Site Selection Analytics
Location intelligence provides the real estate development industry with real-world insights for site selection analytics.
LOCATION ANALYTICS FOR SITE SELECTION
What is Site Selection Analytics?
Site selection analytics involves the analysis of consumer behavior to determine the best location for commercial or even residential property development.
In today’s economy, the real estate development sector is facing many challenges including finding tenants for commercial properties and planning out future communities.
How do property developers and urban planners use site selection analytics to overcome these challenges?
Find the Right Site Location
Data-driven site selection allows developers and planners 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. Analysts can use visit data to understand visitor frequency and plot trade areas based on these data points. This prevents them from using outdated modeling approaches based on spending potential.
Match Tenants to the Right Location
A major goal for property developers 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. Unlike traditional real estate data, location intelligence reflects the real-world preferences, interests, or affinities of prospective customers.
Show Clients the Value of Their Investment
Purchasing land, finding new tenants for commercial properties, and developing a new community is a big investment. A client interested in a specific site would be more inclined to invest if they were provided with data to support their buying decision.
White Paper: Location Analytics for Real Estate
An in-depth look at use cases related to commercial real estate and site selection analytics.