Technology has been one of the main components driving human evolution throughout history. Our ideas and capacity to materialize them in the world have allowed us not only to survive but prosper as a species. There have been consequences to our growth, but technology is still perhaps our best hope to overcome the challenges that we face today. Now more than ever, we need people with the resources to support the ideas that will take us to our next iteration.
Real estate is one of the most consolidated industries on the planet. It has a global market size of over 10 trillion dollars. It has long fulfilled the mission of accommodating families and individuals, giving them a space to live. Our urban environment is largely defined by construction work. This industry hasn't seen much innovation for the past fifty or sixty years, though, according to investor Zach Witkoff. If technology were to permeate deeper into real estate, we could be looking at an entire revolution in the way we live.
In the late nineties, the Witkoff Group was established by Zach's father, Steven Witkoff. After successfully investing in properties in Washington Heights, Steven made his way through Manhattan. The group continued to expand nationally, designing and constructing some of the most iconic hospitality projects like The West Hollywood Edition, The Times Square Edition, and The Public Hotel in New York City. As the younger Witkoff says, "We build experiences at Witkoff. We think about the whole picture. We create full ecosystems where people don't have to leave the property if they don't want to."
Since he was 15 years old, Zach Witkoff has been working on construction sites along with his father. Like many young entrepreneurs, Zach sees the potential of technology to disrupt industries and wants to use his position in real estate to help bring new ideas into the space. In 2019, a few years after graduating top of his class from The University of Miami's Business School, Witkoff started Witkoff Capital, the family office, to expand the group's assets into real estate. "We are very long in hard assets and want to diversify into tech while maintaining a strong real estate presence." He commented.
Using his expertise in real estate and technology, Zach wants to bring innovative ideas into his portfolio and connect to help them find the right partnerships for their development. The investment firm is paying close attention to the unfolding of technologies like AI and blockchain and wants to participate in their integration into the market. "You see homes being built with 3D printers, which is fascinating. Now you can construct with robotics. These are all the kinds of things that I'm looking at." Says Witkoff
On a mission to promote solid long-term relationships, the group is also creating a golf club for worldwide business leaders. One of the primary purposes of this project is to exchange resources and find new avenues for inventive concepts.
Zach Witkoff believes in the future, and he's taking action to ensure the best ideas find their place. It's exciting to imagine what will be possible next.
Article by Jordan Finkle