Entering a new era in commercial real estate leasing

The pandemic has accelerated the adoption of technology in the real estate industry, mainly due to its obvious advantages: it reduces direct interactions, it allows remote work and it saves time and money. Furthermore, technology can play a great role in supporting various UN development goals or ESG policies.

 

 

For commercial landlords facing the need to adjust their spaces, streamline their communication and offer more flexible terms, proptech can do just that. A side benefit is that leasing departments’ manual volume of work decreases, allowing specialists to lease faster, remotely.

 

 

Until recently, most landlords or developers used to use basic excels to keep track of their data, promoted their spaces through print or outdoor materials and had their agenda filled with visits from more or less qualified leads. This was not only inefficient, but time consuming as well – excels are hard to update and share with various stakeholders, printed materials are expensive, difficult to modify and don’t target a more and more digital-first audience, live visits don’t necessarily turn into contracts, negotiations happen through phone or endless email threads.

 

 

And tenants have started expecting this tech approach, in their rental process and in all their interactions with a landlord.

 

 

This is exactly what Bright Spaces aims to do. The European PropTech startup offers a digital, end-to-end leasing solution for commercial spaces worldwide. Its personalized platform enables tenants to visualize multiple spaces, in 3D and in various fit-out options, as well as a building’s main points of interest, technical specs and availability. Future tenants can also ask for offers or book live tours in order to get more information. At the same time, they also save time and money, reducing the number of spaces visited before they make a decision.

 

 

Landlords using the Bright Spaces solution, on the other hand, can now easily track leads, send custom offers and work from a single digital point of information (the Admin panel, featuring a CRM functionality). Communication with brokers is uniformized as well, through the Availability Newsletter feature, which allows sending data about vacancy to a list of partner-brokers. This remote platform can be implemented for any commercial developer, no matter its size and location. It has already signed clients from Romania and the UK and plans to further expand in Europe and beyond.

 

 

Until now, at least 25% of the time spent with manual, repetitive tasks in the leasing process has been saved through Bright Spaces. This percentage can increase even more when commercial developers and landlords start digitizing their work.

 

 

This doesn’t mean that direct interaction will disappear completely. Digital leasing reshapes the whole real estate industry and during this process, it is also enhancing face-to-face collaboration by adding a layer of increased efficiency. Last year marked the beginning of a new age for CRE – one where tech-first companies that embrace online showcasing and selling will not only survive but thrive in this highly competitive market.

 

 

By Bogdan Nicoara, CEO & Co-founder at Bright Spaces

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