State of Proptech Investment
Commercial Observer
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Investment in proptech has swung wildly this year. The latest numbers suggest that it’s positioned to finish 2023 relatively strongly — and maybe have a decent 2024. Also for today, a government agency’s extension gives the Manhattan office leasing market some much needed good news.
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— Tom Acitelli, Deputy Editor
Has Proptech Funding Turned the Corner?
The news surrounding investment in proptech, and much of technology in general, has been consistently bad through much of 2023. Now, however, some investors and entrepreneurs are beginning to see some green shoots amid the autumnal browns. Over the first half of 2023 in particular, the funding news ran the gamut from bad to horrible. But, like a Major League team making a playoff wildcard run after a bad first half of the season, even tepid performance seemed to tease some hope. For example, in July, investment bank Houlihan Lokey reported: “The proptech market saw one of the lowest first-half funding totals since [we] began tracking the space, but positive momentum in Q2 signals a potentially stronger 2H.”
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NYC Administration for Children’s Services Extends 530K-SF at 150 William Street
The New York City Administration for Children’s Services has extended its lease for most of the building at 150 William Street in the Financial District, according to public records. The agency tacked on another two years to its 530,000-square-foot lease, backdating it to Sept. 1 and continuing through August 2025, according to the Department of Citywide Administrative Services, which handles leases for the city. The city will pay an annual rent of $16 million, or $30 per square foot, in monthly installments of $1.3 million, according to a notice in The City Record.
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1 年It's great to see so much movement in the proptech industry! It's always encouraging to see positive news in the commercial real estate world. I'm sure the Manhattan office leasing market is thrilled with the government agency's extension. I'd love to connect with you and explore potential opportunities to help each other grow. I'm also interested in discussing how I can help you with your sales strategies. Let me know if you're interested in connecting! #SalesStrategies #CommercialRealEstate #PropTech