Real Estate is usually likened to a large, slow-moving and traditional industry, oftentimes reluctant to adopt new innovations.
In their report ”Environmental Sustainability Principles for the Real Estate Industry“, The World Economic Forum states that the real estate sector consumes over 40% of global energy annually, that buildings generate 20% of global greenhouse gas emission, and use roughly 40% of raw materials. The industry is also responsible for other environmental impacts, such as waste production, pollution, water usage and consumption of other natural resources.
It states that there are opportunities to embrace new technology and innovation to meet environmental goals and enhance business performance. Across every sector, technology has a key role to play in sustainability and we are increasingly seeing digital initiatives encouraging people to move away from physical and wasteful alternatives.
What is PropTech?
PropTech is an innovative approach to real estate in which technology optimizes the way people research, rent, buy, sell, and manage a property. The cross-industry technology benefits all parties involved – developers, investors, and property management companies – making it a recent buzzword in commercial real estate. PropTech real estate startups are all those that are attempting to make the real estate industry better, more efficient, and easier to navigate for all parties involved. The rise of this industry considers the need for a technological and mental change required of the real estate sector to address the inconveniences of its consumers.