Consumer brands study consumers. Property studies itself.

Consumer brands study consumers. The property industry often studies itself.

Brands analyse behavioural insights. We go on building tours.

Brands invest in understanding aspiration. We go on building tours.

Brands manufacture desire. We go on building tours.

Brands influence how consumers choose. We go on building tours.

Don't get me wrong. I love building tours. I think they are one of the best ways to see fantastic spaces, understand emerging trends in architecture and property, and learn from the work of others. But if they become our primary source of market intelligence, we're learning more about our competitors than about the people we're trying to attract.

Consumer brands study other consumer brands too, but they do so to map the competitive landscape, identify gaps in the market and position themselves accordingly. The property industry, by contrast, often studies peers as a blueprint for positioning - a tick-box exercise that risks conflating competitor analysis with market intelligence. It tells us what’s on offer, not necessarily what the market wants, or why occupiers choose it.

Consumer brands study competitors to differentiate. Property studies competitors to imitate.

But there are exceptions.

When I was involved in 80 Charlotte Street, a commercial workplace scheme for Derwent London in 2016, Simon Silver recommended that we watch Peter York's Hipster Handbook. He understood that we needed to understand the people shaping demand rather than design to our own worldview.

The lesson was less about hipsters than about target occupiers. Culture often arrives before the market data.

It's about knowing your market and signalling to that market that you get it.