The transformation is already visible. Artificial intelligence is rapidly increasing the need for computing capacity; data centres are looking for locations capable of guaranteeing large volumes of electricity; industry is looking to decarbonise processes; and logistics is preparing for progressively electric mobility. At the same time, companies and investors value buildings that are more efficient and less exposed to the volatility of energy costs. Colliers itself identifies energy security as one of the major trends that will transform corporate real estate and believes that buildings capable of integrating renewable production will be better positioned for occupiers and investors.

This changes the very definition of real estate location. Two industrial sites with similar dimensions, good access and proximity to logistics infrastructures can have completely different values if only one has the electrical capacity available to support an intensive operation. The same may happen with logistics parks, industrial units and large technological projects. In certain segments, knowing how many megawatts are available is starting to be almost as relevant as knowing how many square metres can be built.

But there is a second opportunity that I find even more interesting: real estate assets themselves can be transformed into energy producers and managers.

Let us think of a large logistics park. Thousands of square metres of roof represent thousands of potential square metres of photovoltaic panels. Add batteries, intelligent energy management systems and electric fleet charging. The building is no longer just the place where goods are stored. It also starts to produce, store and manage energy.

It is what I like to call "logistics assets as power stations".

This logic may extend to shopping centres, business parks, hotels, resorts and large residential projects. An asset capable of producing a significant part of the energy it consumes, storing it and intelligently managing the moments of use can reduce operating costs and become more attractive to occupants and investors.

Of course, we should not fall into the temptation of believing that all buildings will turn into power stations. There are limitations in the network, investment, licensing and economic viability. But the direction seems clear: energy and real estate are no longer independent sectors.

For Portugal, this convergence is particularly relevant. We have favourable conditions for renewable production, and we are attracting investment in logistics, industry, data centres and artificial intelligence. If we can anticipate these needs in the planning of new projects, we can transform an energy advantage into a real estate and economic advantage.

For many years we asked a developer how many square metres he could build on a plot of land.

Perhaps the time is coming to add another question:

How many megawatts can you produce, store or guarantee in that same place?

In real estate over the next decade, the answer could determine an important part of the asset's value.