Even with all the work currently happening in aspects of proptech, commercial real estate has never been known as a hotbed of innovation. Trepp, in partnership with NYU Stern’s C.H. Chen Institute for Global Real Estate Finance, announced what they’re billing as an inaugural innovation challenge.
“Commercial real estate is a fixed asset that requires space on the ground to build,” they write. “The physical and economic environments which affect the performance of a building constantly change, but the location of a building cannot. Given that the pace of change is accelerating, how can commercial real estate be made more flexible and adaptable to thrive in a changing world?”
The program is aimed at university students, whether undergraduate, graduate, or postdoctoral, and professors.
“The Challenge will encourage students to explore innovative solutions to a diverse range of issues facing the commercial real estate industry as it evolves to address the needs of its members, investors, lenders, and the public at large,” says the release. “Participants in Trepp’s Innovation Challenge will need to be creative, solving solutions to several problems including:”
“How buildings can leverage technology and data to reduce their environmental impact, whether in energy, health, water, waste, or infrastructure demands.”
“How commercial real estate can leverage technology and data to better respond to changing conditions in the physical environment.”
“How technology and data can facilitate the repurposing or adaptation of commercial real estate when it needs to be repurposed.”
“How Affordability and Inclusion can be applied to buildings and communities to make real estate more affordable and open to more members of the community.”
Certainly all problems worth considering. Those who want to participate must submit through a web form a one-page topic description by 5 p.m. eastern on November 11, 2022.
Update: Trepp added a full submission guide with details, including rounds of competition, deadlines, and that the winner will receive “up to $15,000 in grant funding to further develop their idea.”