Commercial real estate is behind the times.
That might come as a surprise, especially since the industry is valued at $12.6 trillion. Thankfully, a growing community of tech startups is beginning to address common issues that plague the industry.
Just weeks ago, Hightower and VTS, software solutions that help real estate professionals and owners manage the sales and leasing of properties, announced a $300 million merger to combine both services under the name VTS. The company focuses on helping real estate professionals track deals and manage space in real-time, and collaboratively. Yesterday CBRE, the world’s largest commercial real estate services and investment firm announced the acquisition of Floored, a NYC based company that creates interactive 3D graphics and technology for the hospitality and real estate industries
Besides VTS and Floored, a number of venture-backed startups have removed some of the old pain points that were inherent in the aging world of commercial real estate. Here are a few of the other companies whose innovations are making a difference at various points along the chain of real estate services.