While the commercial real estate industry has long had a reputation for being slow to adopt new technologies, times are changing. In June 2022, GlobeNewswire said that the U.S. proptech market is expected to keep rising, with an anticipated growth of about 16% throughout the next decade.
For CRE professionals, proptech tools have been pivotal for accessing information on asset performance, providing virtual solutions to create reports and address errors in construction and streamlining day-to-day operations. As proptech use continues to skyrocket, the industry should continue to keep an eye out for the latest technological developments.
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February 15, 2023 Camber Creek Closes $100M Fund To Invest In Proptech Companies
Despite the significant challenges facing the proptech industry, venture capital firm Camber Creek closed a new $100M fund that represents the largest proptech capital raised so far in 2023.
According to a report compiled by the Center for Real Estate Technology & Innovation (CRETI), close to 10,000 jobs were added to the proptech industry in 2022.
December 13, 2022 Fifth Wall Closes $866M Proptech Fund In New Record For Growing Industry
Fifth Wall, a venture capital company, raised $866M to go toward enhancing real estate-focused proptech solutions.
Given economic uncertainty in the UK, industrial building owners and landlords should be taking advantage of the extensive solutions that proptech provides.
For the multifamily industry, proptech solutions can help with eliminating excess spending and create more efficient workflow solutions.
Despite economic uncertainty, the multifamily sector is moving on the path to fully digitizing, with property managers using a variety of proptech apps to meet tenants’ needs.
November 15, 2022 Tech Layoffs Propelling Office Sublease Market To Record Heights
For the office market, the downsizing of many tech companies means that there has been an increase of offices ready to be subleased.
November 3, 2022 Proptech Tool Eases Rental Affordability Concerns For Residents, Building Managers (Studio B)
To avoid the possibility of eviction as a result of late payment, many people have sought out housing that allows them to pay when they can. Financial services platform Qira helps property managers with collecting rent from tenants looking for flexible solutions.
October, 31, 2022 JP Morgan Pilots Rent Collection Platform For Wide Release Next Year
JPMorgan Chase has released its property management platform, Story, which landlords can use to collect and process monthly rent as well as make investment decisions. The platform is in the pilot stage, with a release slated for the subsequent year.
October 26, 2022 Rent Loyalty Program Startup Reaches Unicorn Status
Bilt Rewards, a CRE startup that enables renters to earn points for timely payments, has reached $1.5B in value. This comes amidst reports that proptech has been seeing decreases in valuation.
Due to global events such as the pandemic and economic uncertainty, many real estate companies are looking to optimize their proptech solutions to increase efficiency in the workplace.
September 30, 2022 RealPage To Acquire Fifth Wall-Backed Multifamily CRE Company
Multifamily software company RealPage completed its acquisition of multifamily technology platform Knock. This partnership will allow the companies to build a platform dedicated to help multifamily owners assess the profitability of their buildings.
September 28, 2022 Investor Confidence In Proptech Plunges To Record Low, Report Finds
While proptech has been popular among investors in the past, in a survey of over 4,000 investors and founders, MetaProp stated that there has been decreased confidence in the industry’s recent performance.
Brad Hargreaves, CEO of co-living space Common has stepped down from his position while continuing at the company as Chair and Chief Creative Officer. Executive Vice President of Property Management Karlene Holloman will step in as CEO, with the goal of increasing profit.
The investment sector of real estate has continued to relay its analysis about deals on paper rather than technology. However, the sector is now using software to help with sorting data sets that comes from viewing a physical location in real-time. This would help investors create a more solid investment strategy.
To expand its presence in the office sector, JLL struck a deal with a proptech startup, HqO, in the sale of one of its tech apps. HqO has acquired JLL Jet, so that the two companies can use a singular platform for their respective tech solutions. In return, JLL, which has already invested in HqO, will have an even larger investment.
By analyzing past and present data to determine next steps, CRE professionals can make swift decisions regarding their assets. Using digital solutions, such as machine learning and AI technology, helps with organizing and assessing data.
With the Federal Reserve taking steps to cool inflation, the proptech market has been currently experiencing a downturn in investor interest, with many companies seeing their valuations fall. Startup companies have been scrambling to come up with solutions for how to become more profitable as soon as possible.
Within its most recent round of funding, a climate proptech company focused on energy-efficiency has reached a $1B valuation. The company’s smart motor system enables commercial buildings to cut down on energy usage and enhance air quality indoors.
June 9, 2022 Landlords Today Need To Be Customer-Centric, And Technology Can Get Them There (Studio B)
To attract and retain tenants, landlords must incorporate proptech solutions that help streamline communication and operations as well as implement environmentally-friendly offerings in the office.
Proptech firm RET Ventures launched an investment fund focused on ESG for housing. After this launch, the firm brought on a senior adviser and CFO and promoted three employees within the investment team to the Principal and Vice-President positions.
A New Jersey-based REIT has been embracing environmental efforts within its bottom line. The REIT’s goal has been to cut carbon emissions, using proptech solutions to track how much energy the building was expending. The company is also focusing on enhancing its diversity initiatives, using online trainings on various DEI topics.
WeWork has been working together with Upflex to provide funding for Upflex’s platform, which would help with expanding its flex services to more office entities.
May 20, 2022 Getting The Right Space In The Right Place Can Only Be Achieved Through Technology (Studio B)
CRE professionals can use proptech software to gain insight on the layout or functionality of office space as well as determine where the office should be located. Proptech tools can also be used to create floor plans, streamline leasing procedures and help coworkers coordinate their in-office schedules.
April 7, 2022 Proptech Is The Driving Force That Real Estate Needs To Tackle Today’s Challenges (Studio B)
Proptech solutions have gone from a wish-list item to a "must-have" for commercial owners and property managers. Proptech software can provide building owners and managers with solutions for automating internal operations or facilitating communication with tenants about what’s going on within the building. Some tools include digital twins, invoice automation and platforms that keep landlords and tenants up to date on their safety.
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