Which Real Estate Tech Company Hit the 1M Milestone the Fastest?
Real estate, a business that took over 150 years to be disrupted, has emerged recently as one of the tech sector’s most promising industries.
Since 2012, real estate tech companies have raised more than $43B in funding worldwide — and both the number and size of venture deals are on the rise. In recent months, WeWork, Knotel and Industrious all announced sizeable funding rounds.
In the midst of all of this growth, we sought to answer a question: Which real estate tech company hit a key milestone–operating 1 million square feet of commercial real estate–the fastest?
A few takeaways:
- – Knotel hit 1 million square feet of office space the fastest, at just under 3 years
- – WeWork took ~4.5 years to hit 1 million, Industrious took nearly 6 years, and Convene has yet to hit the mark
- – Knotel manages 3x as much real estate as WeWork did at the 3-year mark
The race to 1 million square feet
For our analysis, we chose to focus on 4 big competitors in the space: WeWork, Knotel, Industrious, and Convene.
As a metric of comparison, we didn’t want to rely on valuation, which can easily be inflated. We also didn’t want to base our calculation on who raised the most money. So, we looked at growth as an apples-to-apples measurement, tracking each company from the year of its founding.
Here’s what we found: