CBRE goes from partner to investor in consumer tech platform
CBRE has made a strategic investment in Pathzz, an early stage proptech business it has been partnering with since the beginning of this year.
Pathzz technology uses mobile data to track and analyse consumer travel and spending habits, combining it with other data sets such as the census to provide insights into customer behaviour.
Among recent insights, Pathzz data reveals that consumer visits to the Sydney CBD are around 70 per cent less than they were in 2019 but numbers are gradually picking up, generating optimism a rebound is on the way.
Data for the week ending November 14 shows a week on week increase in foot traffic of 38 per cent for Martin Place, 42 per cent in Pitt Street Mall and 63 per cent around Wynyard.
Matt Copus, head of retail analytics at CBRE, said early signs of a bounce back are encouraging.
“This is driving expectations that visits to the Sydney CBD will surpass those seen in the buildup to Christmas last year,” Mr Copus said.
“Pathzz data has also highlighted changes in visitor demographics and behaviours, including an ageing visitor profile and fewer commutes by car.”
In addition to its investment in the business, founded by chief executive Jason San Diego, CBRE will also have a place on the board, which will be taken by Matt Haddon, senior managing director, advisory and transaction services.
Mr San Diego welcomed investment and said it would accelerate the growth of Pathzz.
Clients include landlords such as ISPT and retailers Lululemon and Just Cuts.
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