Latest in Commercial Real Estate Tech News by CREtech

Sidewalk Labs details digital systems, says it won’t sell data or use facial recognition

SMARTCITIESWORLD

11/19/2019

Alphabet-owned Google sibling Sidewalk Labs has released a new update on its plans for the controversial Waterfront Toronto development. The 483-page Digital Innovation Appendix (DIA) aims to provide up-to-date information on the digital innovation components of its proposal and to address some of the questions raised following the release of the 1,500-page draft master innovation and development plan (MIDP) in June. The DIA outlines all proposed digitally enabled services for Waterfront Toronto…

Major WeWork layoffs to begin today

THEREALDEAL

11/19/2019

More than a third of WeWork’s 12,000 employees will likely receive notice this week that they no longer have a job. The layoffs are part of an effort by the struggling office-space company to cut costs, close ancillary businesses and narrow its offering to subletting office space. In a company email sent by chairman Marcelo Claure, employees were told that layoffs will begin this week in the U.S., and that a planned all-hands meeting will be postponed from Tuesday to Friday, where Claure will pr…

WeWork Says Job Cuts to Begin ‘In Earnest’ This Week in U.S.

BLOOMBERG

11/19/2019

WeWork said it will begin job cuts “in earnest” this week in the U.S., a bid by the struggling office-sharing startup to stabilize its business amid staggering losses. Executive Chairman Marcelo Claure told staff in an email Monday that the process, which will involve eliminating and scaling back some functions and responsibilities, “will make us stronger and better able to generate even more opportunities over the coming months and years.” Soon after withdrawing its registration for an initial …

John Legere is leaving T-Mobile

TECHCRUNCH

11/19/2019

He’s reportedly not going to take over WeWork, but John Legere is definitely on his way out of the CEO role at T-Mobile, the carrier that is currently merging with SoftBank-controlled Sprint. Today the carrier and Legere confirmed that Mike Sievert — currently T-Mobile’s COO — will succeed Legere as CEO on May 1 of 2020. Legere will stay on the board. Neither Legere nor T-Mobile commented on what his next move will be, and specifically if this will pave the way for him to take over the top job a…

WeWork Bonds Fall to New Lows After Latest String of Bad News

BLOOMBERG

11/19/2019

WeWork’s bonds are falling deeper into distress as the office-sharing company confronted another string of negative headlines in the past week — from an SEC inquiry into its failed IPO to a $1.25 billion third-quarter loss. The company’s $669 million of notes due in 2025 dropped more than 3 cents on the dollar to about 71 cents on Monday, according to the bond-price reporting system Trace. That pushed the yield on the debt to more than 16%. The company told employees Monday that it will begin …

Real estate developers are slow to make buildings 5G-enabled

YAHOOFINANCE

11/19/2019

Super fast 5G cellular networks are hot as major wireless carriers from Verizon to AT&T deploy the service, but it’s unclear if the infrastructure is in place for in-home 5G to replace current cable-based broadband. The 5G-enabled future seems kind of distant. Real estate developers would need to put fiber-optic cables in homes and office buildings, since 5G doesn’t pass through walls, windows, or people. And most developers are not constructing projects or retrofitting existing properties t…

Trends Shaping Today and Tomorrow’s Industrial Real Estate Industry

DMAGAZINE

11/19/2019

I am blessed with the good fortune of working in two of the broader industrial real estate markets in the United States: the powerhouse that is Dallas–Fort Worth and the Eastern Pennsylvania corridor. Though the amounts of cheesesteaks and dairy cattle are vastly different from Dallas-Fort Worth (the smell of manure during the spring will knock you off your bicycle), many of the same issues are in the back of the minds of those who are living is intertwined with industrial real estate primarily…

Salesforce Ventures Launches $50M Consultant Trailblazer Fund

FINSMES

11/19/2019

Global CRM company Salesforce announced that Salesforce Ventures, its global corporate investment group, has launched a new $50m Consultant Trailblazer Fund. The new fund will provide the next generation of cloud consulting companies and digital agencies with the capital required to build and scale their Salesforce services capabilities for the future. The Consultant Trailblazer Fund will support the Salesforce ecosystem with capital and resources, enabling partners to deliver personalized expe…

MIT’s AI scores driver egotism to make autonomous vehicles more assertive

VENTUREBEAT

11/19/2019

Can social awareness improve autonomous cars’ road robustness? That’s what a team of researchers at MIT Computer Science and Artificial Intelligence Laboratory set out to discover in a recent study. They built a system that classifies the behavior of other drivers with respect to their selfishness — in other words, whether drivers are less likely to act altruistically toward other cars. In tests, they say their algorithm better predicted how drivers would behave by a factor of 25%. “Creating mor…

WeWork May Lay Off Thousands

NYTIMES

11/18/2019

WeWork is preparing to cut at least 4,000 people from its work force as it tries to stabilize itself after the company’s breakneck growth racked up heavy losses and led it to the brink of collapse, two people with knowledge of the matter said. The cuts are expected to be announced as early as this week and will take place across WeWork’s sprawling global operation. Under the plan, the company’s core business of subletting office space would lay off 2,000 to 2,500 employees, one of the people sa…

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