REPORT: Proptech Job Market ‘Remained Strong’ During Tumultuous 2022
The proptech industry added nearly 10,000 jobs in 2022, according to a new analysis from an industry group, showing strength during a period when venture capital funding overall has slowed, layoffs piled up and market sentiment became much less giddy.
“Despite economic headwinds, the proptech industry’s job market remained strong in the U.S.,” Ashkán Zandieh, co-chair and founder of the Center for Real Estate Technology & Innovation, or CRETI, said in a release. CRETI compiled the report.
The contours of hiring throughout 2022 paralleled larger economic trends, peaking in Q1 with 3,650 new hires, and gradually trailing off over the course of the year. The ratio of in-person to hybrid jobs also slowly tilted toward hybrid hires by the end of the year.
Proptech, which saw a record year in 2021 and raised $32B globally, weathered a much rockier 2022.
Investor sentiment became more grounded and cautious toward the middle of the year during the larger economic slowdown, with valuations falling, startups struggling and firms like Latch laying off a significant number of employees. But there were signs of continued interest and investment; Fifth Wall, a major VC fund focused on proptech, closed on an $822M fund in December.