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The rise of PropTech: emerging industrial technologies and their impact on real estate

Author

Listed:
  • Christopher W. Starr
  • Jesse Saginor
  • Elaine Worzala

Abstract

Purpose - Industry 4.0 recognizes a broad set of technologies that rapidly redefine industry, including real estate. These broad technologies include the Internet of things (IoT), cloud computing, decision automation, machine learning and artificial intelligence. This paper explores applies Industry 4.0 to commercial real estate, resulting in a framework defined here as Real Estate 4.0, a concept that encompasses fintech and proptech. Design/methodology/approach - This research paper examines Industry 4.0 technology to construct a framework for Real Estate 4.0. We also focus on how the COVID-19 pandemic is accelerating proptech, particularly as it relates to getting employees back into their traditional work environments. Findings - As a research paper, this is not a traditional research project with empirical findings. It is a primer on how the rapidly changing technologies of Industry 4.0 are now disrupting and transforming real estate today into what we are calling Real Estate 4.0. Practical implications - Practitioner insight and future research are informed by a framework for Real Estate 4.0 drawn from the technologies of Industry 4.0. Additional implications are outlined for practical, systemic change as a result of the COVID-19 pandemic within the scope of Real Estate 4.0 technology. Originality/value - This is a combined effort by experts in three contributing disciplines: systems science, planning and real estate. Our intent is to provide a primer for those of us in the latter two fields so that we can embrace the rapidly changing built environment landscape as it adjusts and adapts to a post COVID-19 environment that will be critical to maintain real estate investment values and enhance the real estate user's experience.

Suggested Citation

  • Christopher W. Starr & Jesse Saginor & Elaine Worzala, 2020. "The rise of PropTech: emerging industrial technologies and their impact on real estate," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 39(2), pages 157-169, November.
    • Handle: RePEc:eme:jpifpp:jpif-08-2020-0090
    DOI: 10.1108/JPIF-08-2020-0090
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    Citations

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    Cited by:

    1. Jinmin Kim & AhRam Cho & Jaeyoung Kim, 2022. "Effect of the Standardization of Service Platforms for High-Involvement PropTech Services," Sustainability, MDPI, vol. 14(9), pages 1-18, April.
    2. Le Tung Bach, 2023. "The behavioral intention to adopt Proptech services in Vietnam real estate market," Papers 2312.06994, arXiv.org.
    3. Mohammad Nabipour & M. Ali Ülkü, 2021. "On Deploying Blockchain Technologies in Supply Chain Strategies and the COVID-19 Pandemic: A Systematic Literature Review and Research Outlook," Sustainability, MDPI, vol. 13(19), pages 1-32, September.
    4. Mintah, Kwabena & Boateng, Festival Godwin & Baako, Kingsley Tetteh & Gaisie, Eric & Otchere, Gideon Kwame, 2021. "Blockchain on stool land acquisition: Lessons from Ghana for strengthening land tenure security other than titling," Land Use Policy, Elsevier, vol. 109(C).
    5. Jinmin Kim & Jaeyoung Kim, 2021. "An Integrated Analysis of Value-Based Adoption Model and Information Systems Success Model for PropTech Service Platform," Sustainability, MDPI, vol. 13(23), pages 1-17, November.
    6. Sorin-Ciprian Teiusan & Sorin-Constantin Deaconu, 2021. "Artificial Intelligence And Covid-19: An Analysis In Business And Economics," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 144-156, October.

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