{"id":348101,"date":"2020-06-16T05:53:32","date_gmt":"2020-06-16T12:53:32","guid":{"rendered":"https:\/\/www.esri.com\/about\/newsroom\/?post_type=wherenext&p=348101"},"modified":"2024-05-10T05:52:30","modified_gmt":"2024-05-10T12:52:30","slug":"cushman-wakefield-3d-digital-transformation","status":"publish","type":"wherenext","link":"https:\/\/www.esri.com\/about\/newsroom\/publications\/wherenext\/cushman-wakefield-3d-digital-transformation","title":{"rendered":"Cushman & Wakefield Clients Get 3D Tours and Market Insight"},"author":501,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"sync_status":"","episode_type":"","audio_file":"","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","_links_to":"","_links_to_target":""},"categories":[331,1001,791],"tags":[581,281,1261,1281],"department":[488812],"wherenext-category":[],"industry":[],"class_list":["post-348101","wherenext","type-wherenext","status-publish","format-standard","hentry","category-3d","category-commercial","category-digital-transformation","tag-digital-transformation","tag-location-intelligence","tag-real-estate","tag-visualization","department-emerging-technologies"],"acf":{"short_description":"With 3D tech, location intelligence, and data-fueled insight, Cushman & Wakefield stays on the cutting edge\u2014and helps clients see what's next. ","pdf":{"host_remotely":false,"file":"","file_url":""},"flexible_content":[{"acf_fc_layout":"content","content":"As commercial real estate firms grapple with economic and industry changes\u2014from coworking spaces to resilient buildings to the coronavirus-inspired trend toward contactless commerce\u2014CRE leaders are finding new ways to bring buildings and markets alive for clients. This shift starts with a modernized approach to data and analysis."},{"acf_fc_layout":"sidebar","layout":"standard","image_reference":null,"image_reference_figure":"","spotlight_image":null,"section_title":"","spotlight_name":"","position":"Left","content":"Article snapshot:<\/strong> Challenged by client expectations for data-rich, 3D visualizations of properties and markets, Cushman & Wakefield developed PRISM, a location-smart app that helps brokers advise, not just support.","snippet":""},{"acf_fc_layout":"content","content":"Cushman & Wakefield, one of the world\u2019s largest commercial real estate firms, with approximately 53,000 employees in 400 offices around the world, has built its client list over more than a century in business. The list includes major law firms, financial institutions, retailers, banks, professional services firms, and hundreds of energy companies\u2014virtually any company that needs space to run commercial or industrial operations. Those clients expect the latest information and analysis on markets and properties, and they want to receive it through the kind of data-rich, visual experience they enjoy on their mobile devices.\r\n\r\nTo meet those expectations, Cushman & Wakefield recently undertook a digital transformation of significant scale. Through a combination of 3D tools, location intelligence technology, market data, and modern user interfaces, the firm is empowering its brokers to show clients what\u2019s next in real estate, business, and markets around the world.\r\n\r\nAt the heart of the transformation is a system called PRISM, created by the company\u2019s Technology & Data Solutions group. The client-centered app is powered by a geographic information system (GIS), and helps Cushman & Wakefield brokers forge an advisory role with clients, according to Chris Kolodz, the company\u2019s head of client technology solutions.\r\n\r\n\u201cPRISM has improved the relationship,\u201d Kolodz says. \u201cNow clients are saying, \u2018I have a partner who is tech-enabled, who can take me into the future and spend the time understanding my business and growth.\u2019\u201d\r\n

Digital Transformation Spurs Innovation \u00a0<\/strong><\/h3>\r\nThe push for innovation at Cushman & Wakefield has largely been driven by on-the-ground professionals who must stay ahead of client expectations. Tim Relyea<\/a>, executive vice chairman of Cushman & Wakefield in Texas and a 42-year veteran of the company, says that quest is never finished. \u201cI still look at myself every day and ask, \u2018Can I get better?\u2019 I don't plan on slowing down or getting less equipped or less knowledgeable than any of my competitors,\u201d he says.\r\n\r\nRelyea\u2019s clients, including some of the biggest names in the legal and energy sectors, rely on their brokers to be authorities not only on properties available for lease, but also the neighborhood, local amenities, demographics, transportation options, and even competitive landscape around those locations. A standout broker serves as an adviser on market development<\/a>, not just on site selection.\r\n\r\nKolodz believes the traditional way brokers shared property and location data was one-dimensional. \u201cA lot of the real estate services companies relied heavily on paper formats, PDFs, and building drawings,\u201d he explains. \u201cThe way we were showcasing the market to clients was definitely antiquated.\u201d\r\n\r\nOne of the first projects Kolodz tackled upon joining Cushman & Wakefield was to develop a location intelligence<\/a> platform that could turn layers of location-specific data into an elegant 3D experience. PRISM was the result.\r\n\r\n\u201cI think we've probably leaped\u2014I'd say leaped, not jumped\u2014directly into location intelligence and 3D digital visualization,\u201d he tells WhereNext<\/em>. \u201cNow, we\u2019re able to give our client a view of the market and advise them in a way that's new and different. We're able to give them a 360-degree view, both visually and with data.\u201d\r\n\r\nIn a real estate market challenged and changed by the COVID-19 pandemic, digital tools that deliver realistic, 3D views of a city and space are quickly becoming a new calling card for leading firms."},{"acf_fc_layout":"quote","image":348071,"text":"Many longtime clients look for properties in other cities, which used to be a data-intensive process. Now brokers pull up a city on an iPad, zoom in to view available buildings, and point out demographic trends and commute times with a few clicks.","author_name":"","author_profession_organization":""},{"acf_fc_layout":"content","content":"

A 3D, Data-Rich Experience<\/strong><\/h3>\r\nThink of the experience as a digital first cut\u2014much the way a homebuyer might study a city\u2019s demographics, crime rates, and amenities, then scan available properties online. The PRISM app lets brokers and clients peruse high-level details of a market, then explore a virtual 3D world of buildings, streets, and characteristics of that location. And the presentation can be delivered in-person or remotely, depending on the client\u2019s preference."},{"acf_fc_layout":"form","form_type":"aside","form_position":"Left","form_title":"THE ESRI BRIEF","form_desc":"A biweekly email connecting senior executives and business leaders with thought-provoking articles on location intelligence and critical technology trends.","form_button_label":"Sign up now","form_content":"https:\/\/go.pardot.com\/l\/82202\/2017-10-12\/jw1bmb","form_tag":"low-commitment-form\/sign-up-form"},{"acf_fc_layout":"content","content":"When Relyea meets with a client looking for an office presence in Houston, he can pull up PRISM on an iPad and walk through a virtual tour of the entire city before physically visiting the area. When the client wants to examine a specific market, Relyea uses PRISM to zoom into the location for a 3D view of specific buildings. That reveals building data, stacking plans\u2014even which floors of the property are available for lease. With a couple taps he can deepen the view by adding local demographics, workforce analytics, and building amenities.\r\n\r\nThe location intelligence that drives the app also augments a broker\u2019s experience, says Thomas Bower, the Cushman & Wakefield technical program manager who led PRISM\u2019s development and adoption. Bower has seen how technology deepens a person\u2019s understanding of an area, having used GIS as a US Army intelligence analyst before joining Cushman & Wakefield.\r\n\r\n\u201cOne person can't possibly know all the nuances of every city that they go into, but the broker is expected to,\u201d Bower says. \u201cPRISM offers an opportunity for them to show how conversant they are about a particular area and the factors that a C-suite [executive] might consider to determine why they would position themselves in one part of town versus the next.\u201d\r\n

Data Acquisition\u2014and Sharing <\/strong><\/h3>\r\nWhile the move to a virtual location experience was a key aspect of Cushman & Wakefield\u2019s digital transformation, the company faced some hurdles as it began development. The most challenging was getting the data right\u2014essential to building trust in any advisory relationship.\r\n\r\n\u201cIn commercial real estate, the data is fairly fragmented and difficult to get, and we're just talking about pure real estate data, not other data layers like demographics and tax zones,\u201d Kolodz explains. \u201cIt's not as streamlined as residential real estate, with their MLS system. So being able to pull the data and making sure that we\u2019re confident it's accurate is the biggest challenge.\u201d\r\n\r\nPrior to PRISM, data was siloed in certain offices\u2014and, in many cases, among individual brokers. Kolodz believes the vision for PRISM is what convinced veteran brokers to buy into a more collaborative, open data environment.\r\n\r\n\u201cPRISM proved to be a very large carrot for people to start sharing their data,\u201d he says. \u201cOnce they started sharing, we were able to structure that data in a way that could be leveraged in interesting visualizations, which immediately proved the value of the tool.\u201d\r\n\r\nThe company created national and regional data and analytics teams that gathered, cleansed, and loaded data into the app. Once those teams established the data foundation, PRISM really began to prove its worth in the field.\r\n\r\nStill, the data challenge didn\u2019t end with PRISM\u2019s launch. The data teams continually update the app with relevant information for every market where the company operates.\r\n\r\nRelyea offers a broker\u2019s perspective on that work. \u201cEnsuring that information is up to date is never ending, because things in our business change daily. Tenants change, building makeups change. We need a full dedicated team to keep us accurate.\u201d\r\n\r\nWith reliable data in place, Relyea and his colleagues can advise clients on what\u2019s next in prospective markets, as well as what\u2019s next for their business."},{"acf_fc_layout":"quote","image":348091,"text":"We absolutely are winning more business because of better location intelligence through PRISM and our data and analytics.","author_name":"Chris Kolodz, Head of Client Technology Solutions, Cushman & Wakefield","author_profession_organization":""},{"acf_fc_layout":"content","content":"

If You Build It . . . You Still Need to Sell It<\/strong><\/h3>\r\nThe PRISM team understood early on that adoption would require change management<\/a> across the organization, especially among veteran brokers. To facilitate the process, the app\u2019s architects partnered with Cushman & Wakefield business analysts and marketing and research colleagues nationwide. The blended teams held regular meetings with regional offices to understand how brokers conduct business and what types of visual and data experience would be valuable in their client meetings\u2014whether in person or virtual.\r\n\r\nThat collaboration extended beyond rollout, Kolodz notes. \u201cWhen brokers begin to use PRISM in their client meetings, we\u2019re actually there on the ground helping them. It's about getting everyone engaged so that when we walk away, they're not left flailing. The goal is to have educated enough people on the ground who get it and understand it, and then we can be a support system for them as they continue to teach others.\u201d\r\n\r\nBower calls the work with early-adopter brokers \u201cwhite glove service,\u201d and says it has paid dividends in PRISM adoption.\r\n\r\n\u201cWe were willing to do that knowing that the day afterward, when they\u2019re talking to colleagues, they\u2019re going to say, \u2018I had this really great experience with PRISM. Let's do this.'\"\r\n\r\nThe adoption team focused much of its efforts on senior brokers like Relyea, who can influence an entire office. Relyea doesn\u2019t consider himself a high-tech person, but says the app is intuitive enough that it has enhanced his ability to do the job. \u201cIf someone truly knows their market and welcomes this as just another means to showcase how well they know it, they should definitely jump on board.\u201d"},{"acf_fc_layout":"quote","image":348061,"text":"I compare PRISM to going from a world that only had radio to television. It's almost to that level.","author_name":"Tim Relyea, Executive Vice Chairman of Cushman & Wakefield in Texas","author_profession_organization":""},{"acf_fc_layout":"content","content":"

Harnessing the Power of Visualization<\/strong><\/h3>\r\nThe GIS technology at the heart of PRISM powers a 3D view of buildings and insight into cities, neighborhoods, and properties. The app also features customized data layers that inform client decisions\u2014from the makeup of the local employee base, to transportation access and commute times, to special tax zones, market demographics, and amenities like walkable parks and local food trucks and restaurants. With this nuanced picture of a property and an area, Cushman & Wakefield brokers can advise clients on site suitability and even a broad view of profitability.\r\n\r\nThe app\u2019s 3D visualization doesn\u2019t stop at the building level. Through an integration with space planning tool Saltmine<\/a>, Cushman & Wakefield clients can now use PRISM to virtually enter a space they\u2019re considering and \u201cwalk around\u201d\u2014all via a mobile device. Having developed that immersive, virtual experience prior to the COVID-19 outbreak, the firm now considers it indispensable in providing clients insightful, safe interactions.\r\n\r\nKolodz sees that kind of digital transformation as the future of real estate. When he joined Cushman & Wakefield several years ago, the company\u2019s digital transformation was focused on three pillars: innovation, integration, and optimization. PRISM helps the team move that agenda forward by embracing what\u2019s next in technology.\r\n\r\nIn addition to facilitating company-wide digital transformation, the location intelligence platform empowers brokers to deepen their market knowledge and take an advisory role with clients.\r\n\r\nRelyea believes the location-based app has already proven its value. \u201cI\u2019ve had the opportunity to use it multiple times,\u201d he says. \u201cActually, I have received incredibly positive feedback from clients and potential clients.\u201d\r\n\r\nKolodz echoes that assessment. \u201cWe are absolutely winning more business and increasing client satisfaction because of better location intelligence, PRISM, and our data and analytics.\u201d"}],"references":null},"yoast_head":"\nCushman & Wakefield Shakes Up Corporate Real Estate with 3D Experience<\/title>\n<meta name=\"description\" content=\"How Cushman & Wakefield leveraged digital transformation to create an insight-rich app for a new 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