Top Tech: CoStar In a recent series of blogs, we have been sharing some of our top technology tools for use in commercial real estate (CRE) – the kinds of tech we use to give us an edge. Please note, though, this is NOT a paid or sponsored blog. We are motivated only by sharing the tools of the trade with our wide network of partners and peers. Here, in the third such post in the series, we are exploring CoStar – which bills itself as the largest commercial real estate information and analytics provider. Below we get into the specifics of just why we use them. You can find CoStar at www.costar.com. What is CoStar? CoStar is a supplier of information and information-powered tools, and they have the kind of data volume that can unlock nuanced analysis of trends and market movers – with 129 billion square feet of inventory tracked and data points on over six million commercial properties. Their portfolio includes several products, offering a tool for just about any CRE stakeholder you can think of, including brokers, owners, lenders, appraisers, and more. Established player Currently being a “big data business” is very trendy, but CoStar are not a new operation. Rather, founded in 1987, they have been an information and research provider for over three decades. The CoStar Group is listed on the NASDAQ and was recently included in Fortune Magazine’s top 100 Fastest-Growing Companies (in 29th position) – an annual list by the business-focused publication. The information you need The platform includes millions of CRE comparative statistics or “comparables”, such as transaction notes, rent, occupation, cap rates, and that ever-important pricing information. You can also use the tool to access data on the status of a property (for sale, under contract, or sold). They also offer the functionality of aerial and map overlays, so you can explore market activity data in direct relation to its location, so you have both content and context. You can also customize reports, manage your own listings, and access their regular indices and research materials and forecasts. The connections you want Over and above crunching the numbers on all things CRE – like inventory, valuations, and more – CoStar maintains a professional directory on almost six million industry contacts in order to foster connections and enable collaborations. Through this, you can not only get the low down on a listing, but also link those deals with names, and those names with means to get in touch. [Call for social] What are your go-to tools for commercial real estate? And what is the one set of property data you wish you could lay your eyeballs on? Share your ideas with us here.

In late March 2021, the International Monetary Fund (IMF) published a blog about the “crossroads” that real estate currently finds itself, and warning that this has implications for the wider economies and economic stability. It is a fascinating read and one that really drives home the centrality of the commercial real estate (CRE) sector. “Empty office buildings. Reduced store hours. Unbelievably low hotel room rates. All are signs of the times. The containment measures put in place last year in…

Hiedi Winston and Debbie Maggard of NAI Pleasant Valley represented the Buyer Millennium on their purchase of 3 parcels totaling 10.4 acres on Mills Road in Avon, Oh. All utilities are on site. The land sold for $655,200. The sale price represents the lack of industrial inventory in NE Ohio. Since 2004, Millennium has provided network owners & contractors with broadband network materials, geospatial engineering, and more. To learn more about Millennium check out their website. https://www.mymillennium.us/.

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Data is being called the secret weapon of all contemporary businesses. Within the commercial real estate scene, data has become the foundation of the industry’s progress. However, the focus is moving away from data collected from the building’s tenants. Right now, the industry is concerned with data surrounding the building itself. Nothing is more valuable than data… expect maybe how you leverage it. As data becomes a vital commodity for commercial real estate, we’re all challenged to find better applications…

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2020’s lease restructuring period isn’t anything like the industry’s used to. This year is filled with previously unforeseen obstacles, including pandemic disruptions, an economic downturn, and flood waves of new policies that implicate the commercial space. If you’re struggling with these circumstances, don’t let the opportunity to restructure your lease idly pass you by. This gives tenants the chance to establish new leasing agreements that can potentially help them down the line. Reducing expenses, rewriting protocols, and other edits can…