Northspyre’s Project Delivery Solution Surpasses $75 Billion in Capital Managed By Real Estate Owners and Developers
NEW YORK--(BUSINESS WIRE)--Dec 20, 2022--
Northspyre, a leading cloud-based intelligence and project delivery automation platform for real estate developers, announced it has facilitated more than $75 billion in capital projects on behalf of the commercial real estate industry. Firms across the country have increasingly utilized Northspyre as their operating system for real estate capital deployment and to improve the management of ground-up developments, fitouts and major renovations across asset classes, including multifamily, office, retail, hospitality and mixed-use.
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“In today’s environment where rising interest rates, ballooning inflation, and shifting cap rates are affecting the industry, the need for solutions that can help firms execute on projects and impress potential financial partners is paramount,” said William Sankey, co-founder, and CEO of Northspyre. “Because of this, Northspyre has experienced rapid growth – facilitating more than $75 billion of development projects. As real estate teams increasingly seek ways to modernize their workflows amid a potential downturn, demand for technology that leverages analytics and automation to win more competitive deals and drive favorable outcomes will continue to skyrocket.”
After the past year of unprecedented market disruption, developers are reevaluating the best way to manage their projects. In a recent survey commissioned by Northspyre, project managers overseeing developments across asset classes overwhelmingly pointed to inflationary pressures, inadequate productivity, and uncertain project outcomes as the largest issues plaguing projects. Traditional development processes that rely heavily on gut instinct and poorly organized data often stored in ad hoc spreadsheets and emails are no longer a viable option for development teams attempting to deliver complicated projects in the current market.
To combat setbacks caused by factors like supply chain bottlenecks and rising construction costs, development teams are increasingly looking toward innovative solutions to predict and mitigate project risk. As a result, Northspyre has experienced tremendous interest from the market.
“There are a lot of people that are trying to provide solutions for pieces of what developers face, but Northspyre is the only product that provides a solution for all of the problems that developers face,” said Tony Simmons, President of the Simmons Group, a Minnesota based development firm. “Northspyre’s solution gave us immediate scale. It helped us to grow across all of our target markets without having to hire 15 more staff members, and allowed us to be nimble – especially during the pandemic. When everyone else was experiencing layoffs, we kept our team intact and still expanded into eight new markets”
Northspyre began servicing customers in the New York and Boston markets in 2017. Since then it has developed a national footprint, attracting the attention of developers overseeing projects in every major metro area in the country, including Atlanta, Chicago, Dallas, New York and San Francisco. In the past year, Northspyre expanded to more than thirty new high-growth markets, including San Diego, Charlotte and Phoenix.
Northspyre is a cloud-based intelligence platform that empowers real estate professionals to make proactive, data-driven decisions on development, capital and asset projects across real estate project types. Created specifically to meet the needs of owners, developers, project management firms and internal real estate teams, Northspyre leverages the power of automation, data analytics and artificial intelligence to deliver projects on time and within budget. Northspyre’s technology is dedicated to helping teams deliver even the most complex project or portfolio on-time and on-budget. Since 2017, Northspyre has facilitated more than $75 billion in client projects. To learn more, visit www.northspyre.com.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: CONSULTING DATA MANAGEMENT COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES BUSINESS NETWORKS INTERNET OTHER CONSTRUCTION & PROPERTY FINANCE
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PUB: 12/20/2022 09:00 AM/DISC: 12/20/2022 09:01 AM