Chicago's Commercial Real Estate Industry Fights Back Against Higher Vacancy Rates With New Technology
Chicago's most visible CRE entities have turned to Swivel Interactive Space Showcase to improve visibility, engagement and time-to-lease across 16 office assets
AUSTIN, Texas, Nov. 3, 2021 /PRNewswire-PRWeb/ -- Swivel, a technology platform that transforms the way commercial real estate is marketed, leased, and planned, today announced eight 2021 deployments of its Interactive Space Showcase solution with Chicago's major commercial real estate providers. After less than one year in the Chicago market, Swivel is contracted to support 16 properties in the city for organizations such as Accesso Partners, AmTrust Realty Corp., Beacon Capital, Hines/Ivanhoe Cambridge, Golub & Company, JLL Chicago, Tishman Speyer, and Zeller.
As a result of the pandemic, vacancy rates for downtown Chicago office space climbed to 18% from a pre-pandemic average of 10-12%. In response, property owners and brokers had to develop creative new strategies for marketing spaces to a smaller pool of active occupiers. Swivel's customers found Interactive Space Showcase - Swivel's advanced 3-D visualization solution that enables prospective tenants and their brokers to digitally experience a space before it's re-modeled or built-out - to be an ideal solution for improving asset visibility and converting more tenants faster.
"Since signing on with Swivel in January, we've successfully leased 3 spaces at 180 North LaSalle in Chicago's CBD," said Melissa Rubenstein, Managing Director, JLL Chicago. "Swivel was an instrumental marketing tool which provided prospective tenants the ability to visualize how our future spec suites would be built and furnished, during in person tours and virtual showings. We also were able to include the views from each office suite which was a huge benefit."
Across its nationwide deployments, Swivel has demonstrated a 17.75x ROI for landlords with vacant space, and has helped landlords reach upwards of 1,500 additional tenants and brokers—increasing the number of in person tours and RFPs. Swivel's technology has been deployed across hundreds of properties totaling more than 100 million square feet.
"The pandemic fallout sent shockwaves through the commercial real estate industry as landlords and their leasing teams realized they needed to find new ways to attract and engage prospective tenants without sacrificing their bottom line," said Scott Harmon, CEO, Swivel. "The dynamic, immersive nature of virtual tours present a unique opportunity to expand reach while offering a safe and highly detailed experience. We've seen this combination deliver terrific value to our customers time and time again, particularly in the kinds of high-density, tier-one buildings that populate Chicago's downtown."
The properties Swivel supports in the Chicago area include:
- 33 West Monroe and 30 North LaSalle for AmTrust Realty Corp./JLL Chicago
- 180 N LaSalle for Hines/Ivanhoe Cambridge/JLL Chicago
- 515 N State for Beacon Capital Partners/JLL Chicago
- 30 South Wacker, 525 West Monroe, 222 West Adams for Tishman Speyer
- International Tower (8550 West Bryn Mawr Ave.) for Golub & Company
- 20 North Clark , 200 West Monroe, and 230 West Monroe for Accesso Partners
- 311 South Wacker and Old Orchard Towers for Zeller
The Swivel Interactive Space Showcase solution is part of the company's Design Experience Platform, which was named 3-D Modeling Solution of the Year by the PropTech Breakthrough Awards in 2021. To schedule a demo of Swivel's Digital Leasing Platform, please visit https://www.swivel.work/book-a-demo.
About Swivel
Swivel is the Design Experience Platform that enables commercial property owners to efficiently market, lease and digitally build out tenant workspaces prior to construction. Today, many of the largest institutional ownership groups and global brokerages, including Brandywine, Cousins, and JLL, use Swivel's sophisticated visualization technology to reduce the time and cost associated with commercial office leasing. Swivel is backed by Breyer Capital, JLL Spark, and Floodgate. To learn more, visit http://www.swivel.work.
Media Contact
Andrea Oliveira, Oliveira House PR (OHPR), 512-922-7505, [email protected]
SOURCE Swivel
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