FIRST SELF-DRIVING CARS, NOW SELF-SEARCHING OFFICE SPACE
If you haven’t already noticed, there is currently a workplace revolution occurring on a global scale. Much has been said about the impact of digital disruption and how new technological advancement are redefining industries, but one of the first places this message is hitting home is the workplace itself.
Because of new tech solutions, we are redefining things like work desk space, storage space operational space and the need for large offices to run satellite or branch operations away from HQ.
Interestingly, this hasn’t diminished the demand for workspace, it has ignited it – but from a fresh perspective. Large multinational companies are downsizing and no longer require entire purpose-built towers but smaller state-of-the-art premises within vibrant commercial centres.
On the other end of the scale, emerging tech companies and entrepreneurs are looking at compact suites with proximity to entertainment options, while start-ups are happy to keep overheads low by subscribing to the shared workspace model.
This means competition for fresh workspace and fresh office concepts are high on the list of demands for established and emerging companies, but the actual search for office space continues to be confounding and time consuming as ever.
Unless, once again, fresh technology comes to the rescue to help us rethink how we approach the process.
The coordination of the company move has always been complicated and sensitive, but all parties involved yearn to simplify and streamline the soup-to-nuts of the dreaded leasing process.
That’s where artificial intelligence (yes, AI) promises to make a difference.
According realestatetechnews.com, Chicago-based AI platform Truss (launched in 2016) has recently announced that it raised $7.7 million (RM32.6 million) in new funding for the expansion and evolution of its platform.
Truss acts as the tenant broker, collecting a commission from the owner when the lease is signed (tenants can sign digitally). Then it gives 30% of that money back to the tenant. That’s a pretty irresistible deal for space shoppers.
This is how it works: The landlords list for free, with no charge to prospective tenants who use the Truss search. It utilizes 3D technology, which allows prospects to tour office spaces in virtual reality. The design is by Matterport, which, among other things, allows buyers a “Dollhouse View” offering a wider glimpse and overview of the property.
Truss also narrows down the search to under 10,000sq ft, a growing need in today’s entrepreneurial and start-up culture.
The AI comes to you in the form of a character-bot known as Vera. According to the Truss website, Vera is “a great listener…always looking out for you, whether it’s telling you about great new spaces or advising you on the fair market price for the space you’re considering.”
Vera even schedules tours of spaces and assures you of a Truss rep being on hand to answer questions.
One of the big Truss advantages, note users, is the time savings. Searches are shortened from days to minutes, helping prospective tenants focus on the spaces that best suit them, right from the start. The prospect is able to preview spaces online, and can option for an actual tour if and when.
The tenant also gets access to information that is typically held exclusively by brokers. Truss allows tenants to keep information in one place, and track all negotiations (and negotiation changes) until an agreement is reached and the lease is signed.
Also available are education resources to help prospective tenants make informed decisions and brush up on general real estate rules and regulations.
For landlords, Truss only presents qualified and verified tenants, and tracks the listing activity throughout the entire process. Truss answers frequently asked questions, and the landlord gets immediate feedback on tours and spaces so that marketing can evolve more effectively. Landlords can also use their own lease documents if they chose to do so.
Currently, Truss is only available in the United States cities of Chicago and Dallas, but it has revealed plans to expand via partnerships to consider a global service.
ANNOUNCEMENT: property360online.com will soon be providing 3D-VR walkthrough tours for our clients based on matterport technology. Contact us directly for more details and early bird deals.