Cadre Leverages Foursquare’s Places Solution as an Alternative Data Source to Make Smarter Commercial Real Estate Investment Decisions
By now we all know that when it comes to commercial real estate (CRE), the industry has developed a reputation for being slow to adopt new and emerging technologies. Yet despite the slow start, some real estate industry players are disrupting the space by developing new technology to improve business models and open up new opportunities. As articulated in PWC’s 2019 Report, the key word for real estate’s future performance is transformation, especially in the deployment of technologies that can help identify investment opportunities or enhance the risk/return profile.
This is just one of the reasons why Cadre, a technology-enabled real estate investment platform, turned to Foursquare to integrate deeper, location-based insights across its platform, helping its investors stay ahead of the market. Cadre is changing the landscape, both literally and figuratively.
Foursquare’s rich venue database comprised of tens of millions of real world, commercial places, offers investors highly relevant and up-to-date information about a geography. This includes granular venue categorization, foot traffic popularity scores and visit feeds, as well as visibility into top rated nearby attractions, making it easier than ever before to understand and quantify the vitality of a neighborhood. This information helps real estate investors and developers recognize patterns to better understand the demographics of existing neighborhoods for optimal site selection, while also identifying emerging, high-growth potential markets.
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“New location-based data sources have become increasingly important in identifying compelling investment opportunities. We are excited about working with Foursquare Places as we continue to develop unique market-level insights that guide our investment decisions,” said Ryan Williams, CEO of Cadre. “We believe that long-term outperformance in our industry can be achieved by complementing institutional investment experience with a data-driven, quantitative approach, which makes our partnership with Foursquare very promising. The Places dataset provides unique insights into the vitality of neighborhoods around the country. This dataset will enhance our ability to identify and deliver commercial real estate investment opportunities to more individuals on our platform.”
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“Foursquare has developed a dataset of the most frequently visited places world-wide, validated by feedback from millions of consumers and partners every day. We’re excited to provide Cadre with direct access to our unique datasets to support their mission of democratizing and increasing access to the real estate market by giving more people the opportunity to improve their financial futures through smart commercial real estate investment,” said Josh Cohen, SVP of Product at Foursquare.
There’s no doubt that technology has evolved from compiling “big data” to finding better ways to make decisions using data. Foursquare’s technology has already been used to do things like understand the impact of venue popularity on property prices, create metaheuristic optimization approaches to improve traffic flow in major cities, and create an intelligent tree-planting approach in NYC. This partnership is yet another example of how location data and technology can be leveraged to disrupt an entire industry and drive urban innovation. Our work with Cadre is laying the blueprint for what the future of real estate investing will look like and reshaping current approaches towards city planning and development.
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