On October 11, Reed MIDEM, organizer of global real estate conference, networking and business events, together with MetaProp NYC, the premier real estate technology nexus and early stage PropTech accelerator, united global leaders in real estate, technology and venture capital at the MIPIM PropTech Summit – the flagship event of NYC Real Estate Tech Week.
The summit hosted 800 attendees and more than 500 firms representing 33 countries to discuss the current state and future potential of the burgeoning real estate technology industry.
Key messages to emerge from the MIPIM PropTech Summit were that data should not be seen as a threat by real estate experts and that the use of new technology is crucial for real estate companies as they serve both commercial and residential clients.
In only its second year, the MIPIM PropTech Summit has become a magnet for C-level real estate leaders and technologists from around the world who are interested in sharing the latest trends and how they will impact the future of their business.
“New York has emerged as the global capital of the PropTech industry –which has experienced rapid growth in the last few years – so it was mission-critical to bring global leaders in real estate and tech together for the first time to propel the movement forward,” said Filippo Rean, Head of Real Estate Markets, Reed MIDEM. “We’re especially grateful to the experts who led and participated in lively discussions during our panels and working sessions, as well as the passionate delegates who forged strong connections that will serve as the foundation for the next phase of the industry’s development,” he added.
Industry insiders agree that 2017 is expected to be a record-making year for investment in thePropTech industry – surpassing last year’s record $2.6 billion in investment through 277 transactions, as reported byCBInsights.
"This year's MIPIM PropTech Summit did what no other real estate technology event could even imagine doing: presenting MetaProp NYC's, industry-first Global PropTech Awards winners and MIPIM’s North American Startup Competition finalists, while bringing together the best entrepreneurial minds and forward-thinking venture capitalists in the sector in the world's PropTech capital, New York City. We are enormously proud of the huge and electrically-enthusiastic attendees who again made the Summit the Davos of PropTech,” said Aaron Block, Co-Founder & Managing Director, MetaProp NYC.
The consensus among speakers and attendees across the board was that there are two fundamental elements currently driving the PropTechindustry: user experience and data and analytics.
For Silverstein Properties CEO Marty Burger, who delivered the Summit’s real estate keynote, people are at the center of every tech-related decision the prolific developer makes. “Today, real estate is not about buildings. It’s about people and how they live their lives,” he said. “The industry is starting to look at real estate as a service – both on a commercial and a residential front, and those who embrace tech responsibly and strategically will succeed. If we ignore tech, we jeopardize our position.”
Chris Grigg, CEO of British Land, agreed, noting, “Whereas Google and Facebook are very much ahead of their audiences, shaping their needs, the real estate industry is following the customer’s lead in order to meet their needs. It’s all about the big picture, including strategic decisions as to which technologies make the most sense and determining whether it’s a simple case of adding features, or the much larger project of rethinking the entire system.”
Doug Chambers, vice president at WeWork, echoed the sentiments expressed by Burger and Grigg. “It’s all about the end-user experience. When you walk into a WeWork space, you experience a buzz – that buzz is collaboration happening.”
Chambers – whose proptech startup, FieldLens, was acquired by WeWork earlier this year – also shared some advice for others in the field who are just starting out. “Be open to talking to a lot of companies. Don’t stop trying, and don’t be afraid to beat down doors if you have to. Starting small and building upon your ideas is a great way to experiment and learn while continuing to grow.”
For Emilio Matthaei, founder of LEVERTON – a smart data platform that leverages Deep Learning technology – the MIPIM PropTech Summit served as a strong indicator that the industry is finally uniting on a global scale. “Historically, real estate has been a hyperlocal business – most players in the U.S. were not looking to Europe, and vice versa. But looking around at the PropTech Summit in New York, we see that 25 percent of the attendees and exhibitors came from Europe, and for me that’s a sign that the best is yet to come for the industry.”
The conversation surrounding data and analytics largely focused on the need for increased transparency. Rich Sarkis, CEO of Reonomy, noted, “Data network analytics can move mountains – it’s not a threat, it’s enablement. We’re now able to convert raw data into insight, delivering it in a palatable way that allows for actionable report creation, and training algorithms to glean better insights and enrich generic data sets.”
The PropTech Summit also hosted the North American leg of the third annual MIPIM Startup Competition, which welcomed nine finalists to present their projects, and the following startups were selected to go forward to the MIPIM Startup Competition finals at the MIPIM 2018 conference in Cannes, France, in March:
Acasa(UK), an app that allows users to manage all their household bills.
PlanRadar(Austria), a digital software that facilitates project management for construction companies.
Real Atom (USA), the first online marketplace for commercial real estate debt financing.
About Reed MIDEM
Founded in 1963, Reed MIDEM is an organiser of professional, international markets that are essential business platforms for key players in the sectors concerned. These sectors are MIPTV, MIPDOC, MIPCOM, MIPJUNIOR in Cannes, MIP China in Hangzhou and MIP Cancun in Mexico for the television and digital content industries; MIDEM in Cannes for music professionals; Esports BAR in Cannes and in Miami for the esports business; MIPIM in Cannes, MIPIM UK in London, MIPIM Asia Summit in Hong Kong and MIPIM PropTech Summit in New York for the real estate industry; MAPIC in Cannes, MAPIC Russia in Moscow, MAPIC Italy in Milan, MAPIC China Summit in Shanghai and IRF brought by MAPIC in Mumbai for the retail real estate sector.
About Reed Exhibitions
Reed MIDEM is a division of Reed Exhibitions, the world leader in event organisation, with over 500 events in 30 countries. In 2016 Reed brought together over seven million active professionals around the world generating billions of dollars in business. Today Reed events are held throughout the Americas, Europe, the Middle East, Asia Pacific, and Africa and organised by 40 offices and agents located. Reed Exhibitions 43 key industrial sectors, through events for professionals and the general public, and is part of Reed Elsevier Group plc, a world leader in the publishing and dissemination of information. www.reedexpo.com
About MetaProp NYC
MetaProp NYC is the world’s premier real estate technology nexus. Based in the heart of Manhattan’s Silicon Alley, the MetaProp NYC 22-week Accelerator and 8-week Pre-Accelerator at Columbia University are the leading programs for high growth PropTech startups. Each year, up to 20 of the best technology driven real estate industry ideas are selected to participate in intensive education, mentorship and growth hacking programs, culminating in exclusive Graduation Defense panels and bi-coastal Demo Days for partners, investors, VCs and media. Founded in 2015, the accelerator boasts 100+ mentors, 10 renowned corporate partners and widespread media coverage from the Wall Street Journal, Forbes, New York Post, TechCrunch, Inman, Bisnow, Real Estate Weekly, and more. MetaProp NYC's team and strategic seed stage funds have invested in 60+ technology companies across the real estate value chain. The companies have raised more than $2 billion and employ 1,500+ people globally. MetaProp Advisors provides strategic advisory services, growth consulting, communications, event management and market research for real estate companies that are serious about innovation.
