Source: Forbes —
The Rise of Proptech
Real estate is one of the largest asset classes in the world, comprising over $225 trillion; ~$50 trillion in the United States alone. Historically, the industry has been a slow adopter of technology due to its capital intensity and illiquidity, the longevity of assets, many different stakeholders, and disjointed workflows. However, over the last 10 years we have seen that begin to change with the emergence of ‘PropTech’, or property technology. PropTech can be thought of as any technology that impacts the built world.