By the close of Q3 2021, research from GCA was already projecting a record year for both capital investment and mergers and acquisitions (M&A) in the property technology (proptech) space. This reflected the importance of real estate technology solutions and a growing global market, now being driven by an ongoing compound annual growth rate (CAGR) of 8.6% that’s expected to take it to $737.1 billion by 2025, according to PitchBook Data.
The activity is a further reminder that companies must be nimble, and corporate counsel at the ready, to seize opportunities that arise during a fast-moving period of business flux. In Deloitte’s 2021 Commercial Real Estate (CRE) Outlook, more than 80% of those surveyed said the COVID-19 pandemic exposed issues in their company’s digital capabilities and transformation plans. Additionally, 43% said that they’d be increasing investments in digital channels, cloud, artificial intelligence (AI) and robotic process automation over the next 12 months.