7-25-14

2B — July 25 - August 14, 2014 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

www.marejournal.com

O wners , D evelopers & M anagers T IBS’ MikeMullin on leveraging information resources “Big Data” has big potential for commercial real estate OTOWA, NJ — “Big Data” qui ckl y has emerged as a top busi-

ing and analyzingmarket data, and by unstructured sources, such as social media and ten- ant inquiry systems. Layering these facts and figures on top of a company’s enterprise or transactional records, and then digging deeper to reveal new trends and opportunities, distinguish the concept of big data. A 2012McKinsey &Com- pany study revealed big data and analytics as a priority for 65% of organizations polled. Of that 65%, half thought result- ing findings would give them competitive advantage. One third intended to build new business or tap into new profit pools – in response to custom- ers asking for something the organization did not previously realize its customers wanted. Q: Can you provide an exam- ple of the type of information that is being integrated with a real estate company’s enter- prise data to create advantage? A: Mark Cuban, the owner of the Dallas Mavericks, is an in- vestor in Motionloft, a startup that is using sensor technology to provide real-time pedestrian and vehicle traffic statistics and analysis. A property owner looking to lease the ground- floor retail space of a building in Midtown Manhattan can mesh Motionloft traffic detail for that particular address with the wealth of property information already stored in its accounting system. This lay- ered data can then be used to strategically match the space to appropriate tenants and to strengthen the associated marketing materials. Q: What kind of “unstruc- tured” data might reveal busi- ness opportunity? A: Property owners and op- erators may spot opportunities bymonitoring leasing trends in their own portfolios, and stay- ing on top of “hot” topics in the news, social media outlets and online forums. For example, a current surge in the shared office space sector is making headlines, with a growing number of companies in this niche leasing large offices, di- viding it into small units, and renting space to startups and sole proprietors with bundled- in phone, administrative and other services. By observation, landlords are recognizing the growing demand in this sector, and many are looking at their portfolio availabilities in a new light. Several household-name continued on page 6B

tegrated Business Systems , which develops and supports high-quality property manage- ment and accounting software, talks about the progress and potential for big data mining in the commercial real estate sector. Q: Mining stored information for business intelligence is not a new idea. Why is the concept of big data different? A: We have seen an expo- nential growth of commercial real estate-related information being generated by third-party sources, including a new gener- ation of firms focused on collect-

Commercial & Industrial Milling • Paving • Sitework Construction

n e s s b u z z term – and w i t h g o o d r e a s o n . Quite simply, there exists an inc red - ible volume of collected information

GERALD J. GIORDANO President

Tel: (908) 687-4400 Fax: (908) 687-4401

675 Rahway Avenue Union, New Jersey 07083

www.hillcrestpaving.com GJGiordano@hillcrestpaving.com

Mike Mullin

that organizations across in- dustries can leverage to their advantage. In the following interview, Michael Mullin , president of Totowa-based In-

When it comes to third-party applications, IBS brings IT all together.

Commercial & Industrial Milling • Paving • Sitework Construction

GERALD J. GIORDANO President

Providing real estate technology solutions with deep functionality, flexibility and scalability

Tel: (908) 687-4400 Fax: (908) 687-4401

675 Rahway Avenue Union, New Jersey 07083

www.hillcrestpaving.com estimating@hillcrestpaving.com

Our property management and accounting system interfaces with dozens of best-in-class software products. Leasing · Tenant and Building Portals Modeling and Projecting · Space Management Accounts Payable · Utility · Banking

Serving the N.J./N.Y. region for 35 years

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