The MIT Center for Real Estate recently announced the launch of the Real Estate Innovation Lab (REIL), a research and development lab for innovation in the built environment that links design, innovation and economic impact. The REIL was established in late 2015 by Research Scientist Dr. Andrea Chegut, Professors Dennis Frenchman and David Geltner, and developer and technologist Steve Weikal.
REIL will explore the frontier of real estate data, technology, products and processes. As a unique innovation space for the real estate community, the lab’s primary objective is to create an intellectual community of multidisciplinary researchers for developing academic work on innovation that impacts the development of the built environment.
WiredScore is a contributor to REIL, serving as one of the lab’s founding data providers. The collaboration began two years ago, when Chegut was researching transaction price outcomes for fiber lit buildings and data centers in the New York City market.
Much of the innovation transforming the built environment is in fact starting with MIT’s School of Architecture and Planning and the Center for Real Estate itself through its entrepreneurial legacy in design, planning, media and art. However, there is a need within the real estate community to keep track of, understand, and even assist this revolution.
Chegut told WiredScore that, “The underlying role of REIL within the real estate community is to identify innovative products, processes, and technologies that enable better growth for the built environment.”
One of the lab’s first projects is to build a real estate database for New York City including fiber connectivity, vacancies, rental rate, and much more. “If we can build a comprehensive database and platform for that data, we can better understand the value dynamics within a city and inform developers on how to build better cities and create a digital infrastructure that serves the needs of people and businesses,” Chegut says.
The lab will be hosting a series of workshops at the MIT Center for Real Estate where researchers at the lab would like to work with the real estate and urban tech community to explore the challenges and opportunities surrounding innovation for the built environment. An upcoming workshop will be focused on urban data that explores the frontier of new databases and technologies impacting the real estate community.
Read about how the lab will promote the future of urban and real estate development by working with our real estate, data and investor community here: http://news.mit.edu/2016/real-estate-innovation-lab-1103.