Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Wall Street Journal
Mall owner Brookfield Asset Management Inc. BAM 3.00% plans to devote $5 billion to shoring up retailers hit by the coronavirus pandemic, a bet on a beaten-down sector that could also help keep its rent payments rolling in….
PC Mag
As The Seattle Times reports, the updated guidance of no return to work until Oct. 2 is mainly aimed at Amazon’s corporate employees, but states specifically that it relates to any “employees who work in a role that can effectively be done from home.” A company spokesperson also confirmed that, “We are working hard and investing significant funds to keep those who choose to come to the office safe through physical distancing, deep cleaning, temperature checks, and the availability of face coveri…
Fortune
As the U.S. hunkered in lockdown mode in mid-April, the influential venture capitalist Marc Andreessen published a viral essay titled “Time to Build.” The essay decried the complacency of Western democracies prior to the COVID crisis, and called for a mass rebuilding of physical and social infrastructure. It’s time, Andreessen said, to start over with everything: Roads, housing, education, the health system, the works….
TechCrunch
Sidewalk Labs is closing its project in Toronto, the company said in a brief statement on Thursday. “For the last two-and-a-half years, we have been passionate about making Quayside happen — indeed, we have invested time, people, and resources in Toronto, including opening a 30-person office on the waterfront,” wrote Sidewalk Labs chief executive, Dan Doctoroff in a blog post….
Construction Dive
The software as a service (SaaS) provider did not set a date on its initial IPO paperwork filing, but said in the document it would in the near future. In each of the company’s three years of reporting, it’s recorded net losses: $55.5 million in 2017; $56.7 million in 2018; and $83 million in 2019. The number of Procore users, however, has doubled in that time, reaching nearly 1.3 million at the end of 2019. Enterprise clients are able to invite new clients at no additional cost to encourage wid…
Wall Street Journal
As New York prepares to reopen its economy, some upstate factories that have been operating during the coronavirus outbreak have lessons to share on how to keep workers safe.
Bisnow
Some social distancing built into the design is going to need to be an option, though the exact nature of changes isn’t clear yet. “The open-plan hospitality vibe has been central to marketing to a millennial demographic,” The Architectural Team principal Michael Liu said. “But in the present pandemic, it may also be ideal for communicating disease.”
Bisnow
Jamestown, a prominent developer of mixed-use projects, has set up a $50M relief fund to assist small businesses as they prepare to reopen to wary customers emerging from expiring shelter-in-place orders.
Bisnow
Chase Garbarino founded HqO in 2018 as his previous tech company was running out of funds. Boston-based HqO, a tenant experience platform, is his first foray into the commercial real estate world, but the app has taken off quickly. It is used across about 90M SF of CRE in North America, the UK and France, including by Blackstone’s EQ Office at Willis Tower in Chicago. The app connects tenants to food and wellness options, provides access to conveniences like dry cleaning, and streamlines buildin…
Wall Street Journal
At times when shares of Twitter Inc. TWTR -0.75% dipped over the past few years, Silver Lake Co-CEO Egon Durban would make discreet inquiries about buying the social-media company, whose share price has sometimes lagged behind its popularity and cultural significance….
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