The Norwegian proptech market - An incubator for game changers

Abstract

Property and construction are some of world's largest industries, but also some of the largest producers of waste and CO2-emissions. The property or real estate industry is currently undergoing a digital transformation. Property technology (proptech) is one of the driving forces for this transformation and enablers to establish a more sustainable society. This paper investigates the Norwegian market through 154 proprietary proptech established between 2013 - 2023. The aim is to understand how proprietary proptech are influencing the business practices and how the real estate industry's overall capacity, efforts, and resources have been allocated in developing novel proptech. Three theoretical frameworks sociotechnical systems (STS), diffusion of innovation, and sustainability transitions, have been used to investigate how proptech influences the real estate industry and FM. The results suggest there are innovations coming from at least two unexpected places, namely customised modules moving faster than proprietary proptech, and game changers enabled by feedback loops from late stage and FM big data to early stage property development.