Valley Bank’s third annual report on proptech, which included collaboration from alternative investments firm GreenPoint and real estate tech-focused VC firm Metaprop, reports that there are some significant headwinds for proptech firms.
Obvious ones are tied to the difficulties that much of the CRE industry faces, including coming debt maturities, high interest rates, and the cost of construction. There’s also the uncertainty of rising taxes, utilities, and insurance. Companies worried about operating costs are less likely to pony up for more tech.
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