The new proptech and other CRE-related vendors keep appearing but how long can they all hang on? There are pressures to force industry consolidation. What shape is your tech set-up in?

Consolidation is a natural condition in technology. Here are some reasons why:

• Ideas and products aren't the same as winning business strategies.
• Capital accumulates and not always in the most rational ways, which lets some players buy advantage that they couldn't develop. Which is fine. But it can become a concentration of investment in a small number of vendors, whether they are ultimately the "best" or not. They can't all be, and big investors can make pretty big mistakes.
• Capital traded out for intellectual property, assets, and entire companies often works because the most innovative people often don't to keep doing the same thing, so they take the exit and think about something they'd find more fun than running a large company.
• There isn't necessarily enough room in a market for a stream of competitive products, at least not when it comes to something other than simpler commodity products that are in wide use and largely interchangeable.

None of this has ended. Even with a troubled proptech industry, money flows in because investors have money in funds and the VC and private equity firms that have raise capital can't sit on it indefinitely. Investors want to see a return.