Is there life outside Silicon Valley? Absolutely.
The demand for office space in the nation’s technology hotspots –the Bay Area, and increasingly, Manhattan’s Silicon Alley -is driving rents in those markets to new heights. Average rents in San Francisco have nearly doubled in the last five years, and recently surpassed those in Manhattan. Both markets are commanding over $70 per square foot.
These head-spinning rents, as well as the intense competition for space in those markets, have lead many tech companies, particularly the young, to venture into new, more affordable secondary markets, like Nashville, Charlotte, Tampa, Seattle, and Phoenix.
by Analisa Goldblatt, Marketing Manager at RealMassive
As a woman in a historically male-led industry, I’m in constant pursuit of inspiration and growth opportunities. I’ve found that there is a wealth of resources and networks to help me build a career and ultimately become a leader in both real estate and tech. For my first in a series of “fireside chats” with established female leaders, I was honored to chat with Diane Danielson, COO of SVN Global. We originally connected with Diane to capture her insights on trends shaping the modern Retail #CREcosystem. Please feel free to share her amazing insights with your network and stay tuned for future spotlights.
What first attracted you to commercial real estate?
It was a combination of factors that attracted me to commercial real estate. First, I grew up in one of the premier planned communities, Columbia, MD. Designed by James Rouse in 1967, our community had carefully planned neighborhoods that were inclusive of all races, incomes, interests and religions. That was a living lesson in how real estate matters. Later on at Boston College Law School, I earned a place on the Environmental Law Review and further developed my interest in how we use land in a sustainable and sensible way. Commercial real estate tells the story of a community. It touches all we do and it changes as we change. It’s a key driver in our economy and I wanted to be involved.
The commercial real estate industry (CRE) is experiencing one of the most profound economic, social, and cultural transformations in history. Globalization, rapid urbanization, shifting demographics, and technological advances are ushering in unprecedented change and today’s landscape looks dramatically different than it did even one decade ago. CRE professionals are tasked with finding new ways to adapt to this fluid and on-demand business landscape. In order to remain relevant and competitive in the digital era, the industry as a whole must operate dynamically and iterate rapidly.
To continue the conversation we ignited with our original industry whitepaper, The New #CREcosystem, we partnered with CRE executive and digital leader Julie Augustyn of Foundry Commercial to produce The Retail #CREcosystem. This report particularly focuses on Retail CRE and explores exciting predictions of what the future could bring. You will hear from industry professionals on the the following areas.
The SXSW PanelPicker is a “process that allows the SXSW community to have a significant voice in programming SXSWedu, SXSW, and SXSW Eco conference activities (presentations, panels, discussions, demonstrations, etc.).”
This year, RealMassive’s Mike Westgate teamed up with Foundry Commercial’s Julie Augustyn and Digital Influencer Ryan Dennis to promote a SXSW conversation around commercial real estate (CRE) and modern technology.
The Dawn of Modern Retail #CREcosystem
We’re continuing the digital dialogue among retail professionals about how technology is propelling the industry. The insightful responses we’ve received to date make one thing clear, connectivity is the foundation of nearly every modern day business. Organizations, including those in commercial real estate (CRE), are faced with heightened expectations produced by on-demand consumption of goods and information. The retail industry industry pros featured below recognize the importance of maintaining relevance in an ever-changing market and leverage technology as a competitive advantage.
“Social media has evolved from a one-way communication channel into an ongoing dialogue, growing into a dynamic tool for customer engagement and research.” Tweet This
Until now, mobile and social channels have predominantly been viewed as complementary to traditional activities such as relationship building or commerce. However, responses from our panel of influencers reveal a much more dynamic, interactive, and powerful experience enabled by digital-first customer engagements. Social media has evolved from a one-way communication channel into an ongoing dialogue, growing into a dynamic tool for customer engagement and research. Through this lens, retail CRE pros are using these technologies to not only respond to shifting consumer and market demands, but to actively shape the industry around them.
The Dawn of Modern Retail #CREcosystem
We’re excited to initiate a digital dialogue among retail professionals about how technology is propelling the industry. We recently lit a similar bonfire with commercial real estate influencers and produced a report outlining trends and emerging opportunities called The New #CREcosystem. We plan to capture similar perspectives and best practices specific to retail, creating a social surround sound for RECon in Las Vegas. Leveraging the expertise of industry executive Julie Augustyn (and specifically her innovative #ICSCstyle campaign at RECon ‘15), we’re off to a fast start with tremendous responses, but will continue to collect additional thoughts and ideas leading up to and during the conference.
Excerpt from The New #CREcosystem | Download the Full Report Here
Long before the advent of smartphones, tablets, and cloud-based apps, CRE was a data-centric industry. In the words of Dr. J. Nathaniel Holland, Chief Research and Data Scientist for NAI Partners, “CRE has a rich history filled with data, but the industry is just beginning to tap into its full potential through actual statistical analyses and data science. It is critical for stakeholders to move beyond historic ways to embrace new data-driven approaches, success of which will ultimately be gaged by knowledge driven entrepreneurship derived from the data analytics. Gut instincts and experiences lead to the important ideas, hypothesis, and alternative hypotheses that are worth testing through rigorous statistical analyses, results of which produce knowledge that complements (and sometimes contradicts) the initial gut instincts and experience.”
Before the advent of smartphones, tablets & cloud-based apps, CRE was a data-centric industry. Tweet This
We asked the industry’s emerging and influential voices about their thoughts on the history of data in CRE, and where they think it’s taking us today and in the future.
by Craig Hancock, CEO and Co-founder at RealMassive
The commercial real estate industry has reached an inflection point as traditional business practices succumb to market pressures that new technologies are creating. Despite negative rhetoric around lagging adoption rates in Commercial Real Estate (CRE), we see professionals discovering clever ways to leverage data transparency and real-time collaboration. Still, as business processes respond to the influx of new solutions, the basic building blocks of the industry remain intact. Research, due diligence, and relationships are and will always be the bedrock of CRE. RealMassive’s strategy is predicated on innovating and collaborating with the industry, not disrupting it. We rely on the collective ingenuity of the market to inform our product roadmap, which is why I’m excited to jumpstart this particular initiative. We recently polled emerging and influential voices in the industry to collect their perspectives on the trends in data and technology that are enabling a new normal in CRE. This is the start of an ongoing conversation, and below you’ll find a sneak peek of what we learned…
by Craig Hancock, CEO and Co-founder at RealMassive
RealMassive’s lawsuit with CoStar is resolved, paving the way for our open data marketplace to deliver better exposure and more accurate data for Commercial Real Estate (CRE). It could have gone on for another 12 months, and truth be told I was looking forward to our day in court. CoStar’s allegations against RealMassive were excessive and meritless and intended to suppress innovation. They also brought suit against four of us personally with character attacks included, all completely unnecessary. Images were the focus, and a telephone call or DMCA takedown notice would have been customary and promptly complied with. The real issue goes far beyond image ownership when it comes to CRE data, as clearly conveyed by CoStar’s tactics toward us, their primary competitor. The future we’re creating for the industry puts the past in appropriate context, and we think CoStar just couldn’t believe someone figured out a better way. We have, and the game is changing.