ULI Washington News

Innovation Update: Recity

recity

Description: Recity has developed the first-of-its-kind real estate software that tracks urban development, with on-demand insights and visualizations.  

The platform includes forward-looking information that enables real estate professionals and their clients to discover new business opportunities and accelerate deals. Historically, development data has been very difficult to find and tracked manually by individuals or business groups within an organization. With Recity’s web and mobile applications, real estate professionals can access on-demand information about any type of commercial or large residential development in the pipeline to make smarter, faster decisions.

To identify and maintain this data, Recity leverages both researchers and technology.  

The company’s dedicated research team combs building permits, zoning documents, industry content and more to identify the most relevant and real-time information. New projects are added to the platform daily and weekly maintenance sweeps ensures that project information is updated and reliable. Every major urban development is reported in Recity. Specifically, this includes any project that is at least 8 residential units or 10,000 SQFT.  

Key Recity features include a map that shows current and planned projects and a set of development metrics for each location. 

The search-enabled platform identifies timing, size, scope and upcoming tenants by individual address as well as clusters of developments for a broader view. Detailed metrics include a proprietary Development Index, which indicates the level of expected development at a specific location an an intuitive 0 to 10 scale. In addition to D.C., Recity is rapidly expanding into 6 major urban markets by the end of 2017.

Why it’s transformative to the real estate industry:
 The company’s platform fills an important void in the market which is transparency into development data and how communities are changing. 

As urban renewal is spreading across the country, construction activity is increasing in cities yet project information is hard to come by. “We are making a brand new set of data available to the real estate industry, which has previously been difficult to find, sporadically reported on and manually tracked,” said Recity Founder and Chief Executive Officer Guggan Datta. “Cities are growing rapidly as demand for convenience and an urban lifestyle grows, making development data highly relevant and valuable.” 

According to the Census Bureau, urban areas now account for over 80% of the US population and growth in urban areas has consistently outpaced the rest of the nation. Globally, 3 million people move to cities every week and these statistics are showing no signs of slowing down (IOM, 2015). With Recity, real estate professionals and individuals alike can better understand these phenomena and develop a clearer picture of what cities will look like in the future. Better yet, they can take an active role in transforming the cities that they live and work in.

See
Recity.co for detailed product information and additional screen shots and videos
Explore Recity on Vimeo for our full set of explainer videos

Contact Information:
Lacey Herchek
Director of Marketing
202.810.1706

 

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