Not unlike any other day at Compass, today is gonna be yuuuuuuuuuge!
Our Series G financing round of $370 million in new capital was just announced by Robert on CNBC. This round includes new investor Dragoneer Investment Group, (which has invested in companies like Slack, Uber and DoorDash), as well as long-time partners, such as the Canada Pension Plan Investment Board (CPPIB) and the Softbank Vision Fund, who are reaffirming their continued belief in our strategy and success. This investment brings our total capital raised to over $1.5 billion. Thanks so much to everyone in the Compass Family - those who have been here since DAY 1, those who have joined us recently, and everyone who joined somewhere inbetween - who continue to do extraordinary work every day, who help us build this wonderful place we call home, who strive daily to improve our world as well as our profession. THANK YOU!
DID YOU KNOW? For anyone scratching their head about low government inflation figures as they see rent prices, food prices, healthcare prices, etc rise, know you are not alone.....
Humility is one human attribute I seek most in others. I have found that most truly successful and accomplished people are humble about their achievements, don't brag relentlesly and often mix in some self-deprecating humor to demonstrate to the world that thay are not nearly as important as some might believe.
It is true that success and great achievements have the capacity to erode humility. It is at these times especially that we need our inner triggers - and friends, family and colleagues - to nip what can be a rather ugly human trait in the bud. So with to-day's new funding announcement, pat yourself on the back and know this is an enormous achievement, but be humble about it. Be elegant about it. Roar and yell with glee.....but do so behind closed doors.
Some may argue that all Compass' success could be attributed to our large pool of capital. That may be partly true, yet we should remind ourselves that our competitors - and those who want humans out of the real esatet profession altogether - are equally well funded. Some are far richer with multiple alternative sources of income. We have to compete on the same level. And we will.
In this world, no-one can ever stop learning, growing, improving and learning from their mistakes. Let's all continune to live by our Compass Principles and continue to SOAR!
DID YOU KNOW? There is a growing movement for vegan interior design. This not only excludes the obvious like leather, wool and cowhide rugs, but also most paints that contain casein derived from cows milk. (FT)
DID YOU KNOW? Barney's may be declaring bankruptcy soon as it faces a liquidity crunch spurred by a rent hike at its Manhattan flagship. So far, 7,062 store closures have been announced by U.S. retailers this year, according to Coresight Research. The tally could top 12,000 by the end of 2019, setting a new record. In 2018 there were about 5,524 store closures, down more than 30% from an all-time high of 8,139 closures announced in 2017. (CNBC)
DID YOU KNOW? Sonder, a company that straddles the ever-blurring line between hospitality and multifamily real estate, has secured major funding for its continued expansion. Sonder leases blocks of apartments from multifamily landlords, furnishes them and customizes them to rent for stays as short as one night and as long as several months. The units, called Sonders, come in a range of properties from row houses to high-rises and are serviced like hotel rooms. (Bisnow)
DID YOU KNOW? Texas’ top 3 office markets - Houston, Dallas-Fort Worth and Austin - housed roughly 104M SF of the 430M SF of new U.S. office space that came online during the last decade. Dallas-Fort Worth, Austin and Houston accounted for 24% of the nation’s new office construction pipeline during the 10-year span running from 2009 onward. (COSTAR)
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