During the past several decades, commercial real estate has come into its own as a stand-alone alternative asset class. With nearly $400 billion of investment dollars committed but not yet deployed (“dry powder”), this industry is poised to continue its growth trajectory for many years to come. But unlike other industries, where back-office operations have matured commensurate with their expansion, real estate continues to struggle with the basics. It is a puzzling reality for an industry that was worth almost $23 trillion in 2023.

Part of the challenge in commercial real estate is its hyperlocal nature; on-site property management is typically required for activities that range from tenant relations to lawn care, and, often, this function is outsourced. The property management firm that an owner hires is also typically responsible for keeping the books and records of the property and maintaining operational data such as tenant rent rolls. While the ecosystem of third-par