Location data, generated by opted-in consumer mobile devices, has long been used for ad targeting. Today, more businesses are seeing the potential of using location data to power market research and decision-making. For real estate developers, location-based insights are key to getting the information they need to match a business with the right building and neighborhood. In the wake of COVID-19, many businesses are dealing with how to adapt their strategies, and the commercial real estate (CRE) industry is no exception. Commercial property groups need to pivot their investments and diversify their portfolio to adapt to current market conditions. So, how can property investors use location data to build out their real estate portfolios?
Let’s look at how property groups can use location data to optimize their portfolios:
#5 – MEASURE CONSUMER FOOT TRAFFIC AT COMMERCIAL LOCATIONS
Location data provides visibility into the frequency of visits to your properties. It can also help you learn more about your busiest times of day or week, and who is visiting your stores. Not only can you use this data to create better experiences for visitors, but you can also determine which locations are outperforming others. The resulting analysis can then be used to inform your commercial investment strategy.
For example, a commercial property group could learn more about the interests of consumers visiting their stores using location data. After analyzing this data, they might learn that their shoppers also visit convenience stores. To better meet shoppers’ needs, the property group might then add a convenience store to their shopping center.