Commercial Real Estate Data
Location intelligence provides commercial real estate professionals with real-world insights for a more in-depth CRE data analysis.
CRE DATA FOR TODAY’S INDUSTRY CHALLENGES
Using Location Intelligence for Commercial Real Estate
In today’s economy, the commercial real estate (CRE) industry is facing many challenges including the increase in available commercial properties and clients who seek to make a major investment in a commercial property.
So, how can commercial real estate professionals use location intelligence to overcome these challenges?
Find the Right Commercial Property Location
Data-driven site selection allows CRE professionals to conduct a market analysis on potential sites. Since location data reflects real-world consumer behavior, it is the most accurate data available for use for site selection analyses. Visitation data can allow CRE data analysts to understand visit frequency and plot trade areas based on these data points. This prevents CRE professionals from using outdated modeling approaches based on spending potential.
Match Clients with the Right Commercial Property
A major goal for CRE professionals is to reduce tenant turnover and increase the average length of a lease. Understanding consumer trends lets them know that their client’s commercial business is well-suited for the neighborhood. The most successful commercial real estate data development projects match offered services and products to local consumer needs. Traditional CRE data analysis identifies ideal customers based on demographic factors like income, marital status, house value, or the presence of children. Location intelligence reflects the real-world preferences, interests, or affinities of prospective customers.
Show Clients the Value of Their Investment
The main priority of commercial real estate professionals is to make sure that they find a commercial property that matches their clients’ needs. Purchasing a commercial property is a big investment. A client interested in leasing a commercial property would be more inclined to lease if they were provided with data to support their buying decision.
Location Analytics for Commercial Real Estate
Looking for in-depth use cases for commercial real estate? We recommend taking a look at this white paper.