From massive gains in real estate tech’s capital to CRE’s role in the 2028 Los Angeles Olympics, we’ve rounded up the most important news in CRE to keep you up to speed with what’s happening.
A recent report from CREtech found that global dollar volume in real estate tech companies hit $9.9 billion in Q1 2019, increasing 607% over Q1 2018—the largest gain in real estate tech history.
This capital growth indicates that we’re currently living in a CRE tech renaissance and the future looks bright. From smart building tech to virtual reality headsets that can show pre-constructed buildings, new tools in the industry are just beginning to impact the lives of CRE professionals, ultimately changing how brokerages operate for the better.
According to a recent report from the Los Angeles Olympics Organizing Committee, the 2028 Olympic Games are expected to see expenses as high as $6.9 billion. The budget accounts for updating existing infrastructure, venues, and transportation to create an Olympic experience that leans on Los Angeles’ strengths.
The CRE industry will have an active role in developing and investing in the success of the world’s biggest event. Both residential and commercial real estate value will increase dramatically as the games get closer and enthusiasm grows. Construction and improvements to infrastructure in LA will also add to CRE investment opportunities.
CRE developers who use digital twins can make predictive changes to their buildings’ assets based on the data collected, saving them time and money. Digital twins are virtual replicas of physical structures that are hubs for dynamic, real-time systems of record on buildings. They are made with sensors that collect building data from facilities, energy, security, leasing, maintenance, and finances.
Because digital twins can help cut down on energy costs, maintenance issues, and ensure ROI, brokers may soon be able to leverage digital twin technology as a selling point for properties.
Cushman & Wakefield will be working with Stanford University’s Disruptive Technology and Digital Cities Program, a collaboration aimed at identifying, developing, and launching transformative technologies within the commercial real estate space.
With Stanford, Cushman & Wakefield aims to find new applications for 3D visual modeling, property valuation, smart building operations, and advanced data analytics, all of which will be useful across the industry.