Commercial Real Estate

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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Bluestreak IoT]

BlueStreak IoT optimizes operational processes for commercial business owners and facility managers by adding an intelligence layer to existing products and enabling smart and connected features. It sits at the center of information from sensors, devices, networks, and software that combine to deliver valuable, actionable data and automate functions across retail, hospitality, entertainment, health & fitness, real estate, and other commercial venues. Its services are uniquely positioned to enhance the efficiency and performance of services in commercial real estate, including ScentBridge’s ambient scent delivery, indoor air quality monitoring, clean air as a service, resource utilization, replenishment management and performance compliance.

It works with companies to explore “Smart Products as a Service” opportunities and offers a comprehensive range of services, which includes strategy and IP consulting, hardware and software design, as well as commercialization support.

What we like: Offering differentiated IoT solutions by adding a smart layer to existing operational tools that increases performance and uptime of “Product as a Service” tools while lowering operational costs.

Learn More

*Part of 2023 REACH Commercial Class

Source: geekestateblog.com

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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Rockport]

With a focus on serving global financial institutions, Rockport is a provider of a suite of products that caters to the entire lifecycle of CRE, including debt, equity, and technology solutions. Their flagship product, Rockport VAL, employs a modern Cloud First Architecture that delivers cash flow and valuation modeling. They also offer their Rockport CORE platform which facilitates Enterprise-class lending platforms for commercial real estate lenders, managing over $1 trillion in closed loans. Additionally, Rockport ACT is an Accounting and Servicing solution that provides a full audit trail. For the agriculture sector, Rockport AG extends similar support, including Farmer Mac reporting, payment processing flexibility, and collateral management.

What we like: Founded by Rick Trepp, RockportVAL is the next-generation Alternative for Discounted Cashflow (DCF) and Property Valuation.

Learn More

*Part of 2023 REACH Commercial Class

Source: geekestateblog.com

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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Work & Mother]

Work & Mother offers a commercial lactation suite amenity for office building landlords and owners. Its outsourced mother’s room suites for commercial office buildings furnished facilities that enable working mothers to continue expressing breast milk when they return to work. Helping employers satisfy state and federal obligations such as the Fair Labor Standards Act (FLSA), Work & Mother also provides a support app and a HUB with support resources and educational programming from health and wellness experts to help all working parents with their transitions back to work. For landlords, Work & Mother provides specifications and build books, consulting services, project management, and building-specific marketing assets. They operate the facilities membership system, app, tenant enrollment, suite access, maintenance, and reporting for the landlord.

What we like: With FLSA regulatory headwinds in its favor and also helping achieve DEI goals, this is a win-win-win for moms, tenants, and landlords.

Learn More

*Part of 2023 REACH Commercial Class

Source: geekestateblog.com

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President Donald Trump’s administration is teasing real estate investors with the possibility of significant tax breaks when they buy properties in “distressed economic areas” that have since been labeled as “opportunity zones” by the U.S. Treasure Department.

Steve Mnuchin, the Treasury’s Secretary, said the newly designated zones could attract as much as $100 billion in investment.

The idea for the tax breaks is to tempt investors to inject new capital into areas of the U.S. that have fallen behind the rest of the country since the Great Recession. The plan is that capital gains in a certified opportunity zone can avoid taxation through the end of 2026, or until the investment is sold, whichever comes first. Any gains would be permanently shielded from being taxed if the investors holds the asset for at least 10 years. In addition, after a seven year period, the initial investment will be discounted by up to 15 percent for taxation purposes.

The Treasury Department also says that “large scale” projects could possibly qualify for tax breaks. For example, those who invest capital for startup business in opportunity zones could be exempt. Also include are individuals, corporations, businesses, REITs and estates and trusts. More guidance will be issued at the end of the year, the Treasury Department said.

The Treasury Department has published a full list of “Opportunity Zones”, available here.

“The creation of opportunity zones is one of the most significant provisions of the Tax Cut and Jobs Act,” Mnuchin said earlier this year. “Incentivizing private investment into these low-income communities can be transformational, stimulating economic growth and job creation across the country. This administration will work diligently with states and the private sector to encourage investment and development in opportunity zones and other distressed communities so that they may enjoy the benefits of robust economic growth.”

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

Apache is functioning normally

President Donald Trump’s administration is teasing real estate investors with the possibility of significant tax breaks when they buy properties in “distressed economic areas” that have since been labeled as “opportunity zones” by the U.S. Treasure Department.

Steve Mnuchin, the Treasury’s Secretary, said the newly designated zones could attract as much as $100 billion in investment.

The idea for the tax breaks is to tempt investors to inject new capital into areas of the U.S. that have fallen behind the rest of the country since the Great Recession. The plan is that capital gains in a certified opportunity zone can avoid taxation through the end of 2026, or until the investment is sold, whichever comes first. Any gains would be permanently shielded from being taxed if the investors holds the asset for at least 10 years. In addition, after a seven year period, the initial investment will be discounted by up to 15 percent for taxation purposes.

The Treasury Department also says that “large scale” projects could possibly qualify for tax breaks. For example, those who invest capital for startup business in opportunity zones could be exempt. Also include are individuals, corporations, businesses, REITs and estates and trusts. More guidance will be issued at the end of the year, the Treasury Department said.

The Treasury Department has published a full list of “Opportunity Zones”, available here.

“The creation of opportunity zones is one of the most significant provisions of the Tax Cut and Jobs Act,” Mnuchin said earlier this year. “Incentivizing private investment into these low-income communities can be transformational, stimulating economic growth and job creation across the country. This administration will work diligently with states and the private sector to encourage investment and development in opportunity zones and other distressed communities so that they may enjoy the benefits of robust economic growth.”

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Fyma]

A computer vision platform, FYMA uses video and image feeds to deliver occupancy and human activity analytics to improve asset management and property operations. They work with existing camera hardware to deliver movement trends, occupancy, and marketing insights for a variety of spaces from office buildings to retail to industrial.

  • For retail: provides real-time analytics, alerts, and historical analysis on customer traffic, movement patterns, and demographics.
  • For mobility: mobility data solution collects and analyzes data on traffic volume, modal share, movement patterns and congestion enabling real-time updates and comprehensive insights into transportation networks and patterns around a property.
  • For parking: monitors parking spaces to detect available spaces and guide drivers to reduce congestion.

What we like: By leveraging a real estate assets’ existing cameras, Fyma’s is able to unlock real-time intelligence without the adoption challenges that come with needing to install new hardware.

Learn More

*Part of 2023 REACH Commercial Class

Source: geekestateblog.com

Apache is functioning normally

[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Fyma]

A computer vision platform, FYMA uses video and image feeds to deliver occupancy and human activity analytics to improve asset management and property operations. They work with existing camera hardware to deliver movement trends, occupancy, and marketing insights for a variety of spaces from office buildings to retail to industrial.

  • For retail: provides real-time analytics, alerts, and historical analysis on customer traffic, movement patterns, and demographics.
  • For mobility: mobility data solution collects and analyzes data on traffic volume, modal share, movement patterns and congestion enabling real-time updates and comprehensive insights into transportation networks and patterns around a property.
  • For parking: monitors parking spaces to detect available spaces and guide drivers to reduce congestion.

What we like: By leveraging a real estate assets’ existing cameras, Fyma’s is able to unlock real-time intelligence without the adoption challenges that come with needing to install new hardware.

Learn More

*Part of 2023 REACH Commercial Class

Source: geekestateblog.com

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In our latest real estate tech entrepreneur interview, we’re speaking with Andrew Flint from Occupier. He is a recent addition to the GEM.

Who are you and what do you do?

My name is Andrew Flint and I am a Co-founder of Occupier along with Erik Pearson and Matt Giffune. Occupier is a Real Estate Success platform that enables businesses and tenant-rep brokers to make better real estate decisions. Our software engages internal and external stakeholders around lease administration, transaction management, and lease accounting to execute the workflows most important to aligning real estate with the operational needs of the business.  We launched Occupier after working together at VTS, now the leading leasing asset and management platform for landlords. Prior to that, Matt and I spent approximately 10 years as commercial real estate brokers at JLL in NYC and Boston. It was through these previous experiences that we recognized how far behind tenants, landlords and brokers were in terms of using technology to manage their business. Proptech has exploded over the past 5-7 years, however the primary focus has been on landlords, leaving an enormous opportunity to create technology focused on the tenant and their teams.

What problem does your product/service solve?

First and foremost, we provide a modern lease administration platform focused on making key lease details like critical dates, financials, and documents readily accessible and actionable to all relevant stakeholders, both internal and external. Second, as new FASB ASC-842 accounting guidelines go into effect with private companies, businesses need to comply with how they disclose their real estate holdings on their balance sheet.  Without centralized lease data and the ability to measure it, companies put themselves at risk of non-compliance, hence our Q3 launch of a seamlessly integrated lease accounting module.  Finally, Occupier drives a more efficient transaction process by engaging the tenant-rep broker into a dynamic workflow that centralizes all deal communication, site selection, and negotiation in one place, increasing the pace and accuracy of lease transactions.

What are you most excited about right now?

During the coronavirus lockdown, it’s been unbelievable to see the team come together and thrive.  We have been heads-down on product development and onboarding new customers, moving closer launch of Occupier Lease Accounting in Q3.  There is a ton of pent up demand to leverage that module alongside lease administration and transaction management.  In May, we kicked off our participation in Reach 2020, a proptech focused accelerator we are extremely excited about given its association with NAR, CCIM, and SIOR.

What’s next for you?

While we are fully focused on the business right now, we are also poised to raise a proper venture round within the next 9-12, enabling us to bring on additional product, sales and marketing, and customer success resources.  With additional firepower and a solid foundation, what we will be able to provide tenants and brokers will drive significant efficiencies in how companies make real estate decisions and how brokers grow their business.

What’s a cause you’re passionate about and why?

It is no secret that our country has a serious problem with racial injustice, with the killing of George Floyd shining a light on these problems. As a team we support causes, like the Black Lives Matter movement, that will force long overdue changes in America.  We believe we can make a direct impact by committing  to building a diverse team as we grow.  Personally, I am passionate about supporting community organizations like Grand Street Settlement in the Lower East Side of NYC, that provide programs and services to families, youths and seniors across the city.  Before having kids, I volunteered for 7 years, and most recently made a donation after hearing funding for summer youth programs had been cut. These are times where we need to figure out ways to double down on programs like theirs which build up our communities.

Thanks to Andrew for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com

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VTS, a New York-based company has announced they’ve raised an additional $90 million in Series D funding led by Brookfield Ventures. In total the startup has gleaned $187.4 million since it’s entry seven years ago. According to the company, this funding round makes VTS the largest software venture in CRE history.

VTS to eliminate manual processes

According to the Wall Street Journal, the Series D funding values the company at over $1B, which makes one of the 20 or so “unicorn” startups valued at $1B or more.

Other investors in this round included GLP and Tishman Speyer, as well as Fifth Wall, along with others. VTS’ Saas business model innovation has had revenue growth of 70% year on year in 2018, according to the company’s press. VTS says its software empowers landlords to convert leads into leases 41% faster with data-led strategies. Josh Raffaelli, Managing Director, Brookfield Ventures, offered this:

“VTS has been one of the most impactful technology platforms we’ve incorporated into our organization and we are excited to be playing a part in their future. VTS’ market-leading technology platform has transformed the way the industry operates, and we’re incredibly excited to partner with them in this new capacity.”

Back in 2016, VTS and competitor Hightower merged to grow square footage of office, retail, and industrial assets managed from a combined 2 billion to 10 billion by the end of 2018. The proptech company now boasts of over 35,000 users which include brands like Jones Lang LaSalle and Blackstone.
Nick Romito, Co-Founder, and CEO of VTS offered this via press release:

“There’s no truer validation as a founder when your customers invest in your product and we’re thrilled to welcome Brookfield Ventures and GLP as our partners, alongside return investor Fifth Wall, as we enter the next phase of growth. This funding will enable us to accelerate the pace at which we build the best technology for commercial real estate landlords, brokers, and tenants, as we arm them with the sophisticated solutions they need to win in a rapidly changing environment.”

The new funding will be used to enhance the VTS platform, according to the company press. VTS also plans to accelerate the launch of its commercial real estate (CRE) marketplace, Truva, slated to go live later this year.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Latest posts by Phil Butler (see all)

Source: realtybiznews.com

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[Note from the editor: Originally published on Thomvest’s Blog]

Today we’re releasing an updated version of our commercial real estate technology market map. The full list of companies is available here, and a high-resolution version of the map can be accessed here. This market map includes more than 220 technology companies operating across every aspect of commercial real estate, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.

Broadly defined, commercial real estate (CRE) includes any property owned to produce income. In total, more than 100 billion square feet of space in the United States is devoted to commercial use. Because commercial property is acquired for investment purposes, it differs from its residential counterpart in several important ways:

  • Commercial real estate is a diverse asset class that can take on many forms: office buildings, retail stores, malls, apartment complexes, homes, hotels and more.
  • Every property is analyzed for its ability to generate income. In most cases, there is a leasing component to commercial property ownership (which is the main revenue-generating activity), whereas in residential real estate properties are often owner-occupied.
  • Commercial properties are actively managed by teams responsible for leasing, routine maintenance, improvements and amenities to ensure that the building is suitable for occupants.

As the map above indicates, there are hundreds of technology companies across every aspect of the commercial real estate lifecycle, from property search and financing, to leasing and ongoing management. You’ll notice that several companies are included in more than one section — this is due to the fact that many of these businesses have expanded their product areas to capture multiple phases of the CRE lifecycle. For example, VTS recently launched a listings marketplace offering to compliment its suite of leasing and asset management tools. As such, we’ve included VTS in both the “Find Property” and “Manage Property” sections.

Assessing the Impact of COVID-19 on Commercial Real Estate

It’s no secret that the pandemic has dramatically altered our ability to utilize commercial real estate. The pandemic has impacted every CRE segment (office, hospitality, retail, etc.) and every phase of the asset ownership lifecycle (leasing, financing, utilization, etc.). The pandemic will likely continue to influence occupiers and end users of real estate in unprecedented and unique ways, which will have implications for the entire CRE industry.

This is particularly true in the office segment, as the abrupt change in the way we work has required mass remote working. Interestingly, as companies have transitioned from office work to remote work, many employees are reporting no meaningful impact on productivity. Even as lockdowns are slowly eased, as many as 75% of employees prefer to work from home out of caution or convenience. This has caused many in the industry to ask: Is the office as we know it dead?

Given these lingering existential questions, we’re witnessing the reimagining of office environments designed to anticipate what the “next normal” will look like. Tenants and landlords are working hard to determine an approach for re-entering the office, and the impact of remote work on future space needs. While there are many questions we’ve yet to answer, we anticipate the office category evolving in several important ways, and expect technology companies to play a central role in that evolution:

  • Emphasis on Safety: As new case volume persists, businesses have been cautious to re-open offices. In an August survey of 15 employers that collectively employ about 2.6 million people, 57% said they had decided to postpone their back-to-work plans because of recent increases case volume, according to the Wall Street Journal. Employers are also developing safety measures to facilitate a smooth re-opening, including redesigned workspaces and temperature checks. We expect additional safety standards to be developed, including staggered employee schedules, space plans to promote social distancing, safe hygiene practices, cleaning protocols, and guidance on using elevators. Technology is a key component of ensuring that both tenants and landlords abide by these emerging safety protocols.
  • Flexible Work Arrangements: The pandemic catalyzed a massive work-from-home experiment. In many cases, employees actually prefer remote work as it provides flexibility, reduces (or eliminates) commute times and enhances productivity. More than 75 percent indicate they would like to continue to work remotely at least occasionally, while more than half — 54 percent — would like this to be their primary way of working, according to IBM. The forced shift to operating remotely has led to nearly 40 percent of employees indicating they feel strongly that their employer should provide opt-in remote work options when returning to normal operations.
  • Flexible Space Needs: As offices reopen after COVID-19 shutdowns, we will likely see a mix of new use cases. Some companies will require more office space to further space out employees and reduce potential transmission, while others will move to permanent work-from-home arrangements or a hybrid of home, co-working, and office spaces to minimize commutes and maximize social distance. This will create more demand for flexible office space, including co-working space offered by companies like WeWork and Industrious. According to JLL, 67 percent of corporate real estate decision-makers are increasing workplace mobility programs and are incorporating flex space as a central element of their agile work strategies. JLL “expects 30 percent of all office space globally to be flexible in some form by 2030” (up from about 3% today).

In every industry, technology is an important enabler of not only process efficiency, but also of customer satisfaction and growth, and real estate is no exception (particularly during this pandemic). We’ve already seen technology companies step up to offer useful solutions for landlords and tenants. For instance, companies like Envoy are offering safety-focused tools including employee registration, touchless sign-in, wellness checks and capacity management to employers preparing to re-open their offices. We also expect accelerated adoption of digital solutions related to property and building management, leasing and transaction management. Working on furthering the adoption of technology in real estate? We’d love to talk.

Source: geekestateblog.com