Celebrating the Success of Advisory Services: Report
Where We Have Been and Where We Are Headed
Major industry survey on proptech reveals which technologies’ adoption rates are increasing across different business areas, with Data Analytics and Portfolio Management identified as two material growth areas.
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LONDON and NEW YORK (21 July 2021) – The Urban Land Institute (ULI), in partnership with leading global law firm Goodwin, has published a new report which lifts the lid on how proptech is increasingly revolutionizing the real estate industry.
“Proptech: Changing the Way Real Estate is Done” consolidates and analyzes data collected from a survey of 200 ULI members from around the world who have direct involvement with their companies’ historical and recent adoption of proptech. 18 in-depth interviews were also conducted with senior real estate executives whose companies have adopted new technologies and are planning more.
Ed Walter, ULI Global CEO, comments: “Historically real estate has not been regarded as the most technology focused of industries but that is changing, and changing fast. Proptech has undeniably become essential to companies to maintain a competitive market position, with technologies being integrated in all business areas, including, meaningfully, providing the tools to address climate change and meeting ESG commitments.
“This report drills down into how and in what areas companies have, in the last three years, integrated proptech into all aspects of their business, both strategically and throughout their operations, and their plans for the next three years. The cloud, IoT, mobile devices and 5G have all opened the doors on the potential for innovation, but it is the application of this technology from the end users of proptech – real estate companies – which will shape the transformation of the industry over the next three years and beyond.”
Minta Kay, Chair of Goodwin’s Real Estate Industry Group and Co-Head of its PropTech Group said, “Proptech is not only shaping the industry but has become a critical driver of competitive advantage in a competitive marketplace globally. It has challenged the historic status quo and is driving impactful market change. This report underscores that the adoption of digital strategies is progressively growing in different business segments within companies in the industry, including in management and financial streams, design and construction, leasing and tenant relations,wellness and climate change. Technology is demonstrating that it has the power to impact the nature of our built environments.”
Additional insights from the report:
The issues raised by this report will be explored in a webinar on 21 July 2021 at 12pm Eastern Time entitled, The Vast Universe of Proptech: What’s Working for Savvy Adopters? What’s Next for Them? Speaking will be: Minta Kay, Chair of Real Estate Industry Group and PropTech Co-Lead, Goodwin Procter; Paige Pitcher, Innovation Associate, Hines-US; John Gilbert, COO/EVP/CTO, Rudin Management Co. Inc.; and Michael Spies, Venture Partner, Navitas Capital.
To download the full report, Proptech: Changing the Way Real Estate is Done, visit ULI’s Knowledge Finder https://knowledge.uli.org/reports/research-reports/2021/proptech-changing-the-way-real-estate-is-done.
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Notes to Editors
About the Urban Land Institute
The Urban Land Institute (ULI) is a non-profit education and research institute supported by its members. Its mission is to shape the future of the bult environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines.
For more information, please visit uli.org or follow us on Twitter, Facebook, LinkedIn, and Instagram.
Goodwin’s groundbreaking Proptech practice, the first of its kind among leading global law firms, combines the legal and innovative experience and market savvy of its real estate, tech , IP and data privacy groups to total more than 350 lawyers facing the market. Through our strong relationships in the Real Estate and Tech space, from London to Frankfurt and Paris across the United States and Hong Kong, Goodwin helps make the right connections –to help clients make decisions that prepare their businesses for what may come. To learn more, visit us at www.goodwinlaw.com and follow us on Twitter, LinkedIn, and Instagram.