The Beginner's Guide To CRE Tech:
4 Reasons Why Venture Capitalists
Are Betting Big On Real Estate Tech
Venture capitalists have been aggressive in their bets on the latest commercial real estate tech startups seeking to transform the industry.
In September alone, a whopping $2.7B in venture capital funneled into 45 PropTech startups, up 12.5% from the $1.17B invested in 40 companies in August, according to data from RETech.net.
Two real estate tech companies in particular received a large sum of capital in mega-funding rounds led by Japanese investment giant SoftBank. Through its $100B Vision Fund, SoftBank invested $400M into virtual brokerage Compass (pushing the New York company's valuation…
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Vector Development To Build 78K SF Distribution Center In Tacoma
Kirkland-based Vector Development Co. recently announced plans to build a $9.5M, 78K SF distribution center in Tacoma.
The facility will be leased to one or more distribution, warehouse or manufacturing tenants.
The development, called Tacoma I-5, will be at 2519…
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Bremerton Sale Breaks Kitsap County Self-Storage Facility Record
The Kitsap Lake Storage facility in Bremerton recently sold for $16M in an all-cash transaction. The sale equates to $205/SF, which is a record price per square foot for self-storage units in Kitsap County.
The storage facility, which overlooks Kitsap…
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John Winthrop Apartments Sell For $18.2M
Bellwether Housing recently sold its 79-unit John Winthrop Apartments in Seattle's First Hill neighborhood for $18.2M, or $425/SF. The building was constructed in 1925 and features red brick and terra cotta details.
Bellwether will use the profits from the sale…
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Exclusive: Australian Real Estate Powerhouse Enters The U.S. Residential Market
Joe Russo came to the U.S. three years ago with a list of five potential cities to expand his Australia-based Caydon Property Group. One of those cities was Houston.
Riding into the city from Dallas, also on his list, Russo said he immediately had a good feeling about selecting Houston first. Backing the choice was Houston's rapidly growing population, a strong economy and a dependable rental market.
After examining several spots, he was reassured when he landed on the future site of The Midtown, the first high-rise residential tower in the Midtown area, and proceeded to purchase it.
“Real estate is like that,” Russo told Bisnow in an exclusive interview during a recent visit to Houston in late October. “If you have to think about it, you probably shouldn't be buying it.”
Selecting Houston
Houston checked most of the boxes as an expansion city, Derrek LeRouax, Caydon chief operating officer of U.S. operations, said during a tour of The Midtown early last month.
The Midtown site reminded LeRouax of Caydon's Melbourne roots with public transportation…
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EXCLUSIVE: RXR CEO Scott Rechler On Getting Out The Vote, Politics And Fixing The Subway
Scott Rechler does not speak with brash hyperbole, engage in heavy self-promotion or even raise his voice much above a low, measured level — somewhere between a bass and a baritone. But the CEO of New York real estate powerhouse RXR Realty, one of the most powerful figures in the city, is deciding to use that voice to tell people to vote.
"I've been more vocal than the average citizen in taking [voting] more seriously," he told Bisnow in a phone interview last week. "We can't just rely on elected officials to solve our issues, we have to be more empowered to do that."
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'Good For Humans': Economists React To October Jobs Report On Twitter
Nonfarm payroll employment increased by 250,000 jobs in October, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 97th straight month of employment gains. The unemployment rate held at 3.7% for the second consecutive month, a low it had not previously reached since 1969.
Construction employment was up 30,000 jobs in October, with 14,000 of those jobs occurring among residential specialty trade contractors. The construction industry has added 330,000 jobs over the year.
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