With recent developments like New York City’s being named the #1 technology city in the United States, it’s no surprise that tech companies are swarming to the Big Apple. This migration has been further bolstered by the construction of MetaProp’s ‘PropTech Place‘, a Manhattan-based facility designed to serve as a central hub for real estate tech development in the city.
Although the phrase ‘real estate technology’ calls to mind carpets that vacuum themselves and houses that ask about your day, the truth is simpler and more viable – real estate technology is based in informational technology and the economics of social media, utilizing a broad sounding board of interested customers to gear the industry towards the public’s desires.
Previous beacons of real estate technology included companies like Zillow, working to make the processes we’d already established for decades more efficient – but new advances in real estate technology are projected to develop new systems entirely, working to optimize the way we look for rentals and purchase homes.
New York City is one of the world’s most viable locations for real estate technology to thrive because of the intense density of population and the receptiveness of the populace to public discourse – companies like Google and Facebook are expected to move into New York City within the next few years, filling the void that tech giant Amazon left after they abandoned their plans for a new New York City headquarters in 2019.
In addition to the opportunities for New York City to advance the very technology of the real estate world, there’s potential that New York City itself will see sizable investment by tech companies seeking to develop locations and hire employees in the city proper. We can expect to see New York City thriving in the years to come, especially if the tech industry’s surge continues.
PropTech is one major component of that projected success – this hub serves a vital purpose by calling together tech professionals to one location, also offering educational workshops and museum-style displays that spread knowledge about the world of real estate technology. With any luck, PropTech will fuel the surge of real estate technology and maintain New York City’s status as a growing center for technology.