LoopNet advertised only US and Canadian commercial properties to a global community of buyers and tenants prior to its introduction in the UK. Brokers, investors, potential tenants, and owners of commercial real estate will all profit from the opening up of the £1.5 trillion UK commercial real estate market through the integration of tens of thousands of UK property listings into the market.
By effectively attracting relevant local and international audiences, LoopNet will greatly increase the reach of every listing by giving UK users unprecedented exposure to potential investors and tenants. The platform has over 11 million unique visitors each month. With considerable investments in Google search engine marketing (SEM) and other forms of marketing, LoopNet, a platform used by 93% of Fortune 100 firms, has increased platform traffic and improved user experience.
Prior to the establishment of LoopNet, Realla, a CoStar Group firm and the UK's top specialised commercial property portal, served the market there. Realla has since been merged into LoopNet, opening up access to new finance sources, more listings, and an elite worldwide audience. Realla had an average of 734,000 unique monthly visitors prior to the integration; this number will now be significantly increased by the additional traffic produced by LoopNet, bringing the total anticipated traffic from LoopNet to almost 12 million unique monthly users from the first day of the launch.
As market participants attempt to save time and money, 88% of commercial property inquiries are currently launched online. LoopNet offers advanced technology that enables brokers, renters, and investors to conduct viewings online and benefit from current pricing and information. All users gain from the transparency afforded by LoopNet, which gives them access to first-hand market insights and a valuable benchmarking tool for market participants—a crucial aspect for those conducting business in today's turbulent market climate.
"The UK-wide roll-out of LoopNet, our premier commercial real estate platform, is a crucial piece of CoStar Group's on-going strategic international expansion strategy," CoStar Group founder and CEO Andy Florance said. We are thrilled to be able to give our UK users access to the international market, which will considerably expand their visibility and reach. We have developed a strong relationship with our UK customer base through CoStar and Realla. The debut of LoopNet couldn't have come at a better time, allowing thousands of UK market participants to profit from international exposure as demand in UK commercial real estate increased due to the favourable exchange rate. Since LoopNet is the only marketplace in the UK that gives users access to such a large global audience, directly assisting brokers, tenants, owners, and investors, we are optimistic about its prospects in that market. In the US, LoopNet quickly rose to the top of the commercial marketplaces industry.
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