The U.S. commercial real estate (“CRE”) technology opportunity represents an estimated $4 billion market—low penetration rates and small-cap market leaders make the space ripe for new innovators. After several years of start-up activity and some consolidation, the industry is primed for a another wave of consolidation driven by next-gen tech including mobile, artificial intelligence, and the Internet of Things (“IoT”). Innovative companies are now undertaking the pivotal task of unifying historically disparate systems, making holistic sense of multiple data sources, and layering in intelligent analytics to transform the way buildings and portfolios of buildings are managed. CRE technology spend is poised to grow significantly in the coming years as the industry plays catch up with market benchmarks for IT spend. In this report we will examine historical themes and future trends, how the major players and smaller innovators are disrupting the RET market and what the future holds for the capital markets and M&A.