The proptech revolution: Real estate technology firms are on a roll
Success in commercial real estate often means having more information than your counterparties and controlling costs at every stage of the process.
Having more information about a strategy, market or property gives industry players an edge. This was true 30 years ago, when learning a particular city’s office vacancy rate might have required multiple phone calls to brokers in the market. And it is true now, as artificial intelligence and machine learning are expanding possibilities for investment decision making.
And cost control has gone high-tech. Building owners are rolling out a variety of tools and sensors that can improve operational efficiency, measuring everything from water flow to electricity usage. Architects can use virtual reality to model designs for developers, investors and planning commissions — saving time and money in the development process. Online platforms have given landlords new ways to manage leases, allowing for the rise of more flexible le