The commercial real estate tech industry is gathering at a huge WeWork-anchored building in New York. Here's what everyone will be talking about.
- The commercial real estate tech industry is gathering for a conference in New York, just two months after WeWork's (glass and aluminum) walls began to crack.
- The event will be held at Dock 72, a massive new development in the Brooklyn Navy Yard that's a partnership between Boston Properties, Rudin Management, and anchor tenant WeWork.
- Granit Gjonbalaj, WeWork's chief real estate development officer, was originally one of the speakers. But he left WeWork last month as part of a huge shakeup after CEO Adam Neumann resigned, and is no longer part of the line-up.
Business Insider asked speakers and attendees what they will be focusing on. We'll be there, and look forward to meeting readers!
- Here's a roundup of Business Insider's WeWork coverage.
The commercial real estate tech industry is gathering in Brooklyn for a two-day conference kicking off on Wednesday.
We talked to people attending or speaking at CREtech New York to get a sense of what to expect. We were especially curious what the mood would be like, given the conference is being held at a massive new WeWork-anchored development, and until a few weeks ago featured a now-departed WeWork exec among its speakers.
Most said they were excited to meet up with like minds, and that prospects for companies blending tech and real estate remain bright. Several noted that they didn't consider WeWork a proptech company to begin with, and said there are plenty of opportunities.
Troubles have continued in recent days for WeWork. The company was already planning to slash thousands of jobs and jettison or shutter businesses after a failed IPO, and according to media reports on Friday is now looking to lock down a $5 billion lifeline from lenders in the coming days to stave off a cash crunch.
We visited Dock 72, the new development in the Brooklyn Navy Yard that is hosting conference, in August. The building is a partnership between Boston Properties, Rudin Management, and WeWork, which is also slated to be the anchor tenant.
Dock 72, which was still unfinished when Business Insider visited, opened to WeWork on October 1st, with an official launch date this Tuesday.
Granit Gjonbalaj, WeWork's chief real estate development officer, was originally slated to speak. But he left the co-working company last month soon after CEO Adam Neumann resigned, and will no longer be talking. Boston Properties CEO Owen Thomas is taking his spot on the agenda.
Other speakers include Mihir Shah and Yishai Lerner, co-CEOs of recently-launched JLL Technologies; Steve Weikal, head of industry relations at the MIT Center for Real Estate; Lisa Picard, president and CEO of EQ Office; Brad Greiwe and Brendan Wallace, co-founders of proptech-focused VC Fifth Wall Ventures; Minta Kay, partner and chair of global real estate industry group of Goodwin; and more.
Here's what people will be talking about. We look forward to meeting our readers at the event!
Steve Weikal, head of industry relations at the MIT Center for Real Estate
MIT Center for Real Estate offers a master of science in real estate development and a professional certificate for real estate professionals. It also conducts research on trends in the industry.
What are you most excited for at the event?
Each year at CREtech we get a reality check on the rapidly changing real estate tech landscape - what's working and what's not, latest trends, etc.
What are your expectations for the conference?
Right now we're at a point in the innovation cycle where there's maturation - of technologies and firms. We're seeing some mergers, acquisitions, rollups and blowups.
Has the recent slew of WeWork news changed your expectations for the event?
WeWork is a bit of a distraction, although a significant one. The trend toward real estate fracking - where the asset and/or use gets broken up and reconfigured into higher value combinations - will continue to disrupt and reinvent the industry. We think there will be more co-everything in real estate, including work.
Lisa Picard, president and CEO of EQ Office
EQ Office is Blackstone's U.S. office portfolio company. It changed its name from Equity Office in 2018 in order to embrace the growing popularity of flex office space, according to media reports at the time.
What are you most excited for at the event?
To see the level of engagement around the new power tools of real estate. When working in legacy businesses, change is the hardest thing to affect, and that's why disruption targets legacy industries.
What are your expectations for the conference?
My expectations are great attendance.
Has the recent slew of WeWork news changed your expectations for the event?
There are no changed expectations for the conference. What the company has done to drive productization into office real estate is remarkable. It has totally changed our industry … and we can't go back.
Brian Murphy, CEO of Breather
Breather is an on-demand office and meeting room company that rents space for as little as one hour at a time.
What are you most excited for at the event?
Every CREtech is a different conference. This year, the intersection of technology and real estate - proptech, if you will - is a big theme, and I'm looking forward to hearing varied industry perspectives on where the industry is today and where it could be in a few years.
What are your expectations for the conference?
I expect much off-panel conversation about WeWork's broader effects on the industry. We're already seeing the impact on leasing activity, so it will be interesting to get more color.
Has the recent slew of WeWork news changed your expectations for the event?
Well, the conversations probably would have been a bit different should WeWork have recently pulled off a successful IPO. That said, the WeWork news seems to be pushing the growing demand for flexible workspace solutions to companies like Breather, so we're happy to service that demand.
Gabrielle McMillan, CEO of Equiem
Equiem is a tenant-experience platform that connects tenants in office buildings to amenities, local commerce, and landlords.
What are you most excited for at the event?
We are always excited for the opportunity CRETech New York affords to meet other providers, showcase our products, and gauge the general tone around the proptech sector - particularly in terms of investment, adoption, and innovation.
What are your expectations for the conference?
We certainly expect WeWork to be mentioned once or twice! That aside, with a record capital raise and new product launches, it's been a really exciting year for ourselves thus far, as well as for the tenant experience technology space more widely.
Has the recent slew of WeWork news changed your expectations for the event?
No, and I don't think it should. We have never really considered WeWork a technology company so I don't see it as having any bearing on the health of the proptech sector.
That said, I think WeWork's recent news will provide a springboard for delegates to discuss important wider topics like the ongoing evolution of the office sector, changing tenant expectations and how technology can help landlords meet those expectations.
Andrew Kitchell, CEO and founder of Lyric
Lyric operates short-term rentals in apartments, blurring the line between a hotel and a traditional apartment. Airbnb is a large investor.
What are you most excited for at the event?
Anytime you get some of the most notable companies in the commercial real estate landscape in a forum that is focused on emerging technologies, and discussing what's possible into the future, it creates an environment moves the industry forward.
What are your expectations for the conference?
I think we will see a lot of conversation around our generation's focus on experiences over possessions, and renting over buying.
Has the recent slew of WeWork news changed your expectations for the event?
While I see a lot of lessons in WeWork, I don't see headlines around WeWork having a long-term, sustained impact on deterring the overall excitement around real estate tech.
If anything, WeWork's rapid rise helped drive a huge amount of interest, from both venture capitalists and traditional real estate teams, to invest in technology tied to real estate.
Dror Poleg, author of "Rethinking Real Estate" and co-chair of the Urban Land Institute's Technology and Innovation Council
The Urban Land Institute is a research and education organization that focuses on real estate development and urban policy. The board is headed by Owen Thomas, CEO of Boston Properties.
What are you most excited for at the event?
There are two presentations that I really want to see. One is from Lisa Picard, President and CEO of Blackstone's EQ Office. The other is from Karen Hollinger, who heads strategic initiatives at AvalonBay. Both Lisa and Karen have been studying the impact on technology on their respective businesses very thoroughly and have loads of hands-on operational experience in office, multifamily, and hospitality.
What are your expectations for the conference?
The lineup of speakers is excellent, the venue - finally in Brooklyn! - is great, and interest in real estate tech has never been higher.
Has the recent slew of WeWork news changed your expectations for the event?
They have not changed my expectations, but I am sure it will be one of the more popular topics - what's next for WeWork, how does the botched IPO impact funding and exits in the space, and everyone's hot takes on what the company should do next.
Colleen Werner, founder and CEO of LulaFit
LulaFit operates health and wellness amenities for both commercial and residential real estate owners.
What are you most excited for at the event?
Networking with other entrepreneurs is a highlight for me. It's always exciting to see what new proptech is emerging, how existing companies have expanded their products and the trends panels are discussing.
What are your expectations for the conference?
My schedule is fully booked with networking, attending panels and doing some speaking myself! My team will be there at our booth talking to other companies and clients. It's going to be a great week in Brooklyn!
Has the recent slew of WeWork news changed your expectations for the event?
No, if anything, I think it's becoming more apparent that this industry has surpassed WeWork. They were an initial innovator and I'm sure will continue to drive forward, but most importantly, the company has paved the way for a lot of other entrepreneurial leadership and companies who are continuing to push CRE forward.
As the next wave of innovators rise, I think it's important to recognize the impact WeWork has had and the responsibility that comes with that impact so that we can all continue to do our best to be a positive force on the industry.