New York City is looking to use proptech as a way to improve millions of square feet of city-owned properties, and it has named JLL Technologies as its key partner on the program.
JLL will evaluate firms and startups with new ideas to improve 400M SF of the city’s building stock through the Proptech Piloting Program, New York City Economic Development Corp. announced this week.
JLL Technologies, which employs more than 3,000 globally, will work alongside NYCEDC, the Department of Citywide Administrative Services and the New York City Housing Authority with the aim of using proptech to improve quality of life for tenants and building sustainability, according to a release.
JLLT was the winning bidder in the city's request for proposals, which it released last year.
“We have chosen JLL Technologies as our partner to help address the city’s unique needs because of their deep knowledge of the proptech sector, a steadfast commitment to sustainability, and an alignment to the program’s goals,” NYCEDC President and CEO Rachel Loeb said in a statement. “This program will go a long way toward rethinking how proptech is used and pave the way for technology to help bridge the digital divide and drive a more equitable recovery.”
Deputy Mayor of Housing and Economic Development Vicki Been announced the pilot in 2019, with a view of helping the city lower building emissions and make public housing better for its residents. Proptech companies drew $9.7B in funding in the first half of 2021, the strongest start to a year on record, according to JLL.
The industry rebounded after a pandemic-induced dip in funding between 2019 and 2020. Commercial real estate firms, in particular, are funneling money into the space at a rapid clip; several companies that have in the past just focused on property investment have invested in funds that back proptech startups, and several major initial public offerings have bolstered investor confidence, too.
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