We’re back on the road this summer re-cataloging commercial properties throughout the Northwest.
In order to adequately serve every market in the region, we need to start by understanding every city, right down to specific sub-markets. Last year we spent the bulk of the summer months driving every city and town in Oregon, Washington, and Idaho. We are attempting to finish that project this summer.
So what do we mean by “cataloging”? Instead of relying on Google Maps like many other companies, we literally drive our markets photographing and cataloging every single commercial property in every city and town. We then reconcile those properties with what we already have in CPx Central, our shared internal Database. New properties and owners are imported into the Database and photos are updated. These new pictures provide valuable information such as who the most current tenants are in the center and if the property was recently renovated.
Brokerage firms generally choose 1 of 2 platforms. They either focus on a national level or they focus on a very small geographic area. While the latter may know quite a bit about a specific area, they are missing out on the large Pacific Northwest investor pool that spans the entire region. For example, a firm that focuses solely on the Eugene, OR area generally isn’t privy to what’s happening just 55 miles north, in the town of Salem, OR. Plenty of resources have gone into the Capital Pacific platform, where we have boots on the ground knowledge and expertise that isn’t concentrated in one city but spans all of Oregon, Washington, and Idaho. The “cataloging” process is the backbone of the Capital Pacific approach. Beyond having every property in our internal database, we are able to get a real-time feel for every sub-market within each city. We understand where new developments are taking place, which specific pockets people are moving to and moving out of, we understand traffic patterns, employment drivers and quite honestly how properties are performing by simply driving through the parking lot on a Saturday afternoon. This information is not readily available on the worldwide web.