This principle will still be valid, but it is no longer sufficient to explain the value of an asset. Colliers' latest analysis shows that corporate real estate is entering a new cycle, in which technology, demographics, energy, climate and geopolitics now weigh as much as the location of a building.

The first major transformation comes from artificial intelligence. Automation is not expected to eliminate the need for offices, but it will profoundly change their function. Less oriented towards repetitive tasks and more designed for collaboration, creativity and contact between teams, workspaces will need to be flexible, technologically prepared and able to adapt quickly. At the same time, the growth of AI is creating a new class of real estate demand: data centres, digital infrastructures and buildings with high energy and connectivity capacity.

Demography will also be decisive. The ageing of the population and the shortage of skilled workers are turning real estate into a tool for attracting talent. For many companies, choosing a location no longer depends solely on rent or proximity to a highway. It also depends on the supply of housing, mobility, schools, services and quality of life. Cities and regions unable to welcome new workers may lose investment, even when they offer competitive land or occupancy costs.

Energy constitutes the third major change. Efficient buildings, prepared to integrate renewable sources and capable of reducing their consumption, will have lower operating costs and less exposure to price volatility. Therefore, energy efficiency is no longer just an environmental obligation or a marketing element. It has become a factor of competitiveness, financing, and value preservation. Properties that cannot keep up with this transition will face greater pressure on rents, occupancy and liquidity.

Climate risks will also have a more visible influence on the market. Floods, fires, heat waves, and water scarcity will have an increasing impact on insurance, maintenance, and financing costs. An asset may be well located and still lose attractiveness if it is too exposed to physical risks or does not have the ability to adapt. Climate resilience will therefore be incorporated earlier and earlier in purchasing, development and management decisions.

Finally, the reorganisation of the world economy is creating new geographies of demand. Nearshoring, industrial reshoring, and the search for more secure supply chains favour markets that offer stability, infrastructure, energy, and talent. For Portugal, this trend can open up opportunities in the industrial, logistics, technological and residential segments, but only if there is execution, licensing and planning capacity.

These five megatrends point to a clear conclusion: the market will become more selective. The gradual return of investment will not mean a uniform valuation of all assets. Capital will tend to be concentrated in high-quality buildings, strategic locations and projects capable of responding to new environmental, technological and social demands.

At the same time, credit will continue to be more disciplined. Funders will focus on strong, future-proof projects, while obsolete properties will need to be rehabilitated, repositioned or converted to maintain relevance. This divergence between modern assets and buildings that are unable to keep up with transformation is expected to become one of the central features of the next cycle.

Real estate is thus no longer just a physical structure. It has become a platform for talent, technology, energy and operational continuity.

In the next cycle, the most valuable assets will not necessarily be the newest or the most expensive. They will be those who can remain useful in a rapidly changing world.