Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
WeWork is moving into the software business
WeWork has acquired Euclid, a small analytics software company with just 24 employees.
According to Euclid’s website, they are “focused on redefining the workplace experience of the future.” They do this by tracking how people move around in physical spaces. The technology is able to track how many people show up to a meeting or networking event all through Wi-Fi.
Shiva Rajaraman, WeWork’s chief product officer, said that the company is attempting to become the “Google analytics for space.” It’s an effort to give offices insight on their design and make improvements to the space.
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Despite this, many employees see this as an invasion of privacy, especially if they are unaware of it happening.
“We’re looking at the aggregate level to understand how space is being used,” said Rajaraman.
The acquisition sets a path for WeWork to monetize the software and sell it to companies outside of the WeWork network.
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