COVID-19: Real Estate’s Great Reset
COVID-19: Real Estate’s Great Reset is our latest report looking at the likely impact of the current pandemic on the PropTech industry. Evidence suggests that during a recession those who turn to innovation often outperform their peers, both bottom up, within start-ups and VC funds, and top down, within those organisations who invest in technology. While there is also a clear link between the emergence of new PropTech concepts and financial market decline.
The key thesis throughout the report was built on work we had previously done, exploring the barriers to PropTech adoption. We discovered that the real estate industry’s reliance on manual procedures had led to a lack of necessary digitalised data on which PropTech efficiencies can be fully realised.
However, the current working from home business environment now requires the adoption of digital systems where manual procedures no longer suffice. In time, we believe that this adoption will sustain, and the digital data required for those more disruptive concepts to thrive will finally become available.
The message is clear, change is coming and those firms and investors who are engaging with technology now will be best poised to reap the rewards after what is a turbulent time for all.