NEW YORK--(BUSINESS WIRE)--Jul 13, 2023--
Northspyre, a real estate development platform that organizes data, simplifies reporting and drives down project costs for developers, announced it is now managing more than $125 billion in capital projects on behalf of the commercial real estate industry. Firms across the country are increasingly leveraging Northspyre as their command center for real estate capital management and to facilitate ground-up developments, fitouts and major renovations across asset classes, including multifamily, office, retail, hospitality and mixed-use.
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“The need for technology solutions like Northspyre that provide developers greater control over their project results has never been greater as factors like inflation, rising building costs, and the threat of a recession have made commercial real estate development increasingly volatile,” said William Sankey, co-founder and CEO of Northspyre. “We have witnessed firsthand the eagerness of development teams to not let unnecessary costs slip through the cracks as they navigate a challenging market, and we are optimistic that demand for intuitive solutions designed to sharpen decision-making and drive favorable project outcomes will continue to grow across the industry.”
Traditional real estate development was an inherently reactive, gut-driven process reliant on outdated spreadsheets, tracking down old emails and the knowledge of individual team members to see a project across the finish line. In a market where securing financing is a hurdle for developers, teams are leveraging Northspyre to better understand historical project performance, reduce project risks, and control costs. This approach has helped developers stand out in a crowded market by positioning them as a less risky proposition to financial partners, which has led to a surge in industry interest for Northspyre.
This year Northspyre unveiled a series of major updates to its Real Estate Command Center, which expanded its main functionality to serve every member of the development team from the top down. The new suite of tools was informed by user feedback and includes new features such as a construction task and cost tracker, a document library to store documents and attach them to particular vendors and milestones, a vendor directory, and live market data reports through DeepLook.
"Northspyre has made our lives easier because we now have a single source of truth to find all of the information that we're looking for, and that's relevant to our development projects," said John Meany, Acquisitions and Development Manager at Presidio Bay. “What would previously take us upwards of a week is now taking us a matter of hours in a single day. Northspyre also equips us with the confidence to know we're providing the best outputs for our investors and our capital partners."
Northspyre began servicing customers in the New York and Boston markets in 2017. Since then it has developed a national footprint, attracting the attention of developers overseeing projects in every major metro area in the country.
About Northspyre
Northspyre is a cloud-based intelligence platform that empowers real estate professionals to make proactive, data-driven decisions on development, capital and asset projects across real estate project types. Created specifically to meet the needs of owners, developers, project management firms and internal real estate teams, Northspyre leverages the power of automation, data analytics and artificial intelligence to deliver projects on time and within budget. Northspyre’s technology is dedicated to helping teams deliver even the most complex project or portfolio on-time and on-budget. Since 2017, Northspyre has facilitated more than $125 billion in client projects. To learn more, visit www.northspyre.com.
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CONTACT: MEDIA:
Maria Brewster
Antenna Group | Spaces
northspyre@antennagroup.com
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES SOFTWARE NETWORKS DATA ANALYTICS OTHER CONSTRUCTION & PROPERTY DATA MANAGEMENT
SOURCE: Northspyre
Copyright Business Wire 2023.
PUB: 07/13/2023 09:00 AM/DISC: 07/13/2023 09:01 AM
http://www.businesswire.com/news/home/20230713694790/en
