The audio version of REDD Podcast is available on Spotify and Apple Podcasts. However, as the podcast is recorded in Polish, we created an English transcript in order to engage more people in our fruitful discussions.
In a recent episode, we covered several big topics related to proptech, artificial intelligence, and the metaverse in the shade of the real estate industry.
New developments in the proptech industry.
Digital transformation in real estate is gaining momentum, with new tools and solutions emerging in the proptech industry. How will they impact the real estate market?
Placer.ai, a leader in location and pedestrian traffic information, has introduced a new tool, Void.
In our podcast, the new technology was discussed by Judyta Bartnicka, CTO at REDD: “It can quickly identify the ideal match of tenants for any retail space”.
Void analyzes indicators such as pedestrian traffic to determine the optimal location for a business and will certainly have an impact on optimization in shopping centers.
The next big techno-news presented by me was that Microsoft is developing a library for AI training. The model can learn from 32 billion parameters. That’s an impressive number, especially when compared to standard AI training, which runs on 100–300 parameters. This shows that the impact of AI will increase not only in our lives but also in real estate. The AI market is projected to grow to 1 quintillion USD over the next 5–7 years. This also puts a lot of pressure on the real estate market, which will be forced to acquire data and work on it.
Piotr Smagała, Managing Director at REDD, talked about investing in proptech start-ups.
“One interesting investment is 100 million USD for a start-up from the United States named Place” — Piotr Smagała, MD at REDD.
Place supports owners in selling properties and gives agents access to the Place tool for sales and marketing efforts. Investors include Goldman Sachs.
Will the metaverse “kill” offices?
Another important subject covered in the episode was how the decline in demand for offices is affecting proptech development. Forbes identified the decline in interest in office space as one of the main drivers of growth. The outflow associated with the pandemic has put the entire sector in a difficult position.
Data shows that the real estate sector is characterized by investment optimism that ends up in oversupply. AI and the delivery of data to the market has a big part to play in this. This helps to create a better picture of where the industry is today.
Experts also considered how the metaverse would affect the real estate market.
Potentially, the way office buildings are used in the future may change, becoming, for example, server rooms instead of places where employees physically meet.
Opinions on the real impact of the metaverse are divided, although it is certainly noticeable how much the real estate sector has changed under the influence of the home office.
“The market needs to start building smartly” — these words, said by me at the end, are a good summary of the episode.