Ella Cheung1. What’s the next big innovation or development in the built environment that you’re most looking forward to?

I’m particularly interested in the impact of artificial intelligence on the demand for space. We expect steady demand for production, storage and R&D space and increased demand for additional infrastructure such as data centers. The major technological changes will have a knock-on effect on investor demand and capital allocation.

At Swiss Life Asset Managers, we are confident in our strategic focus on the 4L strategy Light Industrial, Life Science & Tech, Logistics and Living. These four sectors represent enduring megatrends, shaped by structural transformation and longterm demand drivers. We therefore believe they will continue to outperform and offer resilient, futureproof investment opportunities. Another megatrend is the need to decarbonize our building stock whilst ensuring adequate returns. We are moving from static ESG assessments and periodic reporting towards dynamic portfolio steering where energy performance, tenant demand, capex planning and financing structures are continuously aligned.

In the built environment, decarbonisation is no longer an isolated technical exercise; it’s becoming a core value driver and part of the active asset management value chain. The ability to translate sustainability measures into measurable NOI impact and risk mitigation will define the next generation of successful managers.

I’m especially looking forward to solutions that help further bridge the gap between ambition and execution – enabling asset and portfolio managers to make even faster, evidence-based decisions across entire portfolios.

2. What have younger team members pushed you to rethink?

Younger team members have challenged us to rethink speed, transparency and established processes in decision-making.

They tend to be more focused on making a meaningful contribution, having clarity of purpose and a measurable impact. That mindset has encouraged us to question whether certain processes exist because they add value
I’ve also seen a strong push towards digital fluency and interdisciplinary collaboration. Younger professionals expect access to data, direct communication channels and a culture where ideas can move quickly across teams.

At the same time younger team members wish to progress and advance in their own career. We at Swiss Life Asset Managers aim to offer attractive career paths in a more fluid, collaborative work environment with flat hierarchies and the prospect of early functional leadership.
This has led us to rethink how we empower ownership earlier in careers, how we integrate technology more naturally into workflows, and how we create an environment where responsibility is shared rather than escalated.

3. Which part of your business process do you think AI will struggle to replace?

AI will significantly enhance data analysis, risk modelling and operational efficiency and we fully embrace that. However, I believe it will struggle to replace human interaction and judgment in complex trade-offs.

Real estate investment is not only about optimising inputs; it’s about understanding clients’ needs, navigating uncertainty, market psychology and long-term positioning.

The most difficult decisions often involve incomplete information, conflicting stakeholder interests and strategic timing. AI can support scenario modelling, but it cannot fully replicate intuition shaped by experience, and human interaction.

Moreover, trust from investors, partners and tenants remains fundamentally human. In capital-intensive environments, credibility and relationship depth play a decisive role. AI will be an accelerator, but not the decision-maker.

4. Looking back at the most difficult decisions you’ve had to make in recent years, what is one trade-off you underestimated at the time?

In the past few years, the pace of geopolitical, economic and digital change has been very rapid. In times like these. I would like to spend even more time than usual on personal exchanges with our internal and external stakeholders, deep diving into critical issues myself.

Yet, over the past years my responsibilities have widened, and on a very personal level I cannot devote as much time to this as I would like to. I had to learn to prioritize quickly. Luckily, I have a great team who briefs me on all relevant topics and often even pre-empt my questions.

So, all in all, I feel that as an institution we are very well prepared to navigate through times of a changed market and technological environment.

Each year, I gain further insights and ideas at MIPIM and I am especially looking forward to it this year.

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