NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
The Real Estate Tech Revolution Creating Your Competitive Advantage
Moderator: Ashkán Zandieh, Founder, RE:Tech
Speakers: Nicholas Romito, Co-Founder and CEO, VTS Arie Barendrecht, CEO and Co-Founder, Wired Score Michael Mandel, CEO, CompStak
#crec15
Ashkán Zandieh RE:Tech › Pioneer the Future of Real Estate
• CEO & Founder, RE:Tech • MS Real Estate Finance, New York University • BBA Business Mgmt, Hofstra University • Featured In: • Forbes • Wall Street Journal • New York Times
RE:Tech is a research marketing firm focused on quantitative & qualitative trends and pioneering innovation in real estate.
1 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
Creating Your Competitive Advantage
› Tech’s Impact on Real Estate
›› Real Estate’s Impact on Tech
Tech’s Impact on Real Estate
1. Increase in Asset Performance
1. Diversification of Tenant Type
1. Coworking
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The WeWork Effect
51 MELCHER STREET, BOSTON WeWork Square Footage: 44%
Property Value: • 2012: $17.5M • 2015: $52.8M
202% Increase In Property Value
The WeWork Effect
210 N. GREEN STREET, CHICAGO WeWork Square Footage: 89%
Property Value: • 2013: $18.5M • 2015: $35M
89% Increase In Property Value
3 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
The WeWork Effect
222 BROADWAY, NYC WeWork Square Footage: 17%
Property Value: • 2012: $350M • 2015: $502M
43% Increase In Property Value
The WeWork Effect
25 TAYLOR STREET, SAN FRANCISCO WeWork Square Footage: 100%
Property Value: • 2012: $18M • 2015: $27M
50% Increase In Property Value
4 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
Creating Your Competitive Advantage
› Tech’s Impact on Real Estate
›› Real Estate’s Impact on Tech
Real Estate’s Impact on Tech
1. Infrastructure as a Service (IaaS) • Better Internal Real Estate Tech Infrastructure
1. Mobile Technology Software as a Service (SaaS) • Do Business From Anywhere at Anytime
1. Emerging CRE Tech Startups • Real Estate’s Innovative Future
5 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
Real Estate’s Impact on Tech
Emerging CRE Tech Startups
Floored.com VTS.com CompStak.com WiredScore.com
Technology is Changing Everything, the Catalyst is You.
Nick Romito Founder & CEO VTS
#crec15
6 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
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Ti t l e of Page WE MANAGEA launchOUR plan TIdesigned ME to br EFFI ing your portfolio, CIENTLY marketing materials, and team online with ease & speed. WE NO LONGER WAIT FOR ANYTHI NG, INCLUDI NG CABS
WE MANAGE OUR HEALTH Exercise, diet, it’s all managed using technology
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MANAGE RELATI ONSHI PS WE NEED TO STAY CONNECTED
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WiredScore
Leveraging Connectivity to Drive Leasing
#crec15
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Arie Barendrecht [email protected] WiredScore
• Grew up in Los Angeles, now live in NYC • Formerly a management consultant with BCG • First time in Toronto! • Undefeated in fantasy football • Passionate about helping occupiers and landlords get “better connected”
LET’S TALK ABOUT THE INTERNET
14 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
OCCUPIERS CANNOT FIND THE CONNECTIVITY THEY NEED
The problem: Connectivity is the 50% COST third most important 36% LOCATION It is incredibly influencing factor 36% LOCATION challenging for when searching for 33% CONNECTIVITY businesses looking for office space- behind 33% CONNECTIVITY office space to get Cost and Location. information about the 31% TRANSPORTATION quality of internet connectivity 21% LEASING OPTIONS
11% MANAGEMENT
5% AMENITIES Source: The State of Office Connectivity. Survey (US). WiredScore; Robust Insight Limited, June 2015. Source Details: Survey consisted of 444 respondents - 35% 5% VIEWS Decision Makers (Managers), and 65% Office Workers (Employees). Companies represented firms between 1-250 ENVIRONMENTAL employees, primarily from the Marketing, Advertising, 2% SUSTAINABILITY Consulting, Finance and Real Estate industries.
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WIRED CERTIFICATION RECOGNIZES BEST-IN-CLASS CONNECTIVITY
Today’s tenants and brokers demand reliable, high quality Internet connectivity, but not all buildings are created equal
WiredScore evaluates and Wired Certified buildings are rates the quality of internet positioned as cutting-edge and connectivity in office buildings tech-forward and are through the Wired Certification prioritized in tenant and broker platform searches
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15 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
TOP OWNERS AND OPERATORS HAVE ADOPTED WIRED CERTIFICATION
Many of the nation’s owners are already certified, including:
Empire State Building Google Building NYC NYC
Chicago Board of Trade Columbia Center Chicago Seattle
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TRANSPARENCY DRIVES VALUE ACROSS THE ECOSYSTEM
Landlords Tenants Carriers City Govts. Landlords get Wired Wired Certification Wired Certification Wired Certification can Certified to: allows tenants to highlights where serve as an economic make more informed Carriers are present development tool • Benchmark their leasing decisions by and identifies potential connectivity quality providing information future building • to highlight the importance of • Attract tenants that is critical to demand businesses today connectivity • Enhance value of • to promote cities / properties neighborhoods as tech-friendly
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SO WHAT MAKES A WIRED CERTIFIED BUILDING?
1. Choice + Quality of providers FUTURE-PROOFING BUILDINGS ALSO REQUIRES: 2. Access to providers • Distributed Antenna Systems 3. Redundant infrastructure + • Public Wi-Fi • Backup power 4. Resilient infrastructure • Above grade telecom storage 5. Room for growth • Building Management Systems
We Deliver Insights from Crowdsourced Commercial Real Estate Data
Compstak
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*
52,350SF 144,000SF $36.00/SF $70.00/SF 13,300SF $64.00/SF
32,030SF $72.00/SF
24,500SF $76.00/SF 152,232SF $85.00/SF
128,693SF $30.00/SF
*
24,500 SF 143,836 SF
$77.46/SF $60.69/SF
Expansion New Lease
Office Office
Q2 2015 Q2 2015
Partial 2 Entire 4-8
$76/5Y, $90/6Y $84/5Y, $89/5Y
$55/SF $66/SF
Jamestown Minskoff
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*
Building Information 51 Astor Place, New York NY
Tenants
*
Building Information 51 Astor Place, New York NY
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THE OLD WAY BROKERS GOT COMPS
BROKER A
BROKER B
BROKER C
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Exchange
Free lease comp trading platform for brokers, appraisers, and researchers
Exchange
Search for comps with the Submarket tool in your desired market
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Exchange
Zero in on the comp you need
Exchange
Find the averages of the comps in your comp set and export them to Excel or PDF
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Exchange
Send us your comps in any format: Excel, PDF, etc. to earn credits
Private Equity Funds Banks Asset Managers Investment Trusts Hedge Funds Accounting Firms
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Select COMPSTAK CUSTOMERS
OnDemand
Free fair-market value analysis and verified lease data sold on an a la carte basis
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OnDemand
Build Instant Competitive sets for over 80,000 properties
OnDemand
Analyze the starting rent trends across your competitive set
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OnDemand
Find the lease comps for your target property and its competitive set
OnDemand
Drill down to specific deals to find the information you need
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Master Comps by Market
New York… 24,013 35,657 Los Angeles 28,708 21,791 Chicago 21,741 1,850 Dallas 12,526 7,297 Houston 3,785 8,487 Sac / Cntrl… 7,839 4,844 Denver 3,816 9,257 San Antonio 7,170 5,564
Just Getting Started
London Orlando Shanghai Salt Lake City Detroit Beijing Phoenix Raleigh/Durham Mumbai Las Vegas Nashville Tokyo Seattle Indianapolis Frankfurt Philly Columbus Singapore Portland Toronto Amsterdam Baltimore Montreal Zurich Miami Paris Sydney Charlotte Berlin Stockholm Ft. Lauderdale Hong Kong Johannesberg Jacksonville Seoul Madrid
Seeded by Pioneers
27 NAIOP Commercial Real Estate Conference October 13‐15, 2015 Toronto, Ontario, Canada
The Real Estate Tech Revolution Creating Your Competitive Advantage
Moderator: Ashkán Zandieh, Founder, RE:Tech
Speakers: Nicholas Romito, Co-Founder and CEO, VTS Arie Barendrecht, CEO and Co-Founder, Wired Score Michael Mandel, CEO, CompStak
#crec15
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