The new proptech OfficeBlocks empowers decision-makers with rapid data access and insights
JLL and risk management company, Risk Integrated, on October 15 unveiled OfficeBlocks, an industry-first property technology – or proptech – suite of tools set to transform commercial real estate leasing and investment.
The new proptech OfficeBlocks gives investors, occupiers and commercial real estate (CRE) brokers rapid data access, insights and analytics for commercial real estate decision making.
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This innovative and intuitive suite of tools combines artificial intelligence (AI), big data and mobile communications, to provide immediate insights and analysis into commercial real estate across major cities in Asia Pacific.
To date, investors, occupiers and CRE brokers have often lacked real-time and actionable insights into commercial properties and decision making. They have instead been reliant on manual, time-consuming methods of information gathering – from physical visits of properties to analysis of complex data-filled reports. OfficeBlocks is set to transform real estate decision-making by taking millions of data points and processing market intelligence in a meaningful manner to uncover actionable insights – from rental performance to property availability and portfolio analytics.
By combining JLL’s comprehensive 25-year industry data set with the cutting-edge AI of Risk Integrated, the new proptech provides unrivalled commercial real estate insights and analytical tools including:
- AI estimated rent and floorspace for office properties across Asia Pacific.
- Comparison and benchmarking of property assets.
- Predicted income and revenue analysis.
- Property availability and comparable alternatives.
- Risk and return profiling of property portfolios.
Roddy Allan, Chief Research Officer, Asia Pacific, JLL and Director of OfficeBlocks, says: “There is an urgent need to bring greater transparency to commercial real estate decision making and to enable more effective leasing and investment decisions. JLL and Risk Integrated are delivering what others have long spoken about but not yet accomplished; we are tapping into extensive data resources, and overlaying this with AI and machine learning, to give users access to fast AI estimates they didn’t have previously. OfficeBlocks has developed sophisticated analytical tools to empower users to make smarter business decisions – reducing risk and maximising return on investment.”
“Technology is shaping the future of real estate and tech-enabled companies will capture market share over the next 10 years. We operate in a highly competitive and dynamic market and JLL has always taken an agile approach to technology, which allows us to meet the needs of our clients today and anticipate the opportunities of tomorrow. OfficeBlocks is a continued demonstration of this commitment to deliver the best technology to the industry and put it into the hands of users,” says Anthony Couse, CEO, Asia Pacific, JLL.
Dr. Yusuf Jafry, Managing Director, Risk Integrated and Director of OfficeBlocks, says: “Artificial intelligence and machine learning are transforming all industries. By leveraging the latest algorithms, combined with extensive data and domain expertise from JLL, OfficeBlocks aims to reshape the commercial property landscape with its suite of smart tools for investors, landlords, occupiers, and lenders. With the power of AI coupled with cloud computing and automation, our models are extremely agile, constantly learning and improving as new data becomes available on a daily basis. Moreover, our technology development approach enables us to listen to our clients’ needs, and rapidly fine-tune our products to their explicit requirements.”
The new proptech OfficeBlocks consists of advanced enterprise tools, available on mobile and desktop. The OfficeBlocks suite of enterprise tools is available to access globally and data covers key cities in Asia Pacific, including Hong Kong, Singapore, Shanghai, Seoul and Bangkok.
Why commercial real estate needs this new proptech solution?
Despite the pressures created by COVID-19, Asia Pacific continues to be an important and vibrant real estate hub. In fact, there is over USD $40 billion in capital waiting to be deployed into real estate in the region, according to JLL research. Recent industry data also suggests that Asia Pacific will rebound quicker than other global regions.
Equally encouraging; a recent JLL survey reveals that 82% of investors in Hong Kong were committed to investing the same amount or more in 2020 than in the previous year. If we look to Singapore, this percentage increases to 96%.
But despite the optimism of the sector, the situation for investors as they prepare deals can be challenging. Until now, this group has lacked immediate and up-to-date insights into commercial properties, meaning that they have been reliant on time-consuming and often only partially-accurate methods of information gathering – from physical visits to properties, to pouring over complex data-filled reports and spreadsheets. In short, they lack real-time, actionable insights into commercial real estate.
This problem is not limited to investors. Corporate occupiers and CRE brokers face similar challenges when brokering deals. Due to a lack of data transparency, they may not always be able to make the most advantageous leasing decisions for their business, or for their clients.
How the new proptech can help?
There is a consensus that the commercial real estate industry needs to change. And fast. It is our long-held belief that technology holds the key to this transformation.
Both JLL and Risk Integrated firmly believe that technology is set to shape the future of real estate, and that tech-enabled companies will capture market share over the next 10 years. While many in the industry recognise the importance of property technology – or proptech – they have been slow to invest.
JLL and Risk Integrated have come together to bring about an industry-first proptech suite of tools set to transform commercial real estate leasing and investment. OfficeBlocks does this by putting powerful data into the hands of CRE professionals and empowering them to make smarter decisions – reducing risk and maximising return on investment.