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New data from JLL shows that the amount of proptech companies has grown 300% over the past decade.
JLL’s findings suggest that the opportunity for this industry is at its prime, with the industry seeing $9.7 billion of funding activity during the first half of this year.
“While real estate technology adoption was on the rise before the COVID-19 pandemic, it has become essential for today’s leading real estate players, buildings and spaces,” said Ben Breslau, Chief Research Officer at JLL. “Technology is at the center of the most important trends shaping business and real estate. That includes hybrid work, health and safety, and sustainability initiatives, all of which are in high demand.”
The value of the proptech industry has been accelerated due to the needs of companies during the pandemic.
While this has led to a spike in startups within the industry, it has also led to an increase in mergers and acquisitions (M&A).
The U.S. ranks number one for both the number of proptech companies and fundraising the industry receives, with cities like Chicago, Los Angeles, New York City, and San Francisco hosting the largest number of startups.
China is the second largest market for funding, having raised $16 billion since 2010. Outside of China in the Asia Pacific, Australia, India, and Singapore are the top regions for fundraising.
“Proptech startups and more established tech and real estate firms are at the forefront of solving the industry’s challenges—with benefit to the world at large,” said Raj Singh, Managing Partner of JLL Spark, the global venture fund of JLL Technologies.
