The office market is facing significant headwinds from the trend toward work-from-home and hybrid work schedules. This has led to a competitive office leasing environment, though new technology offerings are helping office landlords with their leasing efforts.

“The last few years have been tumultuous for the commercial real estate industry, especially in terms of office leasing,” notes Kul Wadhwa, CEO of BeyondView, a digital twin technology firm. “Over the course of this year, we have seen a rebound in specific market segments like Midtown Manhattan and expect this stabilization to continue into 2023.”

According to Wadhwa, proptech can play an important role in the commercial real estate industry and support real estate managers in the current environment. “From high-definition renderings to better quality virtual walkthroughs, proptech will play an increasing role in the commercial real estate industry,” says Wadhwa.

Loretta Clodfelter