Brendan Wallace has recently been in his mind. Is the co-founder of Wallace. Fifth Wall AdventuresUnder management, a nine-year proppy companion company is a nine-year proximity company with $ 3.2 billion. He is also the owner of the house in LA. Continue. To fight burning wildfires. His place does not fail. Many of his friends are not so lucky.
WALACE has become more than his control over his control. First, The epidemic has made a big difference in the theme for many of the Fifth Wall-read partners, who read like CBre, Cushman & Wakefield, Lennar. Unfortunately, for many of the same players, The vacation rate is still in a nationwide rate of 20%, and many companies do not expect the analysis to ignore the number of companies because they have given up the idea of going back to the office.
The Protete has held its silence and arrows in recent years. Due to the high turning point in the fate of the wewor, it has come out of bankruptcy after the IPO absence and larger reorganization in June.
The change usually pays secret benefits, and Wallace believes Wallace is ready to recover from work. As he sees it, There are a fireplace opportunity related to property resistance: or using technology to endure damage and disturbances. Fifth Wall's limited colleagues of Fifth Wall sees a great opportunity to help the energy needed to help them in the need of technical industry for data centers.
Wallace recently, and we talk about some of these trends, There have been some of these trends that have been reported in LA, as many as many experiences like Apocalypse. You can listen to it. Full Chat here Or edit long and lightly for the excerpts to the quotes from our conversation.
How are you in LA?
What happened was tragic. Everyone in our team is safe. We are in Santa Monica and moved to our office. This is a very difficult moment for Los Angeles, and there will be a lot of reflection on the other political and economic questions that are struggling for a long time in California. It's a positive thing, But now, it is disappointing to see the destruction of this beautiful and wonderful city.
What do you think about next? Do a lot of cleaning. I'll do a lot of rebuilding. It must represent unexpected opportunities; It is said that it is a fanatic.
I don't say it's right. . On the other side of this crisis, people don't think they will want to stop living in Los Angeles. . So I'm optimistic that this will be rebuilt in one of the largest Americans in the United States. And in Fifth Wall, we want to say that we are excited to be part of it. How do you see it as part of it? I don't know.
The main problem with the owners and the owners of the business owners are the flight of the state's insurance provider. . .
We are one of the most active investors in FinTech for the residential business. Invested in Fifth Wall. HipCalifornia is a very active home insurance company. (Editor's Note: Hippo stopped writing the new guarantee of homeowners in the country. Last summer.)
This means that many of the rules that are volunteered to benefit consumers are actually an unusual market that will worsen the problems we have. People cancel their insurance. Therefore, we are excited: Better solutions to the creative consumers, and we are interested in the potential of investing in them. Other you want to see it to smooth the amount of bureaucracy needed to establish insurance companies.
Is the math except regulations? It is difficult to understand how those who begin to recover from different rules and be insured in California.
It is very difficult to answer that question without looking at the county analysis by district. Some places may be uninsured, but some places may not be guaranteed. Be in There is no respect to the mitigation without rule.
This is not just California problems. California is stronger in California and the value of homes in California may be higher, but it must be solved as a country.
Do you think the wildfires can change the value of property in dangerous areas? Miami does not seem to be that way.
I think prices will rise for a few reasons. There will be a number of new construction in southern California and increased replacement costs for homes. People still want to live in the beautiful places of this country. This will not you find the crowds.
The increase in insurance premiums also leads to low affordability of the homes, and it may cost a little of the houses because it is considered in a high cost of insurance costs. However, it will increase prices in the southern California and in the West Lok Acts.
You are investor in the 3D printer icon of the Modular homes. Do you see the potential for that company? Reported. This month, about a quarter of its employees were dismissed this month before the fire.
Icon is an actual exciting business. Fifth Wall is a small investor in the company. Our paper is not the reason for the wildfire or a rebuilding cause. How do you construct from faster and cheaper homes faster today? The thing they built was a great reduction in the dirt involved and effectively printing in a house and process.
One of the most people who do not know that most people in the US Trash are about 5% of all products in the US Trash, which goes to the construction site and goes straight to the heap. It is a big problem that increases for consumers, making construction companies to operate and own a large carbon footprint. What I think the question can do to how much to do it? Can you make this cost effective?
Have you invested in specialized companies focused on making non-burning items?
No, not at all. But we should do it. I think it's a place where there is a lot of focus. . . (Go ahead) the revision will be a big problem. Most of the houses that we need to protect are already built, and it is built with very difficult materials to withdraw. Therefore, in real estate technology, Most of the values you can add in the group's bundle and society are by revising the existing assets, or home or infrastructure assets.
Of course, Reconstructed The items used should be well understood and the best solutions should be used. But most of the dangerous houses in the southern California are now today.
Overall, the Protet section has become less compromised in recent years. Is it justification to say that all interested in the industry is fair?
It's completely cold. We think we are still living in the cold and bitter market markets for the PROTTECH. You haven't seen the big games. Basically, no capital included in the capital of the Fifth Wall is not available during the period. VC flow to space was very low.
Companies who have survived this Darwin Encyclopedia is now the thing you see. Correct cost cuts; Their model is directed; Companies that provide their market expansion; Companies working through the recruitment of capital is stronger and stronger. Longer and longer on the other long-lasting side. The spring is spring for the Prop Technology industry, and it is now seeing many positive indicators for space. (Editor's Note: Here, Wallace quotes the IPO of the Servicestitan, the Fifth Wall and Fifth Wall Company, created software for contractors. It was a publicity. December and recently For sale Other Ports Company; Industrious, Its part owner; Into cbre.)
What is the threat of this conventional threat for the office industry that we have learned for many years?
Long-term (Questions) About Office However, you see the explosion of the explosion in the types of that I have not even thought even real estate. The data centers are completely exploded. Some explosions make real-estate industry in large questions. Likewise, Although the AI revolution, which is impossible, is impossible to extend the data centers in the US, but it is impossible to produce a large amount of new energy in the US data centers.
Continue. . .
We need training throughout the world, and servers that can be concluded and need a lot. This is not surprising or secret in real estate markets. The data centers may be the most famous property in real estate in the past two years. But there is a related issue now. . . It is because the data center is very powerful. Local usefulness is not allowed to plug. . .
'If we want to participate in computer data centers, we must be involved in the real estate industry.
What do your LPs expect to do? Will you invest in Fusion Startup now?
Fusion is really exciting, but we have a closer problem. Now it is energy in the next or next year. The best is: These are the basic fuel, based on fossil fuel. I don't want dirty energy resources. . Therefore, as we know, it is possible to actually transport the renewable energy (most prominent). The main point is: We are investing in solutions to accelerate the development of the solar development with our real estate investors. Real estate companies will become self-energy development companies themselves.