Proptech Fun Facts & Insights

Published on
November 9, 2023
November 9, 2023

We are happy to share another edition of PropTech Facts: we provide you with short and sweet insights into the (Prop)Tech market. the trends we are seeing, and the interesting data we come across.

Data Storage

A simpler time. When your skill in pressing play and record on the cassette player dedicated how much of a song you captured.

Yet despite this seemingly retro throwback, tape storage has a major place in data storage, with IBM one of many companies increasing their offering in this space.

A couple of reasons why:

- Compared to cloud storage, tape storage uses c.14,000 kWh less electricity and 720kg less C02 is emitted- for 20 TB (the equivalent of c.10k hours of video)

- The increased complexity of chips has meant they can be 5.5x less reliable than prior generations – causing a # of issues and higher costs

With CHAT GPT’s monthly electricity consumption, the equivalent of 175,000 Danish people per month, we expect to see a greater focus on these innovative methods to hit carbon reduction commitments – particularly with the mainstream adoption of LLMs.

Ideas To Products

As the chart shows, Airtable took 4 years to get their PMF. It is currently valued at c.$11bn. Figma who took 5 years, was recently acquired by Adobe for $20bn.

Yet despite now having 450k customers, Airtable has re-pivoted with a greater focus on enterprise-only customers, laying off 27% of their employees recently.

We are still seeing a very active investment landscape in the Proptech cleantech built environment at The Proptech Connection but there are definitely parallels to note from the above.

How Long It Took Them To Go From Ideas to Product

Investors are:

- Performing deeper analysis of what the raise amount is for e.g. FTE ramp-up

- Interrogating the true stickiness of solutions – particularly point-solutions whose initial value prop diminishes over time

- Being more patient for market fit (particularly for CRE or marketplaces) but there is a requirement to be able to have multi-revenue models to self-fund cashflow lags

Housing Market

With 4 of the top 14 least affordable cities, globally, Australia will be an interesting barometer for, inter alia, the evolution of how we consume space.

With data supporting:

- the link between residential PPSM pricing levels and office vacancy levels,

- the greater amount of online shopping of those who work from home, +

- a 10% rise in the amount of time spent at home compared to 2019

These fundamental shifts will reshape what we used to define as CBD’s or city centres. We are seeing many approaches in the market, utilising tech, in making decisions around capital allocation, cap trans decisions and asset management to reshape decision-making.

What is clear is there is no one size that fits all to how this is being approached.

Gen Z Consumers

Technology Preference

The image is a good example of how technology is impacting an industry's landscape.

From a CRE perspective, the ability to understand asset users has been on many digital roadmaps for a while.

However, the challenge has been how to categorize and segment this information and provide space that meets these non-traditional categories of users. Post-COVID, particularly the range of "preferences" has grown significantly.

At The Proptech Connection, we've been helping our clients achieve this, shifting the focus from servicing at the traditional Owner-Occupier level to leveraging tech to understand the diverse preferences of an Occupier's employees.

There are over 18,000 property technologies currently servicing Real Estate. You cannot be expected to know them all, so unburden yourself by aligning with someone who does. The Proptech Connection, global advisory for search, discovery and accurate selection, strategically aligned for your use case.

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