The North Texas Commercial Association of Realtors has partnered with a Minnesota-based software company to launch an online service to match tenant space needs with available properties.
The new product, being touted as “Uber for commercial real estate,” is not a listing service but a matching service for commercial brokers to share leads with each other and for tenants to find the right space to lease.
NTCAR and Minneapolis-based commercial real estate software firm DealBoard.org launched the service Tuesday.
Through the deal with NTCAR, a 2,500-plus member professional association, Dallas brokers will be the first in the nation to deploy the new DealBoard online service. NTCAR is one of the largest regional associations of commercial real estate professionals in the country.
“DealBoard.org is a game-changer for us in North Texas,” said Jeff Brand, 2018 NTCAR president and managing partner of Brand Partners in Dallas. “DealBoard.org enables our members to serve their clients with even more speed, efficiency and precision results, and makes the real estate market more accessible to small and large businesses that are unrepresented.”
NTCAR is a former Xceligent customer and relied on that company, which shut down late last year, to manage and maintain commercial property information on the local market. The exit of Xceligent left thousands of commercial real estate brokers without a data platform, and Xceligent rival CoStar moved quickly to fill the void.
In the absence of Xceligent and with a goal of providing additional value to NTCAR members, NTCAR sought a new approach to help their broker-members conduct business more efficiently and win new business, said Brian Jetty, executive vice president of the association.
“DealBoard.org is emerging at a perfect time,” Jetty said. “The Dallas office, industrial and retail leasing markets are hot, which makes the DealBoard functionality even more valuable.”
DealBoard lets local and regional brokers in Dallas-Fort Worth share space needs and leads with each other online. NTCAR is sponsoring a public-facing website to allow tenants to use DealBoard.org to find their ideal space with the help of brokers.
There is also a broker matching service on the site that is free for tenants.
“You identify your needs and real estate pros respond to your demands with properties that match,” said Jim Simpson, CEO of DealBoard.org. “It’s Uber for commercial real estate.”
Dallas-Fort Worth was the top market in the U.S. for office space absorption in 2017, as ranked by Cushman & Wakefield. Last year’s net office leasing, or absorption, was 39 percent ahead of the 2.9 million square feet of local office space businesses absorbed in 2016.
Meanwhile, Dallas broke a record last year for industrial space absorption, and the retail market is thriving as unemployment remains below the national average.
Industry giant CoStar and Xceligent were embroiled in a prolonged legal battle in which CoStar sued Xceligent for copyright infringement and Xceligent countersued claiming CoStar was an illegal monopoly. CoStar prevailed in court in October, and two months later, Xceligent shut down.
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Rank Company Total # of Local, Licensed Agents 1 CBRE 280 2 JLL 197 3 Cushman & Wakefield 101 View This List
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