Over the past 30 years, the commercial real estate industry has quietly transformed itself into an institutional asset class where owners manage complex and global portfolios. With the rise of new investment structures and global commercial real estate investors, real estate now represents nearly 10% of institutional investment portfolios, or $6.7 trillion.Yet the tools of the trade haven’t evolved to match.
While much of the world has embraced technology innovations like the cloud, mobility and big data, commercial real estate (CRE) is still managed out of Excel spreadsheets and 20-year-old technology platforms.
But that’s changing. As older systems break down, a wave of CRE tech companies that combine domain expertise with modern software expertise, are building new tools for the industry.