The latest in technology innovation and lessons learnt from extensive market research and project experience
What is the Outlook of PropTech and CRE Tech?
According to Future Market Insights, "the adoption of several innovative technology-based real estate solutions and services is likely to drive the growth of the PropTech market". Demand for PropTech is high as more real estate companies embrace PropTech to lower operating costs, reduce transaction cost and enhance customer experience.
Vaued at US$67.5 billion in 2021, the PropTech market is expected to grow with a CAGR of 16.8% from to US$86.5 billion from 2022 to 2032.
A 2022 survey conducted by Deloitte Center for Financial Services with 450 chief financial officers of major Commercial Real Estate owners and investors with assets under management of at least US$100 million across three regions (US, Canada, UK, France, Germany, Switzerland, Australia, China Mainland, Japan and Singapore) uncovered the following key findings from Deloitte's 2023 Commercial Real Estate Outlook:
Strategic Assessments due to Concerns about Revenue Economic Recovery:
The CRE industry is poised for a strong recovery as the global economy continues to rebound from the COVID-19 pandemic.
PropTech adoption is on the rise, with companies increasingly leveraging technology to improve the customer experience and streamline operations
There is a growing trend of remote work and its potential impact on the CRE industry, as companies re-evaluate their office space needs
ESG-related actions are still top of the mind, but most firms need guidance on how to implement changes and monitor progress.
There is growing emphasis and increasing importance of sustainability in CRE, as companies look to reduce their carbon footprint and improve their Environmental, Social, and Governance (ESG) ratings.
Supply chain disruptions:
There is continued challenges of supply chain disruptions, which will continue to impact the availability and cost of construction materials and labor, which will lead to rising costs.
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