Picking up the pace: Proptech enters an explore-the-potential phase
At $7 trillion, commercial real estate is one of the largest asset types in the world. But it is one of the slowest to adopt new technology.
“Those of us who work on the software, data and service side are exposed to innovation more quickly,” says Ross Litkenhous, global head of business development for the Altus Group. “But the GP and LP folks, the homegrown developers, they haven’t been as exposed to it. This stuff is evolving so rapidly that it hasn’t become mainstream. It’s going to take a while for that exposure and awareness but, once it happens, it’s going to explode exponentially. In the next five to seven years, you’re going to see people adopting technologies that are now considered far-fetched.”
Litkenhous sees this “explosion” as a series of steps. “Real estate is like any industry where you’re trying to roll out innovation,” he says. “You raise awareness, you open minds, you explore the potential, you embrace the change, and t