Why CRE Needs a Universal Data Language Now More Than Ever

From working with the industry’s largest firms, I’ve learned that there’s no shortage of commercial real estate data. This is hugely beneficial when integrated properly, but unfortunately, problems arise more often than not when it comes to data connectivity and accuracy.

Why? Until now, the commercial real estate industry has never had a consistent way to identify properties and standardize associated data. While the financial industry has the CUSIP and businesses have the D-U-N-S code, the world’s largest asset class has yet to adopt a unique identifier to help aggregate, cleanse and connect datasets.

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Unsurprisingly, this can be detrimental to enterprises with vast arrays of information. Internal property data becomes siloed and isolated, making it difficult to resolve duplicate records and inform accurate analysis. This is why the industry needs a universal data language now more than ever before. At the rate the industry is moving, a universal language to successfully map datasets is absolutely imperative, as it ensures accuracy across an organization, promotes efficiency and empowers internal stakeholders with a single source of truth to fuel better decision-making.