PropTech is an area with scope for some big wins, if only, because even after years of talking about the lack of genuine game changing PropTech innovations, there is still...a lack of genuine game changing PropTech innovations. As ever with these things there will no doubt be a few frogs kissed before a unicorn is found (to mix some metaphors), but there is clearly money to be made...
Perhaps most exciting are innovations that can be deployed in the construction process, or built into the fabric of properties at a design stage, with a view to promoting energy efficiency and carbon reduction - as we move through the next decade expect the Government to tighten deadlines for net-zero carbon emissions, and the property industry, as a major contributor to those, will be in the crosshairs.
Alternatively, intelligent and reactive building management systems which cut down day to day costs of repair and maintenance, and improve user experience of a building, will help improve return on investment. Considering those systems early in the design process ensures a proper balance between integration (to improve usefulness) and ease of access for upgrade (to limit obsolescence).
As part of our innovative Building Up campaign we are looking at how technology can be deployed throughout the life cycle of a tall building - what are developers doing now, and what do they need to be thinking about to future proof their buildings? The more investment there is in PropTech, the better for the future of the property market generally - in many ways the sector is still coming from a long way back, but that means real opportunity for the early movers.
Great Portland Estates, Patrizia, Revcap and Assura are among a group of institutional investors that have ploughed $23m (£17.5m) into proptech VC Pi Labs’ third fund.