Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
GLOBEST
The flex office market is more than just hype and headlines. According to a new report from CBRE, flex office space is here to stay. While the office niche only takes up 2% of the total office supply in the US, it has experienced rapid growth driven buy significant office demand. By 2022, market data forecasts that 1 million workers will work out of a flexible office space, illustrating the strong demand.
GLOBEST
NEW YORK CITY- Hudson Yards in Manhattan’s West Chelsea neighborhood is considered not only one of the largest and newest commercial developments to come online in recent years, but an innovative and tech-driven hub for real estate developers to watch for years to come. Attaining its holy grail status of tech began with the build-out of a simple foundation that’d allow easy pairing of different tech solutions for changing consumer needs, according to a CREtech New York 2019 panel called “An In-d…
PR NEWSWIRE
IRVINE, Calif. and SILICON VALLEY, Calif., Oct. 16, 2019 /PRNewswire/ — According to a new survey, commercial real estate brokers are not only currently using CRETech, they are planning to make additional technology investments in the next two to three years. The new annual “State of CRETech” survey found that 73% brokers rated technology investment as important to them, with imaging/VR and transactions being the top two technology investment areas….
GLOBEST
NEW YORK CITY-The wellspring of new real estate technology companies has venture capitalists excited— but also cautious following the recent lesson from WeWork’s flopped initial public offering, as they watched the co-working company’s valuation deflate and stunted cash flows on the front lawn. Now, investors are strict about profitability with growth as the cherry on top as the market perception is that the ten-year bull run will end, according to a CREtech New York 2019 panel dubbed “Convi…
TECHCRUNCH
Proportunity, the startup that provides “help to buy”-style equity loans primarily for first time property buyers, has raised £2 million in additional funding. Billed as a seed round, backing comes from Anthemis, the fintech investor, and Axel Springer Digital Ventures, the early stage venture arm of European digital publisher Axel Springer. The startup and Entrepreneur First alumni had previously raised £1.7 million in equity and a credit line of debt financing….
TECHCRUNCH
Fintech has been a very popular area for venture investment, and this is particularly true in Europe. Dozens of high-growth fintech startups have launched over the past decade, from challenger banks and neobanks to new payment services and better ways to save and invest wealth.
BLOOMBERG
WeWork has backed out of an ambitious project to outfit a 36-story tower in Seattle with co-working space and its co-living offshoot, as the company looks to shore up its finances. WeWork won’t lease the building at Third Avenue and Lenora Street from Martin Selig Real Estate, according to a joint statement from the companies Monday. The decision leaves one of Seattle’s biggest office landlords without a tenant just as a major new project is nearing completion. …
BLOOMBERG QUINT
(Bloomberg) — VTS Inc., a closely held provider of online real estate services, acquired another web-based platform, PropertyCapsule, in a bid to jump-start growth. The deal was valued at $20 million, said a person familiar with the terms who asked not to be identified because the price wasn’t announced. PropertyCapsule helps market commercial real estate.
BUSINESS INSIDER
This year has been a banner year so far for the real estate tech world. A new report from EY and CREtech pegged venture capital investments in so-called built-world tech at $24.6 billion through the third quarter, the most since 2015, the first year analyzed by the report.
BISNOW
Even as it teeters on the brink of total collapse, The We Company still inspires fierce competition among potential investors. SoftBank Group, WeWork’s biggest single source of capital in the past three years, is negotiating to invest potentially billions more in a bid to take a controlling stake in the company, The Wall Street Journal reports. The added ownership share going to SoftBank would further diminish former CEO Adam Neumann’s voting shares.
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