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SEOUL, South Korea, Aug. 1, 2024 /PRNewswire/ -- Comprehensive commercial real estate services company RSQUARE's Big Data Consulting Team saw a nearly 70% increase in order value and a 50% increase in the number of orders last year compared to the same period the previous year (as of the end of October).
According to RSQUARE, major asset management companies and securities firms, which are among the top investors in the industry, accounted for approximately 40% of their total clientele, demonstrating a strong interest in data. Jinwon Chang, Director of RSQUARE's Big Data Consulting Team, attributed the improvement in performance to "accurate market diagnostics based on big data and differentiated analysis," adding that "customized services that assist investors in decision-making have also proven beneficial to investors even in challenging market conditions."
The data business has also seen growth in overseas operations. RSQUARE Vietnam's revenue last year increased by more than 60% compared to the previous year. Despite Vietnam's economic growth rate slowing to an estimated 4.9% last year from 8.02% the previous year, RSQUARE's revenue continued to grow.
RSQUARE Vietnam engages in leasing brokerage and real estate consulting for factories, industrial complexes, offices, and logistics centers in major areas such as Ho Chi Minh City, Hanoi, and Da Nang. An internal assessment indicated that securing approximately 50,000 pieces of data on office and commercial buildings across major business areas in Vietnam contributed to the growth in performance.
RSQUARE plans to launch a commercial real estate market solution, 'RSQUARE Analytics (R.A),' next year. R.A, the first commercial real estate solution of its kind in Asia, will provide information on supply, sales, and leasing of office and commercial real estate, obtained through comprehensive surveys conducted by RSQUARE.
"Without data on surrounding prices, tenant composition, sales history, and cap rates, it is difficult to conduct the feasibility studies that are essential in the early stages of a project. Regardless of the economic conditions, there is a constant demand for data, and in times of market downturns, the value of data increases even more." said Gang-Min Ryu, director of RSQUARE research center.