Nobody plans to fail but many fail to plan. The same is true for commercial real estate (CRE) development. It’s a high-risk game, where successful property development projects result from well-made decisions informed by accurate and comprehensive data sets.
Many CRE developers rely on fragmented, outdated data sources leading to missed opportunities and less-than-perfect outcomes.
Fortunately, geographic information systems (GIS) technology is here to help! AlphaMap is a cutting-edge GIS platform, designed with CRE developers in mind.
In this guide, we explore six ways AlphaMap can boost the success of your property development projects, ensuring a data-driven strategy that mitigates risks and maximizes opportunities. Read on.
The Importance of Data in Property Development Projects
If you’re a CRE developer, you’ll be used to processing many different types of data to inform your development strategies. It’s not uncommon to run into challenges such as:
- Incomplete property records
- Lack of zoning information
- Insufficient demographic data
While running into obstacles can be frustrating at best, they can also hamper your ability to make the right decision at the right time. At worst, you could make a crucial mistake like picking the wrong site for your development project. This might lead to unforeseen costs and delays, but it could also cost you the success of your project.
Say you are developing a shopping mall on a particular site, but you choose a location where the demographics aren’t quite the right fit for your retail offerings. You’ll struggle to reach your desired profit margins.
Alternatively, you might be developing residential properties and your lack of access to data in your market analysis means you misjudge supply and demand dynamics in the area. As a result, your chosen location has an over-saturated market for this type of offering and you struggle to make sales.
Introducing AlphaMap
Modern GIS platforms, like AlphaMap, simplify data access for developers by combining geospatial data with many other datasets, all in one easy-to-use interface.
We combine data from our three data partners, Unacast, Advan, and Pass_by, to bring you a comprehensive foundation.
You don’t need to be a tech guru or a GIS analyst to use AlphaMap. Features like interactive maps, visualizations, and our intuitive dashboards make comprehensive data analysis a simple and straightforward task.
6 Ways AlphaMap Can Boost the Success of Your Property Development Projects
AlphaMap can help you create a robust strategy for your property development projects.
From market analysis to risk management, we’ve got you covered.
Here are six ways you can leverage our platform for success:
1. Finding New Locations for Development
Identifying Growth Hotspots
Use AlphaMap’s advanced spatial analytics tools to track urban growth and development trends. Study the zoning laws and property records related to specific sites to unlock potential or discover roadblocks.
Use our suite of trade area analysis tools to identify opportunities:
- Distance-based trade areas
- Drive time trade areas
- True trade areas based on mobility data sourced from over 100 million mobile phones across the US
Strategic Site Selection
Use our trade area tools, coupled with in-depth demographics to evaluate market saturation in target areas. Choose sites with optimal accessibility and good proximity to infrastructure by assessing car traffic and area foot traffic data.
Achieve higher returns on your property development projects by identifying untapped markets and/or growth hotspots.
2. Understanding Local Dynamics
Understanding the needs of the local community in any given area is essential to success. Using AlphaMap, you can analyze community preferences by studying demographic trends and consumer behavior.
With your findings you can tailor your development projects to match the community’s needs and desires. Use data to create targeted initiatives that encourage and enhance community involvement.
Pinpoint specific locations with high development potential based on demographics and consumer behavior.
Gain a deeper understanding of consumer habits and preferences to further refine your offerings.
3. Identifying Existing Gaps in the Market
AlphaMap allows you to quickly assess the market landscape. You can study the market to understand what types of businesses are thriving in the area and what gaps exist in the current offerings.
Identify the foot traffic performance of properties and brands in different locations using the ‘rank’ feature. These locations are given a percentile rank in comparison to other properties in the whole country, state, and city, allowing you to get super granular with your analysis.
To identify underserved markets, you can use AlphaMap’s TenantFinder™ feature to conduct a detailed, data-driven void analysis.
You can also use AlphaMap to access property data for creating comparative properties (or comps) when considering acquisitions. Or study neighboring developments to see how you can align your offerings with the current market.
4. Making Data-Driven Decisions
AlphaMap’s intuitive interface and visualization tools streamline the decision-making process. By making complex data easy to interpret, the platform ensures that developers can make informed decisions quickly and confidently.
You’re able to transform data into intelligent, actionable insights that inform your development strategy. Stay proactive rather than reactive by uncovering trends, opportunities, and even potential red flags.
One of the standout features of AlphaMap is its ability to help developers identify businesses and brands that would be most successful at a development site, through location visit data. You’ll be able to make data-driven decisions about which tenants would be most successful in your office or retail center.
5. Forecasting Future Trends
In a competitive market, every property developer needs to be able to anticipate future market trends.
AlphaMap employs sophisticated algorithms and predictive analytics to study and predict tomorrow’s market demands.
We collect data from more than 10 million commercial properties in the US and aggregate insights from more than 40 different data sets to give you detailed and trustworthy predictions.
From accurate population and demographic statistics to forecasting consumer spending up to five years, AlphaMap’s reliability ensures that CRE professionals have the right tools to adapt to changing market conditions and implement successful property development strategies.
6. Reducing Administration Tasks
AlphaMap’s user-friendly interface and rich data coverage are designed specifically to reduce the workload for property developers. Key features that set AlphaMap apart include:
- An intuitive interface that provides easy access to complex data without the need for advanced technical training.
- Data on zoning, property records, demographics, trade areas, car traffic, location visits, and area visits are all integrated into one tool, eliminating the need for multiple tools and databases.
- A report and map builder that enables developers to generate custom, branded reports, and detailed maps quickly and easily, reducing repetitive tasks and allowing for streamlined communication with stakeholders.
- Aggregation of data from over 40 datasets, minimizing errors and inconsistencies and allowing for faster, more confident decision making.
- A mobile app which allows users to access everything on-the-go.
Ensuring Successful Outcomes for your Property Development Projects
The key difference between a successful property development project and an expensive mistake is the quality of your data and your ability to unlock the value within it. You simply can’t afford to rely on patchy or outdated information in the high-stakes realm of CRE.
AlphaMap equips developers with the tools and expertise to plan with certainty and adapt confidently to changing market conditions.
Turning raw data into useful insights, AlphaMap enables you to identify and evaluate opportunities, mitigate risks, and make decisions based on the most current and comprehensive data at every stage of the property development process.
Don't let bad data gamble with the success of your next project. Book a demo with our team and see how AlphaMap can transform your approach to property development.
Unique Features of AlphaMap that Cater to Property Developers' Needs
- Zoning Data: Detailed information on zoning laws and restrictions helps avoid regulatory pitfalls
- Property Records: Comprehensive access to property histories and records aids in informed site selection
- Trade Area Data: Insights into trade areas help developers understand market potential and competition
- Demographic Data: Demographic analysis assists in tailoring developments to meet the needs of the local community
- Car Traffic Data: Traffic volume and patterns can influence site accessibility and desirability
- Location Visits Data: Information on location visits provides insights into foot traffic and site popularity
- Area Visits Data: Analytics on area visits help in understanding broader market dynamics and trends
