The Real Estate Pro Forma: What Every Investor Should Know

It’s critical for investors to make their pro forma as accurate as possible.  That’s because the NOI (net operating income) and cash flow projections from a real estate pro forma are used in other investment property calculations such as cap rate, cash-on-cash return, and ROI (return on investment). A pro forma with an inaccurate NOI and cash flow can wreak havoc on the other financial metrics and lead to a poor investment decision.

Spotlight

ANAROCK

The ANAROCK Group is India's leading specialized real estate services company with diversified interests across the real estate value chain. Our Group Chairman, Anuj Puri, is a highly-respected industry veteran and India’s most prominent thought leader in the real estate domain.

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Real Estate Technology

COVID-19 may advance trends in commercial real estate

Article | July 21, 2022

The coronavirus outbreak has quickly put the economy into turmoil. While many businesses are struggling to keep up with the drastic changes in the market, the commercial real estate industry may have some bright spots despite obvious uncertainties. The COVID-19 outbreak in the U.S. is expected to advance trends in commercial real estate that were established in the market before the global pandemic. Of course, the industry is facing some difficulties, but these are currently projected to only be short-term. In response to the coronavirus outbreak, the NAIOP Research Foundation is suggesting an increase in demand for both industrial and office sectors.

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Real Estate Technology, Asset Management

The Economic Slowdown and Its Impact on the Housing Market in 2022

Article | May 30, 2023

A survey by CNBC revealed that only 24% of survey participants thought the economic conditions in the country were good in 2021. Down from 50% in 2019, Americans are losing confidence in the economy fast, which has largely impacted the housing market. The COVID-19-led recession is still getting heated, and the Federal Reserve attempted to assuage these concerns with its commitment to bringing down inflation. However, this does bring up a myriad of possibilities for the housing and real estate industry. Here are some ways the economic slowdown might impact the housing market in 2022. An Increase in Bad Debts and Vacancy Rates The economic slowdown will no longer exacerbate layoffs, especially in the entertainment, hospitality, retail and education industries. Multifamily homes may experience an increase in vacancies, especially in areas where these industries are major employers. The intense supply chain disruption is bound to impact economies worldwide. Many tenants who work in these industries may be forced to look for cheaper housing, which will create an exponential increase in the vacancy rates. Additionally, since non-payment of rent constitutes a bad debt, there will be an increase in bad debt. Moreover, suitable new tenants might not be available to replace those who are evicted for bad debt due to unemployment. Exponential Demand for Local Equity There may be a bright side to the chaos caused by the economic slowdown. It will result in an increase in the internal capital flow for real estate. Owing to the fact that the real estate market is considered a safer investment option, many stock investors will redirect their investments from the stock market to real estate. Local U.S. investors will put more money into multifamily properties, which can offset the dip in demand for multifamily real estate, leading to a stabilization in prices or avoiding a significant decline in property values. Dip in Commercial Real Estate Prices As foreign equity, which is continually searching to buy real estate in the United States, encounters difficulties accessing U.S. markets, we will observe a decline in the price of commercial real estate. Foreign investors can demand greater prices for multifamily properties since their expectations are often significantly lower than those of domestic investors. The demand for multifamily buildings will decrease as foreign investments in the American market fall, leading to reduced pricing. Bringing it Together The recession brings with it immense uncertainty. Despite this, the impact on the housing and real estate markets can be predicted by looking at historical patterns. The big picture is that buyers need to be cautious when investing but also consider the tremendous opportunity they can leverage during the recession.

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Real Estate Advice, Asset Management

10 Must Attend Commercial Real Estate Asset Management Events

Article | May 9, 2023

Commercial real estate events assist professionals in enhancing asset management by gaining valuable insights, adopting advanced technologies and effectively navigating current industry landscape. Commercial Real Estate asset management is dynamic, complex, and constantly evolving. To constantly change with the latest trends and technologies, professionals need access to the best resources and experts. However, staying informed and up-to-date can be challenging, particularly for those new to the industry or having difficulty managing the business. Attending conferences and trade shows can be incredibly valuable and help overcome the challenges of managing assets in real estate. The events from May 2023 to January 2024 provide a unique opportunity to learn about emerging technology, sustainability and climate technology, and property and investment tips. In addition, by participating in workshops and attending conferences led by top experts and networking with industry leaders, one can navigate the current scenarios and gain valuable insights to better manage their commercial real estate assets. 10 Upcoming Commercial Real Estate Asset Management Events 1. Realcomm | IBcon 2023: Past, Present and Future of Real Estate Technology June 13-15, 2023 | Las Vegas (USA) Realcomm and IBcon 2023 have formed a prominent group of commercial real estate executives and intelligent buildings experts worldwide to serve on their advisory councils to provide exceptional education on the most important issues affecting the commercial and corporate real estate industries. The event's agenda will cover various themes: intelligent buildings, smart workplaces, digital transformation, sustainability, cybersecurity, and more. It is a once-in-a-lifetime opportunity for real estate and asset management professionals to learn from the foremost experts in their field, expand their knowledge and network, and advance their professional development. 2. MRI Ascend 2023 October 24-27, 2023 | Chicago (Illinois) The MRI Ascend 2023 conference for all real estate professionals seeking to stay abreast of the latest industry insights and master MRI's product offerings. This event presents an exclusive opportunity for attendees to learn from prominent industry leaders, earn valuable CPE credits, and gain insights about the industry's current scenario and trends. In addition, the conference gives a platform to engage with other MRI users, real estate experts, and MRI's partner ecosystem members, including numerous sponsors, in various networking opportunities. The conference's agenda comprises informative sessions, expert-led workshops, and engaging panel discussions, providing attendees with a comprehensive understanding of the real estate technology trends. 3. REAL PropTech Conference 2023 September 7-8, 2023 | Frankfurt am Main (Deutschland) The REAL PropTech Conference is a highly anticipated event for the real estate and construction industry, offering an overview of GreenTech, ConTech, and PropTech to C-suite representatives, decision-makers, and industry experts. Property managers, portfolio managers and other executives in the industry can gain cross-industry insights, engage with experts, and explore solutions to industry challenges. The conference will offer intensive, creative topics featuring agile methods in a confidential setting, allowing for a unique learning experience. Additionally, a hackathon will enable participants to develop practical and innovative solutions and win prize money of 5,000 euros. This event will be a valuable experience for industry professionals seeking to stay up-to-date with the latest trends and drive the industry forward. 4. Inman Connect New York 2024 January 23-25 2024 | Hilton (New York) Real estate professionals looking to enhance their knowledge, build relationships, and grow their businesses can benefit from attending the upcoming Inman Connect New York event. The three-day conference brings together top agents, brokers, executives, proptech, and financial professionals to share insights, insider guidance, and trends to navigate the current market. With over 75 engaging sessions featuring 250 expert speakers and countless networking opportunities, attendees can gain valuable advice and build essential relationships with peers and industry leaders. In addition, Inman Connect New York offers an immersive experience with crucial newsmakers, visionaries, and trendsetters, providing critical insights and advice to help professionals take their businesses to the next level. 5. I.CON East 2023 June 7-8, 2023 | New Jersey (USA) I.CON Is one of the largest events in New Jersey focused on developing, operating, and expanding industrial real estate. As an industrial real estate professional, attending this premier conference offers a unique opportunity to stay up-to-date on the latest trends and technologies in real estate asset management and industrial development from top industry leaders. Additionally, the event provides a platform to network with like-minded professionals in a vibrant and enthusiastic environment. Attending the event will help with investment management solutions for real estate investors. The event features a range of activities, including a happy hour with exhibitors and a keynote speech on 'The Future of Economic Growth: Identifying Emerging Opportunities and Risks.' Keynote speakers include Matt Brady from Ware Malcomb, Luke Corsbie from PE, PLS, Frank Di Roma from OAA, James Geshwiler from Catalyze, Nicolette Jaze from Galvanize Climate Solutions, and Madeline O'Donnell from Principal Real Estate Investor, among other well-known speakers. 6. Future of Digital Asset Management Summit October 18, 2023 | London (United Kingdom) The Future of Digital Asset Management for Businesses is a highly informative event focusing on essential solutions for real estate professionals seeking to streamline their digital asset management processes. This event brings together experienced experts from international brands to share their insights and knowledge on the software systems that can enhance campaign productivity and ensure brand consistency. In addition, attendees will comprehensively understand digital asset management, digital delivery, data analytics, security, and more. This event is designed for CXOs, VPs, Directors, Managers, and professionals from various domains, such as asset management, digital technology, IT, business development, and more. The event's key speakers are from leading companies such as Tesco, Nordia, ExxonMobil, Atkins, and Ashley. 7. Expo Real October 4-6, 2023 | Munich (Germany) Expo Real is an international trade fair dedicated to property and investment, attracting professionals worldwide from the entire real estate industry. Held annually for three days in Munich every October since 1998, it is one of the most significant events of its kind in Europe. Expo Real provides the perfect platform for networking and sharing the latest real estate insights with fellow professionals meaningfully. The event will allow one to discover the latest trends in property and investment, attend panel discussions, and connect with like-minded individuals worldwide. Renowned industry experts will share their insights on current and future trends in the real estate market. The event will feature over 500 speakers from various sectors of the real estate industry, including leading investors, developers, operators, and service providers. 8. Canada PropTech Show 2023 August 22-23, 2023 | Toronto (Canada) The Canada PropTech Show is a two-day event that includes an exhibition, networking sessions, and awards, providing an ideal platform for PropTech companies, real estate owners, investors, service providers, startups, and other players in the real estate ecosystem to engage in productive discussions, share ideas, and build partnerships. The real estate conference will cover topics such as smart buildings, AI, blockchain, virtual and augmented reality, and IoT. Through these sessions, attendees will gain valuable insights into how technology transforms the real estate industry and discover ways to leverage technology to drive their businesses forward. By attending the event, real estate professionals can gain a competitive advantage, forge new business relationships, and discover new opportunities for growth and success. 9. Mortgage Star Conference July 10, 2023 | Orleans (Los Angeles) The Mortgage Star Conference is a tailored event designed to empower and support successful women in the real estate industry. This immersive conference offers a unique opportunity for real estate professionals to enhance their skills, network with like-minded industry professionals, and gain valuable insights to achieve superior results. With esteemed speakers such as Olympic Medalist Amanda Beard, SVP Operations at Angel Oak Mortgage Solutions Alysse Prosnick, and Managing Editor at Mortgage Women Magazine Kelly Hendricks, attendees can learn from industry leaders and share experiences in an environment that fosters lifelong connections. This conference will help to sharpen abilities, build relationships, and enhance business in the mortgage industry. 10. Digital Mortgage 2023 September 26-28, 2023 | Wynn (Las Vegas) Digital Mortgage 2023 is a leading event that assists businesses in transforming the mortgage industry by providing actionable insights and effective networking opportunities for industry professionals. The real estate leaders and managers will be able to connect with the mortgage community and collaborate to address the industry's digital evolution by attending this event. In addition, participants will learn how to prioritize personalization in mortgage portfolio management and how data contributes to a more personalized customer lending experience. Conclusion The real estate industry faces several challenges, including adapting to technological advancements, changing consumer demands, and environmental concerns. These challenges make it difficult for professionals to stay competitive and profitable. However, attending industry conferences can help professionals gain a futuristic approach to tackling these challenges. The events provide access to experts and valuable insights into commercial real estate new trends, technologies, and sustainability practices that can help businesses stay ahead of the competition. Additionally, networking opportunities at these conferences can help real estate professionals build essential relationships to develop their portfolio performance further and manage real estate assets.

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Real Estate Technology

Why there is Rising Demand for Green Properties?

Article | June 9, 2022

The belief that green properties bring multiple benefits for both residents and developers is becoming universal. The real estate buyers are realizing the integral role played by the green buildings in minimizing carbon emissions and contributing toward one of the biggest global agendas – Climate Change. Across the UAE, some landlords are evaluating the cost and the benefits of making their portfolios greener to meet the expectations of the property buyers as well as the tenants who are becoming more environment-friendly. Rising international focus on climate change, Conference of the Parties (COP26) summit and UAE’s net-zero initiative to minimize emissions and pledging to invest almost $165 billion in clean energy by 2050 are the other major reasons for the landlords to construct green buildings. Covid-19 has created an urge for employee safety to ensure they feel comfortable coming to the office. To take employee safety to the next level, corporations are choosing green properties to prioritize employees’ well-being and adapt to their occupational strategies and achieve their sustainability goals. What is a Green Building? The World Green Building Council (WGBC) defines a green building as – “a building that, in its design, construction or operation, reduces or eliminates negative impacts, and can create positive impacts, on our climate and natural environment.” Some of the features suggested by WGBC which make a building green include – Efficient use of energy, water, and other resources Use of renewable energy, such as – solar energy, pollution, and waste reduction measures, and the enabling of re-use and recycling Good indoor environmental air quality Use of materials that are non-toxic, ethical, and sustainable Consideration of the environment in the design Construction, and operation Consideration of the quality of life of occupants in design Construction, and operation Design that enables adaptation to a changing environment Exponential Rise in the Demand for Greener Properties There has been a huge rise in the demand for greener and energy-efficient properties not only in the UAE but across the Middle East. As per the Knight Frank – 2021 survey – proximity to green space and good air quality topped the list of location features and are more important to home buyers in the Middle East than their global counterparts. Half of the respondents cited the energy efficiency of their next home as being a ‘very important‘ issue, compared to 42% of global buyers. There has been a rising demand for green and energy-efficient properties in the UAE. The region is at the pinnacle in the Middle East in the national concentration of sustainable buildings and stands at the 14th spot in the world with 869 green-rated buildings, according to the 2nd edition of Knight Frank’s (Y)our Space report – 2021 which surveyed almost 400 businesses worldwide on their workplace strategies and real estate needs. This sends a strong signal to the developers and planners to embrace building green properties to attract eco-friendly homebuyers in the UAE. Reasons for Rising Demand for Green Properties Here are the top 7 reasons for the rising demand for Green Properties in the UAE 1. Increasing Awareness The last decade has witnessed a colossal rise in the awareness among the UAE real estate developers and homebuyers about sustainable construction practices and the adverse effects of climate change, rising energy consumption, and carbon emission on their health and life which has significantly increased the demand for greener properties. The rising awareness about the advantages of green buildings is very evident from the leading studies conducted recently. The research conducted by EcoMENA in 2021 titled – ‘Green Building Trends in the Middle East’ reveals that in the last decade, green building design has become a top priority of real estate developers across the Middle East. The number of LEED-registered buildings has increased rapidly across the region, from 623 in 2010 to more than 2500 in 2020. UAE is ranked among the top 10 countries that hold LEED certifications in the world with Dubai ranked 3rd in the list of cities having the highest number of LEED-certified buildings. UAE has more than 600 LEED-certified projects. 2. Supportive Government Policies UAE has launched the ‘Net-Zero by 2050 Strategic Initiative’ to reduce carbon emissions and will invest over AED 600 billion in renewable energy to minimize carbon emissions and move the nation towards cleaner energy. Other initiatives launched by the UAE to reduce carbon emissions which will increase the sales of green properties include – UAE Vision 2021, the UAE Centennial 2071, and the UAE Energy Strategy 2050, which sets a 50% target for clean energy in the country, among others. The UAE government has already established several sustainable development goals which serve as a guiding principle for most upcoming real estate projects in the region. 3. Lower Construction & Operational Cost Research conducted by the World Business Council for Sustainable Development (WBCSD) reveals that the cost of installing green building features and technologies is significantly overestimated. Many developers perceive that the upfront cost of a green building is, on average, 17% higher than the original cost of a similar traditional building, however, that’s not true. The research by the U.S. Green building Council (USGBC) reveals the initial cost of a green building is only 2%-3% higher than its non-green counterpart. Moreover, green buildings consume 25%-35% less energy than non-green buildings and have 14% less operation and maintenance costs than their traditional counterparts. Modern property owners also prioritize renting or leasing green buildings or apartments due to their cost benefits. Green buildings also allow developers to save 20% of the initial construction cost annually by reducing energy consumption. Furthermore, green buildings allow developers to complete large-scale green projects at a much larger scale resulting in more revenues and business expansion. Using incentive technology such as Virtual Power Plants (VPP) combined with an onsite solar asset will further allow real estate developers to reduce the operational cost and utility cost and explore new models of maximizing income outside of increasing rent and making their properties more attractive for eco-friendly homes buyers. 4. Lower Rents & Service Charges Green properties are a win-win situation for every stakeholder. Due to their lower construction cost and energy consumption, green buildings have minimal operational costs. This is indeed good news for the homeowners and tenants as lower operational cost of the building leads to a reduction in their energy bills, service charges, and rents. The lower service charges and rents often result in higher resident satisfaction and occupancy rate for the landlords and developers. 5. The rise in Environment-friendly Buyers Rising awareness about the adverse impact of emissions on the health of humans as well as on the environment has attracted a number of homebuyers toward green properties. This is encouraging real estate developers to construct more green properties to foster quick sales. Two years ago we had to convince property developers to go green and think about efficient energy. The majority didn’t know what ‘green’ meant and assumed there was an extra cost attached. Now developers want to go green and some are achieving Leadership of Energy and Environmental Design (LEED) certification, an internationally recognized green building rating system. Many large developers are creating their own green design guidelines to be followed by smaller developers building on their plot of land.” Khalid Bushnaq, CEO of Energy Management Services (EMS) There has been an exponential surge in buyers prioritizing green properties as they support a cleaner environment for future generations. 6. Investors Prioritizing Greener Properties for Letting & Sales There has been a rise in the investors and businesses prioritizing the green credentials of a property while making their purchase decision. This will indeed spur their saleability and rentability in the coming days. To cater to the demand of modern and environment-friendly buyers, real estate developers are coming up with greener properties and are evaluating the cost and the benefits of greenifying their portfolios. 7. Rising Sustainability Concerns There have been rising concerns about sustainability among both residential & commercial clients. Corporates across the globe are showing great interest in going sustainable and prioritizing sustainable buildings for their offices. According to the 2nd edition of Knight Frank’s (Y)our Space report, “40% of firms have set a net-zero carbon target and, of those, 77% are aiming to achieve this by 2030. 87% of firms surveyed had less than half of their current global real estate portfolios either ‘green’ or ‘sustainable’. Rising sustainability concerns among the buyers will accelerate the sales and rents of the green properties and will play a crucial role in minimizing the emission rate of the UAE. Summary Here is the summary of the article – There has been a rise in the attractiveness of greener properties among buyers across the UAE to reduce carbon emissions and move towards a healthy lifestyle. Climate change, COP 26, and UAEs investment in clean energy by 2050 have been the major drivers in raising awareness of green properties Along with the residential, the commercial sector is also prioritizing moving their offices to green properties to prioritize employee’s safety and adapt to their occupational strategies A Green building is a building that, in its design, construction or operation, reduces or eliminates negative impacts, and can create positive impacts, on our climate and natural environment. The Knight Frank – 2021 survey on Middle East buyers reveals that proximity to green space and good air quality topped the list of location features. Half of the respondents considered the energy efficiency of their next home to be a ‘very important’ issue, compared to 42% of global buyers. UAE is ranked 14th in the world with 869 green-rated buildings The top reasons for the rising demand for green properties are as follows Increasing awareness Supportive government policies Lower construction & operational cost Lower rents & service charges Increase in environment-friendly buyers Investors Prioritizing Greener Properties for Letting & Sales Rising sustainability concerns among the buyers

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Spotlight

ANAROCK

The ANAROCK Group is India's leading specialized real estate services company with diversified interests across the real estate value chain. Our Group Chairman, Anuj Puri, is a highly-respected industry veteran and India’s most prominent thought leader in the real estate domain.

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Real Estate Technology

SmartRent Launches Alloy SmartHome Hub+

Business Wire | January 25, 2024

SmartRent, Inc., the leading provider of smart home and property operations solutions for the rental housing industry, today announced the launch of Alloy SmartHome Hub+, the Company’s first thermostat with an integrated smart hub device developed under its Alloy SmartHome hardware brand. This innovative product, one of few on the market that integrates a thermostat with a smart hub device, operates on Z-Wave protocol and has less hardware to install and maintain. In addition to the built-in thermostat technology, Alloy SmartHome Hub+ establishes a single interface to control connected smart home devices, enabling users to turn off multiple lights in a home at once, remotely lock and unlock doors, receive alerts and automatically notify maintenance when a sensor detects a leak. “Alloy SmartHome Hub+, a device years in the making, is our latest solution that paves the way for the next generation of smarter living and working in rental housing,” said SmartRent CEO Lucas Haldeman. “Designed with our customers’ needs in mind, and inclusive of the feedback they’ve shared about the desire for less hardware, Alloy SmartHome Hub+ delivers sophistication and convenience, all while driving rent growth. Feedback from our beta pilot has been positive, and customer interest indicates eager demand to deploy this solution at scale. We are proud to bring Alloy SmartHome Hub+ to the market at large and to continue eliminating obstacles and easing implementation in the industry.” This high-value yet economical device builds upon existing SmartRent technologies by consolidating the hub hardware within a smart thermostat, which streamlines procurement, expedites installation and IoT setup. Alloy SmartHome Hub+ can be configured and paired with most HVAC systems and is compatible with smart locks, smart lights, leak sensors and other Z-Wave devices. About SmartRent Founded in 2017, SmartRent, Inc. is a leading provider of smart home and smart property solutions for the multifamily industry. The company’s unmatched platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day.

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Real Estate Technology

EVORA Global Announces Acquisition of Metry

Business Wire | January 25, 2024

EVORA Global, a leading provider of tech-enabled sustainability solutions to the real asset industry, today announces its strategic acquisition of Metry, Europe’s number one platform for environmental data collection. The move will establish new standards in data excellence and technological innovation, delivering comprehensive data solutions for the global real estate and infrastructure investment industry. The acquisition signifies an improved level of data automation and quality for EVORA’s clients, achieved through direct connections to fiscal meters and hubs. This approach eliminates data gaps and reinforces the overall reliability of information provided into their analytics and content management platform, SIERA. EVORA's dedication to data quality and validation underscores the company's commitment to ensuring that all sustainability data is analytics-ready, combining external data sources with EVORA's expertise in regulations and carbon accounting, whilst simultaneously upholding the highest standards in the industry. Metry's customers will gain access to EVORA's expertise in setting strategy and implementing net-zero carbon initiatives in their real asset portfolios, broadening the value proposition available to them. This collaborative expertise - integrating human insights with advanced technology - is a testament to the forward-thinking approach of both companies. "We are thrilled to welcome Metry into the EVORA family," said Pradeep Menon, EVORA Global CEO. "This strategic acquisition marks a significant milestone in our journey to empower real asset investors with the tools and data needed to drive sustainable practices in the built environment. It will enable us to offer unparalleled services to our clients, solving for the climate challenge.” “This the perfect match,” said Magnus Hornef, Metry CEO and co-founder, who will be joining EVORA’s Executive Committee as Chief Data Officer. “We are enabling each other to make a bigger impact faster and I’m really excited about expanding our data collection capabilities to all of EVORA’s customers. It is a giant leap towards connecting every building with reliable data and automated collection.” About EVORA Global: EVORA Global is a premier sustainability advisor, providing comprehensive, industry-leading climate solutions for real asset investors. With over a decade of experience, EVORA is dedicated to addressing the climate challenge posed by the real asset industry, focusing on the needs of investors in the built environment. Its clients include many of the biggest names in global real estate, including Invesco Real Estate, Hines and M&G. Founded in 2011, the company now has over 200 staff and 150 clients. About Metry: Metry is the #1 platform for environmental data collection in Europe, with a primary focus on energy data. With over a decade of expertise, Metry empowers companies to develop and use energy-saving technologies and IoT solutions, contributing to real change for the environment. Currently serving over 200 companies in more than 10 countries, Metry is actively expanding internationally to offer full data collection coverage in Europe.

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Real Estate Technology

Cushman & Wakefield Collaborates with Microsoft to Enhance AI Technology Platform

Business Wire | January 25, 2024

Cushman & Wakefield, a global leader in real estate services, today announced the firm is working with Microsoft to deploy an advanced suite of artificial intelligence (AI) solutions. “We are committed to seamlessly integrating our people with the right technology and processes to enhance service offerings to our clients. Today’s launch of the use of Microsoft Azure OpenAI Service and Copilot for Microsoft 365 at Cushman & Wakefield again demonstrates our ability to pair robust technologies with market intelligence and expertise,” said Salumeh Companieh, Chief Information & Data Officer, Cushman & Wakefield. Since 2018, Cushman & Wakefield has been focused on aligning business, data, and operations. Results to date range from an 80% material reduction in operational cycle time, to a reduction of client supply chain costs via proprietary supply chain network optimization capabilities. Azure OpenAI Service Azure OpenAI Service is a cloud-based generative AI solution that offers customers a range of capabilities, including access to cutting-edge AI models, backed by the power of Azure. With Azure OpenAI Service, Cushman & Wakefield can benefit from the power of cloud computing, data analytics, and artificial intelligence to deliver innovative solutions for its clients and stakeholders. Azure OpenAI Service enables Cushman & Wakefield to create custom copilots that can enhance customer experience, improve operational efficiency, and increase competitive advantage. The platform enables developers to build, deploy, and manage AI solutions for various scenarios and domains. Some of the features of Azure OpenAI Service include machine learning, cognitive services, bot framework, computer vision, natural language processing, speech recognition and more. Microsoft Technology Centers Microsoft Technology Centers are facilities that provide immersive experiences and deep technical engagements in 50+ locations around the world. Microsoft Technology Center architects collaborate with academic, industry, and government partners to advance the state of the art in AI and create positive impact for society. The Microsoft Technology Center is providing Cushman & Wakefield with access to cutting-edge research, tools, and top specialists from Microsoft and its partners to develop powerful and adaptable applications that use AI features. It is also providing insight into various areas and problems that need AI solutions, with learning and improvement through feedback and advice. Copilot for Microsoft 365 Copilot for Microsoft 365 brings the power of next-generation AI, grounded in the user and company’s data, to Microsoft’s workplace productivity tools like Teams and Outlook and Word. It works alongside users to provide suggestions, summaries, generate, analyze and explore content and data across documents, presentations, spreadsheets, notes, chats, email, meetings, and more. Ensuring the safety and security of interactions with Generative AI is a crucial value driver for Cushman & Wakefield. Copilot for Microsoft 365 offers a high level of security for how the firm leverages GPT models, providing confidence that data is not exposed for training and does not leave the company’s ecosystem, thus safeguarding confidential information. “With this next generation of AI, we have a unique opportunity to accelerate innovation at Cushman & Wakefield and across commercial real estate,” said Laura Craig, General Manager, Data & AI, Microsoft. “We’re collaborating with Cushman & Wakefield to bring together AI advances that benefit from Microsoft Azure OpenAI Service and Copilot for Microsoft 365 to empower the firm’s professionals with new, AI-powered tools.” About Cushman & Wakefield Cushman & Wakefield is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more.

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Real Estate Technology

SmartRent Launches Alloy SmartHome Hub+

Business Wire | January 25, 2024

SmartRent, Inc., the leading provider of smart home and property operations solutions for the rental housing industry, today announced the launch of Alloy SmartHome Hub+, the Company’s first thermostat with an integrated smart hub device developed under its Alloy SmartHome hardware brand. This innovative product, one of few on the market that integrates a thermostat with a smart hub device, operates on Z-Wave protocol and has less hardware to install and maintain. In addition to the built-in thermostat technology, Alloy SmartHome Hub+ establishes a single interface to control connected smart home devices, enabling users to turn off multiple lights in a home at once, remotely lock and unlock doors, receive alerts and automatically notify maintenance when a sensor detects a leak. “Alloy SmartHome Hub+, a device years in the making, is our latest solution that paves the way for the next generation of smarter living and working in rental housing,” said SmartRent CEO Lucas Haldeman. “Designed with our customers’ needs in mind, and inclusive of the feedback they’ve shared about the desire for less hardware, Alloy SmartHome Hub+ delivers sophistication and convenience, all while driving rent growth. Feedback from our beta pilot has been positive, and customer interest indicates eager demand to deploy this solution at scale. We are proud to bring Alloy SmartHome Hub+ to the market at large and to continue eliminating obstacles and easing implementation in the industry.” This high-value yet economical device builds upon existing SmartRent technologies by consolidating the hub hardware within a smart thermostat, which streamlines procurement, expedites installation and IoT setup. Alloy SmartHome Hub+ can be configured and paired with most HVAC systems and is compatible with smart locks, smart lights, leak sensors and other Z-Wave devices. About SmartRent Founded in 2017, SmartRent, Inc. is a leading provider of smart home and smart property solutions for the multifamily industry. The company’s unmatched platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day.

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Real Estate Technology

EVORA Global Announces Acquisition of Metry

Business Wire | January 25, 2024

EVORA Global, a leading provider of tech-enabled sustainability solutions to the real asset industry, today announces its strategic acquisition of Metry, Europe’s number one platform for environmental data collection. The move will establish new standards in data excellence and technological innovation, delivering comprehensive data solutions for the global real estate and infrastructure investment industry. The acquisition signifies an improved level of data automation and quality for EVORA’s clients, achieved through direct connections to fiscal meters and hubs. This approach eliminates data gaps and reinforces the overall reliability of information provided into their analytics and content management platform, SIERA. EVORA's dedication to data quality and validation underscores the company's commitment to ensuring that all sustainability data is analytics-ready, combining external data sources with EVORA's expertise in regulations and carbon accounting, whilst simultaneously upholding the highest standards in the industry. Metry's customers will gain access to EVORA's expertise in setting strategy and implementing net-zero carbon initiatives in their real asset portfolios, broadening the value proposition available to them. This collaborative expertise - integrating human insights with advanced technology - is a testament to the forward-thinking approach of both companies. "We are thrilled to welcome Metry into the EVORA family," said Pradeep Menon, EVORA Global CEO. "This strategic acquisition marks a significant milestone in our journey to empower real asset investors with the tools and data needed to drive sustainable practices in the built environment. It will enable us to offer unparalleled services to our clients, solving for the climate challenge.” “This the perfect match,” said Magnus Hornef, Metry CEO and co-founder, who will be joining EVORA’s Executive Committee as Chief Data Officer. “We are enabling each other to make a bigger impact faster and I’m really excited about expanding our data collection capabilities to all of EVORA’s customers. It is a giant leap towards connecting every building with reliable data and automated collection.” About EVORA Global: EVORA Global is a premier sustainability advisor, providing comprehensive, industry-leading climate solutions for real asset investors. With over a decade of experience, EVORA is dedicated to addressing the climate challenge posed by the real asset industry, focusing on the needs of investors in the built environment. Its clients include many of the biggest names in global real estate, including Invesco Real Estate, Hines and M&G. Founded in 2011, the company now has over 200 staff and 150 clients. About Metry: Metry is the #1 platform for environmental data collection in Europe, with a primary focus on energy data. With over a decade of expertise, Metry empowers companies to develop and use energy-saving technologies and IoT solutions, contributing to real change for the environment. Currently serving over 200 companies in more than 10 countries, Metry is actively expanding internationally to offer full data collection coverage in Europe.

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Real Estate Technology

Cushman & Wakefield Collaborates with Microsoft to Enhance AI Technology Platform

Business Wire | January 25, 2024

Cushman & Wakefield, a global leader in real estate services, today announced the firm is working with Microsoft to deploy an advanced suite of artificial intelligence (AI) solutions. “We are committed to seamlessly integrating our people with the right technology and processes to enhance service offerings to our clients. Today’s launch of the use of Microsoft Azure OpenAI Service and Copilot for Microsoft 365 at Cushman & Wakefield again demonstrates our ability to pair robust technologies with market intelligence and expertise,” said Salumeh Companieh, Chief Information & Data Officer, Cushman & Wakefield. Since 2018, Cushman & Wakefield has been focused on aligning business, data, and operations. Results to date range from an 80% material reduction in operational cycle time, to a reduction of client supply chain costs via proprietary supply chain network optimization capabilities. Azure OpenAI Service Azure OpenAI Service is a cloud-based generative AI solution that offers customers a range of capabilities, including access to cutting-edge AI models, backed by the power of Azure. With Azure OpenAI Service, Cushman & Wakefield can benefit from the power of cloud computing, data analytics, and artificial intelligence to deliver innovative solutions for its clients and stakeholders. Azure OpenAI Service enables Cushman & Wakefield to create custom copilots that can enhance customer experience, improve operational efficiency, and increase competitive advantage. The platform enables developers to build, deploy, and manage AI solutions for various scenarios and domains. Some of the features of Azure OpenAI Service include machine learning, cognitive services, bot framework, computer vision, natural language processing, speech recognition and more. Microsoft Technology Centers Microsoft Technology Centers are facilities that provide immersive experiences and deep technical engagements in 50+ locations around the world. Microsoft Technology Center architects collaborate with academic, industry, and government partners to advance the state of the art in AI and create positive impact for society. The Microsoft Technology Center is providing Cushman & Wakefield with access to cutting-edge research, tools, and top specialists from Microsoft and its partners to develop powerful and adaptable applications that use AI features. It is also providing insight into various areas and problems that need AI solutions, with learning and improvement through feedback and advice. Copilot for Microsoft 365 Copilot for Microsoft 365 brings the power of next-generation AI, grounded in the user and company’s data, to Microsoft’s workplace productivity tools like Teams and Outlook and Word. It works alongside users to provide suggestions, summaries, generate, analyze and explore content and data across documents, presentations, spreadsheets, notes, chats, email, meetings, and more. Ensuring the safety and security of interactions with Generative AI is a crucial value driver for Cushman & Wakefield. Copilot for Microsoft 365 offers a high level of security for how the firm leverages GPT models, providing confidence that data is not exposed for training and does not leave the company’s ecosystem, thus safeguarding confidential information. “With this next generation of AI, we have a unique opportunity to accelerate innovation at Cushman & Wakefield and across commercial real estate,” said Laura Craig, General Manager, Data & AI, Microsoft. “We’re collaborating with Cushman & Wakefield to bring together AI advances that benefit from Microsoft Azure OpenAI Service and Copilot for Microsoft 365 to empower the firm’s professionals with new, AI-powered tools.” About Cushman & Wakefield Cushman & Wakefield is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more.

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