Savills Acquires Cureoscity To Gain Competitive Edge In The COVID-Stricken Commercial Real Estate Services Market
Grosvenor Hill Ventures, the proptech investment subsidiary of global real estate advisory firm Savills, announced that it had acquired tenant and workplace experience platform Cureoscity. Headquartered in the UK, and with 20 employees, Cureoscity targets commercial landlords and their property managers, offering functionality spanning visitor management, environmental monitoring and tenant event management. The workplace app vendor will continue to operate as an independent business under Savills, targeting landlords interested in offering tools to improve the occupant experience in their properties, and give building operators access to data-led insights about service usage.
Since its founding in 2018, Cureoscity has deployed its solution in over 50 sites, spanning over 12 million square feet, with clientele including CC Land, Stanhope, Mitsui Fudosan and Oxford Properties. Savill’s purchase of the firm will enable it to roll out its base platform to all applicable sites within Savill’s client portfolio. This is the latest in an escalating arms race to develop the most comprehensive tenant experience platform. VTS has acquired Rise Buildings as well as Lane and HqO has acquired OfficeApp, consolidating the reach of the market’s top players, particularly in North America and Europe.
The Cureoscity acquisition highlights growing commitment amongst property managers to using tenant engagement technology to gain a competitive edge in a challenging market. The lingering pandemic means office vacancy levels remain as high as 20% in cities such as Pittsburgh and San Francisco, or 15% in Brisbane and Hyderabad. Indeed, as a North American commercial landlord recently told us, “Occupancy levels do not seem to be bouncing up to anything near the pre-pandemic norm, even with the wide roll out of vaccines, so landlords need to rethink how they engage with tenants to survive in the long term”. Now is the time for landlords to work more closely with their tenants to share the pain of the COVID-19 downturn and meet their changing expectations for hybrid-enabled workplaces.
To find out more about this dynamic software market, read our recent report, Proptech Funding Soars To A Record $9.3 Billion In 2021.