Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Bisnow
CBRE is pulling back on the rollout of its in-house coworking brand as the coronavirus pandemic clouds the immediate future of office usage. After spending $40M last year on expanding Hana, CBRE plans to operate 10 Hana units this year, CEO Bob Sulentic said on the company’s quarterly earnings call last week. The firm planned on operating 20 units this year originally, Sulentic said.
Wall Street Journal
Data giant CoStar Group Inc. CSGP -3.42% is buying the commercial real estate division of Ten-X LLC for $190 million in a deal designed to increase CoStar’s role in the huge distressed commercial-property market that the coronavirus pandemic is expected to fuel, CoStar announced Wednesday evening. “We believe that the volume of distressed properties coming to market will surge,” said Andrew Florance, CoStar’s chief executive….
Appraisal Buzz
CompStak, the leading provider of commercial real estate comparable data and analysis, has joined with the Appraisal Institute (AI), the nation’s largest professional association of real estate appraisers, to provide AI members and affiliates (“AI Professionals”) with benefits and discounts across its proprietary data platforms.
Wall Street Journal
Waymo LLC has raised a further $750 million, pushing the total outside investment the company has announced in the past two months to $3 billion and bolstering its financial war chest at a time when the coronavirus pandemic has created new uncertainty in the race to develop self-driving vehicles.
Venture Beat
While Digi-Capital’s AR/VR Analytics Platform tracked over $4 billion AR/VR investment last year, virtual and augmented reality investment dropped in Q4 2019 and Q1 2020 in terms of both deal volume (i.e. number of deals) and deal value (i.e. dollars invested). The first quarter of this year saw AR/VR investment volume (again, number of deals) at a quarterly level last seen back in 2013. In the context of COVID-19’s impact on all startup investment (not just AR/VR), this looks like it might be t…
The Atlantic
I last took a “normal” commercial-airline flight back in February. It was normal in that most people did not seem to be having a good time. Before the flight, passengers lumbered out of their Ubers and taxis, or stepped off the shuttles from the rental-car offices and remote parking, and trudged through the familiar series of lines.
PR Newswire
Venture capital investment firm Shadow Ventures announced today a virtual AEC/RE Pitchathon that will connect a global community of investors, architects, engineers, contractors, and real estate professionals with 60-plus pre-seed to Series B startups offering groundbreaking innovation in their market segments. The first-ever, all-online event within the AEC/RE space will take place June 2-3 and will focus on five technology areas: DesignTech, ConTech, EnviroTech, PropTech, and InfraTech….
Business Insider
Internet of things (IoT) providers have reported an uptick in demand due to the coronavirus pandemic, with new use cases arising in accordance with social distancing guidelines and shifts in healthcare operations….
CNBC Television
WeWork CEO Sandeep Mathrani joins “Squawk Box” for his first TV interview as chief executive to discuss the future of work during the coronavirus pandemic, how offices may evolve as well as founder Adam Neumann’s lawsuit against SoftBank. WeWork CEO Sandeep Mathrani told CNBC on Tuesday the company has paid its rent in over 80% of its locations in April and May, as the coronavirus outbreak swept the globe. “The remaining locations, we’re just in discussions with our landlords in a friend…
Business Wire
GreenGen Ventures, the venture capital arm of Green Generation (GreenGen), today announced it has structured and invested in a new round of financing for Wynd Technologies, a standard-setting global air purification and measurement startup with products featured in Apple and Best Buy stores. The investment was made by a fund under GreenGen’s management….
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