By 2050, it's forecasted that 68 percent of all human population will be living in urban areas, representing an increase of 2.5 billion people and over 50 percent growth. Advanced technologies such as AI, IoT, robotics and consumer apps are poised to dramatically alter the real estate technology landscape to help meet the challenges posed by these massive, new cities, writes Revel Partners' Thomas Falk.
The smart city of tomorrow is nearer than you think. AI, IoT and other advanced technologies will define these new megalopolises by meshing seamlessly with edge computing and wearable, mobile technology. From calculating the fastest ride to work, brewing your morning coffee, securing your home or monitoring your health, advanced technologies will impact the daily life of city dwellers at almost every level. These technologies will also impact city planning, construction, building management, architecture and more. It’s here – in these B2B and industrial applications of real estate technology or, PropTech – that opportunities for investors and entrepreneurs abound.
It can sometimes seem that advanced, “disruptive” technologies are revolutionizing every industry. For many old-school, low-tech industries, however, the application of these technologies is just beginning. In the real estate sector there’s been a rush, of late, to develop and deploy the technology, tools and methods usually associated with Alphabet or Amazon. Whether in raw materials or building design, construction or occupancy, building maintenance or property management, the business of real estate is on the precipice of radical transformation.