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extraSlice: The Coming Technological Revolution for Commercial Real Estate

Wednesday, 23 February 2022 03:00 PM

SEATTLE, WA / ACCESSWIRE / February 23, 2022 / Technology has made it easier than ever to find great deals in the worldwide digital marketplace. Cars, insurance, loans, and even travel arrangements can all be found online with ease. However, the commercial real estate industry has yet to experience its inevitable technological revolution. As a result, it has fallen out of step with the digital age.

extraSlice, Wednesday, February 23, 2022, Press release picture

Technology's role in our lives is increasing every day. The growth of digital communication has allowed companies to build teams of employees across the globe. This type of growth requires agility in commercial real estate; businesses need to find suitable office spaces quickly. As extraSlice president Binu Reghunathan points out, "At present, the process of leasing an office is complex and time-consuming. A customer centric experience, streamlined and easy to use platform for on-demand office leasing has the potential to disrupt the industry and bring it into the modern era."

The Difficult Process of Finding an Office

For those that have experienced the frustrations of finding an office in the current commercial real estate market, the need for a better solution is already clear. For those that haven't, here's a brief overview of the lengthy and complex process:

The process of finding an office begins with choosing a trustworthy broker, then sorting through listings, touring a ton of properties, determining improvements, submitting and negotiating offers, dealing with furniture and space plans, financial reviews and qualifications. After all of that, there are still no guarantees: if your offer is accepted, you can find yourself locked into a long lease that can hinder your company's growth or adaptation. For the unlucky offers that are rejected, the process starts over.

Automating Corporate Real Estate

The process should be automated down to its simplest steps: search, sign, and work. According to extraSlice, this is what their platform aims to do. The company's mission was inspired by the company's own frustration with the experience of finding an office space. "There is no technology to speak of, and it's a completely old school, backward, and painful process," says CEO and co-founder Meghana Subramanian.

extraSlice integrates corporate real estate, technology, and flexible workspace expertise into its platform's design. Created with a commitment to agility and transparency, the platform aims to streamline the commercial real estate acquisition process, with the potential to eliminate unnecessary steps and fees.

Overcoming Unprecedented Circumstances

The COVID-19 pandemic has significantly disrupted the commercial real estate industry. In spite of this impact, extraSlice finalized around $1 million worth of contracts in the last quarter alone. Major companies have taken advantage of this new office leasing experience.

With the need for simplified CRE solutions growing every day, extraSlice is growing rapidly with the help of both public and private funding. The company plans to complete an equity CF round and expects to end 2022 with a $10M annual run-rate revenue.

The Pursuit of a Better Solution

Commercial real estate is a $1 trillion industry. extraSlice hopes to transform the industry (and possibly help it to grow) by reevaluating and revamping its fundamental processes. Automation has the potential to revolutionize a range of industries, and extraSlice is spreading the word to the CRE field. Over the next few years, the company will continue its mission to simplify the office leasing, operation, and management process.

extraSlice, Wednesday, February 23, 2022, Press release picture

Reach out to extraSlice at [email protected]. Learn more about extraSlice on the official website and follow the company on LinkedIn.

SOURCE: extraSlice

Topic:
Company Update
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