Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
GLOBEST
New technologies and community gathering spaces are the necessities for apartment buildings today. Properties appropriately leveraging technology, including smart home features, and integrating community gathering spaces and events, are seeing better tenant retention and faster lease times.
WORKTHERE
ATLANTA (August 8, 2019) – Workthere, a global Savills venture, has expanded its online flexible office listing platform and specialized advisory service (workthere.com) in North America. Following its successful U.S. debut in New York City in February, Workthere has tapped real estate expert Austin DuBois to launch the offering in key markets in the Southeast including Atlanta; Nashville, Tenn.; Raleigh, N.C.; Durham, N.C.; Charlotte, N.C.; Miami; and Tampa, Fla. Based in Atlanta, DuBois…
FORBES
Real estate touches every part of our lives — our homes, workplaces, where we shop, and even where we try to get away. So it won’t be surprising that real estate was the largest industry in the United States as of 2018. But at a time where technology is at the forefront across all industries, the real estate industry spends less than 1% on information technology….
REONOMY
Rich Sarkis (CEO at Reonomy), Anthony Orso (President, Capital Markets at NKF) & James Nelson (Principal, Investment Sales at Avison Young) will discuss how technology has influenced CRE in the past 30 years, the evolution of industry adoption, and how they have each embraced technology in their business strategies. Takeaways include how to balance leveraging relationships and technology, what the industry can expect as we move into 2020, and more.
WSJ
TOKYO—The sequel to the world’s biggest technology investment fund could start investing billions of dollars as early as next month, SoftBank Group Corp. 9984 -2.72% said as it reported strong growth in its original fund. SoftBank on Wednesday said its profit from the existing Vision Fund jumped 66% in the April-June quarter from a year earlier. Unrealized gains from Indian budget hotel booking company Oyo, San Francisco-based workplace-messaging service Slack Technologies Inc.and food-delive…
BISNOW
If a lack of innovation is to blame for stagnating U.S. construction productivity over the last half-century, off-site builders — and some of their AI partners — think they may have the solution. Around the country, prefabrication companies of different scopes and specializations are trying to boost their factory environments by using artificial intelligence.
BLOOMBERG
For the past two years, WeWork Cos. has spent more than $40 million to host a series of startup pitch competitions around the world. The real estate company asks contestants to pitch apps or creative projects to celebrity panels of judges and compete for cash prizes, in between musical performances from the likes of the Red Hot Chili Peppers. This year, it hoped to go much bigger.
BISNOW
WeWork, which has grown from a one-floor lease in SoHo to New York City’s largest private office tenant in the span of nine years, is expected to go public next month, targeting a $3.5B raise. But amidst the hype of the highly anticipated initial public offering, the commercial real estate community continues to wrestle with how to hedge against the exploding coworking and flexible workspace sector, and how to capitalize on it.
THE REAL DEAL
Zillow Group’s bet on instant homebuying boosted its second-quarter revenues 84 percent to $599.6 million, the company said Wednesday. Revenue for Zillow Offers — which debuted last year — totaled $248.9 million for the quarter. Meanwhile, Zillow Mortgages revenue rose 40 percent to $26.9 million. In a statement, co-founder and CEO Rich Barton described demand for Zillow Offers as “incredibly impressive” and said the program is on track to hit an annualized run rate of $1 billion in revenu…
THE REAL DEAL
An under-construction skyscraper in London was the battleground for a trio of well-capitalized flexible office space firms in growth-mode. New York-based Convene, a startup that partners with commercial landlords to offer meeting spaces and amenities in office buildings, ultimately won out. The firm signed a 100,000-square-foot lease at 22 Bishopsgate in central London, the firm’s chief executive Ryan Simonetti told The Real Deal. It will be the firm’s first international location.
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