- Startup provides unique insights into commercial property
- CBRE says traditionally it is difficult to access broader customer insights into commercial property
- Data confirms local shopping centres in Sydney are booming compared to traditional shopping precincts in and near the CBD
Pathzz, a Sydney-based proptech startup, has joined forces with CBRE to introduce a new customer analytics product, which it says will disrupt the industry.
By applying advanced artificial intelligence algorithms to a range of data sets and mobility signals, Pathzz deliveries unique insights surrounding commercial property says CEO Jason San Diego.
“The Pathzz platform has been designed in such a way that users can access meaningful insights across any location, business or place-of-interest to inform their business strategies in real time.
“The demand for this type of information has intensified during the pandemic, as businesses, government entities, property owners and managers analyse and adapt their strategies in a fast-changing environment.”
Jason San Diego, Pathzz CEO
Matt Copus, CBRE’s Head of Retail Analytics, said that traditionally customer insights into the commercial property sector had been difficult to access, among the reasons why CBRE was keen to work with Pathzz.
“Pathzz empowers our clients to understand their own customers in unprecedented detail, but we can also get the same insights across brands, competing locations, acquisition targets, development sites, city precincts and beyond.”
“It provides insights on consumer profiles, shopping habits and demographics, allowing our clients to create rich profiles on the type and volume of people who visit any location in Australia and map how these trends change over time.”
Matt Corpus, CBRE
A practical example is by using the proptech, CBRE reviewed suburban retail precincts across Sydney such as Mosman, Balmain, Double Bay and Neutral Bay as the areas emerged from the impacts of the pandemic.
By doing this, CBRE received data showing that these precincts were experiencing an upsurge in visitors caused by local residents enjoying both greater flexibility with work hours and more spreading time between home and office.
“This localised trend saw visits to our basket of suburban retail precincts increase by 46% in December 2020 compared to the prior year, with Mosman having more than twice as much foot traffic at a time when Pitt Street Mall visitation had dropped significantly.”
Matt Corpus, CBRE
Retail hubs such as Bondi Junction and Chatswood are contracting according to the data, which they suggest is from changing consumer behaviour. CBRE can data such as this to better evaluate retail portfolios.
“The question then is, how much of this change is structural, and what implications will this have on asset values in suburban locations and the portfolio strategies of retailers as these behavioural changes stabilise,” said Mr Corpus.
Mr San Diego concluded that the Pathzz platform has lowered barriers to view rich customer insights.
“Developing our own machine learning technologies has given us the ability to process vast and complex information through Pathzz in real time – providing an easily accessible platform to inform business decision making.”
