Real estate PropTech
23:10 17 March 2021
Post by: WBJ

Artificial intelligence soon to help office buildings

Artificial intelligence soon to help office buildings
Tomasz Ogrodzki, source: REDD

REDD Real Estate Digital Data (REDD) will present a Space AI tool for office building owners later this year, which will help reduce the negative effects of the Covid-19 pandemic that has hit the market. REDD is a Polish prop-tech startup that has built the largest database of office properties in Poland. The platform has been revolutionizing the commercial real estate market for over two years.

Already in the testing phase, Space AI algorithms ensure the accuracy of forecasts at the level of 89 percent and thus show the future demand for offices in Poland.

“For over a year, we have been working on an artificial intelligence-based tool that will allow office building owners to effectively forecast the lease. Space AI will show how much time offices in a specific building need to be rented and which elements to improve so that these offices rent faster. It will be a revolution on the market. Our target is reducing the period when offices are empty by two times,” Tomasz Ogrodzki, creator of REDD, said.

Today, according to the REDD Index, offices in Poland remain empty for 296 days.

REDD data shows that many offices were empty in 2020. The indicators say that at the end of 2020, almost 1.8 million sqm was left without a tenant in completed buildings, and another 740,000 sqm in buildings under construction has already been commercialized.

“Office vacancies generate huge losses for property owners, which, with the current level of vacant space, can reach up to PLN 1 billion per year,” Piotr Smagała, REDD Managing Director, said.

“Artificial intelligence and big data are the strategic fuel of the commercial real estate market. As the largest data provider that has collected over 10 million data in the last two years and monitors 2,000 office buildings, we have a real impact on the shape of this market,” Tomasz Ogrodzki added.

(WBJ)

ai
office buildings
redd
piotr smagała
tomasz ogrodzki

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