Hashtags and buzzwords like “CRE Tech,” “proptech” and “CRE industry cloud” are the latest terms to circulate in the commercial real estate industry and are used to describe the software and other technologies that are increasingly powering the workplace. While there may appear to be little significance in coining new terms, it is essential to establish a common language and taxonomy for commercial real estate professionals to communicate effectively about these powerful developments and initiatives.
Today, there are many frustrations to solve and opportunities to best leverage software for improved processes and business outcomes, but it seems like nobody knows exactly what to call them, how to express their interests, needs and pains, or where to look for answers. A shared understanding of the landscape and terminology is critical for market participants to create and protect enterprise value.
It’s exciting to see thoughtful work from smart research firms helping to frame the landscape in terms of funding, and analysts at Forrester and Gartner are learning more about the burgeoning sector. Furthermore, investment banks are releasing point-of-views from their vantage point for the benefit of clients and stakeholders. There are also a fast increasing number of savvy technology investment firms that are applying the lens of institutional capital interests.