Collier’s Proptech Accelerator Powered by Techstars selects FastOffice as one of its class of 2019
(Toronto – September 9, 2019) - It was announced today that FastOffice, a digital leasing acceleration platform, has been selected as one of 10 commercial real estate technology early-stage ventures invited to participate in the Proptech Accelerator, from over 700 applications worldwide. Proptech is a joint initiative between Colliers International, one of the world’s largest real estate services organizations and Techstars, the leading ecosystem for start-ups, with a mission to help commercialize innovations that can transform the real estate industry.
“We’re delighted to have been chosen by Colliers to be part of Proptech for its second year,” said Colin Graham, founder and President of FastOffice. “Colliers’ commitment to innovation and its interest in a technology that can transform the role and value of its brokers is a clear validation of the work we’ve already undertaken with pioneering customers and partners.”
FastOffice has developed a solution targeting unmet needs of commercial real estate brokers and their tenants. When reviewing potential office spaces, all but the largest tenants lack the ability to determine basic information such as the viability of each option (can the space meet their requirements?) and the Total Cost of Occupancy including fit out and furnishings (what is the total financial impact over the term of the lease?).
“80% of leases in North America are for spaces of less than 10,000 square feet,” noted Graham. “Brokers representing both tenants and landlords do their best to represent these smaller spaces professionally, but the tools that allow tenants to assess and visualize fit and Total Cost pre-lease are expensive, complex and, frankly, slow. They’re not viable, nor offered, for the majority of smaller potential deals. We thought it was time that every tenant could benefit from this information.”
FastOffice enables virtually real time 3D “test fits” and concurrent cost estimates in an inexpensive web-based environment. It has been designed to be simple to use for brokers presenting and reviewing options with tenants, helping both parties assess numerous options quickly and with confidence even at the earliest stages in the process. It helps them move to evidence-based decision making and condense the time it takes to get to offers.
“The total costs are usually only available once the lease is signed and they’re often much higher than anticipated,” said Casey Myrhe, CEO of FastOffice. “Its absence prior to signing causes friction within the leasing process and carries significant financial risk for tenants. For us, the excitement comes when our users suddenly see just how liberating our technology is, and how barriers to decision-making simply fall away.”
In a competitive market, FastOffice allows brokers to reduce this friction and add tremendous value to the process, not only accelerating the time to offer, but also establishing and cementing relationships they have with both landlords and tenants.
The Proptech program, lasting three months, will help the FastOffice team gain global real estate and early-stage commercialization perspective through engagement of 120 mentors, refine its business plan and explore pilots. FastOffice’s involvement in Proptech will culminate in a Demo Day in front of sector leaders and strategic investors. “Our participation will allow us to not only leverage the insights of experts but also dramatically accelerate our growth, “ said Graham. “We are grateful to Collier’s for providing this remarkable opportunity.”
FastOffice is a Toronto-based early stage venture developing a platform and tools to transform the leasing and offer process for commercial real estate. Founded by a team with expertise in real estate, architecture, commercial furniture sales and enterprise software, it launched the beta version of its web-based SaaS technology in 2019, and is working with an early cohort of commercial real estate brokers, office furniture distributors and tenants to validate and enhance its offering. Learn more at fastoffice.com.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Techstars is the worldwide network that helps entrepreneurs succeed. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates three divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, and Techstars Corporate Innovation Partnerships. Techstars accelerator portfolio includes more than 1,900 companies with a market cap of $23 Billion. www.techstars.com