PropTech Start-Up Neighbor Is Changing The Game On Space As A Service For Real Estate Developers and Property Owners

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PropTech Start-Up Neighbor Is Changing The Game On Space As A Service For Real Estate Developers and Property Owners

Over the past decade, previously packed malls, big box stores, and other commercial properties have started to look more like a sprawling hardscape of empty parking lots. The "Retail Apocalypse" accelerated by COVID-19 and the work-from-home phenomenon more recently has also left millions of square feet of shopping centers, retail stores, and office buildings vacant, particularly Class B and C.

Two years later, much of that space has yet to return to pre-pandemic occupancy. And both of these realities reflect a distressing new normal for commercial developers, REITs, leasing companies, and other property owners around the country: an excess of under-utilized and unprofitable space. "Space as a Service" tech company Neighbor, which re-purposes under-utilized real estate for property owners, developers, and managers through its online platform into safer, closer, more sustainable, and less expensive storage for tenants, has stormed onto the sharing economy scene at just the right time.

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