Northspyre, a real estate development platform that organizes data, simplifies reporting and drives down project costs for developers, announced it is now managing more than $125 billion in capital projects on behalf of the commercial real estate industry. Firms across the country are increasingly leveraging Northspyre as their command center for real estate capital management and to facilitate ground-up developments, fitouts and major renovations across asset classes, including multifamily, office, retail, hospitality and mixed-use.
“The need for technology solutions like Northspyre that provide developers greater control over their project results has never been greater as factors like inflation, rising building costs, and the threat of a recession have made commercial real estate development increasingly volatile,” said William Sankey, co-founder and CEO of Northspyre. “We have witnessed firsthand the eagerness of development teams to not let unnecessary costs slip through the cracks as they navigate a challenging market, and we are optimistic that demand for intuitive solutions designed to sharpen decision-making and drive favorable project outcomes will continue to grow across the industry.”
In a market where securing financing is a hurdle for developers, teams are leveraging Northspyre to better understand historical project performance, reduce project risks and control costs. This approach has helped developers stand out in a crowded market by positioning them as a less risky proposition to financial partners, which has led to a surge in industry interest for Northspyre.
This year Northspyre unveiled a series of major updates to its Real Estate Command Center, which expanded its main functionality to serve every member of the development team from the top down. The new suite of tools was informed by user feedback and includes new features such as a construction task and cost tracker, a document library to store documents and attach them to particular vendors and milestones, a vendor directory and live market data reports through DeepLook.
Northspyre began servicing customers in the New York and Boston markets in 2017. Since then it has developed a national footprint.
