Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Bisnow
Al fresco dining was once mostly a pleasant afterthought for American restaurants, but with sales losses estimated at $120B during the first three months of the coronavirus pandemic, outdoor seating is now a key component of keeping some eateries alive.
Newmark Knight Frank
Complimentary online tool allows users to perform current risk assessments for locations and employees worldwide New York, NY (June 15, 2020) — Newmark Knight Frank (NKF) Global Corporate Services’ (GCS) Global Tech, supported by NavigatorCRE, announces the no-cost release of the COVID-19 Situation Report—a unique tool that helps companies immediately assess their potential portfolio risk using data related to the evolving pandemic. The COVID-19 Situation Report provides a series of dashboard…
Medium
If you consider the 80s and 90s to be the first wave of property technology, we can call that PropTech 1.0. CoStar (‘87), Argus (‘85), Yardi (‘82), RealPage (‘98), even Excel (‘85). All of these software platforms were created in the 80s/90s and grew to dominance in the commercial real estate industry. Construction saw AutoDesk (‘82), Trimble (‘78), and Bentley (’84) in similar timeframes.
NYREJ
Republic, an alternative investment platform open to all investors, has acquired Compound, a real estate investment technology company that facilitates microinvesting in urban residential real estate. This is the second in a series of acquisitions for Republic this year. In April 2020, Republic announced the acquisition of Greycroft and Spark Capital-backed Fig, the leader in direct investment for video games and gaming technology. Through these strategic acquisitions Republic has firmly cemente…
Wall Street Journal
For decades a handful of urban areas have attracted the lion’s share of well-compensated knowledge workers. For nearly as long, the rest have tried mostly in vain to compete. Tax incentives and cheap housing have occasionally convinced big companies to relocate their headquarters, but the hoped-for flood of bright young things rarely seemed to follow.
The Real Deal
Crowdfunding firm Prodigy Network has sold one of its commercial properties at a $10 million loss, creating further uncertainty for investors in the troubled firm. The company sold 114 East 25th Street — where it operates the co-working space “The Assemblage” — for $41.3 million, property records show. Prodigy purchased the 12-story building for $51 million in 2016, borrowing $35 million. Investors in the building were required to put in a minimum of $50,000, according to Prodigy’s website.
Bisnow
The boom in coworking and flexible offices in the past five years has to a large extent been a city-centre phenomenon. The big brands like WeWork, IWG and The Office Group have focused on central London and big regional cities like Manchester and Birmingham, targeting growth at those areas with a high density of companies and workers.
Crunchbase
The cost to acquire a new shopper who completes a purchase is now at $19.47–half of what it was a year ago, according to the 2020 Mobile Shopping Apps Report. And engagement from the install-to-purchase rate is up by 40 percent year over year.
Crunchbase
On Wednesday, the Austin-based company announced its $3 million seed round led by Chicago Ventures, with Schematic Ventures, CEAS Investments and Redwood Technologies also participating. Including the new funding, CognitOps has raised a total of $3.5 million since its inception in 2018, according to Crunchbase data….
Venture Beat
As COVID-19 continues to bolster the global delivery and logistics market, warehouse robotics startup Geek+ today announced it has extended its series C funding round to $200 million, up from $150 million in July 2019. The company says the deal, which closed earlier this year, will support expansion of its robot-as-a-service program and its relationships with technology and ecosystem partners….
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