PropTech: Bringing a Technological Edge to Office CRE
Abstract
Proptech is essentially all the tech tools CRE experts use to optimize the way people buy, sell, research, market, and manage a property. Valued at an estimated $1.6 trillion, the U.S. technology industry has the capacity to transform entire industry ecosystems, including CRE. The space is already drumming up its tech investments, with 50% of CRE teams planning to increase technology budgets in 2022. For CRE operators, virtual tours enable them to reach a much broader audience of possible tenants. CRE operators have incorporated touchless technologies for tenant health and safety purposes, as well as utility automation to reduce building energy costs. Looking ahead, there's no reason to believe that smart technologies won't continue to evolve to give CRE operators even greater property control than ever before. These apps offer customer-centric convenience while creating a competitive advantage within the CRE industry. The business world is likely to see increased demand for innovative, shared CRE technology and platforms that offer optimum connectivity and smart solutions.