With likely recession encroaching, PropTech seen as cost-cutting tool in CRE
Bisnow – October 11
A rolling series of challenges, from the pandemic to labor shortages to an unfolding economic downturn, have increased focus on performance, efficiency, and cost-cutting within commercial real estate, leading to a push for PropTech focused on streamlining work and for real estate firms to upgrade or risk being left behind. A new JLL report delving into the hybrid office transformation found that 78% of companies plan to adopt a majority of the so-called anchor technologies that will enable a more efficient workspace. Of all the industries covered in the report, the authors found that one of the fastest projected adopters of new technological solutions over the next three years was real estate itself, which is “planning to rapidly scale up its implementation.”
JPMorgan Chase wants to disrupt the rent check with its payments platform for landlords and tenants
CNBC - October 31
JPMorgan Chase is betting that landlords and tenants are finally ready to ditch paper checks and embrace digital payments. The bank is piloting a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments, according to Sam Yen, chief innovation officer of JPMorgan’s commercial banking division. While digital payments have steadily taken over more of the world’s transactions, boosted in recent years by the Covid pandemic, there is one corner of commerce where paper still reigns supreme: the monthly rent check.
Where PropTech meets affordable housing
Multi-Housing News – October 26
Initially geared primarily toward luxury homes, PropTech now is breaking into multifamily across the board. Technological solutions are expanding into each phase of a building’s life cycle, from planning to management of the completed community. One area where PropTech will likely yield immense change is in the affordable sector. PropTech can improve housing affordability in multiple ways, during planning and construction and during operations.
Renters reward startup Bilt joins unicorn stable
Crunchbase News – October 25
Homeownership may be part of the American dream, but it’s beyond the reach of many. Various startups are looking to solve that problem — including New York-based Bilt Rewards, which hit unicorn status after closing a $150 million growth round at a $1.5 billion valuation. Bilt’s platform allows renters to earn points and miles while also increasing their credit scores by simply paying their rent.
Brivo lands $75M after failed SPAC deal
The Real Deal – November 8
Months after its previous attempt to go public fell apart, Brivo is back on its feet with a $75 million loan. The PropTech firm, which makes card-swipe and other keyless-entry technology, landed a long-term senior secured credit facility from California-based Runway Growth Capital. Brivo claims to have 20 million users who employ its technology to gain access to 70,000 real estate locations in the U.S.
SwiftConnect, which lets employees use their phones to access the office, raises $17M
TechCrunch – October 26
The widespread adoption of flexible work has increased the challenge of managing access to physical, commercial buildings, given the dynamic nature of hybrid workspaces. SwiftConnect, a platform for handling space booking, visitors, and meetings in physical offices, has closed a $17 million Series A round co-led by JLL Spark Global Ventures and Navitas Capital.
Building sustainability: Infogrid and Aquicore join forces to provide complete ESG solution
VentureBeat – November 2
Building intelligence software-as-a-service company Infogrid has acquired Aquicore to provide a combined ESG analytics and carbon management platform. The real estate sector plays a critical role in reducing environmental impact and increasing resilience to environmental risks. And the industry is taking note: Per PwC’s “Emerging Trends in Real Estate 2023” report, 82% of real estate sector respondents consider ESG elements when making investment or operational decisions.
Dallas’ ParkHub expands into commercial real estate with latest acquisition
The Dallas Morning News – October 25
Dallas-based ParkHub is continuing to find new markets for its parking management technology with a deal to buy a California firm that works with commercial real estate owners. Smarking is used at over 2,500 locations by commercial real estate owners, municipalities, hospitals, universities, airports, and parking operators in North America.