REDD concludes a critical phase of studies on Space AI project
REDD Real Estate Digital Data (REDD) will unveil a Space AI tool for office building owners in the first half of this year to help reduce the negative effects of the COVID-19 pandemic that hit the market. REDD is a polish prop-tech start-up, which has built the largest database of office properties in Poland. The platform has been revolutionising the commercial property market for over two years.
Already in the testing phase, Space AI algorithms provide a forecast accuracy of 89 percent, thus showing the future demand for offices in Poland.
“For more than a year, we have been working on a tool based on artificial intelligence that will allow office building owners to effectively forecast their rents and adapt their strategies to the market situation. It will be a revolution to the market. Our aim is to halve the period in which offices remain vacant,” says Tomasz Ogrodzki, founder of REDD.
Today, as the REDD Index* shows, offices remain vacant in Poland for 296 days.
Vacant offices generate huge losses
REDD data show that in 2020, many offices were left vacant. Indicators show that at the end of 2020, almost 1.8 million square metres in completed buildings remained without a tenant, while another 740,000 square metres in buildings under construction had already been commercialised.
“Vacant office space generates huge losses for property owners, which at the current level of vacant space can reach up to PLN 1 billion per year,” says Piotr Smagała, Managing Director at REDD.
“Artificial intelligence and big data are the strategic fuel of the commercial property market. As the largest data provider, who has collected over 10 million pieces of data in the last two years and monitors 2,000 office buildings, we have a real influence on the shape of this market,” adds Tomasz Ogrodzki, REDD co-founder.
In addition to Tomasz Ogrodzki, Piotr Smagała, who has been developing technology projects for property for over 10 years, is also responsible for Space AI project. In 2014 he founded “Talkin’ Things” startup. He is the winner of the “Impulse for Business” award for the most innovative start-ups.
The creators declare that the project is in its final phase, in which the artificial intelligence model is being optimised for new data that is constantly flowing into the REDD databases.
REDD cooperates with GUS
At the beginning of February, the REDD platform also signed an agreement with Statistics Poland (GUS). As part of the pilot project, REDD will provide GUS with analytical data to enable experimental statistical research aimed at monitoring changes taking place on the office property market in Poland.