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Sunday PropTech Review; 15th July 2018

POSTED BY   james
July 15, 2018

I’m in Italy now, our summer base for the children’s school holiday. I work from the cafe and experience probably my most productive working period (although I get jealous of the swimmers I see paddling around and reading!).

Really interesting review this week with some among articles – look out for the late comer – 6,000 words about the Toronto and Google partnership. A heavy read which I am only 50% through as I type this (in the In Brief section at the bottom). Also the AirBnB one is very interesting about “friendly leases” and how the battleground for Paris is a continual fight at the minute (much like Uber in London).

Congrats to the Estates Gazette Tech award winners but no overview piece to share (as I write this) so I can’t send you who won but key people include the chaps at Coyote who won best use of tech in investment and Dan Hughes who won the “bridging the gap” award – one that I feel is increasingly important as the PropTech and Property markets need to move closer together.

Lets move on

What does Rightmove do with all the data on their site?

Tim Bannister is in charge of this for Rightmove – 1.6 billion page views. How do they draw insights out of it – 3.5mins of Podcast here by EG

Luke Behrmann gets the Duke Long treatment

Head of Product at RediQ – “changing the way that you do real estate – which brings together a whole load of data in one place (especially multi-family.

Most Shared: Urban Tech and what it means to you.

A good number of shares this week – but interestingly a whole load on Facebook which is rare here and perhaps this suggests this is very much playing into the consumer space. If you want to know about your ride sharing/bike sharing this is a decent article for you.

$75billion invested in just the last three years (17% of total investment apparently), suggests how relevant this segment is to the future though. Interesting reading

Do estate agents really need offices anymore?

Shouldn’t Rightmove just create their own co-working space? This was what I put as a suggestion several years ago to a senior figure at Rightmove (but this suggestion could work just as easily for Zoopla and someone completely independent too for that matter) and it was laughed at.

Maybe it should be laughed at but given the economic situation and the tight margins, why shouldn’t someone say this is a possibility. After all, the offices are probably the second highest cost that simply houses an agencies single highest costs in their employees?

$152 million Series D raise for Convene

Last week I talked about raising £150,000 for our own project. Ignoring currency for one minute; this is an amount 1,000 times larger which is almost unfathomable…….wow.

Anyhow, WeWork competitor, Convene has raised some serious cash here to get some more skin in the game. Some more numbers for you – Total raised $260million, 23 locations, 700,000 sq ft under management.

Impress stats but can they keep up with you know who….talking about them – read this article about whether they are really worth $20billion (or $40billion) or is it really $3billion…..

PropTech Figure of the Week:

anyone willing to invest in WeWork at a $40 billion valuation would have to believe that each of the company’s members is worth $156,250. Regus members, by contrast, are worth around $11,300″

Brutal breakdown of WeWork numbers….

Influencer Quote of the Week:

Perhaps 60 to 70 percent of the office relocations JLL is involved in entail a very different fit-out to what we saw 5-10 years ago.

“Occupiers want more shared space, more facilities and a range of spaces – both private and shared – to suit different working needs.

JLL report on co-working

Are mobile homes the answer?

Given the global housing challenges that we all face, could mobile (or manufactured) homes be the answer? An interesting article presented here that questions an area of housing you perhaps just wouldn’t generally consider normally.

The average monthly housing cost is $564, versus $1,057 for a typical house or apartment. In the 100 largest metro areas, people living in mobile homes spent around 40% less, on average, than others

Would you live in one?

If anyone has read or watched Ready Player One (if you haven’t you should) it will surely remind them of the dystopian outlook for the future city……vertical trailer parks everywhere…..

AirBnB strike deal with Century 21 (one of the largest real estate companies in the world) for Paris

I like the sound of this deal. Perhaps it is, as the articles suggests at the end, a win-win-win situation. Paris is as much a battle ground for AirBnB as London is for Uber. There are 65,000 rooms up for grabs (nearly as much as the 80,000 hotel rooms) and there is a fierce battle with regulators clamping down on AirBnB.

This deal which sees leases being drawn up such that Landlords get 23% of the revenue from AirBnB and Century21 7% (AirBnB still get theirs too). Could this be the start of something different for everyone in Paris – and then a wider trial for Century21?

Co-Working brief in Asia Pac

JLL have produced a pretty comprehensive report looking at Co-Working in the Asia Pac region which is an interesting read for anyone who likes this sector. It found that flexible workspace – including both serviced offices and co-working – in Asia-Pacific surged 150 percent from 2014 to 2017.

As the article points out “In Singapore, the 15 largest landlords control 75 percent of Grade A office buildings in the CBD while in Tokyo’s Akasaka / Roppongi submarket, five landlords control almost 90 percent of Grade A office space.

“This gives these property owners considerably more leverage to determine the shape of the flexible space industry,” says Christopher Clausen, Associate Director, Asia Pacific Research, at JLL. “Joint ventures or management contracts between landlords and flexible space operators are likely to become more common.

In Brief:

PropTech Events Coming Up:

  • Nothing…..go relax!

That’s all for now, folks…

Have a great Sunday.

James

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