LoopNet recently conducted a joint study with Google to examine the way that tenants and investors are using the internet to search for property and make lease and purchase decisions. The study, which can be read here, leverages Google’s proprietary data and LoopNet’s custom research. We collaborated with independent research firm Market Connections to survey the behaviors of tenants and investors currently involved in a commercial property search.
So what did we learn? The results of our study confirmed what LoopNet’s traffic trends have long indicated: that internet research is becoming a huge part of how tenants and investors find property, find brokers and check on how their brokers are doing for them. Here are just a few of the findings:
- 80% of tenants and investors surveyed agree that they rely on the internet for their commercial real estate information needs more now than three years ago.
- Over three quarters (78%) of tenants and investors surveyed use online commercial real estate services or tools at some point in their commercial real estate search
- Commercial real estate related online searches have grown 60% since 2008.
- Six in 10 respondents search for commercial properties using their mobile devices at least sometimes.
- Over half the survey respondents (55%) reported that they perform their own online searches for commercial property, even when they are working with a broker.
You can read the full study report here and view an infographic of the key findings below. Do these results surprise you? Share your thoughts in the comments!