The data gap between the residential and the commercial real estate property markets is bigger than many people might realize. Unlike residential listing websites like Zillow.com or Trulia.com, those in the commercial property markets don’t have online data to search available properties or find out what properties like theirs are selling for.
And that’s because residential sales are different than commercial leases. After a sale, the information becomes public record, but that’s not necessarily the case with lease transactions.
“There’s no one company that can put all this information together because it’s brokers’ information,” says Kevin Meissner, a broker in Cassidy Turley’s San Diego office. “No broker in his or her right mind would give out this information for a third-party source and give it away for free. It’s a huge source of the value-add we provide.”
Information on commercial leases in a city like San Diego is a valuable commodity, and Cassidy Turley breaks it down. Each broker in the office gathers data on their deals and any other deals they’ve heard about locally and submits it to a research team that compiles the numbers into the company’s proprietary database.
This office tracks every tenant in San Diego and the progression of every deal. Then, on a quarterly basis, Cassidy Turley’s research team tracks the absorption, vacancy rates, subleases and where tenants are moving out of or into.
“We produced this data and sent it out, but there wasn’t a nice and easy way for people to read it,” explained Meissner. “I noticed that most of the marketing emails other companies were sending out had way too much text. Just looking at all the text gave me a headache.”
So, Cassidy Turley’s San Diego creative department devised a way to compile all the information for each department—industrial, office and retail—into a cool and fun package: Infographics. They’ve been a huge success in email marketing campaigns that are sent not just to the local market but to the Cassidy Turley database as well.
“Each one catches your eye,” said Meissner. “Every business owner in San Diego wants to know these numbers. They want to know what’s going on in the market. It lets people know how well we know our market, but in an interesting format that they actually will read.”