CHICAGO – Transwestern today announces it held CREforge, a first-of-its-kind commercial real estate hackathon, which is a competitive event that challenges the technology world to find new solutions to everyday problems. On Aug. 26-28, Houston-based Transwestern introduced four companies in the commercial real estate sector to numerous designers, coders and software developers, who developed innovative solutions to the challenges posed by each business.
Some of the solutions explored include:
· Using augmented reality to project 3D building renderings onto everything from tabletops to land sites, allowing clients to see a 360-degree view of a project before it’s actually built.
· Capturing emotional data to inform the design of an office interior through a platform in which clients select images of various finishes and design features that are then instantly converted into a preliminary space plan and budget, providing a better starting point in the design of a new office space.
· Creating artificial intelligence (AI) bots to pull data from multiple servers and quickly extract specific inventory, order and delivery information for clients, a function that used to take a half-dozen employees hours to complete.
· Filling vacancies by utilizing dating-site algorithms to “match” commercial tenants with landlords through a bidding process, automating an otherwise manual process and saving considerable time while driving more competitive pricing.
“It’s no secret that commercial real estate is a late adopter of technology,” said Mike Watts, Transwestern’s Midwest president. “Our industry is ripe for innovation, and there’s no better place to move the needle than Chicago, home to one of the fastest-growing tech communities in the country.”
Watts continued, “CREforge is a way for us to show other real estate professionals – everyone from architects and developers to brokers and service providers – how we all can use technology to overcome obstacles and change the way we do business. While the hackathon itself is over, our effort to ‘forge’ a synergistic relationship between tech and real estate is just beginning.”
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Chicago and Rosemont offices, follow @TranswesternCHI.
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EDITOR’S NOTE: The above is a summarized version of the event. Additional information on the four solutions conceptualized at CREforge is included on the next page.
Click here to view an embeddable recap video with highlights from CREforge. A second video with an overview of the event is available here.