LOS ANGELES—Tech experts are entering the commercial real estate space. Earlier this year, JLL launched RED, a data and analytics program aimed at corporate clients with international portfolios, GlobeSt.com previously reported. The program helps analyze portfolio data for these clients and—in a snap—can maximize the value of their office portfolio, showing areas of risk and savings opportunities in markets across the globe. To help roll out this program, JLL hired data scientist Richard Brown, the global head of business intelligence at JLL, who says that compiling and analyzing the data of corporate clients is imperative to maximizing the value of their portfolio.
At the recent CoreNet Global Summit in Downtown Los Angeles, Brown, who is based in London, took a few moments to give GlobeSt.com a hands-on look at RED and explain why technology and technology experts are becoming such an important facet in commercial real estate. “Local knowledge is great, but our corporate customers need to know what is happening with a property in Tokyo, what the market in Europe is doing, where they should be investing and what their overall portfolio looks like,” Brown tells GlobeSt.com. “It becomes not just local knowledge. We are global company, and part of the value proposition is having the data and analytics.”
RED allows corporate users to click on any property in their portfolio, worldwide, to see how it is performing and take a look at their whole portfolio to see where the strong and weak spots are. The ability to look at both is where the magic happens, according to Brown. “For me, the value happens when you start to combine the data,” he says. “Real estate has an awful lot of data, and you can analyze that data much more easily with technology. Now, we are collecting all sorts of data and analyzing it in this new way, and it is giving clients a new idea about what they can do with their portfolio. JLL recognized that and invested significantly in developing a program around that.”
Brown may note have a commercial real estate background or expert market knowledge, but his tech background—he joined the firm from Capgemini, where he served as global program director—makes him a valuable asset to the team and the program. “I don’t have a real estate background, but one of the best things is to bring in a mix of people,” says Brown. “I have guys around me that know real estate inside and out, and we all work together. That’s how you have to make this work.”
The program has already seen great success, according to Brown. “With this program, we can really start to understand the costs of ownership.”