tate is a difficult business to propagate a lot of technology through, because every building is different, has different characteristics, different tenant bases,” he said. “Creating one thing and then trying to replicate it over and over again can be challenging.”
In a bid to win over millennial office users, several landlords have leased buildings to WeWork. But Malkin continues to be skeptical of the co-working company. “I think that the WeWork phenomenon, to us, is much more chilling and in the end I think possibly self-defeating,” Malkin said, “except to the extent that they occupy their own buildings.”
“WeWork tends to beat the shit out of buildings,” he added. “It’s very hard to have a secure facility with name tags and security when they have members coming in and out ( ) and very, very high turnover.”
He also claimed “startup businesses can’t wait to get out of WeWork,” but acknowledged that the company is expanding rapidly and uses innovative technology.
Rufrano, meanwhile, dismissed the suggestion that the rise of online retail will kill brick-and-mortar stores. Instead, he argued, large retailers have the means to adapt to changes and stay competitive. “I go crazy when someone says ‘Amazon is going into the pharmacy business so all the pharmacies are dead’,” he said. “It makes the assumption that retailers sit around and put a gun to their head every time there’s a change.”
Tags: Anthony Malkin, Commercial Real Estate, NYU, Reality TV, ric clark, Tech
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