September 6, 2016
Honest Buildings is a data-driven project management and procurement system, that helps commercial real estate owners and managers centralize project metrics, standardize reporting and automate bid management. Connect Media’s Amy Wolff Sorter queried Riggs Kubiak, Honest Buildings’ CEO and Co-Founder, about technology trends, and the next step for his company.
Q. Why has technology been slow to catch on with commercial real estate?
A. The real estate industry is nuanced, relying on its own set of terminology that, to an outsider, might require a CRE dictionary to understand. Revenues and costs are broken down on a per square foot, per unit, or per key basis. Accounting systems serving as the financial general ledger for buildings are unique to real estate.
The complicated nature of CRE is the main contributor to the industry’s reliance on pen and paper and spreadsheet-based workflows. This is especially true as it relates to project management and procurement.
Q. What technology drives Honest Buildings’ platform?
A. Our product is built by a team of engineers that created complex platforms for leading global investment management firms, including Goldman Sachs. This team brings a new approach to technology for the real estate sector, focusing on leveraging data-driven insights to create enterprise-grade software with bank-level security.
Our product team spends countless hours directly with our customers, watching them use our product. They look for ways to make this business software as intuitive, or even more so, than many of the consumer applications that people rely upon in their personal lives.
The Honest Buildings team is a hybrid of real estate veterans and innovative technology and design professionals. Our investors include many of the largest and most ingenious real estate owners and venture capital firms like Milstein Companies and Thrive Capital. Our customers include SL Green, Beacon Capital, Rudin Management Company, JBG Companies, Parkway Properties, Invesco, Kushner Companies, Con Edison and many others. The combination of these three elements (team, customers, investors) shape the DNA of our company.
Q. What is your next step?
A. Our mission is to accelerate urban progress by empowering owners with data that they can apply to each project. While we have accomplished a great deal since our inception, we are still working on delivering more value for real estate owners. In the next few months, we have big announcements going live, including partnerships with some of the largest and most utilized platforms and organizations in our industry.
These partnerships and integrations are all steps toward streamlining workflows in the built environment, which we feel will get us closer to accelerating urban progress. As more than 50% of the world’s population now lives in cities, which is projected to exceed 75% in the next 50 years, we see this as one of the most imperative opportunities and challenges of our time.
For comments, questions or concerns, please contact Amy Sorter