Prop Tech

This is a new term describing the transformation of the property industry – not just parking. Proptech is the convergence of property and technology. It is about leveraging new technology into the property ecosystem.

Click on the link below (subscription required) if you have not read the recent article by Folkestone's Adrian Harrington in The Australian on prop tech and how it is changing the way landlords and tenants interact – being driven by demands of tenants for flexibility and increased efficiencies in their use of space. https://www.theaustralian.com.au/business/property/proptechs-the-way-of-the-future/news-story/3a524669d319c338d5fb0ac610a56a63 

Landlords and tenants have borrowed one of parking’s core elements – the unreserved parking space. They have re branded it “agile space” – which removes a lot of “reserved” offices and workstations and creates shared spaces. This has allowed large tenants to dramatically reduce their physical space requirements – as staff are regularly out of the office, away on business or leave etc…. 

It is based on accurate data on useage to model more efficient workplaces.

Where this becomes interesting for parking operators, owners and large tenants is gaining the same data on their parking to achieve similar results. And it is not only commercial parking stations this applies to.

There are now three small cloud-based providers in the Australian market – DIVVY, Ubi Park and a third entrant Base UP – backed by IAG. We expect further players to enter shortly, as the cost of software development is not prohibitive and the majority of the hardware can now be reliably (and inexpensively) sourced in China. Legacy equipment suppliers simply cannot compete on price, on features or have enough Australian based developers to tailor customer driven data-based solutions.

ParkScience is working with a top 10 ASX company that has hundreds of parking lots essentially for staff – but little data on the useage. A trial will soon be underway putting these new entrants head to head to determine which will be rolled out nationally.

 The head to head comparison will appear as a ParkScience exlcusive later this year.

Content created May 2018