Proptech Jobs Picture

Proptech has been one of commercial real estate’s hottest niches the past two years. Such success might insulate the sector from the wave of layoffs that now appears to be sweeping the larger tech industry (see Amazon and Meta’s recent announcements). Also, realized losses in commercial mortgage-backed securities are up this fall. What does that mean?

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— Tom Acitelli, Co-Deputy Editor

Proptech Job Cuts Not a Reality — Right Now

Even as the reverberations from a landslide of Big Tech layoffs crash down on Silicon Valley (and Alley), real estate’s proptech sector is reluctant to admit that it will suffer a similar fate. Some proptech industry principals asked earlier this month about the state of company hirings and firings pushed back strongly on the idea that real estate technology startups will suffer a similar fate to tech giants Meta, Salesforce, Booking.com, Twitter and Lyft, among others making mega-cutbacks. However, not one proptech startup founder or venture capitalist in the sector responded to PropTech Insider’s query about layoffs at their company or in their portfolio. Does that mean there have been no cutbacks? Not necessarily, but no one likes bad news, right?

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CMBS Realized Losses Jump in October

Commercial mortgage-backed securities (CMBS) conduit transactions incurred approximately $147 million in realized losses during October 2022 via the workout of distressed assets. Tracker CRED iQ identified 15 workouts classified as dispositions, liquidations or discounted payoffs last month. Of the 15 workouts, only two of the assets were resolved without a loss. Of the 13 workouts resulting in losses, severities for the month of September ranged from less than 1 percent to 100 percent, based on outstanding balances at disposition.

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