Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Bloomberg
James Gorman is hesitant to make predictions about the future with so much about the coronavirus pandemic still uncertain. One thing is clear, however: Morgan Stanley will have “much less real estate.”
The Real Deal
A month after laying off 15 percent of its staff, Compass announced company-wide pay cuts on Wednesday, even as it continues to recruit agents. The Softbank-backed brokerage, which has raced to slash spending in the wake of Covid-19, said it would reduce salaries by 10 to 50 percent, according to an internal document reviewed by The Real Deal.
Andreessen Horowitz
Every Western institution was unprepared for the coronavirus pandemic, despite many prior warnings. This monumental failure of institutional effectiveness will reverberate for the rest of the decade, but it’s not too early to ask why, and what we need to do about it.
New York Times
One year ago, two Australian hackers found themselves on an eight-hour flight to Singapore to attend a live hacking competition sponsored by Dropbox. At 30,000 feet, with nothing but a slow internet connection, they decided to get a head start by hacking Zoom, a videoconferencing service that they knew was used by many Dropbox employees. …
TechCrunch
Houzz, an online platform for home renovation and design, has laid off 155 employees, roughly 10% of its staff, per an internal memo obtained by TechCrunch. Executive salaries also took a cut. The company, last valued at $4 billion, confirmed the content of the memo in a statement to TechCrunch.
Medium
Digital Base Capital Co., Ltd. (Head Quarters: Chuo-ku, Tokyo, General Partner: Shun Sakurai) announces that Ehime Bank, Ltd. has decided to invest in “Digital Base Capital No.1 Investment Limited Partnership”, the first PropTech focused fund in Japan to invest in startups in the real estate, construction and financial sectors.
Business Insider
Coronavirus-prompted social distancing is testing the limits of businesses’ workplace continuity and remote work plans. Meanwhile, some analysts are predicting a Great Recession-size hit to commercial real estate as tenants struggle to pay.
openbox
Many of our clients are currently facing an increased and urgent need to have all the data on revenue, risk and cashflow at their fingertips – quite literally in the case of those limited to mobile devices while working from home.
JLL
The events of the past several weeks have changed the world of work for today, and into the foreseeable future. Since March of 2020, the majority of office-occupying industries have been working from home, while sheltering in place. This abrupt shift in workplace operations has resulted in significant behavioral changes that may have a lasting impact on workspace design and use, while simultaneously altering the demand for commercial office space for years to come.
Bloomberg
The new year arrived with a new job for Tyler Simon, who had high hopes for 2020. They didn’t last long. “Once Covid-19 hit, things went from bad to worse really quick,” said Simon, a father of two in Summerfield, North Carolina.
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