The survey also highlighted the industry's struggle with technology debt, with 60 cents of every dollar spent on technology going towards modernizing outdated systems. The real estate industry's reliance on spreadsheets and its aging workforce are contributing to challenges in digital adoption. However, there is growing interest in advanced technologies such as artificial intelligence and digital twins, with 75% of respondents reporting some level of implementation with AI-based solutions.
Key takeaways:
- 61 percent of the surveyed real estate firms are largely dependent on legacy technology infrastructures, which may struggle to interact with modern digital solutions.
- The number of firms that reported being "fully modernized" dropped from 15 percent to 5 percent, indicating a shift in the understanding of what "fully modernized" means.
- Commercial real estate firms are facing challenges in digital adoption due to their approach to generational diversity, outdated job roles, talent processes, and culture.
- Artificial intelligence and digital twins are the top advanced technologies being embraced by the survey respondents, while there is less interest in the metaverse, cryptocurrencies, and asset tokenization.