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’s first acquisition of the year
WeWork recently acquired data platform company Euclid in its effort to move further into software sales.
This move marks the coworking company’s shift away from merely selling office memberships and becoming a software-as-a-service provider.
Shiva Rajaraman, WeWork’s chief product officer, says the platform and team will become integrated into “workplace insights,” which is a software package that WeWork plans to sell to companies that do not rent WeWork space, but wish to revamp their own offices.
By bundling this with the company’s $100 million investment in office management startup Teem, customers can see when a conference room is booked and how many people showed up to the meeting.
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“We’re moving toward a Google analytics for space and making sure rooms are used the right way,” said Rajaraman. “A lot of companies do happy hours on Thursdays, but they might learn that more people show up to an afternoon tea time or other type of session that changes participation. Companies can run tests in their own space.”
Some are concerned whether Euclid will make them feel surveilled, but Rajaraman said that the technology does not identify individuals.
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