Cortex AI by Snowflake Powers Enterprise Financial AI

Snowflake, the AI Data Cloud company, has launched Snowflake Cortex AI for Financial Services, a robust suite of AI tools and partnerships designed to help financial firms unify their data ecosystem and securely deploy AI models, apps, and agents. The platform also ensures strict security and compliance controls essential for regulated industries.

Snowflake also unveiled a managed Model Context Protocol (MCP) Server, now in public preview, allowing organizations to securely leverage both proprietary and third-party data from partners like FactSet, MSCI, Nasdaq eVestment, and The Associated Press.

Using this MCP Server, customers can connect their data to apps and AI agent platforms—including Anthropic, CrewAI, Cursor, Devin by Cognition, Salesforce’s Agentforce, UiPath, and Windsurf—to build context-rich AI agents and applications. These innovations enable financial services and other industries to rapidly deploy trusted, purpose-built AI solutions, while ensuring secure, seamless connectivity across data and AI ecosystems.

“The financial services industry has long been a leader in embracing new technology, and AI is no exception. However, the industry faces unique challenges in navigating fragmented data, robust compliance requirements, and the need for airtight security and governance,”

said Baris Gultekin, VP of AI, Snowflake.

“By bringing AI directly to where their data already lives and enabling secure interoperability with remote agents, Snowflake is making it easier for highly-regulated industries like financial services to power business-critical use cases and tap into a unified ecosystem of best-of-breed data, AI, and apps.”

Cortex AI for Financial Services empowers enterprise-grade AI agents to streamline complex financial workflows, including market analysis, quantitative research, fraud detection, customer support, and claims management—helping organizations save time, cut operational costs, and gain faster insights.

Snowflake’s MCP Server enhances this capability by enabling secure, industry-wide interoperability, connecting both Snowflake data and third-party data and applications.

Clarivate Launches AI Solutions to Boost Patent Strategy

Clarivate Plc, a global provider of transformative intelligence, has introduced two new solutions for Innography users: Innography AI Classifier, designed for portfolio benchmarking, and Innography SEP Analyzer, built to simplify standard essential patent (SEP) negotiations.

These innovations further strengthen Innography’s tradition of connecting patents with business strategy, enabling organizations to make quicker, more informed decisions around patent portfolio management, licensing, and commercialization.

Innography AI Classifier harnesses the power of supervised machine learning and large language models (LLMs), combined with Derwent World Patents Index data, to deliver highly accurate patent classification, achieving up to 97% accuracy on the first attempt.

This advanced AI technology enables patent professionals to classify patents efficiently and consistently at scale, applying a tailored perspective to analyze their own or competitors’ portfolios. The tool works with or without training data, reducing classification tasks from weeks to just minutes, and helping organizations accelerate strategic portfolio decisions.

Innography SEP Analyzer simplifies research by standardizing and categorizing standard essential patent (SEP) data, complemented by clear visualizations for concise reporting and analysis. With this solution, patent strategists and licensing teams gain objective insights into competitor declarations, helping them drive faster and more informed licensing negotiations.

Shandon Quinn, Vice President, Patent Intelligence, Clarivate, said

“Innography SEP Analyzer is another example of Clarivate offering its best-in-class data through solutions that support critical decisions. Together with the AI Classifier, these new capabilities in Innography represent an important step forward in leveraging AI technology and enriched data to drive patent portfolio strategies and commercial decisions.”

What is Social CRM: Top Tips and Tools

It’s long been said that success in business is about location, location, location — but the truth is, that’s not actually enough to make it big. You’ve got to have relationships, relationships, relationships, too.

Practicing good Customer Relationship Management (CRM) is important for anyone working in the world of sales. Every transaction, big or small (heck, even medium-sized!) starts with making a meaningful connection with a customer. And in 2023, that meaningful connection is probably happening over social media. After all, 4.7 billion people globally (!) are regularly active on social platforms.

Four! Point! Seven! Billion!

That’s why we’re digging into the concept of “social CRM” (a.k.a. how to use social media to manage customer relationships) here today. Let’s goooo!


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What is social CRM?

Social CRM is an extension of traditional CRM (customer relationship management), specifically focused on leveraging social media platforms and online communities in order to manage and nurture customer relationships.

The benefits of social CRM are many. For example, social CRM software lets brands…

  • Provide faster customer service
  • Practice social listening
  • Integrate sales, marketing, and customer service teams
  • Monitor for mentions
  • Control and improve your brand reputation
  • Share content and engage with existing clients and prospects

Social CRM also allows businesses to gather valuable customer data and provide personalized customer service experiences. Basically, everything you need to practice social selling effectively. What’s not to love?!

Social customer relationship management software will typically help you measure the following important metrics:

  • Traffic — If your goal is to drive traffic to your website or ecommerce platform, social CRM enables real-time monitoring of traffic and click-through rates, allowing businesses to assess the success of converting visitors into sales.
  • Brand mentions — Monitoring the online buzz surrounding your brand is crucial. With social CRM, you can track brand mentions across multiple platforms.
  • Engagement metrics — Social CRM software helps break down engagement metrics such as likes, shares, reposts, comments, and incoming communications.
  • Audience demographics — Who is following you? How do they behave online?

Traditional CRM vs. social CRM

Traditional CRM primarily revolves around managing customer data and interactions through offline channels like phone calls and emails. Social CRM, on the other hand, includes social media platforms.

Social CRM allows brands to capture customer data from social media profiles, monitor conversations, and engage with customers in a more proactive manner. (How dynamic!)

Using a social CRM software makes it possible for teams to have real-time interactions with customers. It also empowers companies to deliver personalized content — a surefire way to strengthen the bond between your brand and your customers.

How to set up a social CRM process

Ready to start managing your social media relationships with more focus and intention? Once you’ve got your brand’s social media channels all setup and ready to roll, it’s not that tough to implement a social CRM process on top of your content strategy. Here’s where to start.

Define your social CRM objectives

Identify the specific goals you aim to achieve through social CRM. Do you want to improve customer engagement? Drive brand advocacy? Gather market insights?

What you want to do will help keep you focused on taking relevant actions and collecting the metrics that are most meaningful to you along the way.

Select the right social CRM tools

Choose a comprehensive social CRM platform that aligns with your business requirements (we love Hootsuite, for obvious reasons, but check out our full list of fave CRM tools later in this article).

Consider factors like social media monitoring capabilities, integration with existing systems, and scalability to find the right social CRM tool for your brand.

Integrate your social media channels

Connect your brand’s social media accounts (whether that’s Facebook, Instagram, Twitter, whatever!) with your CRM system. Once you’re logged in, the CRM software will be able to capture relevant customer data, such as a follower’s profile information, activities, and preferences.

Monitor and analyze social media conversations

Use social listening tools to track brand mentions, customer sentiment, and industry trends. Analyze this data to gain valuable insights into customer behavior and preferences: it’s the sweet, sweet intel that’s going to help you eventually close that sale.

Engage and respond in real-time

Leverage your social CRM platform to engage in meaningful conversations with customers. Respond promptly to queries, address concerns, and provide personalized recommendations — it’s the customer service people expect these days, after all. Don’t leave ‘em hanging.

Bonus: Get a free, easy-to-use Customer Service Report Template that helps you track and calculate your monthly customer service efforts all in one place.

Personalize content and campaigns

Put all your insights to work to really create targeted and personalized content. With the help of that juicy data you’ve collected with your social media CRM platform, you’ll be able to tailor your marketing campaigns to match individual preferences and interests.

Social CRM challenges

Of course, as you may have noticed by now, nothing in this world is perfect (ugh, so annoying!). Social CRM tools are incredibly helpful for building meaningful relationships with customers — past, present, and future — but implementing a social CRM platform can come with its own set of challenges. Some common obstacles include:

Data privacy and security

Social CRM tools are amazing for gathering and analyzing customer data, but with great power comes great responsibility. Organizations must adhere to data privacy regulations and ensure the security of customer information — or face potentially harsh penalties, financially or legally. (Educate yourself to stay protected against liability: here are our best tips for mitigating risk!)

Data overload

Social networking generates vast amounts of data — probably way more than you actually need. An abundance of not-super-relevant metrics can be distracting and even overwhelming.

Make sure your brand has a strategic goal and focus to help you filter out the noise. The right social CRM tool can help with interpreting and deriving actionable insights from the most meaningful bits of your big pile of data.

Playing nicely with your existing systems

Integrating social CRM with existing CRM systems, marketing automation tools, and other business applications can sometimes be a pain. Consider your other suite of tools when you’re shopping for your CRM — picking a product that plays nicely with everything else will make for a smoother implementation and synchronization.

List of Best Social CRM Tools

The best social CRM tools provide businesses with the ability to manage customer profiles, listen to online conversations, analyze sentiment, drive social selling efforts, and efficiently manage multiple social media management platforms. Here are our top social CRM platforms for 2023:

Hootsuite Inbox

Hootsuite Inbox provides a comprehensive social CRM solution, enabling businesses to monitor social media conversations, engage with customers, and analyze data with clear, efficient reporting. What more could you want? An all-in-one social media content creation and scheduling tool, complete with a new AI caption creation feature? All right then, we have that too.

While many of the other tools on this list are traditional (and well-respected!) CRM tools, Hootsuite is truly a social CRM. That is, it’s built for organizations that are invested in social media as a primary marketing and customer relationship channel — and know that social media is the future of customer service.

Zendesk

Known for its robust customer service platform, Zendesk also offers social CRM capabilities that help businesses streamline customer interactions across various channels.

Zendesk dashboard

Source: Zendesk

With a super user-friendly interface, Zendesk CRM enables businesses to centralize and organize customer data, enhancing efficiency and productivity. The multi-platform CRM tool seamlessly integrates with all sorts of channels — email, social media, and phone — which enables businesses to manage customer interactions from a single platform.

The Zendesk CRM also features robust ticketing capabilities, enabling efficient issue tracking and resolution. Its analytics and reporting features offer valuable insights into customer behavior and trends, facilitating data-driven decision-making. Plus, Zendesk CRM supports customization and automation, which is really helpful for businesses that want to tailor the platform to their specific needs and streamline workflows.

HubSpot

HubSpot’s CRM offers a suite of social CRM tools, including social media monitoring, publishing, and engagement features. It integrates seamlessly with other HubSpot products, enabling a unified view of customer interactions and personalized marketing campaigns.

HubSpot deal created for different brands
Source: Hubspot

HubSpot CRM allows businesses to easily manage and track customer interactions, centralizing all data in one place. It offers seamless integration with various communication channels, including email, social media, and live chat, enabling efficient customer engagement.

HubSpot CRM provides robust sales and marketing automation capabilities, allowing businesses to automate repetitive tasks and nurture leads effectively. Its comprehensive analytics and reporting features offer valuable insights into sales performance and marketing campaigns. (And you know we love valuable insights.)

Salesforce

The Salesforce integration for Hootsuite allows you to attribute social interactions to leads, contacts, accounts, and cases. All teams get a fuller picture.

You can trigger Salesforce workflows based on social interactions. You’ll also be able to create targeted marketing lists based on social data.

Salesforce overview with social interaction details
Source: Hootsuite Apps

Zoho CRM

Zoho CRM includes social CRM functionalities that help businesses manage customer interactions across social media platforms — you’ll find social media monitoring, engagement, and reporting features, all of which (of course) foster better customer engagement and personalized marketing campaigns.

Zoho CRM individual target tracker and team performance
Source: Zoho

Zoho CRM’s automation features streamline repetitive tasks, saving time and increasing productivity. Zoho also offers multichannel support, allowing businesses to engage with customers through email, phone, social media, and live chat, too.

Like the others on this list, Zoho provides in-depth analytics and reporting capabilities, providing insights into sales performance, customer behavior, and campaign effectiveness.

Nimble

Nimble provides a unified view of customer interactions, social media engagement, and contact management, allowing for effective relationship building.

Nimble unified overview of customer interactions

Source: Nimble

The interface is pretty intuitive: use Nimble CRM to centralize and organize customer data and see a holistic view of customer interactions. Nimble conveniently integrates seamlessly with email and social media, and its robust contact management features help users stay organized and build meaningful relationships with their customers.

Nimble also offers social listening and engagement tools, making it easy for businesses to monitor and engage with customers on social.

Microsoft Dynamics 365

The Microsoft Dynamics 365 integration with Hootsuite brings social data into your Microsoft CRM. You can create lead-generation opportunities based on social posts and conversations. And you can use case management to resolve customer issues.

You’ll be able to see your CRM information within Hootsuite and connect social activities and conversations with leads and contacts.

Brand24

Brand24 is a social media listening and monitoring tool that helps businesses track brand mentions, engage with customers (or potential customers), and analyze social media conversations. It provides sentiment analysis, influencer identification, and competitive analysis features for social CRM purposes.

Brand24 social media listening and monitoring with graph of engagement
Source: Brand 24

The real-time monitoring and analysis of online conversations is the biggest feature here — you’ll access brand mentions, customer feedback, and industry trends at a glance.

Brand24’s CRM platform also offers lead management capabilities, enabling brands to capture and nurture leads effectively.

Sparkcentral

Sparkcentral is a social customer care tool that collects messages from different channels (social media and others) and distributes them to dedicated teams or support agents.

Sparkcentral social customer care active channels
Source: Sparkcentral by Hootsuite

It allows customers to access services through social messaging apps (including WhatsApp), SMS, and live chat on your website or app.

Sparkcentral also integrates with Zendesk, Salesforce, and Microsoft Dynamics 365, making it possible to sync all customer contacts.

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109 Social Media Demographics Marketers Need to Know in 2023

A solid understanding of the latest social media demographics is the cornerstone of any social media strategy. As the popularity of various platforms waxes and wanes, the savviest marketers will spot new opportunities to reach target audiences on the platforms where they are most likely to build lasting relationships.

Bookmark this page as your one-stop source for the most useful demographics for every social platform to access every time you’re crafting a strategy or a report, or simply benchmarking your own audience.

Bonus: Download a free guide that reveals how to increase social media engagement with better audience research, sharper customer targeting, and Hootsuite’s easy-to-use social media software.

General social media demographics

1. As of 2023, the number of social media users worldwide was 4.89 billion. That’s more than half of the entire population of earth.

2. Globally, people spend an average of 2 hours and 26 minutes per day using social media.

3. Users in Brazil are spending the most time on social media: 3 hours and 49 minutes per day.

4. 59.9% of the world’s social media users live in the Asia-Pacific region. 10.5% live in Latin America, 9.2% in the Middle East and Africa, 7.1% in Central and Eastern Europe, 6.7% in North America, and 6.7% in Western Europe.

5. Asia-Pacific will also see the greatest social network user growth in 2023 at 2.7%.

social network users worldwide by region 2023

Source: eMarketer

6. The Philippines is the country with the greatest social media penetration among internet users at 98.6%.

7. 82% of the total U.S. population aged 12 and up is using social media. That’s an estimated 235 million people.

graph of social media users for U.S. population over 12 years old

Source: Edison Research

8. 40% of social media users follow influencers, and 30% have made a purchase after seeing an influencer post.

9. Women aged 18-29 are the most likely to make purchases based on influencer content (50%).

younger social media users follow content creators and purchase

Source: Pew Research Center

10. The average annual U.S retail social commerce sales per buyer will be $641 in 2023. That’s expected to grow to $938 by 2025.

11. 92% of Internet users aged 16 to 64 visited or used social networks in the past month.

12. 45% of U.S. adults aged 65+ use social media. That’s a 400% increase since 2010. 84% of those aged 18-29 use social media, followed by 81% of those aged 30-49.

13. 50% of Internet users aged 16 to 24 use social networks for brand research, compared to 46% who use search engines.

Internet users age 16-24 use social for branch research over search

Source: Hootsuite Social Trends Report

Facebook demographics

14. Facebook has over 3 billion monthly active users.

15. The daily active user count is 2.064 billion.

16. Daily active users account for 68% of Facebook’s monthly active users.

17. Facebook users spend an average of 3.8 hours per week on the app.

18. 24.5% of all Facebook users are aged 45 and older.

19. 49.3% of all Facebook users are ages 25 to 34.

20. Only 32% of American teenagers use Facebook. That’s down from 71% in 2014-15.

21. 73% of Americans aged 35 to 54 use Facebook, compared to 56% of Americans aged 55+ and 55% of Americans aged 12-34.

22. Facebook will have 65.7 million U.S. social commerce buyers in 2023.

23. 56% of Facebook users identify as male, and 44% identify as female. Male users ages 25 to 34 continue to make up the biggest demographic of Facebook users.

Distribution of Facebook users worldwide as of January 2023 by age and gender

Source: Statista

24. India has the most Facebook users in the world, with more than 314 million users.

25. After India, the countries with the most users in the world are: the USA (175 million), Indonesia (120 million) and Brazil (109 million).

26. In the U.S., 73% of college graduates use Facebook.

27. Facebook is the #1 social platform to keep up to date with news and current events and to message friends and family. However, note that Meta is currently blocking news sites in Canada, so this does not (for now) apply to the Canadian market.

28. 57% of B2B marketers used Facebook in the last year.

29. Facebook remains the most popular social network, reaching 54.6% of social media users worldwide in 2023. It’s also the most popular social network in the United States, where it’s used by 61% of the population aged 12+.

Read more: Here are even more interesting Facebook demographics to help your brand with your social media strategy.

Instagram demographics

30. Instagram has more than 2 billion monthly active users.

31. Instagram is the most-used social network (72%) by American social media users aged 12 to 34. It’s second among all U.S. social media users aged 12+ (44%), behind Facebook.

32. Instagram will have 43 million U.S. social commerce buyers in 2023.

33. As of January 2023, 51.7% of all Instagram users worldwide are male.

34. 69.1% of global Instagram users are under the age of 35.

Distribution of Instagram users worldwide as of January 2023 by age and gender

Source: Statista

35. 62% of teens in the U.S. use Instagram.

36. India has the most Instagram users in the world, with 230 million users as of January 2023.

37. Following India, the countries with the most Instagram users in the world are the U.S. (143 million), Brazil (113 million), Indonesia (89 million) and Turkey (47 million).

38. Instagram is the #1 social platform to follow or research brands and products and to post or share photos or videos.

39. 52% of B2B marketers used Instagram in the last year.

Read more: If your business relies heavily on Instagram, check out this post for 34 essential Instagram stats.

X (formerly Twitter) demographics

40. Twitter.com is the 5th most visited website globally.

41. X has 541 million monthly active users.

42. The average user spends just over 5 hours a month on Twitter. Users in Argentina spend the most time on the app per month (more than 8 hours).

43. 62.9% of U.S. Twitter users identify as male, and 37.1% identify as female.

44. X is used by 27% of Americans aged 12+, making it the 5th most popular social media platform in the USA.

45. 23% of U.S. teens use X.

46. 38% of Americans aged 12-34 use X, compared to 28% of Americans aged 35 to 54 and 15% of Americans aged 55+.

47. 88% of X users are also on Instagram.

48. 60% of U.S. adults who have used X in the last year have taken a break of several weeks or more from the platform at some point during that time.

women who have used Twitter in the past year are more likely than men to say they've taken a break from the platform

Source: Pew Research Center

49. 39% of B2B marketers used X in the last year.

Read more: Find more informative X statistics to help drive your brand’s social media marketing strategy.

LinkedIn demographics

50. There are more than 950 million LinkedIn members worldwide.

51. 61 million people use LinkedIn each week to search for jobs — and 8 people are hired each minute.

52. 63 million companies are listed on LinkedIn.

53. 43.7% of users are female; 56.3% are male.

54. 60% of all LinkedIn users worldwide are ages 25 to 34. The next biggest user base is the 18 to 24 age group, making up 21.7%.

55. In the USA, 26% of Americans Internet users aged 12+ use Linkedin.

56. 35% of Americans aged 35 to 54 use LinkedIn, compared to 29% of Americans aged 12 to 34 and 14% of Americans aged 55+.

57. The country with the largest LinkedIn audience is the USA, at 206 million users.

LinkedIn audience numbers on a worldwide map

Source: LinkedIn

58. That said, 75% of the LinkedIn audience is located outside the United States.

59. After the USA, the countries with the most LinkedIn members are India (110 million), Brazil (67 million), and the UK (36 million).

60. As of January 2023, Bermuda has the highest LinkedIn audience reach with a reach of 102.49%.

61. 50% of U.S. adults who earn over $75,000 dollars a year use LinkedIn.

62. Social media was the #3 skill added to LinkedIn profiles in 2022, compared with #8 in 2021.

63. LinkedIn is the top social platform for B2B marketers, with 80% having used it in the last year.

Read more: To get an even better idea of social media demographics for this platform, check out the top LinkedIn demographics that matter to social media marketers.

TikTok demographics

64. TikTok has approximately 834 million global monthly users.

65. TikTok is predicted to see the greatest user growth worldwide of all social platforms starting in 2024, at 7.0%.

social network user growth worldwide by platform 2021 to 2025

Source: eMarketer

66. TikTok has surged in the public consciousness. While only 64% of the U.S. population had heard of the app in 2020, 94% are now aware of it.

67. TikTok will have 33.3 million U.S. social commerce buyers in 2023. It surpassed Pinterest on this front for the first time in 2022.

68. The average U.S. adult TikTok user spends roughly 55.8 minutes per day on the app.

69. 17% of American men use TikTok, compared to 24% of American women.

70. In the USA, 67% of Americans aged 18 to 19 use TikTok, along with 56% of those aged 20 to 29. Of Americans aged 60 to 64, 16% use the platform.

71. 16% of American teens say they use TikTok almost constantly, and another 32% use it several times per day.

72. Among all Americans aged 12+, TikTok is the third-most-popular social network (33%)

73. TikTok was the most downloaded app of any kind in 2022, with 99 million downloads in the USA and 672 million globally.

74. TikTok is available in over 150 different markets and in 35 languages.

75. 84% of TikTok users also use Facebook.

76. TikTok is the #1 social platform to look for funny or entertaining content.

77. 16% of B2B marketers used TikTok last year. This is a key example of why it’s important to stay up-to-date on the latest social media demographics and trends. Just a few years ago, B2B marketing on TikTok would have seemed highly impractical.

Read more: Check out our full post packed with TikTok statistics.

YouTube demographics

78. YouTube has 2.514 billion users worldwide.

79. The average user spends an average of five hours on the app per week.

80. More than 500 hours of content are uploaded to YouTube every minute.

81. Globally, 45.6% of Youtube users identify as female, and 54.4% identify as male.

82. 95% of U.S. teenagers use YouTube. 19% say they use it “almost constantly,” and another 41% use it several times per day.

roughly one in five teens are almost constantly on YouTube unlike Facebook usage

Source: Pew Research Center

83. 2 billion logged-in YouTube users watch Shorts every month.

84. More than 150 million people in the U.S. watch YouTube on Connected TV screens.

85. 63% of B2B marketers used YouTube in the last year.

Read more: Find even more YouTube statistics to help guide your YouTube marketing strategy.

Pinterest demographics

86. Pinterest has 465 million monthly active users.

87. 60% of Pinterest’s global audience are women. The largest user group is women aged 25 to 35, who represent 28.5% of the total interest audience.

88. However, the percentage of male Pinners is increasing 40% year-over-year.

89. 31% of Americans aged 12+ use Pinterest.

90. 37% of Americans aged 12 to 34 use Pinterest, compared to 34% of Americans aged 35 to 54 and 21% of Americans aged 55+.

91. The USA has the most Pinterest users by far: It has 84.6 million users.

Leading countries based on Pinterest audience size as of January 2023

Source: Statista

92. 46% of people in Canada with a household income over $100K use Pinterest. In the U.S., 45% of those high-income households are on Pinterest.

93. Pinterest will see 16.9 million U.S. social commerce buyers in 2023.

Read more: These interesting Pinterest demographic stats can help guide your brand’s Pinterest marketing strategy.

Snapchat demographics

94. Snapchat has more than 750 million monthly active users.

95. 397 million people use Snapchat each day.

397 million daily active users on Snapchat graph

Source: Snap

96. The company’s internal data shows it reaches 75% of 13-to-34-year-olds in more than 20 countries, and 90% of 13-to-24-year-olds.

97. Snapchat will see the greatest user growth worldwide of all the social platforms in 2023, at 13.4%.

98. 51% of Snapchatters are female and 48.2% are male.

99. 20% of users are aged 13 to 17, and 38% are aged 18 to 24.

100. 59% of U.S. teenagers use Snapchat.

101. 51% of Americans aged 12 to 34 use Snapchat, compared to 21% of Americans aged 35 to 54 and just 5% of Americans aged 55+.

102. Snapchat has 101 million daily active users in North America, 94 million in Europe, and 202 million in the rest of the world.

103. India is the country with the largest number of Snapchat users (182 million).

104. The United States (108.8 million), Pakistan (26.35 million), and (France (25.9 million) follow India for the largest Snapchat base in the world.

105. The Snapchat+ service has 4 million subscribers.

106. More than 150 million people have used Snapchat’s My AI. They have sent a total of more than 10 billion messages.

107. More than 250 million daily active users engage with augmented reality on the platform every day.

108. More than 350 million users engage with the Snap Map every month.

109. Only 4% of B2B marketers used Snapchat last year.

Read more: Find even more details in our post on the most important Snapchat demographics for marketers.

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A new lease on life: Denver unveils 16 office towers best suited for conversion to residential

The city of Denver now has a clearer picture of what distressed downtown office buildings would make the best candidates to switch over to residences, part of a larger effort to make it easier for investors and developers to take on the task.

Denver has designated 16 buildings as prime candidates for conversion and behind them another 13 that score highly in terms of their convertibility, according to a study that Denver commissioned the global architectural firm Gensler to conduct.

“Downtown towers are a different animal to demolish. It would be a shame to waste them,” said Jennifer Ramsey, adaptive reuse administrator at Denver’s Department of Community Planning and Development.

Fewer employees are going to the office after the big shift to remote work during the pandemic and in Denver employee counts downtown in June were only at 60% of the levels seen in 2019, according to the High Frequency Economic Update from the Downtown Denver Partnership.

While that rebound beats the close to 50% rate seen nationally, the region struggles with a glut of office space. The Denver-wide vacancy rate is at 26.8% and in the Central Business District, it is about 40%, according to Savills, a Chicago brokerage firm.

Unable to service their debt payments from the rents coming in, owners of several of the city’s signature buildings are stressed to the point that they could eventually face foreclosure. That has created a sense of urgency in finding alternative uses for the massive structures to give current owners or the lenders on the hook an exit ramp before the buildings go down a path of slow deterioration and eventual demolition.

Passers-by are reflected in the window of a closed and empty restaurant on the 16th Street Mall in downtown Denver on Feb. 1, 2023. (Photo by Helen H. Richardson/The Denver Post)
Passers-by are reflected in the window of a closed and empty restaurant on the 16th Street Mall in downtown Denver on Feb. 1, 2023. The downtown area’s economic reliance on office workers — many who are continuing to work from home — has made post-pandemic recovery more difficult. (Photo by Helen H. Richardson/The Denver Post)

Denver has launched a pilot program on two conversions not included in the study in an effort to streamline the process and create more accommodating regulatory criteria and building codes, Ramsey said. One building, for example, had a stairwell railing that wasn’t high enough under current codes but was still functional.

“There also has been discussion of some financial incentives,” she said.

Gensler’s study focused on five downtown neighborhoods: the Central Business District, Union Station, Civic Center, North Capitol Hill and Capitol Hill. Of the 69 buildings initially looked at in that area, 29 were identified as strong candidates for a residential conversion, located mostly in the CBD and North Capitol Hill.

Newer buildings, the kind that tenants still prefer, and older structures with a low vacancy rate were excluded. Lease expirations and the financial status of the debt used to purchase a building were also used to screen buildings. And floorplans that would waste too much space or cost too much to switch over were left out.

Construction site of Block 162 in ...
Construction was ongoing on the foundation for a 30-story office building in Downtown Denver on Feb. 5, 2019. With a post-pandemic workforce, some older office buildings in Denver are being eyed for conversion to housing, though newer builds are excluded from consideration. (Photo by Hyoung Chang/The Denver Post)

If a building becomes distressed, meaning the rents can’t service the debt payments, its value drops. And the lower the price falls, the better the chance a developer can step in and attempt a conversion. Many buildings aren’t there yet, but Denver is working to head off the downward spiral, and also address another problem it has, too few housing units.

Zillow estimates metro Denver is short 70,000 housing units. While Downtown has a higher residential vacancy rate than other parts of the metro area because of a heavy pace of apartment construction, it is only one-fifth of the vacancy rate seen in office space.

Adaptive reuse or residential conversions, in short, offer a way to tackle two problems at once and breathe new life into the urban core, replacing employees with residents.

Denver’s city center has 46,500 residential units, about double the number it had in 2010, according to the Downtown Denver Partnership. Adding an additional 7,500 units via the 29 conversions identified in the Gensler study would represent a 16% increase.

Smaller unit sizes could hopefully boost affordability, which is sorely lacking in Denver, and so could efficient conversions.

“We are really interested to see how this housing could meet the needs of people throughout the income spectrum,” said Andrew Iltis, vice president of planning and community impact at the Downtown Denver Partnership.

Gensler used its “residential conversion compatibility assessment” tool to determine how convertible buildings were. The tool looks at five categories, chief among them the building form or how easy it would be to fit in standard-sized units without a lot of wasted space and the floor plate, which influences the distance of windows to the core of the building.

Those two categories account for about 60% of the weighting. The rest involved servicing or items like available parking, elevators and loading docks; the envelope, which includes the usability of the windows, walls and exterior; and the site context, things like the proximity of transit and nearby amenities that residents would find attractive.

Based on those five items, buildings were assigned a score. Buildings with a score above 80% were considered prime candidates for conversion to residential, while those above 70% but under 80% fell into the second tier. About 22 buildings were in the first tier, and the other seven in the second.

From the list, Gensler and the city’s planning department created a shorter list of 16 buildings that they studied individually.

“We started to look from a city perspective, which buildings could be paired together. That is how we arrived at 16,” Ramsey said. The proximity of buildings to transit, parks, child care and schools was also studied, with an intent to cluster conversions as much as possible to create residential pockets.

The prime buildings had 4.8 million square feet of space, of which 4.3 million could be converted to residential, which would allow for 5,124 apartments or condos at an average size of 650 square feet.

Reusing existing high-rises greatly reduces the energy and climate impact versus a demolition followed by new construction, Ramsey said. Denver could preserve the historical continuity in its architecture and head off missing teeth in its skyline, preventing a resurgence in the surface parking lots that prior urban renewal efforts created.

The downtown Denver Skyline on March 24, 2023. (Photo By Kathryn Scott/Special to The Denver Post)
The downtown Denver Skyline on March 24, 2023. (Photo By Kathryn Scott/Special to The Denver Post)

Martin Goldstein, founder and principal of Venture Architecture, said conversions come down to what he calls the “architectural fabric” of a given building.

“The trick is trying to figure out what is reusable and what condition that reusable fabric is in. How usable is each building?” said Goldstein, whose firm is currently working on four conversions. Goldstein serves on the partnership’s Adaptive Reuse Task Force, which is trying to connect investors and developers with landlords and building owners in need of an exit strategy.

It is important that developers have expertise in both tenant improvements in office buildings and in multi-family design and construction, which isn’t easy to find, Goldstein said. And it is important for Denver to have successful conversions from the get-go, which is why creating a list of prime candidates was so important.

“About a third of the buildings in Denver are really right and about a third are not worth a conversion,” he said.

A middle third falls into a grey area whose fate could depend on how low commercial real estate prices fall, how comfortable developers get in finding creative uses for excess interior space, and how willing Denver is to lend a helping hand via more flexible building codes and outright incentives.

The office market’s failure to rebound, the steady torrent of expiring leases and a massive wave of commercial debt coming due all create a sense of urgency, a rush to evaluate every structure. Goldstein said he hoped the process is done thoughtfully so conversions become a long-term solution and not another fad of the moment.

“Everyone needs to take a deep breath,” Goldstein said. “These buildings will tell you what they want to be.”

Here is a list of the buildings screaming “convert me” the loudest, according to the Gensler study.

The University Building, located at 910 16th St. in Denver, is pictured on Thursday, Aug. 24, 2023. Denver employee counts downtown in June were only at 60% of the levels seen in 2019, according to the High Frequency Economic Update from the Downtown Denver Partnership. (Photo by Hyoung Chang/The Denver Post)
The University Building, located at 910 16th St. in Denver, is pictured on Thursday, Aug. 24, 2023. Denver employee counts downtown in June were only at 60% of the levels seen in 2019, according to the High Frequency Economic Update from the Downtown Denver Partnership. (Photo by Hyoung Chang/The Denver Post)

1. 910 16th St. – University Building

At the top of the list for conversion is the University Building, which was built in 1910 and renovated in 1982. Older buildings, with a more rectangular design, smaller floorplates and windows that can be opened and closed, tend to be more efficient in terms of allocating space. But bringing systems, like elevators and HVAC, up to date can add to the costs. While employers, especially larger ones, increasingly shun older office buildings, a distinctive exterior and historic look are a bonus in attracting residential tenants. About 11 floors of the building are convertible, allowing for the creation of 132 units. A key drawback is that the building lacks parking. But its vacancy rate of 51% creates a strong financial incentive to find other uses.

The Lincoln Crossing office building, located at 1775 Sherman St. in Denver, is pictured on Wednesday, Aug. 23, 2023. The city is looking for solutions to help ease an estimated metro Denver 70,000 housing unit shortage, and has identified Lincoln Crossing as one office building that could be converted to housing. (Photo by Hyoung Chang/The Denver Post)
The Lincoln Crossing office building, located at 1775 Sherman St. in Denver, is pictured on Wednesday, Aug. 23, 2023. The city is looking for solutions to help ease an estimated metro Denver 70,000 housing unit shortage, and has identified Lincoln Crossing as one office building that could be converted to housing. (Photo by Hyoung Chang/The Denver Post)

2. 1775 Sherman St. – Lincoln Crossing Tower I

The buildings populating the conversion list tend to fall into two categories. There are older pre-war buildings or the towering high rises that went up in the 1980s and early 1990s during the oil and gas construction boom. Lincoln Crossing Tower I, built in 1983, is the second leading candidate with a conversion score of 91%, which matches the University Building. In its favor, it has a rectangular design with a 40-foot distance from the windows to the core of the building, a size that works for 35-foot-deep apartments or condos. As an added bonus, it has a facade with steps and cutouts, which will make it easier to install balconies. There is on-site parking and nine elevators, more than double the number needed for a residential tower. An estimated 341 units can be created in the building. The vacancy rate of 40% matches the downtown average.

LoDo Towers, an office building located at 1401 17th St. in Denver, has a convertibility score of 90%. (Photo by Hyoung Chang/The Denver Post)
LoDo Towers, an office building located at 1401 17th St. in Denver, has a convertibility score of 90%. (Photo by Hyoung Chang/The Denver Post)

3. 1401 17th St. – LoDo Towers

The LoDo Towers were built in 1983 and renovated in 2014 and have a convertibility score of 90%. The building, like Lincoln Crossing, has a rectangular design with a 40-foot space between windows and the core and plenty of parking. Fifteen floors are convertible and could generate 210 units.  On the downside, the building’s two stairwells aren’t separated by enough distance to meet current codes. And the vacancy rate of 32% makes it one of the more popular buildings from that era.

The Denver Energy Center office complex, located at 1625 and 1675 Broadway in Denver, is under consideration as a candidate for future residential housing. Conversions could revitalize downtown Denver, which has only one-fifth of the housing vacancy rate seen in office space. (Photo by Hyoung Chang/The Denver Post)
The Denver Energy Center office complex, located at 1625 and 1675 Broadway in Denver, is under consideration as a candidate for future residential housing. Conversions could revitalize downtown Denver, which has only one-fifth of the housing vacancy rate seen in office space. (Photo by Hyoung Chang/The Denver Post)

4/5. 1625 and 1675 Broadway – Denver Energy Center

Once home to the World Trade Center, the twin buildings just off the 16th Street Mall could provide a large 935 new apartments or condos if converted. The buildings have plenty of parking and an expansive plaza for gatherings. Although the floor plate is on the large side, the spacing of 40 feet from the windows to the core works. But as with the Lodo Towers, the two scissor stairs aren’t compliant with existing codes. Although 1625 Broadway has an above-average vacancy rate of 53%, its twin at 1675 Broadway is mostly occupied, with a low 16% vacancy rate. That could result in a staggered conversion. The two buildings had an 89% score.

The 1660 Lincoln St. office building in Denver has 20 floors available for conversion and could provide 380 housing units. (Photo by Hyoung Chang/The Denver Post)
The 1660 Lincoln St. office building in Denver has 20 floors available for conversion and could provide 380 housing units. (Photo by Hyoung Chang/The Denver Post)

6. 1660 Lincoln St. – 1660 Linc

Like other leading candidates, 1660 Linc has a rectangular design, but it has a slightly smaller distance of 35 feet from the windows to the core, allowing for apartments with a depth of 30 feet. It was built in 1972 and renovated in 2021. The 20 floors available for conversion could provide 380 units. It has parking and enough elevator capacity, but the stairwells are not code-compliant in terms of their spacing. It has “ribbon” windows that could be preserved or more easily replaced than the window types used in later decades.

The other 10 buildings making the top 16 list for a residential conversion: 225 E. 16th Ave., 370 17th St., 1801 Broadway, 1900 Grant St., 1776 N. Lincoln St., 821 17th St., 621 17th St., 700 17th St., 303 W. Colfax Ave. and 1605-1615 California St.