NEW YORK--(BUSINESS WIRE)--Northspyre, a project cost tracking and automation platform for real estate owners and developers, announced it has facilitated more than $30 billion in capital projects on behalf of the commercial real estate industry. Firms across the country have increasingly utilized Northspyre as their operating system for real estate capital deployment and to improve the management of ground-up developments, fitouts and major renovations across asset classes, including multifamily, office, retail, hospitality and mixed-use.
“We are pleased to see such strong industry demand for Northspyre’s solution and to achieve this noteworthy milestone,” said William Sankey, co-founder and CEO of Northspyre. “Just last year we surpassed more than $10 billion worth of deals facilitated on our platform. As real estate teams adjusted the way they collaborated and worked together during the pandemic, we have seen accelerated technology adoption across the industry to streamline processes and mitigate risk.”
Historically, project delivery has been a reactive, gut-driven process heavily dependent on the knowledge of individual team members. This often resulted in increased human error and project delays due to employee turnover and poorly organized data siloed away in static spreadsheets.
After more than 18 months of unprecedented market disruption, development teams are increasingly seeking forward-looking solutions to predict and mitigate project risk, manage budgets, improve communication and increase transparency between stakeholders. As a result, Northspyre has seen tremendous interest from the market.
“Within our first month using Northspyre, we felt so relieved to have complete visibility and control across our entire portfolio and finally felt like we were being proactive when making project decisions,” said Peter Chavkin, Managing Member of Biddle Real Estate Ventures, a New York-based real estate development firm. “From the automated investor-focused reporting in Northspyre to the ability to drill into any line items in real-time, Northspyre allows our team to worry about project strategy instead of reconciling mismatched data.”
Encouraged by the momentum and ever-increasing value of emerging commercial real estate technologies, Northspyre has remained focused on growth and enhancing its product. In September 2021, Northspyre announced it had received the Service Organization Control (SOC) 2 Type II certification, a testament to the company’s commitment to data security, privacy and confidentiality.
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 overseeing projects in every major metro area in the country, including Atlanta, Chicago, Dallas, New York and San Francisco. This year Northspyre expanded to twenty-six new high-growth markets, including San Diego, Charlotte and Phoenix.
About Northspyre
Northspyre is a cloud-based intelligence platform that empowers real estate professionals to make proactive, data-driven decisions on development, capital and asset projects across real estate project types. Created specifically to meet the needs of owners, developers, project management firms and internal real estate teams, Northspyre leverages the power of automation, data analytics and artificial intelligence to achieve predictable outcomes and realize significant time and cost savings. Northspyre’s technology is dedicated to helping teams deliver even the most complex project or portfolio on-time and on-budget. Since 2017, Northspyre has facilitated more than $30 billion in client projects. To learn more, visit www.northspyre.com.
