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82% of managers are increasing their technology and innovation budget

NAREIM Member Survey results: Technology & Innovation Spend

Sept. 14, 2023


Eight out of 10 real estate investment management firms expect to increase their technology and innovation spend in the next 12 months between 0% to 50%, according to the latest NAREIM member survey on technology and innovation spend.


The survey, the latest in a series of NAREIM member pulse reports covering topics of concern for member firms, revealed that the median shows 75% of the technology and innovation budget going toward new initiatives, while the median of 10% of the budget increase will be for CPI/inflation increases.


Nearly a quarter of those surveyed spent more than $10m on technology and innovation, of which three-quarters of those respondents were firms that had more than $50bn in AUM.


To download a copy of the NAREIM Technology & Innovation Spend Member Survey results, click here.


Other highlights from the Survey included:

  • 65% of firms have a technology committee. Respondents noted they had either a technology/innovation committee or process improvement committee, or both. These members usually report to the COO, CFO, senior management, executive committee, or operations committee.

  • 82% of real estate investment managers have dedicated technology and innovation FTEs. Those employees ranged from a low of 1 person per firm to a high of 200, with access to a parent company.

  • 81% of those surveyed retain a tech MSP, with 81% including that cost in the firm’s annual technology and innovation spend. MSP’s cover services such as desktop support, cybersecurity, asset management, file storage, comprehensive IT consulting services and cloud capabilities.


NAREIM Member Surveys

NAREIM regularly conducts member surveys to help member firms understand organizational policies and strategies of peers. Seventeen organizations, representing a total of 4,900 FTEs and a median FTE of 146, participated in the technology & innovation spend member survey, conducted between May 22 and June 26, 2023.


To download a copy of the NAREIM Technology & Innovation Spend Member Survey results, click here.

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