Real estate technology’s banner 2021, which has seen a record-setting $9.5 billion invested in the sector through mid-November, came from a confluence of an increased demand for data analytics, the belief that more efficient offices or energy systems could tempt workers back to the office, and the desire to save money while bolstering sustainability bona fides. In 2022, the trends that drove investor interest in PropTech are expected to only increase, leading to more firms making investments in new technology. Construction site workflow is one area of investment expected to boom next year.
Corporate level respondents cite talent retention, technology/automation, and ancillary income as key areas of opportunity for maximizing multifamily NOI growth in 2022, according to a joint industry study by LeaseLock and Grace Hill. The 2021 Apartment Visionaries Research Report surveyed nearly 300 multifamily operators on their primary asset performance issues, as well as the success of the technology solutions they implemented across the five stages of the apartment leasing process.
Construction is the number one industry hit by ransomware, according to an analysis of 1,200 companies in 35 different industries by NordLocker, an encryption software firm. Industry analysts said construction companies are most vulnerable to loss of funds through email communications, malware, ransomware, and, most recently, "siegeware," which specifically targets smart building technology.
In what is reportedly the largest acquisition in the construction tech sector, global construction services company Hilti Group has agreed to acquire Fieldwire for $300 million. Fieldwire provides task management software for construction teams on commercial sites. Users can assign tasks, track performance, and collaborate with entire teams on the platform.
Many real estate technology companies are developing technology that is in competition with, or could potentially replace, real estate agents. One startup that aims to help agents succeed and flourish with its technology and "bundled business services," Place, has raised $100 million in a Series A round at a valuation north of $1 billion. Goldman Sachs Asset Management’s growth equity business led the investment, which included participation from 3L Capital.
Lessen, a Scottsdale, Arizona-based company that runs a marketplace platform for property services, is growing in Seattle as it gets set to open a new downtown office. Valued at over $1 billion, Lessen also announced that it raised $170 million in a Series B funding round. The company has raised $214 million to date.
Israeli shared-office space provider Mindspace has secured $72 million to help fuel its expansion in Europe, the United States, and its home country. The fundraising round was led by Harel Insurance Investment and Financial Services to help Mindspace, which manages 1 million square feet of office space in 32 branches across 17 cities and seven countries, continue to expand during a difficult time in the commercial real estate market when it added new locations in London, Tel Aviv, and Philadelphia.
Reonomy has agreed to sell its commercial real estate data platform to Altus Group Limited for $201.5 million. Reonomy’s dataset includes more than 50 million commercial properties, 38 million mortgages, and 68 million property sales in the U.S.
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