As CEO and Founder of BeyondView, Kul Wadhwa is revolutionizing the way commercial properties are marketed and managed. The company’s immersive, game-like experience is disrupting the commercial real estate landscape by accelerating the property leasing management process at a fraction of current costs.
We talked with Kul about how digital twin tech will help property management and the enhancements we’ll be seeing more of in the commercial leasing space.
M.R.: What direction is real estate technology headed?
Kul Wadhwa: In an industry that is often considered immovable or at least slow to accepting change, technology will increasingly have an impact on real estate. More specifically, the future of real estate technology will involve digital twins. According to a recent report, the digital twin market is expected to reach $72.65 billion by the year 2032, a growth of over 22%.
Utilizing artificial intelligence (AI) and machine learning, real estate companies can digitize a space at a fraction of current costs, creating a live asset. The result is a building-specific database that is highly customizable, presenting easily accessible data that also allows for properties to be reimagined in no time at all. From my perspective as a technology-minded entrepreneur, this change is not only exciting but extremely necessary.
M.R.: How does digital twin technology assist with resource planning and property management?
Kul: Data that is expected to guide the corporate decision-making process is often presented in a manner that is difficult to understand and additional digital and software solutions make the process even more bloated and complicated. By leveraging digital twin technology, decision makers can readily retrieve all relevant information about a building and its assets that is both intuitive and contextualized. This database presents a visualization of data that is easily accessible in real-time from a desktop or even a phone and is available for quick redeployment. Additionally, the information presented facilitates a streamlined decision-making process and eliminates any physical hurdles or constraints.
M.R.: How does real estate technology change the leasing process now and into the future?
Kul: While real estate renderings and virtual walkthroughs of old have been disappointing and unrealistic, new technologies offer immersive, photorealistic, and gaming-like experiences that are proven to accelerate a space’s leasing cycle.
It may sound futuristic that there are technologies that allow stakeholders to join virtual tours of digitally reimagined spaces that look and feel like you are physically present at a remote location. But these technologies exist today. Over time, platforms that offer imbedded communication tools that allow brokers, prospective tenants, and property managers to collaborate in real-time and demonstrate a space’s unmet potential will accelerate the leasing and even buildout process. Especially in downturn markets, technologies like these will prove to be essential.
M.R. Rangaswami is the Co-Founder of Sandhill.com