Building on this foundation of design, business and real estate knowledge, she is an industry expert and encourages others to join her in taking charge of the future of our cities—”the centers of innovation, culture and learning.”

She believes technological disruption is here, it is our present, and with strong networks among professionals there is a greater opportunity for knowledge sharing and advancement. Technological advancement will help to resolve present challenges and change the way we build and live.

As the founder of WIRES (Women in Real Estate Spain), Panadero encourages her counterparts to work toward the shared objective of greater corporate social responsibility and inclusion within the built environment industry.

Could you please tell us a bit about your background?

I am an architect and director of Business Development at DCN, where I lead the company’s real estate development. In addition, I also run IE Business School’s Master in Real Estate.

I have a lengthy track record working at companies such as CBRE—in strategic consulting, repositioning of assets and management of large accounts—as well as at Estudio Lamela, where I’m the project drafting technician and work in international business development.

This involvement across different areas of a highly professional sector has given me significant “added value”, because having been a technician, sales person and consultant has allowed me to reach my present “expert” status giving me solid foundations to build on.

You began your career in architecture, transitioning to real estate development later. What are the key skills your background in architecture has given you?

The skill set that has helped me has included:

• A global vision and understanding of complex problems (that’s what my background in architecture gave me)
• Perseverance and a desire to learn from colleagues in different fields (architects know they can never stop learning)
• Knowing how to create value in the real estate environment. And understanding that buildings are the base on which everything else (the financial, legal and management part) pivots.
• Reading, investigating, chatting with experts… with a single purpose: to keep up with new techniques and innovations, always keeping an eye on trends that give us clues as to where the
  future of our sector is going.

Has your background in the real estate sector changed your view on architectural studies? Do you think that there is a knowledge gap in the way architecture is taught?

For me, architects can develop into leaders in the real estate market, but must be trained in areas that complement their technical background, particularly the need to understand the fundamental strategic, financial, legal and management aspects of the real estate environment, as well as the agents, tools and techniques involved.

The real estate market is based on property assets and how they are valued in the market and the built environment. Understanding the relationship between them is a significant part of this profession. This requires developing the following skills:

• An understanding of the principles of urban economies and the capital markets that invest in the real estate sector, as well as understanding how cities work, along with knowledge of the tools and financing processes in the built environment.
• The strategic management of real estate operations.
• The relationship of the real estate sector with the urban environment in which it develops, identifying synergies between both.
• The disruption of new technologies and sustainability: we live in the digital era.

What are your thoughts on digitization in the real estate industry? Will Proptech disrupt the real estate business?

Yes, the world is changing and it is time for real estate to stop being a mere spectator. We have to start leading this transformation. Proptech is no longer the future of our sector, but the present. The disruption caused by new technologies and how they affect the property sector are basic concepts that professionals in the sector must master or at least know that they exist and how they affect us. We live in the digital age: not being digital is no longer an option.

“Proptech is no longer the future of our sector, but the present.”

Buildings are already being built with digital twins that help us to control all the parameters that affect the design, construction and subsequent behavior and management from the same scorecard, and that is something we should know how to take advantage of.

You are the president and founder of WIRES, the association of Women in Real Estate in Spain. Could you tell us more about your work in the organization and your goals for the future?

Wires was born four years ago and the results were very positive over that time. When the founding members created the association we had the idea of becoming a reference point for the many women working in the real estate sector. We had two main goals: to help women build networks based on trust; and to give greater visibility to women in the Spanish real estate sector by increasing awareness of the excellent work they have been doing for some time now.

Today, we have more than 220 members! We receive proactive requests every month from more and more female managers who want to be part of Wires; at this point, we have formed a group of talented professionals contributing ideas and working together on common objectives.

We want to give great value to our members through training and events. It is time to give something back to our members. For their efforts through specialized training, career plans or specific orientation. We are also strengthening the relationship between us through themed dinners and meetings oriented toward issues that affect all our members.

Another important area I am working on now is to give more importance to corporate social responsibility: at WIRES we believe that now we have a representative place in the sector, we must direct a part of our efforts to the social good and we want to act in two areas.

A mentoring program to provide support and guide young women through their careers to better achieve their professional goals. Women’s CSR, a once a year event with WIRES donating a percentage of our quotas to an NGO chosen by all the members. We believe that both initiatives will be a milestone in the work of the association and we are very proud of both projects.

Do you have any advice for Archipreneurs interested in a career in real estate development?

My best advice? Hard work, continuous training and a desire to learn. After that comes everything else. In this world there are no shortcuts in what is an increasingly professionalized sector.

Our responsibility as professionals in the sector is to master the following principles:

• The urban economies of cities, the relationship between built heritage and the urban environment in which it is developed, and identify synergies between both.
• The capital markets that invest in the real estate sector.
• The tools and processes of financing in the built environment.
• The strategic management of property development and custody of the built environment.
• Understanding the drivers that move the world now: new technologies and global sustainability.

My second piece of advice would be: have the courage to face challenges and embrace innovation.

What are your thoughts on the future of architecture and the built environment? How can it improve, and where are the best opportunities?

Without a doubt: cities. Cities are centers of innovation, culture and learning. The real estate world and especially the promoter arm are the main catalysts for growth. In addition,  for social development in cities, bringing people and companies together and creating communities.

“We live in the digital age: not being digital is no longer an option.”

Population transfer to the cities is happening at an unprecedented speed and scale. The majority of the world’s population now lives in urban centers and the numbers are growing. This translates into an increasingly important role for responsible property development.

Technology is also evolving and will provide new opportunities to effectively address emerging challenges. Investment environments are now global and increasingly complex; The new governance models will affect the way we build, manage and live in cities to create more competitive and democratic territories. —

The post Real Estate in the Digital Age: An Industry in Transition appeared first on Archipreneur.

The coworking trend first appeared in English-speaking countries a few years before reaching Germany. The paper identifies the 1995 Berlin-based programming community named C-base as the precursor of coworking in the country. The sector grew significantly over the following years due to the reduction in available space and rise in rental prices across most of the German real estate market.

The paper identifies three main models of coworking: coworking spaces in the narrow sense, hybrid model which describes a mix of private offices and open spaces, and business centers where fitted-out office spaces are rented out as private offices for short or longer terms, and provide other optional services and infrastructure. Advantages of coworking spaces include the focus on creating an interactive social environment. In practice, there is a trend for large, flexible workspace operators to move to a hybrid model. This combines elements of business centers (i.e. flexible leasing of small private offices) and elements of coworking spaces (i.e. open space, trend towards contemporary design, communal areas and collaboration).

There are several trends driving coworking. Technological advances enable people to work from anywhere. The rise of the start-up culture and digital nomads has also impacted the way we work. Digital start-ups in particular who benefit from low marginal cost and high scalability of their businesses benefit from the advantages of coworking spaces. Another important driver is the proliferation of the sharing economy, with coworking as one of its elements.

According to the recent study “Start-up-Unternehmen in Deutschland” (Start-up Companies in Germany) published by PwC, Hamburg is seen as a location expected to offer a highly attractive environment for new companies and significant potential demand for coworking space. In contrast to the current trend in respect of new company formations, office space take-up by startups as a core target group in the coworking segment has increased significantly here over the past few years, reaching its high point in 2014 with up to 40,000 sqm.

This study researched and classified flexible workspaces and analyzed further information relating to size and pricing models in Hamburg as at the end of August 2017. It considers the following types of operator: coworking space in its narrow sense (including selected office communities), business centers and hybrid model providers as described above. The latter category has been allocated to the business center or coworking segments depending on their positioning. According to the study, once all currently planned centers have opened, there will be around 9,800 workstations in flexible workspaces available in Hamburg.

The total number of workspaces (including planned locations) offered by flexible workspace operators equates to around 118,000 sqm of office space. This is less than 1% of the total office stock or a quarter of the average annual office space take-up, and around 3% in the city center. While coworking might currently account for a small percentage of offered office spaces, it has a high growth rate and attracts a lot of attention.

There is a great variation in prices for workstations in flexible workspaces. Asking prices in business centers range from €250 to just under €1,000/space p.m. In the coworking segment, asking prices range from €50/space p.m. to just under €400/ space p.m. The average (median) price in a hybrid centers is between €290/space p.m. for a coworking space in open-plan premises and €480/space p.m. for a private office. There are individual discounts for longer-term coworking memberships and in business centers. The wide range of prices is because the service is aimed at different target groups. Operators providing coworking space in its narrow sense often have lower costs and attract almost exclusively small companies. Operators of hybrid centers and business centers are aimed also at large companies.

Comparing the benefits of leasing self-contained office spaces vs. taking membership of a coworking space, a self-contained office lease contract generally means there are costs in setting up the contract in terms of legal advice, which are not required in the case of a membership of coworking space. In the case of a self-contained office, there are initial costs for equipment, tenant fit-out and more comprehensive office technology. This expense must be paid up-front or financed and is in some cases lost, as is the case with tenant fit-out at lease termination. Financing costs are not taken into account. There are also the refurbishment works. Furniture remains the property of the tenant upon lease expiry and is a more important consideration in the case of long-term letting decisions.

The total pre-contract costs for a self-contained office are significantly higher than for coworking space (around €60,000 compared to €14,000). But the monthly cost for the membership of the coworking space is around €1,300 higher. This is hardly surprising, as this is an inclusive fee and the coworking center operator’s costs must be remunerated through the monthly income. Looking at costs over a term of three years, both working models come to an almost identical cost of around €187,000. Over a period of just one year, the cost for a self-contained office is €102,000 and for a coworking space it is €72,000. Over a five-year period, the costs for a coworking space (€302,000) exceed the self-contained office (€271,000) by 11%.

The coworking trend continues to grow. The company rent24 is opening a combined coworking and coliving project in Eiffestrasse in 2018. WeWork has already rolled out the WeLive concept in the USA and is active in the leisure segment with WeWork Wellness. The study concludes with the expectation that the coworking boom is likely to continue, as people continue to pursue more flexible lifestyles and work conditions.

The post JLL Study: Coworking is More than Hype appeared first on Archipreneur.

The property sector is a huge industry experiencing a new trend through the proliferation of digital technologies. Traditional bricks-and-mortar businesses are facing strong competition from startups working at the intersection between real estate development and technology. This new situation has blurred the line between the online and the offline world, making every company a tech company while tech companies are becoming property companies and landlords.

This recent technological innovation within the real estate industry, dubbed “PropTech”, has introduced real estate crowdfunding, electronic processes that increase efficiency and promote a rapid operation of workflow tasks, and it replaced cumbersome areas like customer support telephone lines of building management.

Several real estate accelerators have been created in recent years, targeting seed-stage real estate startups, providing support and resources to companies based on their industry-specific needs. This is a great opportunity for archipreneurs developing their own projects and working on products for the AEC industry.

1# Fifth Wall

Venture capital firm Fifth Wall invests in construction and real estate-focused startups and innovators. Headquartered in Venice, California, the company is backed by large real estate companies and construction firms and has created an accelerator program as an early-stage investment vehicle. The program aims to help entrepreneurs test out and develop their ideas, but it also connects them with investors and the industry’s key decision-makers.

Fifth Wall has already invested $60 million in businesses of different kinds, including Opendoor (home-selling platform), and storage provider Clutter. A large portion of Fifth Wall’s investments come from VC funds.

2# AREA

Chaired by Daniel Rose, serial entrepreneur who developed Pentagon City in Washington D.C., One Financial Center in Boston, and several notable buildings in New York, AREA is one of the world’s leading real estate tech accelerators. They have already selected six startups to participate in their incubator program.

These include Tobly (construction equipment rental community marketplace), Zoner (digital zoning ordinance optimization software), Founder House (co-living community and network for innovators in the New York City area), Spacio (lead-management app for residential brokers), Urbanr (residential listing platform), and AtlasX (platform that streamlines commercial real estate acquisitions).

3# Brigade REAP

Startup accelerator program Brigade REAP (Real Estate Accelerator Program) was set up with a view to identify and nurture startups from India with a focus on technology that will help the Industry while helping startups scale in a sustainable manner. It focuses on young companies in areas relevant to real estate, retail and hospitality.

The first batch of startups that already received funding are: AirZaar (company that uses drone sensor data & aerial images), PParke (parking sensor based technology platform), Qwikspec (construction management software with a mobile-based platform), and Snaptrude (automated CAD application and solutions for real estate).

4# Pi Labs

Pi Labs (Property Innovation Labs) is Europe’s first property-innovation focused accelerator that helps incubate and accelerate tech-enabled property startups. Entrepreneurs Faisal Butt and Umesh Kumar founded it in 2014, in partnership with global real estate firm Cushman & Wakefield and property venture capitalists, Spire Ventures.

In 2017 they kick off the fifth program of the Pi Labs Accelerator, with four new companies joining for a 13-week intensive mentor-led programs that will help accelerate their growth.

5# MetaProp NYC

MetaProp NYC accepts applications from startups working in multifamily, development, commercial, hospitality, industrial, and residential. The 22-week program provides up to $250,000 in financing, along with an office space in the heart of NYC’s real estate/technology startup community. They provide a minimum $50,000 investment, plus potential to invest additional $200,000, with 3-6% equity taken depending on company stage.

MetaProp NYC also pairs startups with C-level mentors from MetaProp’s RE200 industry mentor network covering each of the 10 major real estate disciplines: finance, basement tech, brokerage and consumer, development and construction, data and analytics, and special uses.

***

These 5 accelerators are paving the way to new ways of thinking about urban living. They are helping AEC professionals and tech innovators bridge the gap between the built environment and technology, and bring the profession one step closer to breaking the mold.

The post Top 5 Real Estate Accelerators Rethinking Urban Living appeared first on Archipreneur.

Guerrilla Development is not your average real estate development company. The company’s founder Kevin Cavenaugh is an architect developer, who – as he told us in a recent interview – approaches each project differently. Either the design is experimental, as for The Zipper, or in the case of The Fair-Haired Dumbbell, the funding follows a new and progressive way to get people like you and me involved in real estate through crowdinvesting.

The Fair-Haired Dumbbell is a 5,200 sqm (56,000 SF) speculative office building with ground-floor retail in the heart of the Burnside Bridgehead in Portland, Oregon.

The project consists of two canted six-story towers decked in hand-painted original artwork on all eight of its elevations. At each level, sky bridges connect the 370 sqm (4,000 SF) office spaces, giving the creative companies who work there the ability to own their own floor (or two). At the ground floor, the Fair-Haired Dumbbell will compliment its neighborhood with unique retail offerings and creative landscaping.

In this video, you’ll meet Guerrilla Development and learn about their Regulation A Offering, and discover how you can invest (and gain a return!) in the Fair-Haired Dumbbell – that is if you are a resident of the U.S. states California, Oregon, Washington, Massachusetts, or Virginia.

If you are not, watch the video anyway and learn about new funding possibilities and last but not least about super cool marketing strategies!

***

If you are interested in real estate development check out Archipreneur’s book on new business models for architects, “The Archipreneur Concept”. There is a whole chapter on Architect as Developers where we explore funding options and practical examples of exactly how successful archipreneurs have used bank loans, partnering and venture capital to develop their own buildings.

The post Editor’s Pick: Crowdinvesting for Real Estate by Guerrilla Development appeared first on Archipreneur.

Phases of Real Estate Development

Project Initiation

• Location seeks capital and idea
  A company, for example, seeks a project idea and an investor for an existing property they own. This is often the case if the companies’ core business is not real estate related. If you are an architect you probably have experienced the situation when an investor asks you to develop an idea for a special site.
• Idea seeks location and capital
  In this case a precise idea or demand is existing and the goal is to find a suitable location and provider of capital.
• Capital seeks location and idea
  In this case an investor wants to invest in real estate due to different reasons, i.e. pension funds or other institutional investors.

Project Conception

• Market analysis
• Location analysis
• Usage concept
• Competition analysis
• Risk analysis
• Cost analysis

Graaskamp defines the term feasibility as follows: “A real estate project is feasible when the real estate analyst determines that there is a reasonable likelihood of satisfying explicit objectives when a selected course of an action is tested for fit to a context of specific constraints and limited resources.” (Grasskamp, James A. “A Rational Approach to Feasibility Analysis,” The Appraisal Journal, October 1972.)

The extensive investigation and research of the Feasibility Study should guide you to a positive or negative decision for the project.

Project Management

Project Marketing

The post The 4 Phases of Real Estate Development appeared first on Archipreneur.