REDD Update: Q1 2021
AI soon to help office buildings. We’ve announced SpaceAI, because the future of business belongs to artificial intelligence
- We are closing the historically best quarter for REDD
- New AI project announced. SpaceAI
- Pro Edition dominated REDD
- 17,000% increase of user engagement (!)
- We’re PINK!
- Partnership with Statistics Poland
Artificial intelligence soon to help office buildings. We’ve announced SpaceAI
The future of business belongs to artificial intelligence. I strongly believe that AI will reshape, among others, the real estate industry shortly. According to recent research (Statistica, 2020), AI is growing 54% year-to-year, generating over $10 bn in revenue with a goal to hit $100 bn in the next decade.
What commercial real estate areas will benefit the most? In my opinion:
- Investment and capital markets
- Leasing
- Property management
- Research
That is why we will present an AI-powered tool for office building owners later this year, which will help reduce the harmful effects of the Covid-19 pandemic that has hit the market.
Already in the testing phase, Space AI algorithms ensure the accuracy of forecasts at the level of 89% 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. SpaceAI 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.
Worth reading:
- MamStartup: REDD kończy kluczową fazę badań nad biurowym AI (pl)
- Puls Biznesu: REDD przyspieszy wynajem biur (pl)
- Warsaw Business Journal: Artificial intelligence soon to help office buildings (eng)
Pro Edition dominated REDD
In recent months, we have spent a lot of energy enriching REDD Pro Editions with new features, including:
- assets acquisitions database
- PDF generators
- new building page layout
- new ownership page layout
The results? REDD Pro users are 7x more active than free users, generating 88% of in-app traffic.
Feel free to try REDD Pro Editions here.
3-month users engagement rate hit 40,000
2021 came with massive traffic in the real estate business, which we can tell by the number of active users on our platform. In just three months, we’ve helped real estate professionals over 40,000 times.
The Top 3 Most Popular Features are:
#1 property search engine
#2 property particular pdf generator
#3 shortlists
We recorded an increase of 82% quarter-on-quarter and 17,000% (sic!) compared to March 2020.
Our goal for the next quarter is to double the engagement.
We’re PINK!
This year, we joined the Polish Chamber of Commercial Real Estate (PINK). PINK’s mission is to represent all sectors of commercial real estate — developers, investors, service providers — in the economic, political, and social environment and to care for the image of the industry.
REDD has been present on the market for three years. It is the largest database of commercial real estate and the only such provider in Poland. We monitor over 2,000 office buildings and collect data on over 20,000 modules. There is no other such company on the market, we are independent and as the only market participants, we do not take a direct part in transactions.
We have supported PINK from the beginning of REDD’s operations, providing various data.
Our membership creates opportunities for all members of the association. They will have at their disposal over 10 million data on the office market in Poland.
Membership in PINK also gives us a chance to exchange experiences among a group of specialists.
Partnership with Statistics Poland
(press release) REDD has signed the agreement with Statistics Poland (GUS). The platform will provide GUS with analytical data to conduct experimental statistical research in order to monitor changes on the office market in Poland.
Bearing in mind the growing consumer demand for data, Statistics Poland is taking steps to increase the information capacity of its resources.
“One of the priority activities of Statistics Poland is the identification of modern, non-public information systems, which can be a source of data for research conducted within the Polish official statistics. Therefore, Statistics Poland is acquiring information from non-statistical databases on an increasing scale, analysing it for potential use in statistical research. Cooperation with REDD is another step in building statistics based on modern solutions. The datasets obtained will allow, for the first time, public statistics to undertake development activities aimed at developing experimental indicators for cross-sectional and in-depth analyses of the commercial office property rental market. Depending on the outcome of this work, datasets derived from the REDD platform may become an official data source for outcome information developed by public statistics in the area of commercial real estate market,” says Dominik Rozkrut, President of Statistics Poland.
The full press release here.