Problem:
Large Commercial REIT was in the process of doing diligence on the acquisition of a 1.5 million square foot office building. The building had very little documentation about it. They knew that it had been primarily a single tenant space since its construction, but they had a plan to make it a multi-tenant building. They needed to know details on the size of the spaces, current condition of the floors and rooms and an accurate building model so they could properly forecast revenues, develop a construction plan/budget for redesign and negotiate final purchase price. They were under a time constraint as they needed to finalize the purchase quickly.
Summary:
IndoorVu deployed to the site and collected Intelligent Imagery for the entire building in less than 3 days. Collection happened primarily in the evenings so current tenants were not impacted. Within 6 weeks, IndoorVu delivered detailed 2D floor plans of the entire building, a 2017 BOMA (commercial office) space analysis and 360 degree imagery for all spaces in the building.
IV Portal: all levels, Floor Plans, BOMA Analysis and 360 Degree Imagery
Result:
Because the data was collected and delivered so quickly, the REIT was able to negotiate a more favorable purchase price. Because they could access all parts of the building virtually (through maps and imagery) they were able to reduce staff travel, save schedule time and reduce costs to start the construction phase. They were also able to share the virtual building data with their architects, contractors and technology platforms involved in the redesign of the space, further reducing the cost and schedule of the actual redesign and construction process.