The CRE industry has reached a tipping point as PropTech adoption hits a critical mass threshold.
HOUSTON—Survey respondents, some 90% of global executives, think consolidation is needed for PropTech to prove its ROI and more effectively deliver on the needs of the commercial real estate industry. In fact, 33% of US executives predicted that consolidation will be well underway within the next 12 months. Specifically, areas of PropTech most likely to experience consolidation include property management, property transactions and listing services, and financing and lending firms.
Like many industries moving towards automation and increased connectivity, commercial real estate is grappling with the costs while anticipating its benefits as it continues to impact data usability and the future of work. Altus Group Limited, provider of software, data solutions and independent advisory services to the global commercial real estate industry, released its latest annual CRE Innovation Report that provides an outlook on technology trends and highlights the digital transformation impacting the global CRE industry.
According to the report, the industry has reached a tipping point as PropTech adoption hits a critical mass threshold. For the first time in five years since Altus Group began conducting this annual research, a majority of CRE leaders now fully recognize the disruptive impact of PropTech, illustrating the shift to an acknowledgement that many advanced technologies can potentially solve current challenges.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
