Cushman & Wakefield Japan Offers 3D Virtual Property Tours

Rhea-AI Summary

Matterport, Inc. (Nasdaq: MTTR) has been adopted by Cushman & Wakefield Japan to enhance property marketing through its 3D virtualization technology. This collaboration, stemming from a previous global agreement, allows Cushman & Wakefield to provide virtual tours, increasing engagement by over 300% compared to traditional methods. The technology offers clients real-time project monitoring and reduces travel needs, ensuring safety during the pandemic. Key leaders from both companies emphasize the competitive edge and long-term value of implementing this digital solution in a challenging market.

Positive

• Cushman & Wakefield's adoption of Matterport's 3D virtualization technology enhances property marketing services.
• The technology reportedly increases engagement by over 300% compared to 2D imagery.
• Clients can monitor project progress remotely, accessing digital assets anytime and anywhere.
• The virtualization solution reduces travel and physical inspections, maintaining safety during the pandemic.

Negative

• None.

TOKYO, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Cushman & Wakefield Japan has introduced Matterport’s 3D virtualization tool to provide first-class property assessment and enhanced property marketing services. The use of this virtualization tool transpired from a global agreement that Cushman & Wakefield signed with Matterport, Inc. (Nasdaq: MTTR) last year, which enabled the company to offer clients a turnkey solution to scan commercial properties in 3D across its footprint.

Matterport’s AI driven visualization technology scans an existing space and reproduces it in digital form. This “digital twin” is a versatile asset within the commercial real estate industry, including in providing virtual tours of properties with detailed floor plans and a “dollhouse view”, which provides prospective buyers and tenants with a dimensionally accurate and immersive view into a space. According to Matterport, 3D virtual tours increase audience engagement by over 300% in comparison to 2D imagery. The technology helps in making better informed decisions by providing a multi-dimensional view of the venue, enabling more effective property inspection and marketing of assets.

Cushman & Wakefield’s Leasing Management Services in Japan is offering the Matterport 3D virtual experience across all its retained properties. Using Matterport, the Project Management team is also now able to help clients monitor the progress of their projects and access the digital twin online from anywhere, and at any time regardless of property or audience location. Matterport is a true virtual solution and enables Cushman & Wakefield to provide property inspections that keep clients and professionals safe during this unprecedented pandemic, eliminating the need to be present in the space physically. Because of this, Cushman & Wakefield is also able to deliver additional benefits to clients such as reduced travel and fewer visits to a property, producing overall time and cost savings which will remain relevant beyond the pandemic.

Howard Xiao, Japan Country Manager at Matterport, commented: “Japan’s commercial real estate sector is one of the most competitive, so firms must constantly differentiate to win clients. Matterport's technology enables agents to achieve an edge through authentic, immersive and navigable 3D experiences. By leveraging Matterport's powerful technology and insights, Cushman & Wakefield is positioning itself at the forefront of the sector's ongoing transformation, which harnesses technology to drive deeper engagement, analysis and understanding of listings. Increasingly, clients are turning to Matterport to capture their real estate portfolios due to the significant add-on benefits realized. We are delighted to be selected by Cushman & Wakefield Japan for all of their Leasing Management mandates.”

Keiji Kato, Senior Director, Head of Leasing Advisory Group, Japan, Cushman & Wakefield, said, “We were first acquainted with the Matterport platform when we were exploring the best way of introducing properties for rent during the pandemic. Matterport allows us to conduct high quality virtual tours for our clients with its ability to produce a highly photorealistic digital replica of the actual physical space. We have now introduced this service across all the properties that we lease and manage and it has proven to be very effective in differentiating us from our competition. We believe that virtual tours will remain necessary even after the pandemic, and we will continue to use this platform as one of our key property marketing tools.”

Cushman & Wakefield continues to identify and collaborate with strategic partners to deliver innovative tools that generate deep insights and create value for our clients and has strategic partnerships across its global platform with a variety of innovative property technology organizations.

Showcase of a 3D real estate introduction realized by Cushman & Wakefield in Japan: https://www.globenewswire.com/NewsRoom/AttachmentNg/6757cfd7-be49-4e4c-8f39-070720cffe3a

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b8a3bbb-4bb1-4a28-a109-debd02ddea62

(KDX-TurnKey Office)

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Matterport

Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make spaces more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse our gallery of digital twins.

Connect with Matterport on Facebook, Twitter, LinkedIn and Instagram.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

MEDIA CONTACT

Yuko Okayasu
Head of Marketing & Communications, Japan
+81 33596 7045
yuko.okayasu@cushwake.com 

FAQ

What is the collaboration between Matterport and Cushman & Wakefield about?

The collaboration involves Cushman & Wakefield Japan using Matterport's 3D virtualization technology to enhance property marketing and assessment services.

How does Matterport's technology improve property marketing?

Matterport's technology provides immersive 3D virtual tours that increase audience engagement by over 300% compared to traditional 2D images.

What benefits does 3D virtualization offer to Cushman & Wakefield's clients?

The benefits include reduced travel needs, the ability to monitor projects remotely, and safer property inspections during the pandemic.

When did the partnership between Matterport and Cushman & Wakefield begin?

The partnership follows a global agreement signed in the previous year, leading to the adoption of Matterport's technology in Japan.

What is the stock symbol for Matterport?

The stock symbol for Matterport is MTTR.