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3 Reasons Why Addresses Are Not Good Enough On Their Own

Why Aren’t Addresses Good Enough on their Own?

ADDRESSES ARE EASY TO MESS UP

One of the fundamental problems with addresses in Commercial Real Estate is that they are often entered incorrectly into a CRE listings platform. Our experience, based on review of dozens of corporate databases, is that 35-40% of all location data is inaccurate at the address and/or location level.  Unless you know the actual address on record for a building, it is often quite easy to make an incorrect assumption as to what that address might be. The growing trend of crowd-sourcing CRE data can also contribute to inaccuracies, and lead to possible overlap in property listings.

EVEN CORRECT ADDRESSES CAN DUPLICATE LISTINGS

Consider this example of a downtown office building that spans the entire block between two city streets. It is possible for a building like this to have different, but valid, addresses associated with each entrance. If the property is added to a listings platform using both addresses, it becomes difficult to detect the duplicate entries using address information alone. 

ADDRESSES ARE CONSTANTLY IN FLUX

Updates to government and public safety regulations mean that addresses can and will change over time. One estimate puts address churn at 2-5% of all addresses every year. This represents up to 7.9 million addresses per year based on the 158.6 delivery points tracked by the US Postal Service (https://facts.usps.com/size-and-scope/). This can create problems in a listings platform if a property’s address changes and there is no change to the property’s physical structure. At best, the address information for the property is updated to include the new address, thereby removing any associations to the old address. At worst, a new record with the new address is entered into the system, creating redundancy in the data and creating a situation where double-counting is possible. 

 

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LightBox

LightBox acquires industry leader BuildingFootprintUSA™

IRVINE, CA – February 1, 2021 – LightBox, a leading provider of commercial real estate data and workflow solutions, announced the acquisition of BuildingFootprintUSA™, the premier provider of building and structure boundaries for location analytics. With this acquisition, LightBox will immediately make building footprints available to its customers.

Connecting BuildingFootprintUSA datasets to LightBox data will create the industry’s only fully integrated parcel, building structure, and property attribute datasets for comprehensive location intelligence across the commercial real estate, telecommunications, routing & logistics, and insurance markets, as well as the broader geospatial ecosystem.

“This acquisition demonstrates our ongoing commitment to innovation that serves the commercial real estate ecosystem. We’re looking to replace existing information silos with industry standard linked datasets. Our parcels and property data will now be integrated with rooftop-level geocodes, addresses, and boundaries,” said LightBox CEO, Eric Frank. “We strongly believe the future is one of connected datasets and we want to drive this change for the commercial real estate industry in the US and Canada.”

BuildingFootprintUSA was founded in 2016 in Albany, New York. The company serves customers of all size within commercial real estate, telecommunications, insurance, and mapping solutions with high-accuracy location data to facilitate accurate site selection, routing, spatial analysis and data visualization. Customers leverage building geometry, height, and ground elevation data to assist in determining potential flood risks, expanding broadband connectivity, policy planning for safety and security, and broader geospatial analytics.

“Joining LightBox gives us an exciting opportunity to grow and deliver our data and solutions to a broader segment of the commercial real estate market in the US and Canada,” said Karl Urich, founder and president of BuildingFootprintUSA. “By combining our datasets with those of LightBox, we will be able to offer the most accurate boundary, address, and geocoding dataset available.”

To learn more about how you can begin leveraging solutions that combine the best of BuildingFootprintUSA and LightBox today, please visit lightboxre.com.

LightBox is building the world’s leading real estate information and technology platform. LightBox customers comprise all types of enterprises needing authoritative real estate data and workflow solutions, including brokers, developers, investors, lenders, insurers, environmental consultants, corporations, technology companies, and valuation professionals. LightBox is backed by Silver Lake and Battery Ventures.

Learn More About LightBox at lightboxre.com

At BFUSA LightBox, we develop next-generation geolocation data centered on the built environment — where people live, work, shop, and play. Our hyper-accurate building and address data helps customers make critical decisions that are highly dependent on location. Learn more about BFUSA.

Learn More About BFUSA