Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
BISNOW
WeWork’s upcoming IPO will prove whether SoftBank was right to pour billions of dollars into a coworking startup with sky-high ambitions, but SoftBank won’t be alone. The We Company, WeWork’s new parent, has officially filed paperwork with the Securities and Exchange Commission to go public, although further details remain scarce. Just how much interest it will garner, and at what price, is the subject of hot debate.
WSJ
In the niche between Airbnb Inc.’s home rentals and traditional hotel rooms, a new breed of startup is offering a hybrid option aiming to merge the best of both worlds. Companies like Domio, Lyric and Sonder lease a number of floors in commercial or residential buildings, stock them with comfy furnishings, then rent them out for short-term stays.
ENERTIV
When evaluating PropTech, landlords tend to compartmentalize solutions based on different business units. This can be useful, but segmentation makes it difficult to understand how improvements in different departments work together to drive NOI, compress cap rates, and minimize risk. In this video, Taylor Odegard, CIO and Co-founder of NavigatorCRE explains how to infuse data into every aspect of a commercial real estate business.
BLOOMBERG TECHNOLOGY
Shiva Rajaraman, The We Company chief technology officer, discusses WeWork’s business model, international expansion and explains how the company creates an on-demand workspace. He speaks with Bloomberg’s Emily Chang on “Bloomberg Technology.”
WSJ
The real-estate technology firm VTS raised $90 million in its latest funding round, one of the largest venture investments ever in the commercial property market. The funding was led by two of the world’s biggest landlords, Brookfield Asset Managementand industrial property owner GLP, and values VTS at $1 billion, according to people familiar with the matter. That makes it one of about 20 firms in the property technology sector to become a unicorn, or a privately held startup valued at $…
CRAINS NEW YORK
Brooklyn-based 475 High Performance Building Supply has had some successes since its 2012 founding, most notably its role in helping build North America’s first high-rise “passive house.” The company supplied the gaskets, membranes and seals—and expertise in their application—that made Cornell Tech’s 26-story residential tower on Roosevelt Island virtually airtight and a model of sustainable construction.
BROWNSTONER
Last week co-living company Common opened its 27th residence and its 10th in Brooklyn in a landmarked Clinton Hill townhouse. A grand brick and limestone Colonial Revival built in 1909 by well-known Brooklyn architect John J. Petit, 417 Grand Avenue fell on hard times and was the site of a drug raid in 2014 before its most recent sale for $3.5 million in 2017 to developers Stuyvesant Group….
NEW YORK TIMES
In today’s on-demand digital world, buying and selling a home remains stubbornly, painfully analog. Most sales still begin with a real estate agent (and a 6 percent commission). Most still end in an office, with the two sides signing page after page of legalese. Silicon Valley wants to change that. Tech companies have begun to nibble away at the edges of the residential real estate industry, offering virtual open houses, digital closings and other services. Now they are coming straight for the …
THE REAL DEAL
Executives at the Yard, a New York-based flexible-office space firm with 14 locations, have been in talks with competitors about potentially selling the company or a partial stake in it, sources familiar with the discussions told The Real Deal. According to the sources, the Yard held discussions with the Office Group, a London-based company owned by the Blackstone Group. Office Group has 33 locations globally and has been looking to crack into the New York market for about a year. The Yard al…
GEEKWIRE
The nature of work is changing dramatically in the U.S. and experts say this is just the beginning. Economists estimate that anywhere from 14 to 80 million American jobs are at risk of displacement from automation. Meanwhile, employers are transitioning millions of jobs once held by full-time employees into independent contractor, on-call, and temp gigs that don’t offer the same benefits or protections….
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