In episode 4 of Realcomm Live, Vornado Realty Trust EVP, CIO Robert Entin and Brookfield Properties EVP Kevin Danehy discuss the local to global impact of #COVID-19 on office buildings, real estate #tech and the economy.
We're creating something that will power smart and responsible Industries. Who are the next chapter in innovation? with us at Erickson Well, hello everybody. This is Jim young and I am excited to be here with episode 4 of real cam live. We have got some great guests for you today both coming out of New York City, before you bring our guests when I would just like to make a mention of the news. We all received last night regarding the president and the first lady and the coronavirus first of all, our thoughts and prayers are out to them that they recover and get
through this horrific illness of the seraphic disease and that the that the country remains stable and peaceful during this time of confusion. So with that I'd like to get on with our first episode and begin to introduce our first guess we're going to start with Robert Anton the EVP and CIO of Coronado and we're going to focus on New York City and in what it's going to take to get people back in the office has hook morning Rob. How are you? Good morning Jim? How are you today? Always good to see you in trouble. I hope
I mentioned New York City is his kind of the place. Everybody's looking for 2 to see what it's going to take to get back. This is a video that we've been playing the last couple weeks. I mean, we've all been to the city. We know how by Burton is no kind of studying Global standards and into crr one of our favorite cities empty in many respects. It's it's a little unnerving and so, you know you as one of the major property asset owners in the city now you're living this thing right on the Battleground right in
and we were talking and preparation for this and you said, you know, there's a lot of different New York stories. There's a lot of different things going on in the city. So what I'd like to do is maybe just start the conversation a little bit about you know, what are you seeing on the ground with your buildings and with the city in Thanks Jim. First, I think it's important to note that what we are seeing typically with the images like the one you just like this flight is that's Midtown office offices real challenge. Obviously, we chose a challenge but
the upper east side streets and I've been there for a long time and the city has adapted to life in this new world at least from a cyst to a large extent in the residential jobs. They were closed for a long time and we've been open gym from we've been open for the entire duration occupancy is low. And I think that's that becomes the headline is that the city is open. The occupancy across-the-board is is low still when people aren't yet coming back and numbers although I hear the traffic the automobile traffic getting into the city. Really bad
because people who are going in or going by car driving and not taking transfer. I'm so what about some of the things that you've done to prepare your buildings normally all social distancing hand sanitizer anything else that you've done to make your tenants be a little bit better coming into the building. So it's a combination of social distancing. We have clear cameras and involve a lobby with Medics and lobbies. We have elevator protocols extra extra disinfecting.
We're almost completely touchless everywhere. We've got into 10 and oriented app. That's in the good news is we're in the middle of a lot of this long before the pain that makes so throwing that stuff out his to make the tenants demonstrate to the challenge that modern technology. A lot of landlords have done a pretty good job at that but I don't know if it's going to get tested really significantly until you see larger numbers coming back to good practice session for your time to make sure all of me contact list entry in access to amenities
your pictures Illustrated. Now people are figuring this out in learning to navigate. That means I don't think we're going back to the old normal that the February normal anytime soon. And so this has to be incremental 5% 10% 20% the time really impressed with the restaurant in the street, at least, you know, where I live on the west coast, We just signed your pictures. They just been resilient couple umbrellas and tables outside in my town. We now have tents up in parking lots and some of the restaurant owners are actually
reporting better than better than last year revenants, right which is mind-blowing give him the surf. Dude, you feel the same kind of momentum and energy in the office buildings feels a little bit slow for people wanting to get back into the office. What what's your sense true? And by the way, I think the restaurant business Suburban setting is going to be challenging than a dime butts. But I think the restaurants here are doing the best they can to survive many will many will not issue with the office space is that obviously one of the things that
happened in the stand that many companies would never envisioned being able to work efficiently from home. If it is very quickly to very successfully working at home. So the problem I think is that you've got the office tenants who are still operating successfully with work from home. Is what incentive do their employees have you want to come into the City and we're doing everything we can as a landlord to provide safe and we are fighting an issue that is just out of your hands and
it seems like more has got accomplished for our vision of digital transformation in 5 6 months than in the last 10 15 years. I mean cuz it was four stops looks like there's been an acceleration of adoption on certain areas of projects or anything that had to do with health and safety and remote access my contact list all of those factors of Technology Fountain accelerated now, we just need so you don't even kind of thinking ahead in the first quarter of next year. We talked a little bit if this continues and there's a little bit of
pressure on the real. Companies as far as rent collection and finances. We've been through this you and I on the last 20 years after 08 specifically things got tight financially it budgets Innovation. One of the first things to get hit. What do you think? I mean do we have to be concerned that January one seniors senior-level executives are going to come and say hey guys. I love you, but we got to go back in and what does it do to prop Tech Innovation and innovation in general? I can't speak for everybody. But I'm guessing we'll all be exchanged in the
same thing Senior Management will be applying the most pressure. They can to keep expenses down during this. So I think it's across the board will do it stack or other parts of the operation budgeting is going to be very important this year. I think what it will do as he will say that things that we spend money on things that will improve the efficiency of work. So we knew you boys said show me the Ry X money bass will continue to engage in those activities that Leverage The stop so that they could do the work more efficiently cuz that
actually helps dry keeping cost them a lot of things and counterproductive in the areas where I T is helping make the business operate more efficiently really haven't accomplished anything because you end up costing more so I think the smart smart players will continue to invest in Things that keep the operation I'm moving in a more efficient manner and allow us to keep costs but I think it will be an increase pressure that that's where they said were coming into a budget item season here in a whole other episode all our conversations. What does that do to
the landscape for proptech investment all the capital that's being deployed or has been deployed will those companies make it but that's another episode on the other side of the operational efficiency, though. If everybody's gotten used to be basic work-from-home, you know that the writing the reports of doing the research. What does the meetings now on video conferencing the other side is your That's a money to create this experience or this is reason to come back into the office. It has to be better than what you can do at home if budgets are constrained and finances are tight. Where
do you find the money to make those Investments? What every landlord it will look at that differently in the first question is when they when people feel it's very safe to come back for inoculated 12021 and we turn the corner, what how much incentive will employees need to come back. I mean the first observation I see people making says that people love working at home. I think that's I think people like working at home during the initial and only like working at home. But I think if you look at the perspective people feel comfortable and safe.
I don't think working at home is making check most of the people my co-workers and we're a mighty so we're used to working remotely. But even from my point of view, I think from a team and culture point of view. You need to be in an office with your co-workers. You don't need to be there at 100% fine, but you need to be there. So I don't disagree with your observation that the more you can make the office environment experience immersive and Fact that you can operate in an office is where you have a certain percentage of your force not there instead of presents on those will be kind of
Necessary Technology. I love you recall a couple years ago Julie So Cal from the Irvine Company presented on a digital War rooms rooms with LED walls there 30 ft tall by 60 ft wide and information Ariel information this information presented to Executives to look at I think you're going to see those environments were if we do say we need everybody back in the office that you're going to need to have those kind of tools that take the whole collaboration process to a whole nother level
reasonable amount of equipment in it. I think the day where will be calm and where will see three or four screens somewhat video somewhat content. What the telepresence by Cisco years ago really great experience very expensive conference room when it was really all inexperienced very hot at the time but it allowed people in different locations to as well as from any device on a table to come and take a drive and swipe something underneath swing. We're going to have some sessions on that in a few weeks at our virtual hybrid conference
telepresence and immersive experiences is going to be part of the agenda in the topic. So we're excited to be able to mine with the hands wipes to move things around it was the the person who was the kind of Technology guy that's feel bird sounds to do that in the movie actually started the car. The movies for Paris for the future. Sometimes it's good. Sometimes this meeting rooms have to be much more out of time for this kind of thought you want to offer our audience. Everybody has their opinion on
what's going to come very bullish on New York City. If we seen it over and over again where people pretend doing for New York City. My belief is that 20 things have been personal opinion the 2021 by the middle of 2021 will probably see a good amount of inoculation better treatments, but never the twain 21 people will start to feel normal. I think that New York City will bounce back and be as strong as ever. I mean you look at the Facebook's in the Googles and sign his face in New York during these are the companies that I've been used to remote Workforce
is forever. So I think in their minds they recognize remote work is of normal, but at the same time you can't replace without everybody being one place of birth. Will Robert always good to see you great to talk to you. Thanks for taking the time. I know our audience appreciate people like you y'all being on the front lines that he like New York and I really do appreciate you taking the time to share with us first and what's going on. So you'll be well, thank
you, Jim and stay safe wraps are segments one with this. I'd like to take a brief moment and say thank you to one of our sponsors Mater and we got to work on our sponsor. Want to know who we are lift start here, we can sit that and we make all of these for your to connect and power just about everything around me help you save energy. We're not trying to save the world, but we are making the most of our energy and resources and they gain access to energy and digital basic human race laces on.
Great little segment dump that that 7/32 a lot about Schneider Electric in the great things are doing all right. So we're going to go back to New York. Kevin who is the global head chief of development for Brookfield? One of the world's largest property managers owners developers. I'm pretty much you guys do it. All right, we do we do. Sometimes very great to see you today and thank you for inviting me and and Brookfield to participate in this new medium the Sharks terrific.
Well, it's some it's one we landed two of you had a New York right? I'm I don't know how close you are to Coronado. But if you watch the first segment dump Roberts a long time to your car in and had a lot of good Insight on this city. We're going to take a little different spin dope with you even though you're both out of New York. Brookfield is a global company, right? So you got assets all over the world. Would you mind taking maybe 30 seconds to just describe the breadth of your portfolio. So people have a full understanding of of just how many as that
you have where they are in the size and scope at real estate because we do have this Global portfolio. We have large concentrations of mixed-use Assets Office Buildings in particular in 26 major global gateway cities are in from Sydney to Seoul Korea to New York South Paulo 19 buildings that we own and operate 253 of these are Office Buildings of the 250th Street Office Buildings, 53% or 134 or a Colt Court holding that we own and operate. with an eye toward
long-term future Contacts and so what do you think differently around the world as far as re-entering offices in Korea and China and London? What what do you sing at a global basis? So we can anticipate what we need to do by Lessons Learned in you know in in in local markets. So in Shanghai, for example, we've got love office and Retail pre-coated 100% occupancy for traffic backup, you know, and it's nothing had been a change in Seoul Korea right about 70% purse. 35 to 40% occupancy in the office
buildings. I'm in it. Then it really starts the trail off in these other these other cities where and it's generally have the lowest is in San Francisco want to 2% occupancy are Office Buildings there and then up to I think we're 30% in Berlin, but most of the most of the markets are tracking it high single-digits. The mid-teens is a good indicator as to where the region is in the covid-19. If they got to do double time, is it home teaching responsibilities
and third are public transportation challenges to overcome to make sure the people feel safe coming back and forth from the office. We talked about the potential for this to put a dent in the Innovation Journey that every once awhile through these Cycles. We see Financial strains put put a strain on the innovation in Springport you and I were chatting. You said quite the contrary that you're involved with Microsoft and some other companies. Can you share with us a little bit about what's going on there? I think that's pretty helpful gym. Again. This is consistent with
past big disruptions were there was 911 or the Great Recession 2008 and some of the other Time challenges we've all had to overcome with these these moments in time. I think having the opportunity to accelerate obsolescence and bit also balancing on from a bouncing Prospectors also accelerate adoption of new and emerging and transformative business practices. So it just use retail as a quick example, when we established a 5 billion dollar fund to invest in retail operators
that stores we have brands that apparently lost their way and some of them are household iconic Brands like Neiman Marcus and lunch and bake Cafe in sacks. Not just the Sears and JC Penney's that have been left alone for a long time so that we can introduce better practices like Walmart is such a phenomenal I think success story about how they were able to adopt technology in a way that has put them in a real straw. Competitive position against the other e-commerce businesses Amazon otherwise
97% down three weeks ago. So I investing in some of these iconic brands that have raced towards bankruptcy because of the the challenges in the marketplace and we've also found ways to invest with other companies like Simon. Otherwise you have to help make them better and I'm happy to jump to the Microsoft store best thing in technology and Innovation, correct. We we are 3 years ago. We pivoted from adopting technologies that really in a supported building management systems in accounting and I'll see the infrastructure
running a real estate business and started to adopt individual platforms that improved efficiency within the functions. We all need to I've tried so invested in honest buildings, which has become Pro core. We use that for Capital project management and development along with GM web DTS for leasing excetera so that we found that the word terrific platforms to begin to improve the efficiency of these different functions, then it's also creating opportunities to aggregate data and data lakes that were previously unavailable to us and was
Brookfield or others in the industry so we can start to play volleyball with the data and why is that was not previously available? What are the most exciting projects that were focused on now is creating a digital twin of recently completed too many square foot office building in New York City at one Manhattan West and so we spent the last year plus with a company called Willow based out of Sydney treating an exact digital replica of the asset break down two dials, you know, when end of the building systems equipment represent the
warranties and so that was handed over to our operations team July one and they've been using that to doctor aggregate all of the different technology platforms. We used to run the building of the prospect of having List fully digitized accurate up-to-date record of everything that's been going on in the building. I'm going forward and then the last thing I mention of it and Microsoft has been a huge participant is it A partner in a sponsor Willow am beginning to work with tenants the occupants in the building to integrate
our digital twin of the base building with the digital twin of these in occupied lease spaces. And what that does. Is it working with us it helps us to improve how the company's optimize the functionality of the space. Right? And it's also helping us to identify things like the lake energy consumption and convert that into measuring greenhouse gas reduction. So it's really it's really profound Willian in about his journey for a while obviously and you know early days it took small fast-moving
innovators to take the risks, but I got to tell you when you see an organization like Brookfield and in some of your peers really Embrace this the battleships if you will then we know we've literally cross the chasm and that and it were not turning back in there. Even though we may not succeed every time the fact that you're up to the plate as much as you are swinging in a size and scale you represent. That's a very hopeful sign for Real Estate iprospect. Do you want to call it in the future? I applaud you in in a company for all of your efforts and
Malia mean, you know where the first points of reference that you know that I and some of my good friends and in college in the industry had a point to about what was going on with cold is when we spoke with your some of your friends and and and customer is in in Asia and learns that Korea and China some of these other countries have been facing epidemics and you know major health disruptions and every 4-5 years over the last 20 years. So it gives us a
better contacts and I'd only rely on our own real estate portfolio. Experiences but the community that you've established so that we can learn together. It will continue to compete fiercely for capital for the acquisition of assets for people but the outcome of where we get to with the adoption deployment of technology and then use it to aggregate data so we can make more smarter decisions and work collaboratively with Vonage is going to only improve if we all work together more from the beginning. I started my career
and Technology first and then into the real estate world. I know how complicated this is. I know how hard it is. I would never want to attempt to do it by myself and it's only with a team of people who are fighting for the same goals and makes this a worthwhile Journey one that we even have opposite seating at so guys like you like Brookfield to make this journey possible. Is already here it just hasn't been widely distributed yet. And so and so since the real estate industry has been a little
slower to adopt some of these young forward-thinking business practice and the snowflake. So it is we have some different challenges that has but as we pick up momentum accelerate and learn together, I think we really will be able to make transformative decisions and take steps forward to to improve our communities improve the cities that we all live work and play well. Unfortunately, I could talk to you for hours. We are absolutely going to have you back on your can be one of our or special guests that we bring on all the time because you're on the front lines and
doing things that scale. Nobody else is why I say, thank you again for pleasure or pleasure. Where do I next conversation? Thank you very much pleasure being here. All right, Well, you can tell when we have such great people in our community Robert and Kevin were just not just today but the years are fully supportive of this afternoon, so willing to share and that's that's the important thing. So our third part of our broadcast day is going to be segment 3, which is a weekly review of the news as you hopefully
know by now. We put out a weekly news brief and in the news brief, you are brought up to speed on the top 10 stories, there's hundreds but through technology in a little bit of human upper we get them down to 10 and I'm going to turn the Sherry to give us a little briefing on what happened this week in the in the news. Thank you. Jim Lee story this week takes a look at telepresence and immersive Technologies are in Jim young explains digital communication tools VR and Halle present to blend physical and virtual worlds in reopening businesses
buildings and events. Jim also delves into the underside of deepfakes in the issue of trust in you lie saying vent technology today while scoring the Practical applications of telepresence in real estate. I want such incidents is the upcoming real, my beacon High better than chicken off this month. We're will feature Tela and Halle present Technologies from art media event Works 40 and antenna Next to go to Bloomberg for an overview of the Innovation learning customers back to brick-and-mortar the massive retail recognizing caused
by covid-19 has fast-tracked efforts to turn brick and mortar stores in Spain immersive entertaining spaces. I'm afraid that won't be easy and it's for an e-commerce sales. The focus is on the human element. However to build in person connections and communities experiences with virtual reality products Studios for customers to try and jewelry and to apply makeup is early again, just another example of how immersive Technologies are rolling out in everyday life are final headline focuses on
thank you retail Innovation at the big box multinational Walmart on Wednesday Walmart on bills a re-imagined store design rolling out in 200 locations over the next few months running. Being left on the shopping experience USA Today reports. The redesign was planned for the coronavirus sentiment with a goal to save Shoppers time modeled after Airport Way findings. Thus the new shopping experience is effaced. How many customers to quickly navigate large floor plans and make purchases with minimal contact some locations will also feature a scan and
go option for customers to pay for their items as a shop using the Walmart pay system and it's finally coming true is pretty exciting. So Sherry do such a great job on the Weekly News brief making it very easy for people to hone in on what's important in this summary on her once a week webcast really good people good idea on what they should be paying attention for the weeks up. Thank you for that. I really appreciate it. All right. Well that is close to
wrapping. Our fourth episode. What we're going to do is take a brief minute to hear from one of our long-time great supporters MRI over the years. We could not have done it without their support and I let's let you hear a few seconds from them and then I'm going to wrap the shop. We invented real estate software almost five decades ago. And today we're redefining it for the future with you. MRI So number for in the books. We told you from the beginning. We are going to have
technical problems. We did we ask you to be patient as we started to figure things out. I think we're getting a little better each week. But we really like to do is to hear from you would like to hear what's working. What's not where we can prove what topics you want to talk about. We don't do better unless you tell us how to beat and we're here for you and we're here to bring information to you on a weekly basis to keep you up-to-date on what's happening in the industry the real estate technology industry and and hopefully you're getting some real benefit from that. So I would like to
officially wrap episode 4 and thank to all of those who made this possible and free the audience and one final mention three and a half weeks to go a little bit over three weeks are real, my beak on Virtual on-site hybrid event. We are going to be bringing of the bulk of the content in virtually from around the world and where Also going to be experiencing some bit of a physical on-site event to show that even us in the compass business can begin in the very small steps to bring people back together. So we're excited about that. We got a lot of work
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