The rise of PropTech: emerging industrial technologies and their impact on real estate

PurposeIndustry 4.0 recognizes a broad set of technologies that rapidly redefine industry, including real estate. These broad technologies include the Internet of things (IoT), cloud computing, decision automation, machine learning and artificial intelligence. This paper explores applies Industry 4....

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Bibliographic Details
Published in:Journal of property investment & finance 2021-02, Vol.39 (2), p.157-169
Main Authors: Starr, Christopher W, Saginor, Jesse, Worzala, Elaine
Format: Article
Language:English
Subjects:
Additive manufacturing
Artificial intelligence
Automation
Big Data
Built environment
Cloud computing
Commercial real estate
COVID-19
Customer relationship management
Data analysis
Decision making
Enterprise resource planning
Industry 4.0
Information systems
Internet of Things
Literature reviews
Machine learning
Professionals
Relational data bases
Software services
Supply chains
Technology
Valuation
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Summary:PurposeIndustry 4.0 recognizes a broad set of technologies that rapidly redefine industry, including real estate. These broad technologies include the Internet of things (IoT), cloud computing, decision automation, machine learning and artificial intelligence. This paper explores applies Industry 4.0 to commercial real estate, resulting in a framework defined here as Real Estate 4.0, a concept that encompasses fintech and proptech.Design/methodology/approachThis research paper examines Industry 4.0 technology to construct a framework for Real Estate 4.0. We also focus on how the COVID-19 pandemic is accelerating proptech, particularly as it relates to getting employees back into their traditional work environments.FindingsAs a research paper, this is not a traditional research project with empirical findings. It is a primer on how the rapidly changing technologies of Industry 4.0 are now disrupting and transforming real estate today into what we are calling Real Estate 4.0.Practical implicationsPractitioner insight and future research are informed by a framework for Real Estate 4.0 drawn from the technologies of Industry 4.0. Additional implications are outlined for practical, systemic change as a result of the COVID-19 pandemic within the scope of Real Estate 4.0 technology.Originality/valueThis is a combined effort by experts in three contributing disciplines: systems science, planning and real estate. Our intent is to provide a primer for those of us in the latter two fields so that we can embrace the rapidly changing built environment landscape as it adjusts and adapts to a post COVID-19 environment that will be critical to maintain real estate investment values and enhance the real estate user's experience.
ISSN:1463-578X
1470-2002
DOI:10.1108/JPIF-08-2020-0090