It’s hard to believe that only three years ago the $15 trillion commercial real estate industry had virtually no software support and was vastly underserved by available technology.
The opportunity to innovate in this space has been identified by gritty entrepreneurs and smart investors who have committed over $1.46 billion of early stage investment capital to build and capture the substantial value to be had. “CRE tech” is now a recognizable term used to identify and communicate this period where the commercial real estate industry becomes tech-enabled.
Today, there are hundreds of institutionally-backed software and other technology companies built for the specific needs of commercial real estate that are achieving various levels of traction and success. We’re even seeing early winners with valuations in the hundreds of millions of dollars. I have little doubt that this will grow to include publicly held companies that employ thousands of people and are measured in the billions of dollars as they power commercial real estate into the future.