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.
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 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.