Tech savvy: How proptech is reshaping institutional real estate
Real estate investors, managers and brokers traditionally have based their decisions on a “vast array of retrospective data, coupled with intuition,” says Sangeeta Venkatesan, EGX investment director at Sydney-based EG Funds Management. “This process is arduous, often rendering analysis and opportunities obsolete by the time results are delivered.”
Property information technology — or proptech — is a welcome response to this conundrum. These days, proptech is reshaping the institutional real estate industry in Asia Pacific and around the globe — from pre-development, through construction to management, and then to possible disposition.
How big is proptech? Venture capitalists funnelled nearly US$21 billion into the real estate tech space in 2021, according to Crunchbase. That vast sum of money was invested — or perhaps better put, wagered — for the chance to compete in the proptech space, offering services and products to the world’s vast real estat