Andrea Jang, head of growth Americas for JLL Spark
ORLANDO, FL—Venture capital is changing commercial real estate at an astonishing pace. GlobeSt.com recently caught up with Andrea Jang, head of growth Americas for JLL Spark, to gain insight on how venture capitalists choose what to fund, how their funding will change CRE, and how to keep pace with the changes. The topics we focused on will be part of a larger breakout session she will serve as a panelist on at the upcoming CREW Network Convention and Marketplace here in Orlando, FL.
Jang tells GlobeSt.com that valued around US $1 trillion, real estate is the largest asset class in the world, and technology entrepreneurs are still in the relatively early stages of tackling challenges within the commercial real estate industry. More and more venture capital investors are looking at proptech as an untapped investment opportunity, she says. “Three key opportunities that we are looking at currently are 1) big data and artificial intelligence, 2) sustainability as a driver of innovation, and 3) tenant experience.”
According to Jang, artificial intelligence allows for advanced data processing and automation to improve a firm’s current operations with decision-making insights. No longer do analysts have to sift through millions of data points, she says. “Today, proptech platforms such as Jones, Dealpath and VergeSense are able to harness vast amounts of data to provide actionable insights at the click of a button.”
On the sustainability front, she says, as firms look at innovative ways to reduce their carbon footprint, sustainability is fueling innovative new cleantech entrants in the proptech space. “For example, Software Motor Company retrofitted three exhaust fans in a JLL-managed office in San Francisco, resulting in a 38 percent reduction in energy consumption in three months. As an added benefit, sustainability measures have a positive impact on tenant experience and build goodwill.”
Jang also tells GlobeSt.com that tenant experience has become a household term in the commercial real estate community. “Tenants expect more out of their buildings, and owners are finding new ways to activate available amenities and provide relevant programming in their buildings. Landlords are able to create better tenant experiences, through services like HqO and Livly, that bring an on-demand app experience to tenants. By better understanding how tenants are engaging with their space, brokers and landlords can work together to attract and retain the best tenants for their buildings.”
Check back with GlobeSt.com for more from Jang, where she talks about how venture capitalist funding will change commercial real estate and how the industry can keep pace with that. And don’t forget to check out the full lineup of speakers at the upcoming CREW Network Convention and Marketplace held September 25th at the Renaissance Orlando at SeaWorld where more than 1,200 CRE leaders are expected to attend.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
