What Global Banks Look For to Invest in PropTech
GLOBEST
Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
GLOBEST
COMMERCIAL OBSERVER
More than two years after its founding, The Wing, a coworking provider and social club geared toward women, has continued growing rapidly across New York City and the country. On the heels of a $75 million funding round led by Airbnb, WeWork and Sequoia, the two-and-a-half-year-old company has recently opened its first outposts in Los Angeles, San Francisco and Chicago, with a Boston coworking office set to debut in a couple weeks. Seattle, Toronto, London and Williamsburg, Brooklyn are also …
BISNOW
If you are a multifamily developer or construction firm, get ready to put your wrap-around parking garages on a diet, or at least build them flexible enough to reduce their footprints in the future. Millennials and to a greater extent Generation Z — the demographic born between 1995 and 2010 — could turn the world into a car-optional one, leaving expensive underground, wrap-around and above-ground parking garages in a lurch.
BISNOW
Flexible office startup Knotel has unabashedly claimed it plans to be “bigger than WeWork” by next year, and its latest funding round is expected to position it as the second office space “unicorn.” Wafra, a New York firm backed by the government of Kuwait, is in talks to lead a funding round that would value Knotel at around $1.5B, the Wall Street Journal reports. Knotel has already taken in $160M in funding, and it is unclear how much Wafra or other investors in the round would spend for th…
THE REAL DEAL
As one of the country’s largest commercial landlords, Tishman Speyer is doubling down on its co-working model, putting it in direct competition with established players like WeWork and Knotel. The commercial landlord, which has 165 million square feet across 400 buildings, said Monday that it has opened locations for its co-working business, Studio, in Boston and Los Angeles this month. And the company has plans to open more in New York, as well as enter markets such as Washington DC, Chicago…
CREtech and ICSC
CREtech and ICSC announce hand-curated programming from the top industry thought leaders New York, NY (May 7, 2019) — CREtech (CREtech.com), the largest event, data and content platform covering the commercial real estate tech industry, has once again partnered with the International Council of Shopping Centers (ICSC) to organize and host their “Innovation Exchange” at RECon, the largest global gathering of retail real estate professionals. RECon will be held at the Las Vegas Convention Center …
SHADOW VENTURES
Bill Allen is CEO, and President of EvolveLAB, Disrupt Repeat, and On Point Scans. These firms synergistically help architects, engineers, and contractors optimize the built environment. He has over 14 years of experience managing technology for buildings in the AEC industry. Allen has worked with the latest technology for the AEC industry for over a decade. He gives us an ear into his thoughts on why startups are poised to succeed in this field right now, how AI and machine learning can chan…
TECHCRUNCH
OYO, the fast-growing budget hotel startup out of India that’s backed by Airbnb, SoftBank, Grab and Didi, has made an acquisition to expand its footprint into Europe, specifically around self-catering home rentals. The company has picked up @Leisure Group from Axel Springer for about $415 million (€369.5 million). Axel Springer had a 51 percent share of the company and said it would be receiving €180 million in the deal, including the repayment of a shareholder loan of around €60 million, and a…
GLOBEST
Consumers have moved more and more towards online shopping, and physical retail has taken a hit. As a result, retailers have had to reinvent themselves to compete with these online retailers, who have much lower overhead expenses. For example, a brick and mortar retailer, Best Buy, has matched prices with Amazon and has retooled their physical locations to be showrooms and online order pickup locations. These changes have allowed Best Buy to offer an experience with their products that can’t…
BISNOW
One development in Milwaukee just proved how powerful crowdfunding can be for commercial real estate — when the right project comes along. This week, J. Jeffers & Co. posted a request for equity investment on the platform CrowdStreet for The Huron, an 11-story, new construction office building in Downtown Milwaukee’s Third Ward. Investors poured in $10M over the course of J. Jeffers’ 80-minute webinar breaking down the investment, and by the next morning had brought the total up to $14M; …
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