The office market is facing significant headwinds from the trend toward work-from-home and hybrid work schedules. This has led to a competitive office leasing environment, though new technology offerings are helping office landlords with their leasing efforts.
“The last few years have been tumultuous for the commercial real estate industry, especially in terms of office leasing,” noted Kul Wadhwa, CEO of BeyondView, a digital twin technology firm, in an interview with IREI. “Over the course of this year, we have seen a rebound in specific market segments like Midtown Manhattan and expect this stabilization to continue into 2023.”
According to Wadhwa, proptech can play an important role in the commercial real estate industry and support real estate managers in the current environment.
“From high-definition renderings to better quality virtual walkthroughs, proptech will play an increasing role in the commercial real estate industry, specifically digital twin technology,” said Wadhwa. “Virtually touring the digital representation of a space in a gaming-like viewing experience is proven to accelerate a commercial space’s leasing cycle. Brokers, prospective tenants and property managers can all leverage digital twin technology to not only collaborate in real-time but also readily retrieve all relevant information about a building and easily reimagine the space’s potential uses.”
Wadhwa explained digital twins use artificial intelligence and machine learning to create a digital representation of a space at a fraction of current time and costs. “The result is a building-specific database that is highly customizable and presents easily accessible data to guide stakeholder decision-making,” he added.