Where Is All the Transparent and Updated Data for the CRE Industry?

Commercial real estate data is the foundation from which the whole industry makes informed decisions. Why, then, is transparent and updated data for commercial real estate always been hard to come by? There are lots of reasons including things like:

• The industry standard approach to data collection is broken
• Data is only updated when a sale or listing occurs
• Parts of the industry like to hold on to their data privately
• No one has figured out how to capture and update data monthly in a structured and cost effective way (until now)

All of this means it is harder to discern what data is accurate and what isn’t. Let’s dive into this complex issue and provide a direction for where to gain accurate and reliable CRE data. 

What Does It Mean To Be Transparent With Data?

Merriam-Webster defines transparency as “characterized by visibility or accessibility of information especially concerning business practices.” In the CRE industry, this means any real estate agent or agency should have the ability to easily access and work with the data without any unnecessary barriers. Transparency also ensures that the data is accurate and comes from a reliable source. At Canyon Data, we are leading the charge of transforming the CRE industry by verifying data to overcome the 40-50% data inaccuracy problem.

Can We Fix the Lack of Transparency?

Yes, and the good news is that this is a problem with a simple solution. The CRE industry has not always been known for its generosity when it comes to sharing information. The primary reason for this is that organizations typically promote their own real estate data analytics just to differentiate themselves. So what is the solution? Think of the old adage “a rising tide lifts all boats.” Collaboration is the key to allowing everyone in the CRE industry to do better for themselves and their customers. 

What Are the Benefits of Transparency in CRE?

As we previously mentioned, the move towards up-to-date and transparent data is good for everyone. Now let’s look at some of the real benefits to be gained. 

• An Increased Liquid Market: A more liquid market leads to fast and stable turnover. This, in turn, generates more profits. When the industry has less obstructed access to data, this also means more capital raises and the ability to speed up transactions. 
• A Standardized Future: Another major benefit to transparency is the ability to create standardized data for the whole market to operate from. Data silos, which are repositories of data controlled by one unit (a company or department), are isolated from other individuals or organizations. Transparency can help expose the hidden inaccuracies that impact decision-making and are vital to a healthier industry..
• Attract More Investors: Regardless of industry, investors are always protective of their money, and rightfully so. The best investors are those that gather as much valuable information as possible before making a move. If investors know they are getting real, updated data about the market, then they will be more likely to invest and keep the industry thriving. 

At Canyon Data, we strive to achieve transparent and relevant data with our proprietary process, using robotics, A.I., human collaboration, and local researchers. By doing this we are capturing a more exhaustive dataset than anyone else in the industry.

Transparent Data and Commercial Real Estate Market Trends

The key to staying ahead and profitable in the CRE industry is to stay on top of current and potential trends. Let’s take a look at what reliable data is showing us about the future of CRE.

• Brick and Mortar Stores: While the early days of the pandemic brought about a digital boom for all industries, Forbes and other sources are seeing new commercial leases that will lead to lower vacancy rates in this area. As people are getting back to more pre-pandemic levels, brick-and-mortar stores are generating quality revenue again. Transparent data would enable agencies to identify the high value locations more accurately.
• Cheaper Office Space: As remote and hybrid work environments become the norm, office spaces are still looking to be profitable due to lower initial investment. A popular trend is to turn a space into a community working space where individuals or teams can rent out rooms or locations within the building. Transparent data can give insight not only about the individual property but the surrounding area as well to guide decisions such as converting space, or investing in this property type. 

Canyon Data: Your Source for Transparent and Reliable CRE Data

By leveraging a Canyon subscription, subscribers will have access to every kind of demand driver needed to make fully informed decisions. The data sets are continuously updated and detailed over time, providing you maximum value for long-term profit.

Contact us today to gain access to unprecedented CRE data.