NEW YORK--(BUSINESS WIRE)--Northspyre, a leading cloud-based intelligence and project delivery automation platform for real estate developers, today announced its most sophisticated suite of new product updates to date which will enable developers to accurately predict budgets based on historic project and market data, as well as track vendor performance through a robust vendor marketplace. Together, this series of new tools and product updates will improve collaboration and boost productivity between development team members.
While Northspyre was originally purpose-built as an operating system for owners and developers managing project pipelines, budgets and vendor relationships, the launch of its Real Estate Command Center expands its core functionality to serve every member of the development team from the top down.
“We’re excited to unveil this new suite of tools that was informed by countless conversations with our users who continue to express a desire for a more comprehensive and collaborative project management system that can be used to manage every phase throughout the lifecycle of commercial developments, from acquisition and predevelopment, to construction and closeout,” said William Sankey, Co-Founder and CEO of Northspyre. “Similar to high-performing industries like aerospace and advanced manufacturing, it is our hope to transform and consistently improve the commercial real estate development process to achieve a singular goal - the delivery of commercial projects on-time and under budget.”
Northspyre’s Real Estate Development Command Center includes the following new tools:
DeepLook, the industry’s first-ever live market data product for development and construction costs across 11 major U.S. real estate markets. Based on over $100 billion in project data and over 2,000 commercial real estate projects, DeepLook generates market-informed budget goalposts based on developer’s historic project performance and Northspyre’s proprietary local-market data. With an accurate forecast on how much each scope of work should cost, developers can set realistic goals and gain a clear understanding of how their team is performing in any market. DeepLook also gives developers an advantage when bidding on projects by fusing project data with local market trends, giving teams the speed and accuracy in decision making needed to gain site control and yield the best returns.
Vendor Directory and Marketplace, two resources that put more than 30,000 commercial real estate consultants and contractors at users’ fingertips, ensuring teams have complete visibility and insight into vendor relationships, including key contact information, past project experience, financial summary, and notes. The Vendor Directory stores all vendor documents in one central location, giving the entire team quick and easy access to important information on all vendors across a portfolio, while the Vendor Marketplace provides development teams with increased visibility into a vendor’s broad portfolio of work. Equipped with this comprehensive understanding of a vendor’s capabilities, developers can make the most informed decisions about which vendors to work with on future projects.
Robust Scheduling, a tool which allows users to improve collaboration and increase productivity by tracking the progress of key project milestones, including critical path analysis and dependencies, laid out clearly in Gantt chart view. The Robust Scheduling tool’s compatibility with Microsoft Project and user-friendly interface allows development teams to build out robust project schedules in seconds. Project documents like construction drawings or investment committee-approved proformas can be associated with tasks and key milestones, allowing teams to gain access to all relevant documents with one click.
Document Library, a new feature that seamlessly stores and integrates all important project files within Northspyre’s system, creating a centralized database for the entire team. The Document Library automatically imports and indexes important project paperwork from users' existing email-based workflow, and links documents to project specific tasks and milestones. Documents can also be directly linked to specific vendors found within Northspyre’s vendor directory. Common documents found in the Document Library include blueprints, pro forma models, invoices, change orders and lien waivers, progress photos, excel files, lease agreements and drawing sets. Documents are easily accessible and can be seamlessly added to reports using the existing Northspyre Report Building.
- Construction Payment Tracker to give real estate owners complete visibility and transparency into their hard costs, retainage, and contractor invoices. The Construction Payment Tracker helps take two to three days of manual labor out of the “Pencil Requisition Process” each month by giving developers the capability to negotiate with contractors and subcontractors right from the app, eliminating the need to meet in person. Contractors can also create a free account to share their data directly with you, greatly reducing manual data entry. Once the requisition process is complete, approvals can be done instantly and invoices can be easily passed to any accounting system using one of Northspyre’s many two-way integrations.
Sankey adds, “The dislocation and uncertainty we’re seeing in capital markets across the real estate industry continues to impact new construction as well as projects already underway. With construction costs accounting for upwards of 70 percent of overall development budget, our new Vendor Marketplace and Construction Pay Application Manager are a timely addition to our suite of products, giving owners and developers more control of their project outcomes and enabling them to remain nimble and adapt to shifting market cycles.”
Northspyre is the real estate industry’s first purpose-built intelligence platform for real estate owners and developers managing complex projects such as ground-up developments, fitouts and major renovations across all asset classes, including multifamily, office, retail, hospitality and mixed-use. Northspyre began servicing customers in the New York and Boston markets four years ago.
Since then it has developed a national footprint, attracting the attention of developers in every major metro area in the country.
Northspyre is a cloud-based intelligence platform that empowers real estate owners and development teams to make more proactive, data-driven decisions when managing complex, multi-million dollar projects such as ground-up developments, fitouts and major renovations across all asset classes. Northspyre leverages the power of automation, data analytics and artificial intelligence to enable development teams to reduce project costs and unlock higher profits with real-time actionable insights, thereby achieving more predictable outcomes and realizing significant time and cost savings. Northspyre’s technology is dedicated to helping teams deliver even the most complicated projects on-time and on-budget. Since 2017, Northspyre has facilitated more than $109 billion in client projects. To learn more, visit www.northspyre.com.