NEW YORK CITY – The commercial real estate property technology sector witnessed big gains in 2019, having a watershed year with the most invested capital on record. And 2020 is expected to keep up that momentum as investors focus on valuations and revenue as oppose to scalability and growth, Ashkán Zandieh, chief intelligence officer at CREtech, a global real estate tech-focused media, event and advisory platform, tells GlobeSt.com. "2019 was a breakthrough year for the proptech industry," he said.
Capital invested in proptech companies for the year totaled $24.9 billion, a 157% increase from 2018, according to CREtech data. And of the venture capital investments made, an estimated 57% were made during the first half of 2019.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
