Joint Study by LoopNet and Google Finds 78% of Tenants and Investors Search for Commercial Real Estate Online
December 22 2014 - 2:00PM
Google Inc. (Nasdaq:GOOG) (Nasdaq:GOOGL) and LoopNet today released
the results of a joint study: Commercial Real Estate Consumer
Online Behavior and Trends. The study, which aimed to understand
the role the internet plays in commercial real estate, leverages
Google's proprietary online search data and custom research
conducted on LoopNet's behalf by Market Connections, an independent
research firm, in 2014 to survey and analyze the behaviors of
tenants and investors currently involved in a commercial property
search and who have recently been involved in a transaction. The
joint study revealed that nearly 80% of tenants and investors
report using online sources to search for commercial property. The
study also found that six in 10 searchers begin their property
searches on the internet before any other source. These findings
correspond to a 60% increase in commercial real estate related
online searches reported by Google over the last six years.
"This study confirms what LoopNet's traffic trends have long
indicated," said LoopNet President Fred Saint. "The internet has
quickly become one of the most valuable and widely used tools to
connect buyers and sellers of commercial real estate."
Some key findings from the study:
- 80% of tenants and investors surveyed agree that they rely on
the internet for their commercial real estate information needs
more now than three years ago.
- Over three quarters (78%) of tenants and investors surveyed use
online commercial real estate services or tools at some point in
their commercial real estate search.
- Commercial real estate related online searches have grown 60%
since 2008.
- Six in 10 respondents search for commercial properties using
their mobile devices at least sometimes.
- Over half the survey respondents (55%) reported that they
perform their own online searches for commercial property, even
when they are working with a broker.
Along with the increase in online sources being used, there
appears to be a decrease in other more "traditional" research
methods. For example, only 7% of surveyed tenants and investors
report beginning their commercial real estate searches by driving
in the desired area. These findings are significant for commercial
real estate brokers and firms who are marketing their services and
available properties. With this study, LoopNet and Google hope to
provide valuable insight to help them optimize their advertising
efforts and reach more tenants and investors.
View the full study report here:
www.loopnet.com/commercial-real-estate-consumer-online-behavior-and-trends.pdf
About LoopNet
LoopNet operates the most heavily trafficked commercial real
estate marketplace online with more than 9.0 million registered
members and over 5 million monthly unique visitors. The LoopNet
marketplace, which consists of over 800,000 property listings,
covers all commercial property categories, including office,
industrial, retail, multifamily apartment buildings, hotel, land,
specialty properties, investment properties and businesses for
sale. LoopNet is a wholly owned subsidiary of CoStar Group, Inc.
(Nasdaq:CSGP), the leading provider of commercial real estate
information, analytics and online marketplaces. For more
information, visit www.loopnet.com.
This news release includes "forward-looking statements"
including, without limitation, statements regarding LoopNet's and
CoStar's plans, objectives, expectations, beliefs, intentions or
strategies regarding the future. These statements are based upon
the current beliefs and expectations and are subject to many risks
and uncertainties that could cause actual results to differ
materially from these statements. The risk that the trends
represented or implied in this release do not continue or produce
the results suggested by such trends could cause or contribute to
such differences. More information about potential factors that
could cause actual results to differ materially from those
discussed in the forward-looking statements include, but are not
limited to, those stated in CoStar's filings from time to time with
the Securities and Exchange Commission, including CoStar's Annual
Report on Form 10-K for the year ended December 31, 2013, and
CoStar's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2014, each of which is filed with the SEC, including
in the "Risk Factors" section of those filings, as well as CoStar's
other filings with the SEC available at the SEC's website
(www.sec.gov). All forward-looking statements are based on
information available to CoStar and LoopNet on the date hereof, and
neither CoStar nor LoopNet undertakes any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: ALL INQUIRIES:
Mark Klionsky, Senior VP, Marketing
(202) 623-5252
mklionsky@costargroup.com
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