Good Data: A Non-negotiable in Today's CRE Marketplace

Commercial Real Estate (CRE) reigns as one of the oldest industries in the world. The original commercial spaces weren’t carved out of limestone and propped up haphazardly along cobblestone roads - rather, they were built using data. For instance, someone renting a stone-carved stall (where ancient Romans conducted day-to-day business transactions) utilized the location, the surrounding commercial activity, and the booth’s dimensions when negotiating a fair rent. Collecting data to develop and manage commercial assets existed at the start, and has evolved with time and advancements.

We’ve come a long way since the first century, but data has always been how deals get done. Good data gives relevant stakeholders an edge in a highly competitive marketplace. In the modern realm, because of technological innovations in how data is managed, CRE proves more exciting than ever before.

“With all of this data as near as your phone, our capacity to make informed decisions has been exponentially expanded,” said Dottid’s COO and CTO, Senecca Miller. “We’re seeing our customers unlocking new revenue opportunities because their required data is easily accessible.”

Over the last five years, we’ve seen many exciting innovations in CRE, particularly regarding how PropTech can maximize the value of real estate transactions. Property owners have real-time information on their individual properties, but they can also leverage data to identify macro-level trends that are shaping the marketplace. This perspective enables CRE stakeholders to quickly pivot, as we saw during the initial COVID-19 lockdowns when the demand for warehouses and last-mile delivery hubs began to surge.

With more employees back in the office, industry leaders all over the country need property amenity data to drive decision-making. Because the labor market has shifted into what economists are calling “The Great Resignation,” companies are competing to retain (and hire) talented workers who might be reluctant to return to the office, even on a hybrid basis. Tenant experiences are everything. That’s why Melanie Colbert, principal of operations at LBA Realty, revealed in a recent panel discussion at BOMA 2021 that LBA is installing one of the first pickleball courts in its portfolio!

“Accessing and processing increasing amounts of data are critical for creating new opportunities and efficiencies in the commercial real estate business,” Michael Sroka, founder, and CEO of DealPath, writes in a council post for Forbes. However, as the panelists at BOMA 2021 note, not all PropTech is equal. Simply having data isn’t much use if it’s not securely integrated into an intuitive, user-friendly platform. Data, in itself, has little to no value if an organization is unable to leverage it in a meaningful way - and, proprietary data loses value if it is widely shared outside an organization.

With all this in mind, we are proud to announce our integration with Altus Group Limited's ARGUS® cloud platforms. The first-of-its-kind integration will be released by Q2 of 2022 and will fundamentally transform property valuation and digital asset management for the CRE industry. Recognizing that good data is how deals get done, we use data to help our users make the best decisions for their assets.