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Overheard: Houston experts weigh in on the future of tech in real estate

What's the future of real estate — and how have technology and the pandemic affected its trajectory? A panel of experts discuss. Photo via Getty Images

The residential and commercial real estate industries have both evolved drastically as new technologies have emerged and in light of the pandemic. But where does that leave renters, homeowners, Realtors, brokers, and everyone else?

A panel of experts looked into their crystal balls and tried to answer this question at a panel for Houston Tech Rodeo last week. They discussed diversity and inclusion, home buying and rental trends, post-pandemic office design, and more on the virtual panel moderated by Allen Thornton, CEO of Money For Your Mission.

To hit the highlights from the virtual panel, check out some overheard moments below. To stream the full broadcast, click here.

“We’re dealing with a different consumer. When you look at the largest pool of buyers of residential real estate — it’s millennials.”

— Bobby Bryant, CEO of Ask Doss. Bryant says these buyers want information than just pictures, square footage, and the school it's zoned to. They want to know about the neighborhood they will be a part of.

“Folks are realizing how much waste comes from buildings — the buildings we spend 90 percent of our time in.”

Natalie Goodman, CEO of Incentifind. She adds that renters and homebuyers, as well as commercial tenants, are increasingly demanding more sustainable options. And the government will pay you to implement these things, Goodman says.

“Before the pandemic, there were already over 60 million freelancers across the country. If the pandemic has taught us anything, it’s that a whole lot more people than just that 60 million are capable of doing a really fantastic job of powering the economy from home."

Reda Hicks, CEO of GotSpot. People are going to be using space differently, so it's about finding those needs and providing the right access to them.

“As human beings, we’ll be drawn to operating and cooperating with other people in environments that are conducive to collaborating and creativity. We’ll probably see innovation ecosystems transition their operational pieces to an online platform. … But we’ll just naturally want to engage with other humans again."

Alexander Gras, managing director of The Cannon. Gras adds that the opportunity for in-person collisions is too important to us as humans.

“People are getting educated and educating themselves, and there’s more inclusion. That means more opportunities for individuals of color to invest in or own residential or commercial real estate.”

— Mark Erogbogbo, influencer at 40 Acre Plan. These emerging opportunities, he adds, need to continue.

“When you don’t need to go to a specific office every day and you can work anywhere, well then you can live anywhere.”

— Sebastien Long, CEO of Lodgeur. The pandemic changed how people regarded their housing. Many opted for more spacious rentals with backyards in less crowded areas. Americans don't have a much time off as Europeans, he adds, so they are rethinking how they work remotely.

“Residential real estate has to be the only industry that sells a product that it doesn’t service.”

— Bryant says, explaining how homebuying is one of the most expensive purchases in people's lives that they use for 8 years on average, yet it's a one-time transaction that also spans across many platforms. "The future of real estate brings everything together in one place."

“What CRE needs to think about if they are going to attract and retain tenants … then they need to think about resilience and build for more extreme weather. And that’s where incentives are going to spike.”

— Goodman adds, referencing the winter storm and the hurricanes Houston gets every season.

“For a very long time, (commercial real estate) has been an industry based on a 10-year lease. There are few people who are willing to take on that kind of relationship because that’s a decade, and nobody knows what’s going to happen tomorrow.”

— Hicks says about the challenge CRE owners face with finding new tenants.

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A new report says Houston “is poised for further growth” in life sciences. Photo via Getty Images

Houston is receiving more kudos for its robust life sciences sector.

Bayou City lands at No. 13 in JLL’s 2022 ranking of the country’s top 15 metro areas for life sciences. JLL says Houston “is poised for further growth” in life sciences.

Here’s how Houston fares in each of the ranking’s three categories:

  • No. 12 for supply of life sciences-oriented commercial real estate
  • No. 14 for access to life sciences talent
  • No. 15 for life sciences grant funding and venture capital

Earlier this year, Houston scored a 13th-place ranking on a list released by JLL competitor CBRE of the country’s top 25 life sciences markets. Meanwhile, commercial real estate platform CommercialCafe recently placed Houston at No. 10 among the top U.S. metros for life sciences.

JLL applauds Houston for strong growth in the amount of life sciences talent along with “an impressive base of research institutions and medical centers.” But it faults Houston for limited VC interest in life sciences startups and a small inventory of lab space.

“Houston is getting a boost [in life sciences] from the growing Texas Medical Center and an influx of venture capital earmarked for life sciences research,” the Greater Houston Partnership recently noted.

Boston appears at No. 1 in this year’s JLL ranking, followed by the San Francisco Bay Area, San Diego, Washington, D.C./Baltimore, and Philadelphia.

Last year’s JLL list included only 10 life sciences markets; Houston wasn’t among them.

“The long-term potential of the sector remains materially unchanged since 2021,” Travis McCready, head of life sciences for JLL’s Americas markets, says in a news release.

“Innovation is happening at a more rapid pace than ever before, the fruits of research into cell and gene therapy are just now being harvested, and revenue growth has taken off in the past five years as the sector becomes larger, an atypical growth track.”

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