Just 15% of real estate companies have no plans to invest in proptech, according to the Urban Land Institute.
A report based on a survey of 200 ULI members shows that most companies are investing in proptech and developing their own technology, with that investment set to increase over the next three years.
Ed Walter, ULI’s global chief executive, said: “Historically, real estate has not been regarded as the most technology-focused of industries, but that is changing, and changing fast.”
He added that proptech has “undeniably become essential” if companies are to maintain a competitive market position.
The report, Proptech: changing the way real estate is done, states that 80% of companies noted a positive impact on operations and services, while 70% reported a positive impact on decision-making and finances.
But while data analytics, property management and portfolio management had embraced the new technology, capital raising was lagging behind.
Technology focused on climate change was highlighted as a key growth area for companies’ proptech adoption over the next three years.
Some 40% of companies reported that they are developing their own technology tools. Just 15% of companies do not have plans for future investment and growth in technology adoption.
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