10 Most Innovative Commercial Real Estate Proptech Companies

Commercial real estate technology companies rapidly automate and shape the industry by implementing proptech innovation. Like any fundamental shift, this one is driven by the most innovative and forward-thinking organizations. Their mission is not to wait for change to happen but to implement the changes by means of advanced technologies available on the market. 

In this article, we decided to count down the most prominent proptech companies that change different areas of CRE and make it a lucrative place for investments. 

How CRE Companies Approach Real Estate Innovation

Not yesterday was the day when proptech entered the commercial real estate scene. It was almost two decades ago. Over a long time, however, the changes were subtle because the maximum possible automation for CRE was Excel spreadsheets instead of papers.

At the moment, however, over 43% of Deloitte’s respondents say automation is their top target capability for proptechs. Another 35% look for marketplace data and analytics. Property visualization through augmented and virtual reality was also near the top of the list, at 33%.

Direction of CRE Innovation | Deloitte

What caused such a drastic change? It seems that, as usual, the transformation seemingly waited for some impulse to start. 

This moment came when the pandemic exposed many shortcomings and a lack of flexible processes across real estate. The rapid turn for remote work demonstrated how important it is to manage, monitor, and control buildings and employees remotely.

It’s 2 years since the pandemic started, but the hospitality and retail sectors are still recovering from a major market down and require innovative takes to keep up with the market. In the 2021 interview for GlobeNewswire, CEO of American Ventures Philip Blumberg said that the commercial real estate sector likely wouldn’t rebound for another two to three years. Philip is known for his precise market predictions and the return to ‘normalcy’, in his opinion, depends on how quickly tenants feel confident enough to renew, upsize or downsize.

However, the number of internal and external challenges alongside the dramatic economic recession certainly don’t contribute to the rapid recovery. Moreover, it seemingly puts the CRE in yet another challenging environment. This assumption is proved by Deloitte’s 2023 Commercial Real Estate Outlook, where, among the factors that might impact revenue prospects for the next 12–18 months, respondents cite:

• sustained high inflation
• workforce management
• cyber risk
• climate-related regulation

Only 12% of organizations took this into consideration and were ready to take action to meet industry requirements. Naturally, only 40% of respondents expect their revenues to improve in the upcoming year. This is a stark contrast with last year when twice as many respondents expected slightly or significantly better revenue.

Change in CRE revenues | Deloitte

Meanwhile, companies that were quicker in adopting innovation feel more confident about their future. 85% of investors with proptech companies in their portfolio are currently performing above or meeting expectations in terms of customer growth.

As a result, CRE can hardly ignore that tech-enabled solutions get more funding and publicity. With nearly 40% of global carbon emissions coming from the real estate sector, the industry has been thrust into the forefront of the fight against climate change. Accordingly, CRE investors start to think more pragmatically and provide a significant advantage to ESG technology solutions that certainly have a competitive advantage.

Considering the current market challenges and unprecedented investment level in the commercial real estate proptech space ($24 billion globally), CRE leaders have some serious food for thought. Moreover, the further it goes, the more obvious it becomes that once they transfer their processes to digital rails, they have a chance to gain a serious competitive advantage.

10 Innovative Commercial Real Estate Proptech Companies

Commercial real estate proptech solutions expand and find their way into different types of operations like property management, prospecting, construction, marketing, lease management, research, and tenant experience. In the wake of proptech popularity, every second company calls itself a pioneer of this approach. However, here we have tried to gather innovative companies whose technologies and solutions are proven to level up the investment efficiency of the industry, reducing risks and increasing returns from CRE.

BeamUP

AI platform for construction management

Founded in 2019
Country: Israel
Total Funding Amount $15M
Technologies in use: AI, digital twin, cloud technologies

BeamUp

Our list opens with BeamUp, an Israeli proptech startup that now seems to be on everyone’s lips this year. Using AI-powered digital twins as key components, BeamUp helps architects and engineers to project buildings with greater predictability regarding their future performance. Digital twin technology provides an extra level of connectivity and instant access to data within the assets network. Leveraging sensors, BeamUP allows catching building data to automate, visualize and track key events throughout the lifecycle of a global facility network.

“Stability is the key. Consistency is critical,” says BeamUp, also making an impact with the capacity to make automatic design and modeling of new facilities with prior compliance with internal and regional rules. The solution reportedly reduces compliance issues by 84% in new and existing facilities and is in active use by Fortune 500 companies.

Enertiv

SaaS platform for property management

Country: United States
Total Funding Amount $16.7M
Technologies in use: IoT devices, AI

Enertiv is a SaaS platform for commercial real estate aimed at simplifying the workflow and daily operations of CRE professionals. An easy-to-use, customizable platform for executives and on-site teams replaces paper workflow with digitized project data accessible in a user-friendly mobile app. With the help of sensors, the solution captures real-time on-site data and generates insights enabling proactive maintenance that improves tenant experience. Enertiv is currently funded by 25 investors among which are GroundBreak Ventures and Commonwealth Capital Ventures. The platform includes energy and ESG module that provides the automatic pull of utility bills, energy management, and energy analytics systems, tenant utility billing, and capital planning.

LeaseAccelerator

SaaS solution for lease optimization

Country: United States
Total Funding Amount $42.1M
Technologies in use: cloud infrastructure
Reviews: 4.2 out of 5 stars on G2 rating

LeaseAccelerator

LeaseAccelerator is a SaaS solution for optimization and management of the leasing life cycle. The platform combines a set of powerful solutions for lease management, sourcing, accounting, and automation. LeaseAccelerator can optimize the entire global leasing process for long-term compliance with ASC 842 and IFRS 16 and unify leases into a single system to provide control over the program. Robotic Process Automation (RPA) simplifies the leasing process. Using the procurement workflow of LeaseAccelerator and end-of-term management, customers reportedly can save an average of 12% – 16% on equipment leasing costs.

VTS

Country: United States
Total Funding Amount $462.4M
Technologies in use: AI to automation, Cloud
Reviews: 4.64 out of 5 stars on Software Advice; 4.6 out of 5 stars on Capterra

VTS

VTS takes its honorable place among the most forward-thinking companies. The extensive portfolio of VTS introduces a platform for leasing and asset management. It enables powerful marketing and intelligent investing with real-time market data. VTS collects CRE data in retail, office, and industrial markets and provides landlords and brokers with the relevant market information they require. Its predictive market research platform generates insights on tenant demand in different markets, making it operate on up-to-date market insights and investors. VTS covers over 10 billion sq ft of commercial property and a user base of 34,000.

Buildout

Commercial real estate CRM provider

Founded in 2010
Country: United States
Total Funding Amount $8.4M
Technologies in use: cloud solution
Reviews: 4.4 out of 5 stars G2 rating; 4.8 out of 5 starts on Capterra

Buildout is a tech-powered solution for commercial real estate that simplifies relationship-building and deal-making to get more deals done. With the set of technologies, Buildout streamlines prospecting, pipeline management, reporting and analytics. As an acknowledged property marketing automation software combines technologies with deep CRE brokerage expertise and data insights. The cloud database of Buildout allows users to assign tasks, tag contacts on property listings, and view their information in a single dashboard. Its full-lifecycle deal management functionality with automated marketing docs, emails, follow-ups, and reminders helps brokers to promote 141,000+ listings.

DoorLoop

Software for commercial and residential property management

Country: United States
Total Funding Amount $30M
Technologies in use: AI to automation, Cloud
Reviews: 4.9 out of 5 starts on GetApp; 4.9 out of 5 starts on Capterra; 4.9 out of 5 stars on G2

DoorLoop

DoorLoop is among the top solutions for commercial and residential property management. DoorLoop software enables effective management of retail, office, industrial, shopping centers, parking, and other commercial spaces, thereby helping CRE professionals to grow their commercial portfolio. The platform streamlines the process of rent collection, tenant inquiries obtainment, management of work orders, and CAM. In addition, it smooths the process of rent increases for tenants and generates unlimited custom reports. This year, DoorLoop raised $20 million from Alpine Software Group, a Silicon Valley investment firm.

Appfolio

Could-based investment management software

Country: United States
Total Funding Amount $30M
Technologies in use: cloud technologies, AI
Reviews: 4.5 out of 5 stars on G2 rating; 4.6 on GetApp; 4.55 on Software Advice

AppFolio is an investment management software for CRE that aims at maximizing returns and simplifying investment operations. The platform introduces a streamlined workflow that automates investment operations in a precise and secure manner. With cloud-based technology, Appfolio provides investors with instant access to their personal dashboards that include their investment ranks, asset information, and invested and distributed capital. Appfolio also includes an investor portal for instant communication with investors and the centralized management of reports, tax forms, shared documents, and securely signed agreements. In 2021, AppFolio AI Leasing Assistant Lisa was proclaimed Product of the Year, as well as AppFolio Smart Maintenance as Best Use of Automation. In addition to the many awards won, they were also named by the Cloud and SaaS Awards as the 2021 Best SaaS for Business Management.

Matterport

AI marketing platform for interactive virtual walk-throughs

County: United States
Technologies in use: AI, digital twin, 3D photography
Reviews: 4.4 out of 5 stars on G2 rating

Matterport

It’s always hard to get the right person in the right building at the right time. Matterport, however, may challenge it with a powerful marketing functionality that helps to design, build, promote and manage assets in a remote environment. This AI and digital twins-based enterprise platform enable interactive virtual walk-throughs with Matterport’s Pro3 camera. It also fosters remote collaboration and effective marketing capabilities for representatives. The solution helps to conduct accurate risk assessments thereby making the process of building inspections smooth and risk protected. At the moment, Matterport is already trusted by fortune 500 companies in more than 170 countries and 74% of agents reportedly using Matterport win more listings.

Cherre

AI platform for research analytics

Country: United States
Total Funding Amount $75M
Technologies in use: AI, ML, Analytics, Cloud SQL

Cherre is the top name among real estate data and analytics platforms that have seen a rapid rise in the market. The long list of Cherre’s customers includes commercial real estate investors, lenders, and everyone interested in accurate property and market information. The platform uses AI to gather all real estate data across organizations and make it available, fostering better investment, management, and underwriting decisions. Cherre provides data connectivity and systems integration within acquisitions, financing, portfolio, asset leasing, and property management.  In 2022, Cheree has become an Overall Data Management Platform of the Year in the inaugural PropTech Breakthrough Awards program.

Sharry

Tenant and visitor-building experience platform

Country: Czech Republic
Total Funding Amount $3.4M
Technologies in use: could technologies, IoT sensors, ACS integrations

Sharry

Sharry is a tenant and visitor-building experience platform operating on cloud-based technology. The solutions include a set of powerful features for smart property management that enable control and data storage in a centralized place. Sharry helps to impose control over buildings, visitor access, parking, digital signage, and community management. In addition, it has an integration with acknowledged access control systems (20+). The control in Sharry is provided through web administration and end-user mobile applications. It helps to comply with US & EU data regulations compliance, hybrid and flexible workplace maintenance. Now, the impressive 40,000,000+ sq. ft is already powered by Sharry software.

How to Choose Proptech Software Development Company

Planning any business initiative is now associated with technologies that provide a full vision of future growth and potential opportunities. However, it requires profound industry knowledge to make the most out of technologies available on the market. In our case, someone who truly speaks real estate. 

All of it is in place with Ascendix. Having been in real estate for 16 years, we have rich expertise in the real estate market and several real estate-oriented authoring solutions behind its belt. Ascendix offers:

• practice-based proptech software development
• extensive real estate domain expertise with core competencies in product, data, and software development
• SaaS development expertise
• 3 international offices in Europe and various engagement models with reasonable rates and round-the-clock delivery
• Ascendix offers several cooperation options: experienced application developers that can become a part of your in-house development team; dedicated team, and consulting

Have a vision of your business’s future growth? Contact us to transform sophisticated business ideas into practical and reliable business plans.