Buildings are the ultimate pinpoint in the map. You can’t get more precise than the front door.
I’ve seen the phrase “hyper local” popping up lately (mainly by everyone’s favorite CRE activist Duke Long) and I’m really not sure what trend it is supposed to signify. Somehow it’s all about data and location and making the right decision. But if I’m not mistaken, that’s simply all real estate.
- All lease comps are hyper local.
- Economic conditions are hyper local.
- Retail establishment are hyper local.
- Public transportation is hyper local.
- Commute times are hyper local.
- Market trends are hyper local.
I could keep going. But you know what else is true? All of these are metrics that have been used for the past century when helping people figure out where they should be located. It’s not something new.
Hyper local is nothing new – it’s just what we do.