The Beta Broadcast: An Interview with Bright Spaces
Bright Spaces is a PropTech start-up that offers an integrated suite of 3D Digital Twin-based showcasing, leasing, space planning and management web solutions for landlords & agents.
By using 3D visualisation, digital space availability, and various automation, optimisation, and digitalisation features in the leasing or selling process, they aim to increase the number of relevant requests and to foster commercial agreements. Bright Spaces is now present in 3 markets: Romania, the UK and Hungary and looking to expand further in Europe and beyond. Now a team of more than 30, the company is backed by local and international investors. We sat down with Head of Sales EU, Catalin Dragutoiu, to discuss the biggest pain points facing the industry, and how Bright Spaces is creating a scalable solution.
What are the biggest challenges facing the industry right now?
It depends on the perspective and the market maturity. Currently you cannot name one single biggest challenge, as all of them occur at the same time impacting the business differently. One major challenge is the decrease in lease contract lengths, due to the booming co-working offices and/or serviced offices. Another challenge comes from the fact that more than 70% of business leaders expect the B2B experience to be the same as the one they have in B2C. A different challenge is the new type of decision makers; more and more Millennials are decision makers, Gen Z is slowly entering the labour market and having a say in the way we all do things. We speak here about hyper-connected people into the internet world. Plus, Millennials and Gen Z’s come with a whole lot of different expectations: from the way they work, to the offices they want, their focus on ESG and to the need for a smooth mix of digital and real life.
What’s important to understand is that all these challenges are in fact opportunities.
How is Bright Spaces solving these challenges?
Bringing real estate online is the first step, which was already taken. But, by turning assets into 3D digital twins, we take a leap closer to meeting clients’ requirements for modern, fast, digital solutions. Therefore, we can provide a similar B2B experience as the one experienced in B2C interactions, whilst also giving an immersive vision for the new generations. Automation and optimisation will be key in real estate in the following years, not as a factor of differentiation, but as a vital way to remain relevant in increasingly competitive markets.
What separates Bright Spaces from its competitors?
Our solution brings together multiple features offered by our competitors separately. We streamline the whole leasing process, providing landlords with a product that showcases their space in a 3D digital twin, gathers data, improves communication between stakeholders, generates reports and speeds up the signing process.
What do the next 3-5 years look like for the company?
Our aim is to become one of the most important PropTech solutions in the world. Our bet on web-based digital twins seems to be on the right track if we look at the Enterprise Metaverse concept. Looking at any type of property online should and will be done through the Digital Twin Model. Bright Spaces aims to be one of the biggest players in this field.