Occupier experience platform Locale grew its annual recurring revenue by 18% last year – a five-year high.
According to the firm’s H2 2023 PropTech Perspectives Report, 60% of new revenue was driven by Locale’s existing client base, with almost 20% coming from new clients.
This resulted in portfolio growth of more then 6.24m sq ft of residential, commercial and mixed-use UK real estate in 2023 – the largest since 2018. The company said it had a 92% client retention rate.
Data analysing Locale’s portfolio of more than 80m sq ft of UK real estate in 2023, showed a 30% increase in engagement with the platform overall and a 29% increase in monthly active users.
Guy Windsor-Lewis (pictured), chief executive of Locale, said: “The shackles of the pandemic have been broken and now we are bathing in calmer economic and political waters, green shoots have certainly sprung in the adoption of technology. The way we work, live, and play is evolving faster than ever and expectations from employees and occupiers have undergone a profound shift in recent years, prompting discerning real estate companies to rethink and reshape their operating models to place end-user experience at the heart of what they do.
“Bullish business growth combined with an enviable 92% retention rate and overall increased usage of our platform is further testament that our asset-agnostic platform is a proven solution. And yet, we have not rested on our laurels; we have refined our consultative approach to deliver the right mix of occupier experience services, implemented a process to continuously enhance and evolve the functionality of our platform in line with the needs of building teams and occupiers, and expanded our experiential services.
“Our quest to empower clients to achieve their goals and create a more tech-equitable landscape remains steadfast, cementing the trust and confidence the real estate industry needs in tech.”
