Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/732258

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Page 45 of 50

www.REBusinessOnline.com Western Real Estate Business • October 2016 • 43 terms, tenant industry and a space's history. These profiles help landlords and brokers target outreach to new tenants or even modify their spaces to attract a different type of tenant. For example, small startups are thriv- ing in Portland, Ore. If a landlord wanted to hedge against larger tech companies because they fear layoffs, they could break larger units into smaller spaces and feature the open- floor plans popular in that industry. TIMs data ultimately allows brokers to match tenants with landlords, and landlords choose tenants they trust to live out the terms of their leases. Tenant relationship information is another dataset that helps landlords and brokers manage tenants during market changes. By understanding the tenant and their industry, manag- ers can dig for weak spots across their entire portfolio to monitor exposure to downturns and the risk of sudden- ly losing tenants. This information can also be useful when preparing a lease that better protects build- ing managers, while suiting tenant needs. Or, with a large enough set, this data can be used to fill vacated spaces faster by tracking prospects that are coming up on their leases. The problem with this type of data is that it's typically held by colleagues, or in some way siloed, rather than spread across management groups. This closed-access culture is be- ginning to open, however. Land- lords and brokers have always used some sort of data reporting method — typically a manual one that's on a set schedule and is represented in the form of a complex Excel spreadsheet. But now, they're beginning to inte- grate that "static" data with informa- tion about the market on platforms that keep data updated in real time and communicate these real-time market conditions to entire teams. This is where we see the true value of data because it helps landlords and brokers proactively do something about negative market events like layoffs. Data access lessens the nega- tive ripple effect because landlords and brokers have the insight to build plans B, C and D before suffering a loss on plan A. As data technology becomes more commonplace in the industry, we'll see landlords and brokers use some truly creative, and profitable, strate- gies based on the insights they gain from data analysis. Can data make you "layoff-proof"? No, but it will help you avoid getting into that trou- ble in the first place. Nick Romito, Founder and CEO, View the Space, a technology company that provides data-tracking services, as well as office leasing and management services, to commercial real estate firms. The reason for these [layoffs]? As technology becomes increasingly software-oriented, and more data moves to the cloud, old-guard tech titans...[are] looking for ways to make products and services valuable in a wireless world; one that requires a different type of manpower.

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