Big Data is fundamentally changing the way builders, developers and professionals involved in commercial real estate go about their jobs.
With the ability to process vast amounts of information and extract valuable insights, Big Data is providing the industry with more accurate and efficient tools to understand the best performing potential markets, analyse the best types of products to build with, identify leads and new sales opportunities and to quickly estimate and quote.
Understanding Big Data
Big Data refers to extremely large and complex datasets that cannot be effectively managed or analysed using traditional data processing methods. It includes three primary characteristics, commonly referred to as the three V's: volume, velocity, and variety.
Volume: Big Data involves the processing and analysis of massive amounts of information generated from various sources. These datasets are often so vast that they exceed the capabilities of traditional data processing tools.
Velocity: The speed at which data is generated and collected in the construction industry is remarkable. Real-time data continuously stream in and Big Data technologies enable the efficient handling of this constant influx of data.
Variety: Big Data is diverse and comes from a multitude of sources. It includes text documents, images, videos, sensor readings, geospatial data, plus more. Analysing and extracting value from this wide array of data types is a fundamental aspect of Big Data analytics.
Big Data and CoreLogic
CoreLogic is the provider of Australia and New Zealand’s most comprehensive residential, construction and commercial property data.
Collectively, our data covers more than 4 billion decision points across residential, commercial, building and construction costing, collected from more than 660 sources. This includes the real estate industry, all levels of government, data partners, media and our own team of researchers creating analytics and insights that fuel decisions from first home buyers right through to federal government.
Big Data that does not tell a story or provide you with actionable insights is just a pile of numbers. At CoreLogic, we pride ourselves on our tools and analytics that help our clients understand their markets, improve their workflows, save time, make money and make better decisions.
6 Ways Big Data Can Help You Succeed
- Identify new opportunities - Be alerted to zoning changes and see detailed zoning information with Blockbrief.
- Identify properties to purchase - Look up properties –both on and off the market –that are suitable for development, understand their value and research suburb statistics and demographics with RP Data.
- Receive insights into construction projects - See what projects are planned, out to tender and under construction together with contact details of developers and key contractors with Cordell Connect.
- Produce accurate quotes and estimates - Use building data to reduce the risk of over or under quoting, and produce quotes faster with Cordell Estimator Platinum.
- Understand your CBD - See the shape of the market, when lease end dates are coming up and recent sales in commercial property with Cityscope and Lease Expiry Diary.
Big Data has emerged as a transformative force in the construction industry, offering immense potential for improving operations, enhancing decisions.