Co-working space provider WeWork recently announced it added workplace real estate management and operations company SpaceIQ to its enterprise technology suite. The solution helps companies manage everything from space planning to global portfolio optimization. With the acquisition, WeWork looks to increase its ability to help enterprises make informed decisions throughout their whole real estate portfolio.
“SpaceIQ’s incredible team and technology will help us build on our existing enterprise stack of workplace experience software and insights, and allow us to provide companies with workplace real estate management and optimization, including move management, space stacking, and richer portfolio analytics,” WeWork Chief Technology Officer Shiva Rajaraman said in a statement. “We’re thrilled to welcome SpaceIQ to the WeWork family.”
The SpaceIQ platform resides in the middle of a workplace’s software ecosystem and integrates seamlessly with a variety of enterprise systems to incorporate human resources, real estate, IT (information technology), financial and operations data so companies can have a comprehensive view of their real estate portfolio.
“SpaceIQ’s real estate planning and operations platform has been instrumental in supporting Slack’s rapid growth,” Slack VP, Global Workplace and Real Estate Deano Roberts said. “As a customer of WeWork’s workplace experience software Teem, we are thrilled to see these two companies come together and look forward to having our workplace planning and utilization data in one single solution—providing a holistic view of our real estate portfolio.”
This acquisition is something any commercial real estate owner or property manager looking to supplant companies like WeWork and create their own co-working space agreement with enterprises needs to keep their eye on. Initially if a CRE owner wanted to compete with the likes of a WeWork, it would take amenities like a kitchen area, open floor plans, free beverages and of course a reliable, robust in-building wireless cellular network.
Those factors are still paramount in enticing businesses to sign a flexible lease agreement. However, WeWork’s ability to continually add another critical amenity like SpaceIQ’s platform to its offerings should be a reminder to any CRE owner interested in entering the co-working arena that there’s no such thing as having too much to offer a prospective tenant. In other words, if you can provide technologies that can help tenants balance their company’s growth and employee engagement with their real estate needs on top of the everyday flexible office space amenities, you’ll increase your odds of competing with the co-working office industry leaders.
SpaceIQ CEO Shahar Alster, Chief Product Officer Noam Livnat and COO Jeff Revoy founded the company in 2016. The deal will allow SpaceIQ to keep its current customer base and become fully integrated within WeWork.
“SpaceIQ’s mission, from its inception, was to provide companies with a modern platform to manage the entire real estate life cycle, from space and move planning to global portfolio optimization,” Alster said. “Joining the WeWork family enables us to usher in a new era in which corporate real estate transitions to a dynamically managed mix of owned, leased, and flexible spaces that’s always optimized for business needs.”