As a market observer, it seems increasingly evident to me that we are entering a phase where a good location, by itself, will no longer guarantee the success of an asset. Location will remain key, of course, but the next real estate cycle will be much more selective.

Artificial intelligence will make it possible to automate certain administrative tasks, increase the productivity of others, and create professions that practically do not exist today. This means that some companies may work with different teams, but also that sectors related to technology, engineering, research, creativity or product development may grow. The question, therefore, is not simply whether we will need fewer offices. It's understanding what kind of offices we will need.

Companies are increasingly looking for efficient, technologically prepared, flexible and well-served buildings. They are also looking for spaces capable of helping to attract and retain talent. If we want qualified professionals to come to the office to collaborate, create and work in teams, the building itself will have to justify this trip.

This change will have clear consequences on the valuation of assets. A modern, energy-efficient office located in an area where people want to work may continue to benefit from strong demand. An obsolete property, with high energy costs, little flexibility and unable to keep up with the new requirements, may lose competitiveness, even if it is in a location traditionally considered good.

This difference between quality assets and secondary real estate may be one of the most important trends in the coming years.

Portugal has an opportunity here. Lisbon and Porto have managed to attract technology companies, service centres, startups and international operations. At the same time, we are seeing significant investments in data centres, artificial intelligence, energy and digital connectivity. This new economy may generate demand not only for offices, but also for housing, logistics, commerce, services and new centralities.

Sines is perhaps the most obvious example. The technological investments planned for the region can profoundly transform the territory. But companies and data centres do not exist in isolation from cities. They need workers, and they need houses, transport, schools, restaurants, commerce and services.

This is precisely where real estate will have to learn to anticipate rather than simply react.

For too long we built after the demand came and planned infrastructure when the problems already existed. The speed of the new economy will not be compatible with this way of acting.

Artificial intelligence will not only decide which professions will have a future. It will influence where the most qualified jobs will be, where companies will decide to invest and where people will want to live.

In real estate, perhaps the biggest transformation is precisely this: the future value of a property will increasingly depend on its ability to remain relevant in a world that is changing very quickly.