10 months ago

Office Insider - February 2018

This month’s Office Insider discusses technologies like blockchain and cryptocurrencies, and their role in the commercial real estate space.

Content P.3 Feature

Content P.3 Feature Introducing blockchain, cryptocurrencies, and the real estate space P.6 Editor's Interview Lee Garden Three - 33 Hysan Ave, Causeway Bay P.8 Colliers News P.9 Meet Wang Cheung, a broker and a mother P.11 Featured Properties Office Insider is a monthly magazine featuring the latest in the office property market. Everything from new trends, to popular monthly listings, and Colliers’ most recent projects and news. CONTACT US FIONA NGAN General Manager Head of Office Services Tel +852 2822 0722 Licence No: E-197789 EDITORIAL BOARD KATE HEALY-SMITH Associate Director Marketing & Communications FRANCISCO SKOVMAND Content Manager Marketing & Communications VALERIE TSO Business Acceleration Manager Office Services Follow us on: This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2017. All rights reserved.

Feature Introducing blockchain, cryptocurrencies, and the real estate space Blockchain technology is an online database or distributed ledger which records and manages transactions and stores them in a network of ‘blocks’. It archives past and present transactions for every item kept in there, digital items such as identity and ownership documents, and cryptocurrencies like Bitcoin and Ethereum. The network is safeguarded by its encryption and transparency, and because it is stored across many blocks, that anyone has access to, the information is virtually incorruptible. Consumers, companies, and whole industries are now looking at how this technology can be adopted, and corporate real estate (CRE) is one of these industries. It will take some time for CRE to fully adopt blockchain and the digital assets it brings with it, but when it does disruption will come in numerous ways: from purchasing, leasing, and lease management; to capital raising for real estate ventures through Initial Coin Offerings (ICOs); and property search and due diligence processes, and smart-decision making. Landlords, tenants, buyers, sellers, and brokers all have access to historical accounts of specific properties and CRE market data. Today, this data is recorded through internal or standalone CRM systems, websites, e-mails, etc. all which can be tampered with. Blockchain removes the risks of malicious interference, fraud, and cost cutting in the CRE market. Assuming confidentiality is cleared, blockchain would allow for each property to have a digital identity in the system and a factual record of all tenants that have leased or owned the property, transaction documents, maintenance records, and landlord information. Which would result in the facilitation and streamlining of any deal in the leasing and owning processes, including reducing the amount of paperwork and people involved. Page 3 | Colliers International | Office Insider | February 2018