The face of towns and cities are changing. Technology and environmental factors are speeding up obsolescence. Commercial stock is no longer fit for purpose and some will be obsolete by law. The residential model is changing with a shift to rental and there are chronic shortages making available stock unaffordable. Ambitious new market entrants and IFRS 16 – the leases standard are increasing the demand for shorter more flexible leases. Add to the mix a better informed, more demanding occupier and the real estate model is evolving from financial asset class to service provider.