Real estate professionals are recognizing the growing importance of data and are turning to technology to tackle the challenges they face. However, many of them are unfamiliar with the world of property technology (proptech) and must quickly familiarize themselves with solutions that can assist in building management, sustainability, and enhancing workplace experiences. A major area of concern is the overwhelming amount of data available to real estate professionals, which is sourced from various systems and surveys. Despite this data abundance, decision-making is often hindered by a lack of key information, with only a small percentage of companies having access to up-to-date business intelligence and real-time analytics.
The quantity of data is expected to rise further, as JLL predicts that by 2025, 78% of companies plan to integrate 10 or more of the 15 technologies identified as essential for hybrid work transformation, resulting in even more data being collected. This necessitates increased collaboration among stakeholders to effectively implement the right technologies and drive progress. Bridging the transparency gap between landlords and occupiers is particularly crucial for gaining a comprehensive understanding of the overall situation. However, this task is complicated by the presence of diverse documents, contracts, leases, and regulations across global portfolios, often in different languages.
The discussions at the CREtech conference indicated a shift in buyer maturity, with a broader recognition that there is no quick-fix solution. Instead, there is a growing understanding of the need to evaluate root causes, define desired outcomes, and invest the necessary time, effort, and patience in proper integration. Proptech is no longer seen as a niche field, as evidenced by the increasing number of traditional real estate professionals attending such events and seeking to leverage technology for data-driven transformations.
Sustainability remains a significant driving force in the adoption of proptech, with a focus on reducing energy costs and providing transparent sustainability data. As a result, there has been a significant increase in the adoption of smart, next-generation technologies that offer compelling business cases for investment. The industry has matured in its approach, recognizing that proptech is an intrinsic part of real estate and should not be treated as a separate entity.
Furthermore, collaboration among various stakeholders is not limited to landlords and tenants or different teams within a company. Proptech vendors are also realizing the benefits of partnering with each other to overcome barriers faced by potential customers who seek to integrate multiple tech tools and data sources seamlessly. This collaboration was evident at the CREtech conference, where proptech partners were seen sharing exhibition booths for the first time. Stakeholders are now more open to sharing asset data, allowing tech partners to work together more effectively in implementing transformative solutions. Interoperability between technologies and platforms is seen as crucial for achieving greater data transparency across the built environment.
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