When it comes to tech adoption, the commercial real estate (CRE) industry has typically lagged behind other sectors. However, over the past few years the industry has begun to take property technology - or proptech - seriously. Last year, proptech start-ups raised US$625.9 million in APAC, and in 2018 this figure was a record-breaking US$1 billion.
The industry has come to embrace technologies that include artificial intelligence (AI), augmented reality (AR) and the Internet of Things (IOT). And the applications of these solutions have also been far reaching - ranging from smart property management to office space design.
But the adoption of technology has been uneven across the sector. Some aspects, such as facilities management, have taken to innovations more easily. However, the investment and transactions side of commercial real estate have remained more resistant since leasing professionals prefer to meet in person to share data with clients, rather than using technology.
Solving the day-to-day pain points
For example, when making leasing and investment deals, CRE professionals are still largely reliant on physical visits.