The Urban Land Institute (ULI), in partnership with leading global law firm Goodwin, has published a new report which lifts the lid on how proptech is increasingly revolutionizing the real estate industry.
“Proptech: Changing the Way Real Estate is Done” consolidates and analyzes data collected from a survey of 200 ULI members from around the world who have direct involvement with their companies’ historical and recent adoption of proptech. Eighteen in-depth interviews were also conducted with senior real estate executives whose companies have adopted new technologies and are planning more.
Ed Walter, ULI Global CEO, comments: “Historically real estate has not been regarded as the most technology focused of industries but that is changing, and changing fast. Proptech has undeniably become essential to companies to maintain a competitive market position, with technologies being integrated in all business areas, including, meaningfully, providing the tools to address climate change and meeting ESG commitments.
“This report drills down into how and in what areas companies have, in the last three years, integrated proptech into all aspects of their business, both strategically and throughout their operations, and their plans for the next three years. The cloud, IoT, mobile devices and 5G have all opened the doors on the potential for innovation, but it is the application of this technology from the end users of proptech – real estate companies – which will shape the transformation of the industry over the next three years and beyond.”
Minta Kay, chair of Goodwin’s Real Estate Industry Group and Co-Head of its PropTech Group said, “Proptech is not only shaping the industry but has become a critical driver of competitive advantage in a competitive marketplace globally. It has challenged the historic status quo and is driving impactful market change. This report underscores that the adoption of digital strategies is progressively growing in different business segments within companies in the industry, including in management and financial streams, design and construction, leasing and tenant relations,wellness and climate change. Technology is demonstrating that it has the power to impact the nature of our built environments.”
Additional insights from the report:
To download the full report, Proptech: Changing the Way Real Estate is Done, visit ULI’s Knowledge Finder https://knowledge.uli.org/reports/research-reports/2021/proptech-changing-the-way-real-estate-is-done.