Big data analysis and applied data science techniques being applied to databases (both public and private) is certainly nothing new, but its applied use in the commercial real estate space is. Commercial real estate is a huge industry – $12 trillion, to be exact – so the ability to make a better decision through data can save both time and money for everyone involved.
If you think about it, nearly every type of commercial real estate professional has been affected and impacted by innovations in data technology, at least to some degree. And commercial real estate investors and brokers are no exception to this rule, as demonstrated by the number of startups backed by venture capital, based on building advanced and sophisticated new tools to better serve the commercial real estate investment community.
“CRE professionals can use big data to help them make sound strategic decisions. And even the way these technology platforms present the data is improving, making interpretation and application of the information much easier. In short, ‘big data’, in the hands of experienced CRE professionals, has taken the concept of ‘art and science’ to another level!” says David Hunter, Director of the East Coast of Florida Coldwell Banker Commercial NRT.
Big data can be used to easily and accurately answer questions such as:
- Are we utilizing our space efficiently?
- Does one part of the building consume more energy than another?
- How much foot traffic does each area of our space get?
Asking these types of questions is nothing new since the answers are crucial for maximizing returns and profits – but getting the answers hasn’t always been fast, or easy. The latest innovations in technology and data are shaking up the CRE industry, making it more efficient and precise in several ways:
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