbulence - Qube Software Annual Conference - London - 14 09 11 - presentation and background materials

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Presentation to Qube's annual user conference on how firms across the property sector can survive and thrive in a turbulent future. Explores economic drivers, business trends, emerging technologies, …

Presentation to Qube's annual user conference on how firms across the property sector can survive and thrive in a turbulent future. Explores economic drivers, business trends, emerging technologies, future grwoth sectors, opportunities for innovation in property investment, construction and management and driving strategic change.

Published in: Technology, Business
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  • 1. Thriving in Turbulence Qube Global VisionConference - LondonSeptember 14th 2011 Rohit Talwar CEO - Fast Futurerohit@fastfuture.comwww.fastfuture.com 1
  • 2. ContentsPresentation p. 3About Fast Future p. 86Background Materials p. 97Image Sources p. 204 2
  • 3. Emerging Business Drivers• Total Sustainability• Business Models• Science• Emerging Markets 3
  • 4. The World in 2015 4
  • 5. How do we get there from Here? Customer Continuous New Insight Innovation Business Models 5
  • 6. Growth is not Guaranteed… 6
  • 7. …Thinking is Back in Fashion 7
  • 8. UK Economy 8
  • 9. UK Property Trends 9
  • 10. A Dying Breed? 10
  • 11. Olympic Opportunity 11
  • 12. Scenarios for Europe 12
  • 13. Strategic Adaptability - Prepare for Alternative Scenarios 8-10% Suspicious Love is in Minds the AirGDPGrowth Dancing inIndia 6-7% the DarkandChina Road to Nowhere 1-2% Recession 0% 1-2% 2-3% GDP Growth Europe, the USA and Japan 13
  • 14. Transformational Change? It’s Only Just Begun 14
  • 15. 10 Key Patterns of Change Shaping the Next Decade Economic turbulence, a shift in wealth from west to east and political uncertainty are shaping the landscape Natural Society in Resource Demographic Transition Challenges Destinies Geo-political Generational Complexity Economic Crisis Crossroads and Power Shift RethinkingTechnology Talent,and Science Education, Training Enterprise 3.0 Global Internet Expansion 15 Source: Designing your Future – Key Trends, Challenges and Choices – Fast Future
  • 16. Demographic Destinies 2 billion more people in 40 years –Demographics is Driving Economics 448 739 691 5231 344 1998 4157 729 1030 585 16 2010 2050 Source : United Nations
  • 17. Life Redefined – Lifespans are IncreasingUnder 50’s have 90%chance of living to 100.Aubrey de Grey suggestswe could live to 500 or 1000What are the health,consumption and resourceimplications?What kind of opportunitieswill be created? 17
  • 18. BCG’S 2011 Global Challengers and Emeriti: Origin Countries35 333025 202015 1410 8 6 5 5 4 3 3 2 2 1 1 1 1 1 0 18 Source: Boston Consulting Group, January 2011
  • 19. New Industry Models and Mindsets 19
  • 20. Swoopo - The $17,739 iPad 20
  • 21. Access vs. Ownership 21
  • 22. Real Time / Predictive Analytics 22
  • 23. Think Like the Customer e.g. Open Innovation 23
  • 24. Complexity 24
  • 25. Complex Systems 25
  • 26. Chaordic Systems 26
  • 27. Mess 27
  • 28. 28
  • 29. TMT – Convergence and ImmersionTelephony Connectivity• Voice • Cellular• Messaging • Up to 14 bands• SIM card • WLAN/BT• Phonebook • GPS• Ring Tones • NFC• Security • FMData/ MultimediaEnterprise • Camera 8-16M • Camcorder• 100Mbps • 24M Color Display• Email • Memory (160GB)• IMS • Multiformat A/V• Browsing • HD Video/TV out• VPN • Games• PIM• Ecommerce Software (50-100M Tps) • Protocols • DRM• Payments • Middleware • Applications • User Interface • Minimize fragmentation 29
  • 30. Next Generation Smart Phones 30
  • 31. Daily Social Media Offers e.g. Twitter 31
  • 32. Holographic Displays 32
  • 33. Augmented Reality atCopenhagen Airport 33
  • 34. Gesture Interfaces 34
  • 35. Touchable Holograms 35
  • 36. Interactive Surfaces 36
  • 37. ‘Virtual Assistants’ 37
  • 38. Ambient Intelligence 38
  • 39. 3D Printing 39
  • 40. Cloud Computing 40
  • 41. New Measurement Models / Tools 41
  • 42. Security 42
  • 43. Are Biometrics the Answer? 43
  • 44. Where are the Opportunities? 44
  • 45. Combating Climate Change 45
  • 46. Innovative Recycling 46
  • 47. Green Buildings - $600Bn by 2015 47 Source: PR Log, December 2010
  • 48. Green Skills DeficitFrom the end of 2012the Green Deal will belaunched, providing upto 200,000 jobsUK 3rd in global greenbuilding league 48
  • 49. Ultra-Quick Construction 49
  • 50. New Building Systems 50
  • 51. More Efficient Design 51
  • 52. Award Winning Concepts 52
  • 53. Wooden Cities? 53
  • 54. Floating Houses? 54
  • 55. 2010 Turner Prize for Innovation in Construction Technology 55
  • 56. Self-Healing Concrete 56
  • 57. Fly Ash Concrete 57
  • 58. Wool and Seaweed Bricks 58
  • 59. Improving Indoor Air Quality 59
  • 60. The Need for ‘Systems Thinking’ 60
  • 61. Future of Financing 61
  • 62. Future Growth Industries 62
  • 63. Science Based Future Jobs1. Body Part Maker2. Nano-Medic3. Pharmer of Genetically Engineered Crops and Livestock4. Memory Augmentation Surgeon5. ‗New Science‘ Ethicist6. Vertical Farmers7. Climate Change Reversal Specialist8. Alternative Vehicle Developers9. Quarantine Enforcer 6310. Weather Modification Police
  • 64. Science Enabled Future Jobs11. Old Age Wellness Manager / Consultant Specialists12. Space Pilots, Architects and Tour Guides13. Virtual Lawyer14. Avatar Manager / Devotees - Virtual Teachers15. Narrowcasters16. Waste Data Handler17. Virtual Clutter Organizer18. Time Broker / Time Bank Trader19. Social Networking Worker20. Personal Branders 64
  • 65. Rising Infrastructure Spending• CIBC projects up to $35 trillion in public works by 2030 (1)• Annual spend: – North America $180Bn – Europe $205Bn – Asia $400Bn – Africa $10Bn 65
  • 66. Reinventing Retail 66
  • 67. Opening Up Education 67
  • 68. Transforming Healthcare 68
  • 69. Green Transport Revolution 69
  • 70. New Energy Solutions 70
  • 71. Nanomaterials - $100Bn 71
  • 72. European Smart Grid - $200Bn+ 72
  • 73. Bio-pharma - $300Bn+ by 2020 73
  • 74. Industrial Biotech - $650Bn+ by 2020 74
  • 75. How are Leaders Responding? 75
  • 76. Make Time and Space for Change 76
  • 77. Be Magnetic 77
  • 78. Create Tolerance of Uncertainty 78
  • 79. Broad Scans and Deep Dives 79
  • 80. Map the Development Timeline for Your Sector 80
  • 81. Embrace Networks and Associations 81
  • 82. Incubate New Business Models 82
  • 83. Seek Breakthrough Innovations 83
  • 84. Conclusions - Crafting Strategy• Total Sustainability Agenda• Understand emerging drivers• Pre-empt or respond?• Service is the ‗killer app‘ 84
  • 85. Thank YouRohit TalwarCEOFast Futurerohit@fastfuture.comTel +44 (0)20 8830 0766Mob +44 (0)7973 405145Twitter http://twitter.com/fastfutureLinkedIn http://www.linkedin.com/in/talwarwww.fastfuture.comwww.convention-2020.comBlog http://widerhorizons.wordpress.comSignup for our newsletters / Download past editions at www.fastfuture.comWatch a short video of Rohit at http://www.travelmole.tv/watch_vdo.php?id=14300Download the Hotels 2020: Beyond Segmentation Report athttp://www.amadeus.com/hotelit/beyond-segmentation.html 85
  • 86. About Fast Future 86
  • 87. Fast Future – Retail and Real Estate Industry Services• Live Events - Speeches, briefings and workshops for executive management and boards of retailers, property and construction firms, airlines, airports, hotels, venues, CVB‘s and associations• Future Insights - Customised research on emerging trends, future scenarios, technologies and new markets• Immersion - ‗Deep dives‘ on future trends, market developments, emerging issues and technology advances• Strategy - Development of strategies and business plans• Innovation - Creation of business models and innovation plans• Engagement - Consultancy and workshop facilitation 87
  • 88. Fast Future• Research, consulting, speaking, leadership• 5-20 year horizon - focus on ideas, developments, people, trends and forces shaping the future• Clients – ING, ABN Amro, Laing O‘Rourke – Marks and Spencer – Airports - Aeroports de Paris / Schiphol Group – Vancouver Airport Services – Industry Associations – ICCA, ASAE, PCMA, MPI – Corporates - GE, Nokia, Pepsi, IBM, Intel, Orange, O2, Siemens, Samsung, GSK, SAPE&Y, KPMG, Amadeus, Sabre, Travelport, Travelex, ING, Santander, Barclays, Citibank, DeutscheBank – Governments - Dubai, Finland, Nigeria, Singapore, UK, US – Convention Bureaus – Seoul, Sydney, London, San Francisco, Toronto, Abu Dhabi, Durban, Athens, Slovenia, Copenhagen – Convention Centres – Melbourne, Adelaide, Qatar, QEIICC – Hotels - Accor Group, Preferred, – Intercontinental – PCO‘s - Congrex, Kenes 88
  • 89. Hotels 2020 – Objectives• Identify key drivers of change for the globally branded hotel sector over the next decade• Examine the implications for:  Hotel strategy  Brand portfolio  Business models  Customer targeting  Innovation 89
  • 90. Convention 2020• Global strategic foresight study to help the meetings industry prepare for the decade ahead - Industry-wide sponsors• Multiple outputs Nov 2009 – December 2011• Current studies on future strategies for venues and destinations 90
  • 91. Future Convention Cities Initiative• Members - Cities aiming to be global leaders in delivery of business events• Focus - Maximising long term economic benefit of events• Core Activities - Research, sharing of expertise and best practices• Engagement Model - Meet four time a year prior to major industry events• Management - Initiated and co-ordinated by Fast Future 91
  • 92. Rohit Talwar• Global futurist and founder of Fast Future Research.• Award winning speaker on future insights and strategic innovation – addressing leadership audiences in 40 countries on 5 continents• Author of Designing Your Future• Profiled by UK’s Independent Newspaper as one of the Top 10 Global Future Thinkers• Led futures research, scenario planning and strategic consultancy projects for clients in telecommunications, technology, pharmaceuticals, banking, travel and tourism, environment, food and government sectors• Clients include 3M, BBC, BT, BAe, Bayer, Chloride, DTC De Beers, DHL, EADS, Electrolux, E&Y, GE, Hoover, Hyundai, IBM, ING, Intel, KPMG, M&S, Nakheel, Nokia, Nomura, Novartis, OECD, Orange, Panasonic, Pfizer, PwC, Samsung, Shell, Siemens, Symbian, Yell , numerous international associations and governments agencies in the US, UK, Finland, Dubai, Nigeria, Saudi Arabia and Singapore.• To receive Fast Future’s newsletters please email rohit@fastfuture.com 92
  • 93. Designing Your Future Key Trends, Challenges and Choices• 50 key trends• 100 emerging trends• 10 major patterns of change• Key challenges and choices for leaders• Strategic decision making framework• Scenarios for 2012• Key futures tools and techniques• Published August 2008• Price £49.95 / €54.95/ $69.95• Email invoice request to rohit@fastfuture.com 93
  • 94. Our Services Bespoke research; Identification & Analysis of Future Trends, Drivers & Shocks Public Speaking, In- Company Briefings, Accelerated Scenario Seminars and Workshops Planning, Timelining & Future MappingPersonal Futuring for Leadersand Leadership Teams Expert Consultations & Futures Think Tanks Identification of Design & Facilitation of Opportunities for Innovation, Incubation & Innovation and Strategic Venturing Programmes Investment Strategy Creation & Development of Implementation Roadmaps 94
  • 95. Example Projects• Public and private client research e.g. : – Development of Market Scenarios, emerging trends and strategies for key clients – Government and OECD Scenario Projects – e.g. Migration 2030, Future of Narcotics, Chemical Sector, Family 2030 – Scenarios for the global economy for 2030 and the implications for migration – Designing Your Future (Published August 2008) – book written for the American Society of Association Executives & The Center for Association Leadership – Global Economies – e.g. The Future of China – the Path to 2020 – The Shape of Jobs to Come – Emerging Science and Technology Sectors and Careers – Winning in India and China – The Future of Human Resources – Exploiting the Future Potential of Social Media in UK Small to Medium Enterprises – Convention 2020 – the Future of Business Events – Future Convention Cities Initiative – Maximising Long-term Economic Impact of Events – One Step Beyond – Future trends and challenges for the events industry – Hotels 2020: Beyond Segmentation – Future Hotel Strategies – The Future of Travel and Tourism in the Middle East – a Vision to 2020 – Future of Travel and Tourism Investment in Saudi Arabia – Aviation and Airports e.g. Aviation 2030 95
  • 96. Example Clients 96
  • 97. Background Materials 97
  • 98. UK Economic Outlook 98Source: PwC, July 2011 http://www.pwc.com/im/en/assets/document/UK_Economic_Outlook_July_2011.pdf
  • 99. UK Economic Outlook 99Source: PwC, July 2011 http://www.pwc.com/im/en/assets/document/UK_Economic_Outlook_July_2011.pdf
  • 100. Public Sector Net Debt to GDP Ratio 100 Source: PwC, July 2011 http://www.pwc.com/im/en/assets/document/UK_Economic_Outlook_July_2011.pdf
  • 101. Alternative Inflation Scenarios 101 Source: PwC, July 2011 http://www.pwc.com/im/en/assets/document/UK_Economic_Outlook_July_2011.pdf
  • 102. Medium Term IndependentForecasts for UK Economy 102 Source: PwC, July 2011 http://www.pwc.com/im/en/assets/document/UK_Economic_Outlook_July_2011.pdf
  • 103. Projections of UK Age-Related Public Spending (% of GDP) 103 Source: PwC, July 2011 http://www.pwc.com/im/en/assets/document/UK_Economic_Outlook_July_2011.pdf
  • 104. E7 vs. G7 The contenders Estimated overtaking Estimated overtaking dates based on GDP at dates based on GDP at PPPs MERs E7 vs G7 2017 2032 China vs US 2018 2032 India vs Japan 2011 2028 Russia vs Germany 2014 2042 Brazil vs UK 2013 2023 Mexico vs France 2028 2046 Indonesia vs Italy 2030 2039 Turkey vs Canada 2020 2035Source: PwC, January 2011 104http://www.ukmediacentre.pwc.com/News-Releases/UK-risks-playing-in-the-slow-lane-of-history-as-economic-power-shifts-from-the-G7-to-the-E7-fcb.aspx
  • 105. The Big 4 Share of Global GDP (PwC)% of global economy (ppp) Source: PwC: January 2010 105 http://www.ukmediacentre.pwc.com/Content/Detail.asp?ReleaseID=3547&NewsAreaID=2 UK* - Fast Future calculation using IMF projections – www.imf.org/weo
  • 106. HSBC: World in 2050 Source: HSBC: The World in 2050: Quantifying the Shift in the Global Economy, January 2011 106
  • 107. 107
  • 108. Background Note OECD Debt Country 2010 deficit, % of GDP 2010 public debt, % of GDP Germany -5.3 54.7Levels (2010) France -8.6 60.7 Italy -5.4 100.8 United Kingdom -13.3 59 Austria -5.5 42.9 Belgium -5.6 85.4 Czech Republic -5.6 5.3 Denmark -5.4 1.6 Finland -4.8 -46.4 Greece -9.8 94.6 Hungary -4.1 62.1 Ireland -12.2 38 Luxembourg -4.3 .. Netherlands -5.9 36.5 Poland -7.8 32.4 Portugal -7.6 62.6 Slovak Republic -6.3 13.3 Spain -8.5 41.6 Sweden -3 -13.1 108Source: OECD, 2011 https://spreadsheets.google.com/ccc?key=0AonYZs4MzlZbdDZsU2k2VEQ2elkwcnNDOTNHS3ZwRkE&hl=en#gid=0
  • 109. 0.5 1.5 2.5 3.5 0 1 2 3 4 Latvia Estonia Ireland Romania Slovakia Lithuania Hungary Poland Bulgaria Slovenia Sweden Cyprus Finland Austria Czech Rep. Netherlands Denmark France UK Belgium SpainSource: Economist Intelligence Unit, January 2011 http://country.eiu.com Portugal Germany Greece Italy 109 2011-2030 Annual GDP Growth (%)
  • 110. Background Note GDP per capita, Real GDP, Labour productivity Growth of real GDP per head Growth of real GDP Labour productivity growth 2011-20 2021-30 2011-30 2011-20 2021-30 2011-30 2011-20 2021-30 2011-30 Brazil 3.7 3.3 3.5 4.4 3.7 4.1 2.8 3.0 2.9 Russia 3.7 3.2 3.5 3.3 2.7 3.0 3.5 3.5 3.5 India 5.8 4.4 5.1 7.3 5.6 6.5 4.8 3.9 4.3 China 6.5 4.1 5.3 7.0 4.3 5.7 6.3 4.3 5.3 Canada 1.7 1.7 1.7 2.6 2.5 2.5 1.9 2.3 2.1 France 1.3 1.7 1.5 1.7 1.9 1.8 1.4 1.8 1.6 Germany 1.8 1.4 1.6 1.8 1.3 1.5 1.7 2.2 1.9 Italy 1.0 1.4 1.2 0.9 1.1 1.0 0.9 1.8 1.4 Japan 1.2 1.8 1.5 0.8 1.1 1.0 1.6 1.9 1.8 UK 1.0 1.4 1.2 1.7 2.0 1.8 1.4 1.4 1.4 USA 1.6 1.9 1.8 2.5 2.7 2.6 1.6 2.3 2.0 110 Source: Economist Intelligence Unit, January 2011 http://country.eiu.com
  • 111. Fastest growing cities to 2025Growthp.a % Hanoi Ho Chi Minh City Changchun Addis Guangzho Ababa u Xian Lucknow Economy in $ billion (2025) Bubble size denotes size of economy in 2008Source: PwC ‗Which are the largest city economies in the world and how might this change by 2025? 111
  • 112. Biggest city economies inGrowthp.a % 2025 Shanghai Mumbai Sao Paulo Buenos Aires Mexico City Moscow Chicago New Paris L. York Tokyo A Economy in $ billion (2025) Bubble size denotes size of economy in 2008Source: PwC ‗Which are the largest city economies in the world and how might this change by 2025? 112
  • 113. Average Disposable Income Growth 2010-2020 Page 113
  • 114. Global Competitiveness Index 2010–2011 rankings GCI 2010 - 2011 rank Country/Economy GCI 2009 - 2010 rank 4 United States 2 5 Germany 7 6 Japan 8 12 United Kingdom 13 15 France 16 16 Australia 15 22 Korea 19 27 China 29 44 Indonesia 54 51 India 49 58 Brazil 56 63 Russia 63 114 Source: WEF, 2010-2011 http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2010-11.pdf
  • 115. Global Innovation Index 2010 Country GG 2009-10 Score Rank Iceland 4.86 1 Sweden 4.85 2 Hong Kong 4.83 3 Switzerland 4.82 4 Denmark 4.72 5 Finland 4.66 6 Singapore 4.65 7 Netherlands 4.62 8 New Zealand 4.60 9 Norway 4.59 10 US 4.57 11 UK 4.42 14 Australia 4.28 18 Korea 4.24 20 115Source: INSEAD, Confederation of Indian Industry http://www.globalinnovationindex.org/gii/main/reports/2009-10/Rankings_09-10.pdf
  • 116. Innovative Cities Index Cultural Human Networked Rank City Country Score Assets Infrastructure Markets 1 Boston United States 29 9 10 10 2 Paris France 29 10 9 10 3 Amsterdam Netherlands 28 9 9 10 4 Vienna Austria 28 10 10 8 5 New York United States 28 9 9 10 18 Hong Kong Hong Kong 25 7 9 9 19 Melbourne Australia 25 9 9 7 20 Tokyo Japan 25 8 8 9 27 Seoul Korea 24 7 9 8 28 Sydney Australia 24 8 8 8 116Source: 2thinknow Innovation Cities™ Program: www.innovation-cities.com
  • 117. The Eurozone crisis - 3 Scenarios• Baseline – the situation in 2011 so far…• The initial issue of the European Financial Stability Facility (EFSF) was well received and the emergency meeting of Eurozone heads of government grudgingly agreed to increase the size of the EFSF/ESM both as measures to reassure investors• After what amounted to the failure of its debt auction in early April, Portugal realised that the future costs were unsustainable.• The new European Banking Authority has started the 2011 round of bank stress tests, but stated that banks do not need to make provisions against Eurozone government bonds held in their ‗banking book‘.• will investors be able to add back their own assumptions of losses and test the capital strength of the banking system?• Will this reveal the fatal flaw in the process?• Eurozone governments have committed to preparing contingency plans for the results of the formal tests, but they are unsure whether these will convince investors of sovereign and bank solvency.• There is also the problem of banks that face a failure of a major counter-party in the inter-bank or derivatives market. http://www.europesworld.org/NewFrancais/Accueil/Article/tabid/190/ArticleType/articleview/ArticleID/21831/language/en-US/Default.aspx 117
  • 118. Scenario 1 – Inflationary Debt Spiral • Finance ministers gut the Commission‘s already weak economic governance proposals, and so make it clear to investors that collectively the Eurozones governments are unwilling or unable to enforce serious fiscal discipline. This weakness may become all too apparent from the probable stand-off with the European Parliament and the ECB. • Capital flees the Eurozone and short and long-term interest rates rise significantly in an attempt to prevent the import of rising inflation as the euro weakens. Extra interest costs add extra strain onto budget deficits and locks in the debt spiral.http://www.europesworld.org/NewFrancais/Accueil/Article/tabid/190/ArticleType/articleview/ArticleID/21831/language/en-US/Default.aspx 118
  • 119. Scenario 2 - Default• Finance ministers and the European Parliament agree tough governance package• But at an risk state rejects the harsh measures called for and baulks investors leading to default . Steadier states fear a domino effect in other weakened states• Potential losses are vast as demonstrated by the stress tests and we see a spate of bank nationalisations.• Some Eurozone members leave the EU and revert to their past currencies, based on large and overly competitive devaluations• Fury in other Eurozone states quickly leads to the breakdown of the political and economic union.• The EU ceases to operate as an organised political system http://www.europesworld.org/NewFrancais/Accueil/Article/tabid/190/ArticleType/articleview/ArticleID/21831/language/en-US/Default.aspx 119
  • 120. Scenario 3 – Federal Eurozone Emerges• A strong, federal ‗Eurozone‘ emerges.• Eurozone members conclude that it is in their best interest to avoid a collapse of the euro and decide that anything and everything must be done to save it• They agree an economic governance package that goes well beyond the Commission proposals and helps steady the bond markets.• Tougher regulation ensures that the banking system will not become over-exposed again.• Members agree a vastly engorged EU rescue fund• At risk states will be encouraged to take assistance at an early stage rather than when disaster is at door• Collective guarantees ensure recovery in the bonds market• Europe becomes a little insular in this period, focusing on getting its house in order, enlargement is put on hold and relations with non-Eurozone members are cooled.• After a couple of years members finances have improved sharply and the Euro strengthens, reducing the risk of importing inflation and improved regulations reduce the risk of a repeat o f the crisis 120 http://www.europesworld.org/NewFrancais/Accueil/Article/tabid/190/ArticleType/articleview/ArticleID/21831/language/en-US/Default.aspx
  • 121. Population Change 2010-2030Source: Standard Chartered, reprinted in Business Insider, January 2011 http://www.businessinsider.com/standard-chartered-supercycle- 1212030-2011-1#
  • 122. House Price Forecasts • Property values in the UK are set to fall 4.5% this year and 10.5% by the end of 2015, in real terms, according to the National institute of Economic and Social Research (NIESR). • The five-year slump in real terms - after inflation has been taken into account - is the longest period of decline since records began in the 1960s. • It would see house prices consistently fail to beat inflation over the period. • The prospects for the housing market are very weak indeed over the next five years and that will weaken economic growth very significantly, said NIESR economist Ray Barrell. It will be the longest period of falling house prices that we have seen, he added. • There was better news in the mortgage market with loans for house purchases up from 46,708 in February to 47,557 in March, according to figures from the Bank of England.Source: This is Money, May 2011 http://www.thisismoney.co.uk/money/mortgageshome/article-1722171/House-prices-to-fall-for-the-next-5- 122years.html
  • 123. House Price Forecasts • NIESR predicts real house prices - values after inflation has been taken into account - will fall 4.5% this year and an average of 1.5% a year for the subsequent four years. It follows a 3% rise last year when prices were boosted by the Bank of Englands £200bn money-printing programme. • Paul Diggle, property economist at research group Capital Economics, said NIESRs gloomy house price forecasts were still too optimistic. • He added: The housing market is not going anywhere at all at the moment. Prices are flat but we think the housing market has considerably further to fall. Prices are over-valued, perhaps to the tune of 20%. • Robert Gardner, chief economist at Nationwide, said: A strong rebound in the market remains unlikely as the recovery is still expected to remain modest by historic standards. In our view, the most likely outcome is that house prices will continue to move sideways or drift modestly lower through 2011.Source: This is Money, May 2011 http://www.thisismoney.co.uk/money/mortgageshome/article-1722171/House-prices-to-fall-for-the-next-5- 123years.html
  • 124. New Construction• Official figures revealed the sharpest fall in new orders for the construction industry since 1980.• The Office for National Statistics found that new orders were 16.3% lower in the second quarter on the previous three months and 23.2% lower than in the same period last year.• Analysts said they had been expecting the figures to show a slowdown across the construction sector – but were shocked by the sheer scale of the slump.• Cuts to government school building along with other infrastructure projects were partly to blame, according to experts, though private sector housebuilding remains muted and the building of retail outlets and shopping centres has almost ground to a halt. Source: Guardian, September 2011 http://www.guardian.co.uk/business/2011/sep/02/uk-construction-new- 124 orders-fall
  • 125. New Construction• Areas in the south and west were hardest hit – with north London, Bristol and the Medway in Kent suffering some of the largest falls. The north-east also suffered heavily – with new orders in Tyne and Wear dropping by almost half on the previous quarter.• A survey of construction industry purchasing managers found a similar picture, with employment down for the third month in a row. The survey showed the sector was continuing to expand, albeit slowly, but with lower margins and confidence at its lowest for eight months. 125 Source: Guardian, September 2011 http://www.guardian.co.uk/business/2011/sep/02/uk-construction-new-orders-fall
  • 126. UK Investment Trends • UK real estate investors stayed cautiously positive in the second quarter of 2011 as UK prime property continued to capture interest, according to the July Jones Lang LaSalle UK Investor Confidence survey. This is despite Q2 2011 UK investment volumes falling 24% over the quarter, following a stellar Q1 2011 performance that was boosted by the £1.6-billion Trafford Centre transaction in Manchester. • Investors do not expect the current tight supply market conditions to change, with 43% of respondents anticipating an excess of buyers over the next 12 months, up from 42% in Q1 2011 and 34% in Q2 2010. However, investors appear to be more willing to look outside London as only 56% expect their new activity to be in London and the South East compared with 69% a year ago. 126Source: Europe RE, July 2011 http://www.europe-re.com/system/main.php?pageid=2616&articleid=18553
  • 127. UK Investment Trends • Robert Stassen, Head of EMEA Capital Markets Research at Jones Lang LaSalle, noted: ―Whilst there has been a widening disconnect between investment activity in Central London and the rest of the UK over the first half of 2011, key city center and town center locations are beginning to enjoy a surge in interest from domestic investors, particularly for retail assets. • ―However, this is yet to be translated in to transactions as regional investment volumes are still relatively low.‖ There was no material change in planned activity for the next 12 months with 73% of respondents expecting to be net buyers, up marginally from the 70% recorded in Q1 2011. 127Source: Europe RE, July 2011 http://www.europe-re.com/system/main.php?pageid=2616&articleid=18553
  • 128. UK Investment Trends • Continued growth is expected in the second half of 2011, but investors might be moving down the risk curve with an increased percentage opting for less risky (core or core+) strategies (48% vs. 42% in Q1 2011), while the percentage opting for higher risk value added strategies dropped to 36% from 42% in Q1 2011, while highest risk opportunistic strategies remained at 16%. • Stassen concluded: ―These results underline that, despite the constraints on suitable prime investment grade product, investors still appear reluctant to explore opportunities within the secondary market, but might be considering better quality assets outside the London market‖. 128Source: Europe RE, July 2011 http://www.europe-re.com/system/main.php?pageid=2616&articleid=18553
  • 129. Return Forecast • The All Property total return forecast for this year is 8%, down from Collier‘s quarter two forecast of 8.4% due to the rise in negative sentiment and the increased likelihood of a near term ‗double dip‘ recession in Europe and the United States. • Currently, interest in prime real estate assets remains strong across commercial segments, it says. Sub 3% retail transaction yields have been recorded in London on Old Bond Street (Cartier) and in Knightsbridge (Rolex). Despite falling bond yields, Central London pricing may be finding a base. • Central London office demand for new space has been steady with further rental growth expected due to supply constraints. Some 13 requirements, active and potential, of over 100,000 square feet are focused on the City. Demand for medium sized units of 10,000 to 40,000 square feet, has also been steady with supply also limited. 129Source: Property Wire, September 2011 http://www.propertywire.com/news/europe/uk-commercial-property-market-201109065529.html
  • 130. Return Forecast• ‗The strongest returns are expected in 2013 as the economy begins to approach trend growth. From 2012 to 2016, we expect All Property to have an annualised 7.9% return led by the City of London offices and a rebound in shopping centres further along the horizon,‘ says Rahim Jiwani, Property Economist at Colliers International.• ‗All Property equivalent and initial yields have fallen slightly in the year to date and may see further marginal compression by year end as rental growth trends begin to strengthen. Rental growth for All Property over the 12 months ending in July nudged positive for the first time since October 2008, according to the July IPD Monthly Digest. Rental growth for 2011 is forecast to be 0.1%, but will strengthen over the next couple of years at an annualised 2% from 2012 to 2016,‘ he added. 130 Source: Property Wire, September 2011 http://www.propertywire.com/news/europe/uk-commercial-property-market-
  • 131. Geographic Variation 131
  • 132. Geographic Variation • London has been well documented as experiencing a boom in buy to let, but there is some evidence to suggest that real estate investors are now looking further North where prices are cheaper. • Experienced investors are now looking elsewhere to capitalize on the current market and according to Platinum Portfolio Builder, the North on England is generating greater interest. • Nick Carlile, who is Founding Partner of Platinum Portfolio Builder and has worked in the property construction and investment industry in and around Yorkshire since the age of 16, believes that renewed faith in the market has sparked a surge of interest. • ‗Even though a 25% deposit is still required, this is more achievable on a £100,000 property in the North than on say, a £250,000 plus property in the South, where prices are still considerably higher,‘ said Carlile.Source: Property Community, August 2011 http://www.propertycommunity.com/property-in-the-uk/real-estate-investors-in-uk-looking- 132north.html
  • 133. Geographic Variation • He believes that experienced investors are recognizing that stagnant house prices and high demand for rental properties from those who cannot afford to make a purchase, are making investments more accessible with greater security of a good return. • ‗The north, versus the south, offers much greater opportunity to buy more than one property, building a portfolio over a faster period of time. If managed correctly, it has the potential to return much higher returns than in the South where yields are often half what is achieved in the North,‘ he explained. • ‗Having made many such investments myself in Yorkshire, I believe investing in property here has many opportunities. Of course, there are thousands of micro markets in the UK and this is just one, but successful property investing is about understanding these micro markets,‘ he added. • He pointed out that regional towns and cities in Yorkshire benefit from high yields, robust rental income and strong prospects of future capital growth, offering ideal conditions for those with money behind them or a decent deposit.Source: Property Community, August 2011 http://www.propertycommunity.com/property-in-the-uk/real-estate-investors-in-uk-looking- 133north.html
  • 134. Geographic Variation • ‗Capital growth is part of a medium to long-term investment, especially in the current market, so rental yield is crucial. Yorkshire offers a secure buy to let investment from a more affordable starting point. There is more scope to purchase properties with a significant discount; on average we achieve 26% below survey value for our clients with an average gross yield of 8.9%. Typical yields for London are said to be around the 4% mark due to much higher property prices,‘ he said. • Platinum Portfolio Builder has recently seen an 18% increase in the number of clients wanting to invest in the last quarter, in particular from investors based overseas. • ‗There seems to be a distinct improvement and renewed faith with investing in property and 2011/2012 is offering the prime time to do so. During 2010 the discount achieved equaled to over two million in equity for the benefit of our clients and shows the strength of such investments in the North of England,‘ he added.Source: Property Community, August 2011 http://www.propertycommunity.com/property-in-the-uk/real-estate-investors-in-uk-looking- 134north.html
  • 135. Buy-to-Let• Investors in student properties have benefited from the imbalance between the supply of accommodation and the high demand for university places in the UK.• According to the Knight Frank Student Accommodation Index, total returns for student property across England and Wales were 13.5 per cent in the year to December 2010, and 8.41 per cent in London.• Average yields were 6.25 per cent a year.• However, property experts have warned of a growing divergence in the investment performance of student accommodation – with some university towns forecast to perform better than others, as a result of the government‘s reform of university funding in 2012.• Savills, the property agent, believes the changes will lead to a market where there are distinct winners and losers, making it essential that investors research locations more carefully than before. 135Source: FT, August 2011 http://www.ft.com/intl/cms/s/2/c45d8874-ce4e-11e0-99ec-00144feabdc0.html?ftcamp=rss#axzz1XCQ2Wnwz
  • 136. Buy-to-Let• Its research of 114 universities in England shows that there are a number of university towns that will continue to provide attractive returns, such as Exeter, Brighton, Manchester and London. These are still rated as ―buy‖ locations. But it has also identified ten universities towns where demand will weaken, due to a combination of funding reform and the inability to attract full-time and foreign students.• Rental demand can also be affected by the growing trend for more students to live at home and commute for economic reasons – a trend that is expected to accelerate with the raising of tuition fees.• Research from LV= found that the number of stay-at-home students is set to more than double by the year 2020, to reach 793,000 – which represents 47 per cent of all UK higher-education students. 136Source: FT, August 2011 http://www.ft.com/intl/cms/s/2/c45d8874-ce4e-11e0-99ec-00144feabdc0.html?ftcamp=rss#axzz1XCQ2Wnwz
  • 137. Buy-to-Let 137Source: FT, August 2011 http://www.ft.com/intl/cms/s/2/c45d8874-ce4e-11e0-99ec-00144feabdc0.html?ftcamp=rss#axzz1XCQ2Wnwz
  • 138. Commercial Rental Growth Forecasts 138 Source: GVA, Q3 2011
  • 139. Investment Market Outlook 139Source: GVA, Q3 2011 www.gva.co.uk/WorkArea/DownloadAsset.aspx?id=12884909144
  • 140. The UK Property Sector 140
  • 141. House Price Could Rise 14% by 2015 • The Centre for Economics and Business Research says house prices will increase by 14% over the next four years. • It predicts house prices will drop 1.3% in 2011 but then gradually rise between 2012 and 2015, up 2.4% in 2012, 3.4% in 2013, 3.6% in 2014 and 4% in 2015. • The ongoing shortage of housing, a gradual increase in the availability of mortgage finance and a prolonged period of loose monetary policy will cause the upsurge in house prices, it says. • Cebr says house building will remain depressed for the next four years and this, combined with population growth, will result in an increasing shortage of accommodation. • It says this is likely to elevate house prices, making home ownership less affordable and placing further pressure on the rental market. • Cebr also predicts that the base rate is unlikely to rise above 2% before 2015.Source: Mortgage Strategy, August 2011 http://www.mortgagestrategy.co.uk/housing-market/house-prices-will-rise-14-by-2015-says- 141cebr/1036500.article
  • 142. House Price Could Rise 14% by 2015 • Shehan Mohamed, economist at Cebr, says: ―We forecast an average of 110,000 new homes to be built every year over the medium term. • ―This is significantly lower than the 225,000 homes that need to be created every year to keep pace with current housing needs, population growth and the trend towards reduced household sizes.‖ • Douglas McWilliams, chief executive of Cebr, says: ―We do not expect a house price boom, but the housing shortage is likely to push prices gently upwards. • ―Because we have revised down our forecast for economic growth from 2012 to 2015, we have also cut our forecast growth in house prices to 2015 from 15.8% to 14.0%. • ―By 2015, our updated forecast price for the average house is £200,700. The previous peak level was £191,200 in 2007.‖Source: Mortgage Strategy, August 2011 http://www.mortgagestrategy.co.uk/housing-market/house-prices-will-rise-14-by-2015-says- 142cebr/1036500.article
  • 143. UK Housing Forecasts 143
  • 144. UK Housing Forecasts • UK Ministers themselves expect to deliver and exceed the stated target of 150,000 new homes by 2015. • Appetite for the Affordable Homes Programme has surpassed expectations, with 146 providers sharing almost £1.8 billion to build 80,000 homes under the programme - putting the Government on track to deliver up to 170,000 new homes by 2015, and safeguarding some 80,000 jobs in construction and related trades. • The programme allows social housing providers to charge a rent of up to 80 per cent of the local market level, and use the additional income to support delivery of more affordable homes. Providers may also offer flexible tenancies to new tenants.Source: Property Talk Live, 18/07/2011, http://propertytalklive.co.uk/social-housing/6999-new-affordable-homes-programme-set-to-exceed- 144expectations
  • 145. UK Housing Forecasts • The National Housing Federation has predicted home ownership in England to slump to just 63.8 percent over the next decade, the lowest level since the mid-1980s. • The Federation argues that huge deposits, combined with high house prices and strict lending criteria, have sent home ownership into decline. • In England, the proportion of people living in owner occupied homes could fall from a peak of 72.5 per cent in 2001 to 63.8 per cent in 2021, the Federation forecast. • In London, the majority of people living in the capital will rent by 2021 with the number of owner occupiers falling from 51.6 per cent in 2010 to 44 per cent by 2021, it added. • The North East will be the only English region to see any increase in owner occupier numbers over the next decade, rising marginally from 66.2 per cent to 67.4 per cent, the Federation predicted. 145Source: This is Money, 30/08/2011, http://www.thisismoney.co.uk/money/mortgageshome/article-2031434/Housing-market-crisis-home-ownership-tumbles-house-prices-soar.html
  • 146. UK Housing Forecasts • The average house price in England will meanwhile rise by 21.3 percent over the next five years from £214,647 in 2011 to £260,304 in 2016, according to Oxford Economics, who were commissioned to produce the forecasts. • Average rents in the private sector are forecast to increase sharply by 19.8 per cent over the next five years fuelled by high demand and a shortage of properties. • Oxford Economics predicted that means rents would increase on average in England from £486 a month in 2011 to £582 a month in 2016, meaning tenants would be paying £1,152 more a year in total. 146Source: This is Money, 30/08/2011, http://www.thisismoney.co.uk/money/mortgageshome/article-2031434/Housing-market-crisis-home-ownership-tumbles-house-prices-soar.html
  • 147. Green Skills Deficit• John Alker of the UK Green Building Council says that the green skills deficit is the major challenge facing the construction industry, but suggested that once professionals have knowledge of sustainability, they can integrate it into all of their work.• From the end of 2012 the Green Deal will be launched, providing up to 200,000 jobs, but requiring good skills in retrofitting homes to a high standard of energy efficiency. 147 Source: SAP Designs, April 2011 http://www.sapdesigns.co.uk/article36.html
  • 148. UK 3rd in Green Building league• Norway has topped a global league of green building for the second year in a row, followed by Brazil in second place and then the UK, which climbs to third place for the first time.• The 2009 Royal Institute of Chartered Surveyors (RICS) Global Zero Carbon Capacity Index is based on International Energy Agency(IEA) data and covers 34 countries looking at factors such as energy efficiency in households, offices and transport, as well as investment in renewable energy and policies to reduce carbon consumption from buildings.• The building sector – both residential and commercial – currently accounts for around 40% of emissions, more than either the transport or industrial sectors.• The UK has climbed a place in the league since last year, mainly as a result of the new policies introduced by the previous government, including zero- carbon housing, the Code for Sustainable Homes and tightened building regulations. 148 Source: UCL, July 2010 http://www.ucl.ac.uk/news/news-articles/1007/10071901
  • 149. Background Note Climate Change • According to a 2011 report released by consultancy group Mercer, along with the World Banks International Finance Corporation, climate change will significantly impact the transportation, construction, and manufacturing industries over the course of the next 20 years. • In fact, the report states that damages caused by climate change could cost over $8 trillion globally by 2030. 149 Source: AutoBlog, March 2011 http://green.autoblog.com/2011/03/03/why-green-cars-matter-climate-change-could-cost-8-trillion-by/
  • 150. Ecosystem Services and Biodiversity Loss 150
  • 151. Background Note Imperatives • ‗The UK‘s embedded and unconscious dependence on environmental resources, largely unaccounted for and unvalued in market terms, will mean no sector or business will escape unaffected by changes to the availability of environmental goods and services,‘ says PwC. • Business blind spots on future consumer behaviour, reporting, valuation and regulation are already emerging. Unpredictable pricing and supply chain scenarios made business action on environmental conservation ―the economically rational thing to do.‖ • Water used in food and drink production, timber for packaging, furniture and paper, productive land for fruit and vegetables, and fibres for clothes, are amongst just some of the biodiversity and ecosystem ‗services‘ whose economic value and protection is examined in the study. 151 Source: PwC, July 2010 http://www.ukmediacentre.pwc.com/News-Releases/UK-business-is-biting-the-hand-that-feeds-as- unchecked-environmental-resource-loss-threatens-to-bite-UK-economy-back-ee4.aspx
  • 152. Background Note Imperatives • Despite the potential impact, research by PwC for the TEEB study, found that of the world‘s largest 100 companies - including many UK household names - only two see biodiversity loss as a strategic business risk. Only 18 companies made any mention of biodiversity or ecosystems in their annual report. In high – dependency or impact sectors including food producers and primary industrial sectors, nine identified it as a key sustainability issue. • Regional differences in business perceptions of the threat are also stark. Over 50% of CEOs in Latin America and 45% in Africa see declines in biodiversity as a challenge to business growth. In contrast, less than 20% of their counterparts in Western Europe share such concerns, dropping to 15% in the UK. • Malcolm Preston, CEO, sustainability and climate change, PricewaterhouseCoopers LLP said: • ―Current business strategies and plans in the UK are biting the hand that feeds stable consumer prices, business prospects and long term investor security and returns. 152Source: PwC, July 2010 http://www.ukmediacentre.pwc.com/News-Releases/UK-business-is-biting-the-hand-that-feeds-as-unchecked-environmental-resource-loss-threatens-to-bite-UK-economy-back-ee4.aspx
  • 153. Background Note Imperatives • ―When estimates in the study put economic impact of biodiversity loss at between $2-4.5 trillion annually, you realise that this is not just about environmentalists and scientists, but economically rational conservation that protects the long term prospects for business. • ―That means putting more value on the resources that supply and sustain UK business, including companies and projects the financial services sector is investing in.‖ • Focusing in on issues for UK companies ranging from SME suppliers to large corporate, to international financial services companies and pension investors, contributors from PwC to the UN study highlighted five potential blind spots for UK business to focus on: – Possible changes in corporate reporting to recognise resources that are material to the business‘s future, that will require auditing and assurance 153 Source: PwC, July 2010 http://www.ukmediacentre.pwc.com/News-Releases/UK-business-is-biting-the-hand-that-feeds-as- unchecked-environmental-resource-loss-threatens-to-bite-UK-economy-back-ee4.aspx
  • 154. Background Note Imperatives – Unpredictability in supply chain pricing and availability, with knock on affects for consumers of price rises and product availability – Consumers disregarding products that do not take ethical and environmental considerations into account – Investors expecting more data, and factoring in more value for resources that supply and sustain businesses and funds they are investing in – New environmental regulations, tax and subsidy reforms as new analysis gives governments better valuation and pricing measures for biodiversity; the introduction of new markets such as UK based habitat banking or other environmental market mechanisms. 154 Source: PwC, July 2010 http://www.ukmediacentre.pwc.com/News-Releases/UK-business-is-biting-the-hand-that-feeds-as- unchecked-environmental-resource-loss-threatens-to-bite-UK-economy-back-ee4.aspx
  • 155. Background Note Imperatives • Jon Williams, partner, sustainability & climate change, PricewaterhouseCoopers LLP said: • ―We‘re effectively in an environmental recession for which few businesses appear to have a real accounts or a recovery plan. Identifying and managing the risks that arise from our impact on biodiversity in the UK is not about greenwash, or CSR, it‘s about the economics and security of supply and demand, and in a shorter time frame than climate change.‖ 155 Source: PwC, July 2010 http://www.ukmediacentre.pwc.com/News-Releases/UK-business-is-biting-the-hand-that-feeds-as- unchecked-environmental-resource-loss-threatens-to-bite-UK-economy-back-ee4.aspx
  • 156. Background Note Global Challengers • In a January 2011 report, The Boston Consulting Group (BCG) identifies 100 so-called emerging global challengers, about half of which could qualify for inclusion in the Fortune Global 500 within the next five years. • The 100 challenger companies grew annually by 18 percent and averaged operating margins of 18 percent from 2000 through 2009. • Overall, the global challengers generated revenues of $1.3 trillion in 2009. BCG notes that if these new challengers ‗…continue on their current growth path, they could collectively generate $8 trillion in revenues by 2020—an amount roughly equivalent to what the S&P 500 companies generate today.‘ Source: Boston Consulting Group, January 2011 156 http://www.bcg.com/media/PressReleaseDetails.aspx?id=tcm:12-70018
  • 157. Background Note Talent • Having access to the best talent continues to be a challenge for CEOs and business leaders—with 97 percent of CEOs in PwC‘s annual global CEO survey saying that having the right talent is the most critical factor for their business growth (1). • In its annual May release of 2010, Manpower noted that 9 percent of UK employers are having trouble filling vacancies (2), despite an 8 percent unemployment rate in the three months to January 2011 (3). Source (1): PwC, ‗Talent Mobility 2020,‘ 2010 http://www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/pdf/talent-mobility- 2020.pdf Source (2): Manpower, May 2010 http://www.manpower.com/investors/releasedetail.cfm?ReleaseID=471751 Source (3): Office for National Statistics, March 2011 157 http://www.statistics.gov.uk/cci/nugget.asp?id=12
  • 158. Background Note Skills Shortages • Half of employers (51%) are concerned they will not be able to fill posts requiring the right graduate level or higher skills in the coming years, and a third (32%) dont believe it will be possible to fill intermediate level jobs, requiring skills equivalent to A level. A third (30%) of employers predict the need for lower-level skills will decrease, while just 17% say it will increase. • The survey formed the CBI report, Ready to grow: business priorities for education and skills. • Asked how satisfied they were with school and college leavers employability skills, two-thirds (68%) of employers were dissatisfied with levels of business and customer awareness, over half (57%) were unhappy with self-management skills, and over two-fifths (44%) with young recruits ability to solve problems. Source: HR Magazine, May 2010 158 http://www.hrmagazine.co.uk/hro/news/1017856/employers-struggle-recruit-skilled-staff-post-recession-war-talent-rages
  • 159. Background Note Skills Shortages • Despite the recession, nearly half of employers (45%) say they are already having difficulty recruiting staff with skills in science, technology, engineering and maths (STEM), with manufacturers and science-related businesses having the most difficulty finding highly-skilled people to fill their posts. Even more companies (59%) expect to have difficulty finding STEM-skilled people in the next 3 years. • Employers are concerned about the basic skills of their current workforce. The biggest problem is with IT skills, where two-thirds (66%) of employers report concern. But half of employers are also troubled by employees basic literacy (52%) and numeracy (49%) skills. • In the past year alone, a fifth of employers have arranged remedial training for young people they have recruited from school or college, in literacy (18%), numeracy (18%), and IT (22%). When it comes to the existing workforce, employers are also providing basic training in literacy (22%) and numeracy (18%), with the need for IT training even higher (43%). Source: HR Magazine, May 2010 159 http://www.hrmagazine.co.uk/hro/news/1017856/employers-struggle-recruit-skilled-staff-post-recession-war-talent-rages
  • 160. Change on the Horizon? 160
  • 161. Change on the Horizon?• A March 2011 report on housing demand up to 2025 by the Institute of Public Policy Research, predicts the average demand for new homes in England will total 252,017 per year, and demand for social housing will rise in most regions, whether the economy recovers or continues to struggle.• It claims demand for all housing tenures will rise by between 20 to 25 per cent, or more than 30,000 each year, in the east of England, with the north west seeing the lowest increase of between 9 and 15 per cent. Source: Inside Housing, March 2011 161 http://www.insidehousing.co.uk/news/development/east-of-england-to-top-demand-for-housing-in-next-20-years/6514016.article
  • 162. Change on the Horizon? • 2011 will see major changes to the framework within which housing operates. • The changes range from planning and affordable housing to funding and mortgage finance. • 2011 will be a year of adaptation and innovation for the UK housing industry but participants will step up to the plate.Source: King Sturge, 2011http://www.kingsturge.co.uk/news/~/media/Events/Property%20Predictions/2011/KING%20STURGE%20PROPERTY%20 162PREDICITONS%202011%20FULL%20PAPERS%20FINAL.ashx
  • 163. Innovation In The Property Sector 163
  • 164. Ultra-Quick Construction • The most recent example of the striking capability of the Chinese building industry took place in Changsha, Hunan province a few months ago. • Chinas Broad Group showcased their rapid building technology by constructing the 15-story Ark Hotel in less than six days. Using a team of 200 workers the structural framework was erected in just 46.5 hours and the external cladding and internal non-structural surfaces were completed in another 90 hours. • The Ark Hotel used one sixth the material of an equivalent sized building with a cost saving of 20% while still being able to withstand a 9.0 magnitude earthquake. 164Source: Gizmag, 10/08/2011, http://www.gizmag.com/15-story-hotel-built-in-less-than-6-days/17711/
  • 165. Ultra-Quick Construction • In addition the building uses several technologies to result in energy efficiency five times that of comparable buildings. This includes triple pane windows, external solar shades, 6 inches of thermal insulation, heat recovery ventilation, and LED lighting systems. The plan is to construct 15 similar structures in China and 30 more in other countries. • However, the foundations and other below-ground construction were completed prior to starting the clock and the construction system makes significant use of prefabricated components produced in a dedicated factory. 165Source: Gizmag, 10/08/2011, http://www.gizmag.com/15-story-hotel-built-in-less-than-6-days/17711/
  • 166. Floating Houses? • The FLOATEC project research project is developing "amphibian houses― that are designed to float in the event of a flood. • This technology would be of immense benefit to low-lying countries such as the Netherlands and small island-states in the Indian and Pacific Oceans, that are at the risk of disappearing in the next 100 years due to rising sea levels. Thus these states could maintain their claim to statehood through the use of artificial, floating structures. • The lead research partner in the FLOATEC project is Dura Vermeer, a Dutch company that over the past 12 years has become a market leader in the floating building market. • FLOATEC is a European R&D project underwritten by EUREKA, an intergovernmental network established to support market-oriented R&D and innovation projects by industry, research centres and universities across all technological sectors. 166Source: Gizmag, 01/09/2011, http://www.gizmag.com/floatec-floating-house-project/19670/
  • 167. Floating Houses? • The key to floating structures lies in their foundations, which are made up of multiple layers of light plastic foam supporting the concrete. However, the technology used up until now has had limitations as there is a maximum size and weight beyond which a structure loses its buoyancy and simply sinks. • To solve this problem Dura Vermeer teamed up with Spanish company, Acciona Infrastructures, and a Spanish engineering consultancy, Solintel, to develop a new way to build floating structures that were simpler, more solid and used lighter materials. • The new building method they developed uses expanded polystyrene (EPS), which Blon says is, "the same kind as is used for packaging and which people are familiar with: little white balls glued together." 167Source: Gizmag, 01/09/2011, http://www.gizmag.com/floatec-floating-house-project/19670
  • 168. Floating Houses? • This modified polystyrene is inserted in multiple layers in between stratums of composite and concrete and divided into beam-like modules that can easily be assembled into a bigger supporting structure a bit like building blocks. The modules are arranged in a floating grid into which the concrete is cast. • Blom says that the new technology is much cheaper than traditional methods as there is a reduction in the amount of material used. "Smaller blocks can now support bigger structures and, in the end, the cost of the whole building is reduced," he said. 168Source: Gizmag, 01/09/2011, http://www.gizmag.com/floatec-floating-house-project/19670
  • 169. Wooden Cities?• 3 billion will need new affordable housing in next 20 years.• 100,000,000 effectively homeless worldwide. Means 100,000 new houses per day.• Modular, containers, rammed earth, are great ideas but… these are rural or suburban solutions, but we need solutions for the 50% who live in urban areas(70% by 2050, mostly in developing world).• 3 tonnes of concrete are produced per person per year globally• Needs: 1) Reduce carbon emission & 2) Remove carbon from system• Wood is lighter and has a much smaller carbon footprint, indeed it can even store carbon.• New technology which involves heating and pressing pulp into large sheets could create a product that is stronger then steel. Source: TED, accessed info via scienceforums.net, March 2011 169 http://www.scienceforums.net/topic/55923-wood-the-best-material-for-skyscrapers/
  • 170. Wooden Cities?• Apart from the foundations, wood can replace the use of steel and concrete in buildings and becomes the new structural backbone of the skyscraper!• Wood weights half as much as concrete which improves the strength of the building in an earthquake• Wood buildings have survived earthquakes better than heavy steel and concrete buildings• Can lead to an enormous reforesting business worldwide, and an enormous sequestration of Co2.• As a material the wood is more expensive but …• It so drastically reduces the labour costs associated with buildings as it can go up so much faster. It takes a week to pour a concrete floor in a skyscraper before the next floor can be constructed. Wood skyscrapers can build 6 floors a day. Source: TED, accessed info via scienceforums.net, March 2011 170 http://www.scienceforums.net/topic/55923-wood-the-best-material-for-skyscrapers/
  • 171. Green Buildings 171
  • 172. Installed PV as a Trend 172
  • 173. Installed PV as a Trend • Installations of PV systems in United Kingdom amounted to 96 Megawatts (MW) in 2010, up an astounding 1,500 percent from 6MW in 2009. Starting from a nearly negligible level in 2009, the expansion dramatically outpace the growth of the next fastest-growing nation – Spain – which rose by approximately 730 percent in 2010. • The United Kingdom in 2010 adopted attractive Feed-in-Tariffs (FIT) to promote PV adoption. • While growth in the United Kingdom is expected to slow down from such a blistering rate after 2010, PV installations will continue to rise in the 50 Percent range for each year through 2014. 173Source: Design Spark, 01/02/2011, http://www.designspark.com/content/fastest-growing-solar-market-2010
  • 174. Green Buildings • Researchers at the Ningpo, China campus of the University of Nottingham (UNNC) have created a new heat-regulating material that could be used to cut the heating and cooling costs of buildings. • The non-deformed storage phase change material (PCM) can be fixed so that it starts absorbing any excess heat above a pre-determined temperature and releasing stored heat when the ambient temperature drops below the set point. 174Source: Building4Change, 11/08/2011, http://www.building4change.com/page.jsp?id=905
  • 175. Green Buildings • The researchers say the material can be manufactured in a variety of shapes and sizes, even small enough so that it can be sprayed as a microscopic film to surfaces in existing buildings. • The researchers at UNNCs Centre for Sustainable Energy Technologies say the novel material possesses a larger energy storage capacity with faster thermal response than existing materials and could be cheaply manufactured. • They believe it has the potential to save up to 35 percent of energy in a building and could also be used to enhance the efficiency of solar panels and LED lighting. 175Source: Building4Change, 11/08/2011, http://www.building4change.com/page.jsp?id=905
  • 176. Innovative Recycling • Mexicos Tubohotel, which opened in 2010, is a unique and affordable holiday destination created from recycled concrete tubes. • The original pipe hotel concept comes from German architect, Andreas Strauss, who created Dasparkhotel in 2006. The T3arc architects drew inspiration from Strauss and expanded on the idea to create two-story triangular modules. • By stacking one tube on top of two base tubes, they were able to create a striking visual display without impacting the surrounding natural environment. • The Tubohotel offers 20 concrete rooms, each measuring 2.44 m wide and 3.5 m long (8 ft x 11.5 ft) and is simply furnished with a queen size bed, desk light, fan, and under-bed storage. • Unfortunately they couldnt come up with an idea to squeeze in a bathroom but guests have access to two communal bathhouses located on the hotel property. 176Source: Gizmag, 10/08/2011, http://www.gizmag.com/mexicos-recycled-concrete-tube-hotel/19142/
  • 177. Innovative Recycling • Because they are sturdy, waterproof, transportable, and perhaps only a little bit smaller than some low-rent apartments, disused shipping containers have become very popular for conversion into low-impact buildings. • Past efforts have included using them as emergency housing, trendy relocatable bachelor pads, pop-up shops and portable restaurants. 177Source: Gizmag, 29/06/2011, http://www.gizmag.com/building-made-from-65-shipping-containers/19069/
  • 178. Innovative Recycling • The Los Angeles design group APHIDoIDEA has proposed putting containers together to create an environmental education centre for the city of Long Beach. • The building would consist of classrooms, offices, an exhibition hall, and a public plaza. On the outside, it would also feature an open amphitheater, and a rooftop garden incorporating a rainwater collection system. • In order to create the building, the shipping containers would first be stacked together in a two-row rectangle. The middle of that rectangle would then be raised up in an arch, to create the plaza underneath it. The two rows would then be separated, to allow access to the inside of the containers. Finally, the arched containers would be angled toward the Sun, to maximize solar gain - some of them would be glass-fronted. • It should be noted that while the outer shells of the containers would form the walls and roof of the complex, the rooms themselves would not all consist of single containers. That said, however, systems such as power and water could be contained within individual containers, and essentially "plugged in" to the complex. 178Source: Gizmag, 29/06/2011, http://www.gizmag.com/building-made-from-65-shipping-containers/19069/
  • 179. Innovative Recycling 179
  • 180. The ‘Nano’ Flatpack House 180
  • 181. The ‘Nano’ Flatpack House • Tata Group, the company behind the ‗world‘s cheapest car‘ – the $2500 Tata Nano - is now looking to offer the world‘s cheapest house on the market. • Dubbed the Nano house, the flatpack dwelling comes with pre-fabricated materials, including doors and windows, for a house of around 20 square metres in size. Materials consist of coconut or jute cladding complete with interior layouts. The proposed price of the ready-to-assemble kit is said to be just $700. • The houses are said to have a life expectancy of around 20 years. • Tata says the homes will be sold in their native India to those living in village areas and could also be sold to councils in bulk that are looking to build up areas. Mr Das also said the company was bouncing ideas off local councils to develop the most suitable style homes. This can hopefully bring shelter to some of the world‘s poorest communities. 181Source: Car Advice, 18/08/2011, http://www.caradvice.com.au/128924/tata-announces-worlds-cheapest-flatpack-house/
  • 182. New Building Systems • Culminating a decade of extensive development, Gemite developed a universal structural building system Omni-Globe, suitable for residential and commercial multi-storey projects. • Omni-Globe System is surprisingly simple. Each structure is built out of Omni Elements, a large, but lightweight sections that are prefabricated off- site, or on-site (depending on the size of the project). • It is almost as if assembling a well designed puzzle utilising giant Lego building blocks. Omni Elements, usually 1.2 x 2.4 m (4‘ x 8‘), are joined to form walls, floors and roof of the structure and are light enough to handle manually, without a need for any heavy equipment. Once the concrete slab is completed, an entire building can be erected in a matter of days using Omni Elements. • Omni-Con, a high performance Structural Concrete is spray applied to the exterior and interior of all walls to complete the Omni-Globe StructureSource: Gemite, retrieved April 2011 http://www.gemite.com/MarketSegments/omniglobe.PDF 182
  • 183. New Building Systems • The finished structure is exceedingly strong and durable even when attacked by hurricane or earthquake. Tests performed at the University of Toronto showed that one Omni-Globe element carries a load of 30 metric tons (70,000 pounds). • Therefore, a small 60 m² (600 ft²) house can carry the load of 40 fully loaded trucks. • Omni-Globe System fulfils the urgent demand for quick production of high quality, inexpensive, and safe housing anywhere in the world. Omni-Globe Building System is structurally and economically suitable for projects ranging from low cost housing to prestigious commercial buildings. 183Source: Gemite, retrieved April 2011 http://www.gemite.com/MarketSegments/omniglobe.PDF
  • 184. New Building Systems • Structural Components of Omni-Globe System • Lightweight Steel Channels form the perimeter of the element. • Insulating Core provides high insulating and acoustical value. • Structural Skin, a fibre-reinforced, non-combustible and high performance composite • Features & Benefits of Omni-Globe System • Flexibility & Adaptability to local market requirements and design versatility. • Local Materials are used whenever available. • Low Labour Cost & Local Employment. Unskilled labour can be easily trained to assemble and erect Omni-Globe System elements. • Set-up Costs are extremely low. • Rapid Construction - a total house can be erected in 3 to 5 days using only a 3 to 4 man crews. A 55 m2 (600 ft2) unit takes only 250 man-hours. 184Source: Gemite, retrieved April 2011 http://www.gemite.com/MarketSegments/omniglobe.PDF
  • 185. New Building Systems • Environment Friendly - all materials in the systems are non-toxic and can be recycled. All the materials resist decay, termites and other vermin. • High Insulating Factor - climatic conditions from the extreme heat of the Sahara to the icy cold of the Arctic can be satisfied. The thickness of Omni- Globe System wall and roof elements can be easily and economically modified from 10 - 250 cm (4" - 10") without any tooling or equipment expenses. • The The Omni-Globe System houses can be built, on a mass production basis, for less than US $250.00 per m² (US $25.00 per ft²) of floor area. This price includes all materials and labour for exterior and load bearing walls, floor, roof and interior partitions including wall & roof finishes. Utilities (electrical, plumbing, heating), kitchen & bathroom fixtures and cabinets, doors, windows, concrete slab, architectural and structural design and any approvals & fees are not included. 185Source: Gemite, retrieved April 2011 http://www.gemite.com/MarketSegments/omniglobe.PDF
  • 186. More Efficient Design • Super-efficient PassivHaus construction makes for warmer homes and lower energy bills. These houses can cost just £75 to heat a year. • The rigorous, meticulous design principles were developed by the PassivHaus Institute in Germany at the beginning of the 1990s. Since then more than 10,000 buildings, including houses, schools and offices, have been built to the standard, mostly in Germany and Austria. • Put simply, the PassivHaus ethos is about embedding high levels of energy efficiency into the house while it is being built. The result is a house that uses very little energy for heating and cooling – around 90 per cent less than standard UK buildings. • The emphasis is on super-insulation and stringent levels of airtightness to create a ‗tea-cosy effect‘ (or minimal thermal bridging). The houses are also designed to optimise heat from the sun (passive solar gain).Source: The Ecologist, October 2010 186http://www.theecologist.org/green_green_living/home/641800/passivhaus_construction_the_future_of_uk_housebuilding.html
  • 187. More Efficient Design • The only techie bit is the mechanical ventilation and heat-recovery system (MVHR), which provides the house with fresh air and helps to warm it by recovering heat from the extracted air and transferring it to the incoming air. • In addition, most of the of heat generated inside – body heat from people and animals, heat from lighting and cooking, as well as solar gain – is retained within the building. As a result you hardly need any traditional heating or air conditioning systems. • Building to PassivHaus standards does cost approximately 14 per cent more than conventional construction methods, but because the energy costs are next to nothing the payback period is just 14 years.Source: The Ecologist, October 2010 187http://www.theecologist.org/green_green_living/home/641800/passivhaus_construction_the_future_of_uk_housebuilding.html
  • 188. Award Winning Concepts • Manchester-based architect Dwelle has won the Small House of the Year category at the 2010 British Homes Awards. The big dwelle.ing design was inspired by the recession, which led to the architects investigating an alternative housing solution that would create smaller dwellings that could be adapted to suit a variety of applications. • The sustainable buildings have two-storey living space and plenty of storage space: the interior is more spacious than first impressions suggest. It can be easily adapted to meet a clients needs too • People love the buildings form and the space it provides, but sometimes want two bedrooms or a slightly larger living space. By simply extruding the section, or by placing two together side-by-side, you can create many different variations.Source: Green Build News , July 2010 188http://www.greenbuildnews.co.uk/news-details/Dwelle-wins-housing-award/211
  • 189. Self-Healing Concrete• Self-Healing Industrial Coatings• Autonomic Materials is a company that sells self-healing coatings for ships and large industrial equipment. Most of these machines are coated in polymers that protect against weathering which can lead to fatal malfunctions. This company offers a number of coatings that sense cracks and use tiny capsules filled with resins to fill the damaged areas with a new layer of the shell.• Self-Healing Concrete• Civil engineer Henk Jonkers mixes bacteria into concrete to create what he calls bio-concrete, a substance that fills in its own cracks and holes. What happens is that the bacteria grow into cracks as they form, releasing calcium carbonate, a substance similar to limestone. The result? The cracks are filled in with what is essentially the waste material of these bacteria, which are engineered from extremophile bacteria that thrive in extremely dry conditions. 189 Source: io9, March 2011 http://io9.com/#!5780827/two-new-building-materials-that-are-about-to-revolutionize-the-world
  • 190. Fly Ash Concrete• Coating concrete with residual ash from burning coal can make it strong enough to withstand harsh conditions — and save governments millions of dollars. Fly ash is an industrial byproduct from coal power plants, which used to be pumped into the atmosphere, but is now collected.• In the USA 130 million tons of it is produced annually, of which 70% ends up in landfills — but it turns out this stuff makes concrete nigh on indestructible.• A coating made from the ash can be used on both the rebar inside the concrete and to repair the material itself, and the modified building material becomes impressively strong. Called Blue Crete Coating, researchers have put the modified concrete through simulated environments of hot, cold and rain far worse than exist on earth, including air pollution 100,000x as acidic as we currently suffer from. The result? The concrete survives more than a year, where the normal stuff crumbles in days. 190 Source: io9.com, April 2011 http://io9.com/#!materialsscience/5784962
  • 191. Improving Indoor Air Quality • A new method using minerals in particleboard could significantly reduce formaldehyde emissions indoors. • Formaldehyde, one of the many VOCs (volatile organic compounds) that have been classified as dangerous to human health by organizations such as the World Health Organization (WHO), can be found in the adhesives that are commonly used for gluing particleboard. • According to the US Environmental Protection Agency (EPA), pressed wood products that use adhesives with urea-formaldehyde (UF) resins are one of the most significant sources of formaldehyde in homes. • According to an article published in January 2011 on the website ScienceDaily, researchers in Germany have developed a new method using mineral compounds with zeolites that were modified with amino groups to boost adsorption rates. When they put the zeolite powder into the sample particleboard, they measured a reduction in formaldehyde emissions of 40 percent in both long-term and short-term tests.Source: Electro Corp Air Purification, March 2011 191http://electrocorpairpurification.wordpress.com/2011/03/22/new-building-materials-use-minerals-to-reduce-indoor-air-pollution/
  • 192. Wool and Seaweed Bricks • In experiments conducted at the University of Seville in Spain and the University of Strathclyde in Glasgow, Scotland, researchers added wool fibers to the claylike soil used to make bricks, then threw in alginate conglomerate, a polymer made from seaweed, according to a study published in the journal Construction and Building Materials. • The bricks with wool were 37 percent stronger than conventional bricks and were more resistant to cracks and fissure, the researchers reported. Wool bricks are also energy savers as they‘re made without firing, they said. • "This is a more sustainable and healthy alternative to conventional building materials such as baked earth bricks and concrete blocks," the study‘s authors, Carmen Galán and Carlos Rivera, said. 192Source: CNN, October 2010 http://news.blogs.cnn.com/2010/10/05/seaweed-wool-make-traditional-bricks-tougher/
  • 193. Future of Financing • While many governments stepped in to support the I&PF markets with cash and/or guarantees, this support is no longer sustainable due to the significant deficits and sovereign debt levels in developed countries. Furthermore the infrastructure stimulus packages will understandably reverse as governments look to bring their finances under control. The re-emergence of sovereign credit risk as a factor in developed markets is another feature of the post GFC world. • The regulatory landscape will continue to evolve as Basle 3 works its way through the infrastructure and project finance (I&PF) finance markets. The regulations are likely to increase the price and reduce the supply of long term debt. • Mutlilaterals, state owned infrastructure banks and ECAs will continue to play an important role in the provision of project finance to infrastructure projects in both developed and developing countries. 193Source: PwC, retrieved April 2011 http://www.pwc.co.uk/eng/issues/what_is_the_future_for_infrastructure_financing.html
  • 194. Future of Financing • Despite the difficult markets, equity infrastructure funds will succeed in raising new money as the insatiable demand for lower-risk returns provided by infrastructure continue to attract long term pension fund and other institutional investors. Specialist funds may arise while pension funds and sovereign wealth funds will increasingly look to take direct stakes in infrastructure projects and companies. • The key challenge for the I&PF debt markets remains attracting institutional pension fund money. While pre GFC institutional money was invested directly into projects with monoline credit enhancement or helped relieve banks‘ balance sheets through CDOs/CLOs, these structures are no longer a realistic option. Large I&PF portfolio debt sales by banks to institutions will continue, however, all market participants will continue to try to create multi-investor institutional I&PF debt funds or find structured products that de-risk senior debt. The capital debt markets need to be the prime source for I&PF refinancing rather than relying on the rollover of bank debt. 194Source: PwC, retrieved April 2011 http://www.pwc.co.uk/eng/issues/what_is_the_future_for_infrastructure_financing.html
  • 195. Evolution of ppp’s 195
  • 196. Case Study- Evolution of ppp’s • Puolarmetsä hospital, Espoo • City of Espoo is developing a new hospital in Puolarmetsä area that will provide basic healthcare services, as well as, specialized services for elderly people. The hospital centre is planned to create an active and humane campus area where patients are surrounded by everyday life activities in a comfortable environment with many recreational possibilities and services. • The hospital centre comprises of rehabilitation facilities for 240 people and a regional healthcare centre for 35 000 citizens. The senior centre comprises of housing and social facilities for 160 patients. Also, all the required supporting functions and associated facilities are accommodated in the development including a parking garage, loading area, personnel social areas, logistic centre, archives, chapel and maintenance related spaces. • The scope of the project is 67 050 m2 and 304 000 m3. Espoo has set targets for the development in relation to the project procurement practices. 196Source: ERES, June 2010 http://www.eres2010.org/contents/papers/eres2010_252_Leinonen_NEW_AND_INNOVATIVE_I.pdf
  • 197. Case Study- Evolution of ppp’s • These targets include realization of investments and services by utilization of partnerships, and a service contract including a usability component and a flat rate component. • Also, in case the contract partner dissolves the contract City of Espoo is entitled to continue the rent contract with original conditions without the maintenance and other related services, or alternatively reclaim the building. • Based on these targets and project properties, three procurement models were chosen for closer examination. These models include real estate company approach, partnership approach with a project company and partnership approach with collateral security. In the real estate model Espoo procures all the services through a real estate company that is capitalized with a loan that City of Espoo will secure, thus enabling more affordable interest rates. In the partnership approach that is based on establishing a project company, all the services and construction activities are managed by the project company. 197Source: ERES, June 2010 http://www.eres2010.org/contents/papers/eres2010_252_Leinonen_NEW_AND_INNOVATIVE_I.pdf
  • 198. Case Study- Evolution of ppp’s • The project company based approach utilizes bound capital as an effective risk transfer mechanism and motivation for efficient service production. The third model is a partnership approach that is based on collateral security. This model utilizes securities set by the service provider and funding arrangements based on a lease to transfer risks. 198Source: ERES, June 2010 http://www.eres2010.org/contents/papers/eres2010_252_Leinonen_NEW_AND_INNOVATIVE_I.pdf
  • 199. Tax Increment Financing 199
  • 200. Tax Increment Financing• Plans to introduce TIF have been confirmed in the Comprehensive Spending Review by George Osborne and in the recent White Paper on Local Growth. A recent business plan published by the Department for Communities and Local Government states that it will introduce a bill for TIF powers and retention of business rates in July 2011. The expectation is that TIF powers will be introduced locally by April 2012.• TIF is a fiscal tool that uses future tax gains to finance current redevelopment and infrastructure projects. TIF rests on a simple premise: the redevelopment and provision of new infrastructure to an area will both stimulate commercial activity and increase commercial property values for that area. This in turn generates increased business rates for that area - the tax increment. The local authority can then secure financing for the proposed development against the projected uplift in business rates. The actual tax increment from the redevelopment is then used to repay the enabling finance.Source: Eversheds, December 2010 200https://www.eversheds.com/uk/home/articles/index1.page?ArticleID=templatedata%5CEversheds%5Carticles%5Cdata%5Cen%5CLocal_government%5CTax_Increment_Financing
  • 201. Tax Increment Financing• There are 3 models for securing TIF financing:• Bonds: the authority issues bonds secured against the projected tax increment. In the US, tax reliefs are also available to encourage investment in the bonds.• Local Authority-funded: the local authority borrows to provide the initial capital. The authority then repays its borrowing from the actual tax increment.• Developer-funded: the developer borrows to provide the initial capital. The authority then reimburses the developer using the actual tax increment which the developer uses to repay its borrowing. This method shifts the risk from the authority/government to the developer.• Based on the White Paper: Local Growth, it appears that the model being considered by the government are only local authority-funded TIFs. This has caused considerable dismay in the property industry where many private sector groups have identified schemes which they could unlock with TIF funding but which may now be unavailable.Source: Eversheds, December 2010 201https://www.eversheds.com/uk/home/articles/index1.page?ArticleID=templatedata%5CEversheds%5Carticles%5Cdata%5Cen%5CLocal_government%5CTax_Increment_Financing
  • 202. Tax Increment Financing • The UK‘s first TIF scheme is in Edinburgh. Scotland is forging ahead of England using their devolved powers to enable TIFs. Edinburgh City Council has been working alongside the Scottish Futures Trust to obtain approval in September 2010 to use the funding model to regenerate the Leith waterfront. The project requires £84m to invest in infrastructure, including a new cruise liner terminal, lock gates, esplanade and link road. It is anticipated that the project has the potential to raise £310m in additional business rates over next 25 years leaving them with sufficient resources to repay the loan. • Local authorities in the UK have also set out proposals where TIF schemes could plug an infrastructure funding gap: • Leeds - Aire Valley regeneration scheme: 400ha brownfield site earmarked for 8,000 homes and employment space. Secured £32m public sector funding but need an additional £250m in infrastructure investment. It could raise an extra £900m in business rates over 30 years.Source: Eversheds, December 2010 202https://www.eversheds.com/uk/home/articles/index1.page?ArticleID=templatedata%5CEversheds%5Carticles%5Cdata%5Cen%5CLocal_government%5CTax_Increment_Financing
  • 203. 2010 Turner Prize for Innovation in Construction Technology • Engineers Without Borders-USA received the 2010 Turner Prize for Innovation in Construction Technology. • The award recognizes EWB–USA‘s efforts to build much-needed sustainable infrastructure—for clean water, energy, healthcare, and other basic needs—in remote and developing regions. • The nonprofit partners engineering students and professionals with local communities in more than 45 countries. • Arthur Gensler, who served on the prize jury, said in a statement, ―Programs like Engineers Without Borders-USA provide the technical knowledge and working solutions to enable people to help themselves. This organization gives locals hope and talented engineering professionals the opportunity to share their knowledge with countries that can so greatly benefit from their efforts.‖ • The Turner Prize recognizes innovation and exceptional leadership in construction technology. This includes construction techniques, innovations and practices, construction and project management, and engineering design.Source: Architects Magazine, July 2010 http://www.architectmagazine.com/award-winners/engineers-without-borders-selected-for-2010-turner- 203prize.aspx
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