Everyone’s talking about ‘big data’, but have you ever wondered how it’s making its mark in commercial real estate (CRE)?
In a market where outdated information can mean missed opportunities, CRE professionals are turning to advanced geographic information systems (GIS) tools, like AlphaMap, to access real-time market data and insights that reveal trends in consumer behavior.
This guide explores how AlphaMap's innovative real-time data analytics enable developers and brokers to make informed decisions faster.
What is Real-Time Data in CRE?
AlphaMap uses both ‘static’ and ‘real-time’ (or ‘dynamic’) data. The main difference is that dynamic data becomes available as soon as it has been generated. It’s essentially live data that is being continuously updated.
Since it’s the most up-to-date data available, you don’t have to wait to get the latest insights. You’re also able to track information and trends over time, which can yield useful insights for CRE professionals.
In the retail market, for example, which can be quickly changing and volatile, having the latest (to the second) data can make a competitive difference.
At AlphaMap, our real-time data takes the form of mobility data sourced from tapping into over 100 million smartphones. We aggregate our data from three data partners – Unacast, Advan, and Pass-by.
The AlphaMap platform boasts advanced analytics and visualization features, allowing you to:
- Quickly analyze trends
- Identify emerging opportunities
- Sift through vast amounts of data with ease
- Make data-driven choices
Static data on AlphaMap
While our static data isn't real-time, it is updated regularly and includes:
- Property records and zoning information
- Demographics
- Trade areas
- Car traffic
- Tenant information
Real-time data found on AlphaMap
Our real-time mobility data includes insights on:
- True trade area
- Location visits
- Area visits
- Location rank (how your location ranks against other similar locations in terms of foot traffic)
- Shopping center tenant foot traffic
Real-time data enables a constant flow of useful insights which separates those who react from those who anticipate and thrive.
Accessing Real-Time Data
The challenge for CRE professionals has always been the accuracy and volume of data. Sometimes the source is questionable, while the information itself can also often be outdated or inaccurate.
Historically, accessing enough data to make meaningful insights was a complex, arduous task. Usually requiring sifting through multiple, sometimes hard-to-access sources. These methods were slow and fragmented, yielding limited results.
The key with data analytics is that you need a lot of data to start seeing significant patterns. Getting the volume and specificity of data is often just not possible using old-school methods.
Thankfully, today’s CRE professionals can rely on technology to help. Online GIS analytics platforms, like AlphaMap, combine geospatial data with other comprehensive data sets. AlphaMap uses sophisticated algorithms and predictive analytics to process this ‘big data’ into important location insights for brokers and developers alike.
Using Real-Time Data for Informed Decisions
In CRE, speed is as vital as accuracy. Traditionally, relying on outdated data could lead to missed opportunities or slow decision-making. Real-time data enables you to shift from being reactive to proactive.
Imagine being able to identify a property with a sudden spike in foot traffic, making it perfect for a retail client looking to capitalize on high consumer visibility.
Or, as a developer, uncovering a neighborhood experiencing a surge in lease expirations, indicating a high demand for new commercial developments or redevelopments.
Developers can adapt their strategies to match the rising demand for flexible workspace solutions, which has become increasingly popular in the post-pandemic era.
Brokers might also track demographic shifts, such as an influx of younger professionals into an urban area, prompting a focus on trendy, mixed-use developments that cater to this demographic.
The ability to think on your feet can be the difference between securing a prime property or missing out on a lucrative opportunity. With real-time data available at the click of a computer mouse, you can make these decisions so much faster.
Using Real-Time Data with AlphaMap: Step by Step
- Login: Access AlphaMap at alphamap.com.
- Map Explorer: Enter you your property or location. A pin will appear on the map.
- Mobility Reports: Scroll down the left-hand-side menu. Click on:
- True Trade Area: View in-depth population demographics, visitor origin, and changes over time.
- Location Visits: View foot traffic to a specific location. Track trends over time, length of stay, and cross visitation statistics.
- Area Visits: View foot traffic to an area. Study competitors’ foot traffic, view trends over time, find out which locations are the most popular.
- Rank: See how your business and location ranks against other similar business and locations in terms of foot traffic. Rankings are on a national, state, and city level. View ranks over time and compare franchise or branches of the same retail brand against each other.
- Shopping Center Overview: Click on a shopping centre and view the foot traffic statistics for each retail brand and location within the center.
- Export Real-Time Data: Download as a CSV file or image or download the whole report.
- Static Data: Access ‘Parcel Reports’ and ‘Area Reports’ where you can run trade analyses. Experiment with running a void analysis using the TenantFinder™ feature.
- Custom Reports: Personalize insights to relevant information.
- Presentation: Use reports to impress clients and stakeholders.
- On-the-Go Access: Use the AlphaMap app for quick insights anytime.
Staying Ahead of the Curve
The CRE industry is fast paced and constantly changing. That is why it is important to outmaneuver the competition. You want to know where consumers are going, what they want and how they are getting it – almost before they know it themselves.
AlphaMap's features can help you to lead the way, from market research to data analysis, and even finding tenants. The insights are based on real-time data analysis and go beyond just reporting what is happening. They help you understand why things are happening. Perhaps more importantly, they help you anticipate what is coming.
With AlphaMap you can tailor your data to get personalized insights and cultivate a laser-focused approach to decision-making.
Create custom reports and set up alerts to notify you of market changes and emerging trends.
This approach allows you to stay nimble, able to adjust your CRE strategies in response to real-time changes.
Harnessing the Power of Real-Time Data
If you’re still using slow, old-school methods of data collection and analysis, it’s time to rethink your approach. Real-time data fosters a focused, data-backed, agile approach to CRE decision making.
This is a true asset considering the fast-paced nature of CRE and will help you to serve your clients better. Remember, many of your competitors are still relying on outdated systems and information. Use this to your advantage and get ahead.
Book a demo with the AlphaMap team today and we’ll show you real-time data in action.
