There are two truths in commercial real estate: it will always be around and it is always evolving.
And in the last year alone, commercial real estate has experienced massive disruption, largely influenced by the global pandemic. From implementing new health and safety protocols, finding ways to accommodate flexible working, to adopting new technologies and processes: we’ve seen innovative solutions surface quickly in commercial real estate to meet unique and pressing challenges.
The year 2020 marked a time where the commercial real estate industry rapidly innovated to address real problems. But why is it that we need a fire lit under us to implement meaningful change?
Both those who serve the industry and those who occupy commercial real estate will acknowledge that it is now an opportune time to reimagine traditional commercial real estate business models and operations, or risk being left behind. By adopting an innovative mindset to drive technology-enabled solutions, the industry is primed to address long-term problems that transcend issues brought on by COVID-19 and truly embrace the new era of commercial real estate – one that it is digital, diverse and accessible.
Experience-Backed, Passion-Forward
R-LABS is in the business of building great companies that solve big problems in real estate. We take industry problems, and partner with leaders to envision innovative solutions through our Entrepreneur In Residence (EIR) program.
When R-LABS brings on an EIR, we look to partner with an experienced individual who is committed to real estate innovation and believes in industry transformation. Our newest EIR Farrah Khimji’s extensive background, passion for entrepreneurialism, and commitment to diversity and changing the narrative in commercial real estate made her the perfect candidate to lead the charge on our latest venture.
With 15 years of industry experience, Farrah is an ambassador in commercial real estate, who advocates for progress, champions change, and challenges the status quo. As President for Toronto CREW, an organization committed to transforming the commercial real estate industry by advancing women globally, Farrah is intimately familiar with the gender and diversity disparities that exist.
In CREW’s most recent benchmark report, the organization identified that most people in the industry don’t work in diverse environments, as only 16% of respondents reported that 25% or more of their colleagues identify as visible minorities. Farrah asks, how can commercial real estate adequately meet the needs of the communities they serve without being a true reflection of its citizens? Moreover, there is great disparity in commercial real estate commissions. In the same report by CREW, women tend to earn 56% less than men from commissions and bonuses. White women earn 51% less from commission and bonuses than men, while Black women earn 71%, Asian women earn 73%, and Hispanic/Latinx women earn 74% less than their male counterparts. Again, Farrah asks, how can the brokerage model be more inclusive in commercial real estate?
Farrah believes that brokerage is seen as the heart of commercial real estate, and with our latest venture she aims to increase diversity and foster inclusivity while creating opportunities for new entrants and underserved demographics to thrive.
Addressing the Under $20 Million Commercial Real Estate Market
With this latest venture, we have identified a segment of the real estate industry that is underserved – specifically, commercial real estate owners that own and manage properties valued under $20 million. It requires the same amount of effort to service owners in this segment of the market, but with significantly less economic benefit to providers such as real estate agents, insurance agents, lenders and other professionals that provide both transactional and portfolio management services to this segment.
This gap surfaces an array of challenges. Service providers are lacking the data, analytics, digital and automation tools to efficiently and effectively serve this segment of the market and owners are not always being presented with the best options to understand the value of their property, capitalize on its development potential and ultimately optimize their strategic decision-making capabilities to unlock more value.
At R-LABS, we’re innovating around this long-standing problem in commercial real estate. We’re asking questions around how we can:
Empower commercial real estate service providers with resources to better service this market?
Make small property owners aware of commercial real estate opportunities to increase their ROI?
Aggregate various data sources to localize critical information?
Use technology to enable the industry?
Preparing Commercial Real Estate for Post-Pandemic Innovation and Diversity Disruption
The pandemic didn’t just impact commercial real estate operations. It also significantly impacted global economics, leaving many questioning how resilient the industry is and how prepared they are for post-pandemic innovation. Deloitte surveyed 200 commercial real estate senior executives including owners, operators, developers, brokers, and investors across 10 different countries to better understand the 2021 outlook. Over 80% of respondents indicated that COVID-19 exposed shortcomings in digital capabilities and affected plans for transformation.
Can you relate?
What are your challenges as a commercial real estate broker or owner?
How can we make it easy for service providers to address the needs of the commercial real estate market?
Do you have a new and innovative idea that solves a big problem in commercial real estate?
How can we create a better industry that’s more diverse and inclusive?
Connect with our Entrepreneur In Residence, Farrah Khimji, to bring your voice to an innovative new solution for commercial real estate market.
There are two truths in commercial real estate: it will always be around and it is always evolving.
And in the last year alone, commercial real estate has experienced massive disruption, largely influenced by the global pandemic. From implementing new health and safety protocols, finding ways to accommodate flexible working, to adopting new technologies and processes: we’ve seen innovative solutions surface quickly in commercial real estate to meet unique and pressing challenges.
The year 2020 marked a time where the commercial real estate industry rapidly innovated to address real problems. But why is it that we need a fire lit under us to implement meaningful change?
Both those who serve the industry and those who occupy commercial real estate will acknowledge that it is now an opportune time to reimagine traditional commercial real estate business models and operations, or risk being left behind. By adopting an innovative mindset to drive technology-enabled solutions, the industry is primed to address long-term problems that transcend issues brought on by COVID-19 and truly embrace the new era of commercial real estate – one that it is digital, diverse and accessible.
Experience-Backed, Passion-Forward
R-LABS is in the business of building great companies that solve big problems in real estate. We take industry problems, and partner with leaders to envision innovative solutions through our Entrepreneur In Residence (EIR) program.
When R-LABS brings on an EIR, we look to partner with an experienced individual who is committed to real estate innovation and believes in industry transformation. Our newest EIR Farrah Khimji’s extensive background, passion for entrepreneurialism, and commitment to diversity and changing the narrative in commercial real estate made her the perfect candidate to lead the charge on our latest venture.
With 15 years of industry experience, Farrah is an ambassador in commercial real estate, who advocates for progress, champions change, and challenges the status quo. As President for Toronto CREW, an organization committed to transforming the commercial real estate industry by advancing women globally, Farrah is intimately familiar with the gender and diversity disparities that exist.
In CREW’s most recent benchmark report, the organization identified that most people in the industry don’t work in diverse environments, as only 16% of respondents reported that 25% or more of their colleagues identify as visible minorities. Farrah asks, how can commercial real estate adequately meet the needs of the communities they serve without being a true reflection of its citizens? Moreover, there is great disparity in commercial real estate commissions. In the same report by CREW, women tend to earn 56% less than men from commissions and bonuses. White women earn 51% less from commission and bonuses than men, while Black women earn 71%, Asian women earn 73%, and Hispanic/Latinx women earn 74% less than their male counterparts. Again, Farrah asks, how can the brokerage model be more inclusive in commercial real estate?
Farrah believes that brokerage is seen as the heart of commercial real estate, and with our latest venture she aims to increase diversity and foster inclusivity while creating opportunities for new entrants and underserved demographics to thrive.
Addressing the Under $20 Million Commercial Real Estate Market
With this latest venture, we have identified a segment of the real estate industry that is underserved – specifically, commercial real estate owners that own and manage properties valued under $20 million. It requires the same amount of effort to service owners in this segment of the market, but with significantly less economic benefit to providers such as real estate agents, insurance agents, lenders and other professionals that provide both transactional and portfolio management services to this segment.
This gap surfaces an array of challenges. Service providers are lacking the data, analytics, digital and automation tools to efficiently and effectively serve this segment of the market and owners are not always being presented with the best options to understand the value of their property, capitalize on its development potential and ultimately optimize their strategic decision-making capabilities to unlock more value.
At R-LABS, we’re innovating around this long-standing problem in commercial real estate. We’re asking questions around how we can:
Empower commercial real estate service providers with resources to better service this market?
Make small property owners aware of commercial real estate opportunities to increase their ROI?
Aggregate various data sources to localize critical information?
Use technology to enable the industry?
Preparing Commercial Real Estate for Post-Pandemic Innovation and Diversity Disruption
The pandemic didn’t just impact commercial real estate operations. It also significantly impacted global economics, leaving many questioning how resilient the industry is and how prepared they are for post-pandemic innovation. Deloitte surveyed 200 commercial real estate senior executives including owners, operators, developers, brokers, and investors across 10 different countries to better understand the 2021 outlook. Over 80% of respondents indicated that COVID-19 exposed shortcomings in digital capabilities and affected plans for transformation.
Can you relate?
What are your challenges as a commercial real estate broker or owner?
How can we make it easy for service providers to address the needs of the commercial real estate market?
Do you have a new and innovative idea that solves a big problem in commercial real estate?
How can we create a better industry that’s more diverse and inclusive?
Connect with our Entrepreneur In Residence, Farrah Khimji, to bring your voice to an innovative new solution for commercial real estate market.
