A good example of this is the Baltics. Despite that Tallinn is closer to Stockholm than Malmö and for long has been members of the EU, the Euro and NATO, many Swedes still have an old fashioned view of the region, marked by old pictures of the Soviet occupation.
It is an view which resonates poorly with reality in the year 2017. As a matter of fact, Estonia is nowadays one of the worlds most digital countries, with a very advanced digital public sector and for instance the most startups per capita in the world. The truth is that Tallinn nowadays vibrates with energy and many of the future global players are being developed in local creative clusters.
To help challenge these old perspectives and get more people to discover the innovative environment in Tallinn, a competition was started a few weeks ago, where Swedes are encouraged to submit their most innovative idea for how commercial real estate management can become more effective using digital technology. Behind the competition is the Baltic real estate fund Baltic Horizon (listed on Nasdaq Stockholm) who will let the winner try out the winning idea on some of the funds properties in Tallinn.
By doing the competition there is a wish to update perspectives and increase awareness about the exciting environment that now resides on the other side of the Baltic sea. The competition questions old truths such as the one that talents always would go west-wards.
And the competition has received tremendous response. No one can doubt the level of creativity in the Swedish real estate industry, among both the juniors and seniors of the industry. Many have risen to the challenge of identifying new digital ideas that can make commercial real estate management more effective.
Behind the outdated truths about the Baltics are also exciting commercial opportunities. The Baltic market for commercial real estate is far less saturated than the Swedish equivalent. This means that real estate can be acquired to far less, while the economy is performing well and the unemployment low. This creates good conditions for stable rental incomes from tenants and good dividend. In comparison with the Swedish market, there is a positive energy and a feeling of unlimited possibilities.
So let the Baltics be a part of your Christmas reflections. And if you feel that the creativity is flowing during the Christmas holiday you can rest assured that there is an opportunity to submit your digital solution for commercial real estate management until early January. For more information, please see here.
Richard Yams, Engage Nordics