Commercial Real Estate Data & Analytics
The buyer population — Other activities related to real estate
Base industry report for 531390 →- Establishments · CanadaA
- 1,295
- Under 10 employeesA
- 89%
- Establishments · USA
- 21,881
- Employment · USA
- 75,174
- Payroll · USA
- $7.7B
Of 1,295 Canadian establishments with employees, 89% have fewer than ten — an industry of very small operators. Each of those is one potential account, before any filter for size or fit.
Entry signal — what decides who wins here
One thing must be trueEntry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.
Displace an incumbent the screen found well defended — payments attached to the workflow, data that does not leave, a contract that renews itself. Share here means giving a buyer a reason to break something that currently works, which is a higher bar than being better.
Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.
This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.
Companies named in this market · 11
The binding constraint — incumbent vulnerability
This is the one property-tech category where the incumbent publishes its numbers, and the numbers close the door. CoStar Group's 10-K for 2025 reports $3,247M of revenue, of which the CoStar subscription product alone was $1,259M and LoopNet listings $312M, with Commercial Real Estate as a whole at $1,787M [A]. Company-wide subscription contract renewal ran at about 89% in each of 2025 and 2024 [A]. That is a data asset researched building by building for decades, sold to every broker, lender, owner and appraiser who needs comps, and defended in court as well as in sales. How it differs from the appraisal record (5313): appraisal software is a compliance conduit — the lender form and the GSE delivery rails decide the product, and the 5313 record found the money sits in the property data underneath (CoreLogic, ~$6.0B). Commercial real estate data is that data layer, and here it is owned by one public company rather than by the government-sponsored enterprises. There is no form to file; the buyer pays for the comps, the tenant roll and the ownership record, and the one who holds the most verified records wins. The challengers prove the ceiling rather than the opening. Reonomy raised about $128M and was sold to Altus Group (Toronto, TSX: AIF) for $201.5M in November 2021 [B] — barely 1.6x the capital it consumed — and Altus's fiscal 2025 release lists it as a product without any separate figure. CompStak (lease comps traded give-to-get) has raised $78M in total, last a $50M Series C led by Morgan Stanley Expansion Capital in November 2021 [B]. Crexi, the listings marketplace, had raised $41M by its January 2020 Series B led by Mitsubishi Estate [B]. Cherre (data integration for owners) raised a $30M Series C led by HighSage Ventures in September 2024 [B]. The best-funded neighbour is Placer.ai (foot traffic), at least $175M across its $100M Series C (January 2022) and a $75M round (August 2024) at a valuation of nearly $1.5B, with a $100M revenue run-rate claimed for February 2024 [B; run-rate C] — but it sells location analytics to retailers and owners, not comps, and it grew by not competing with CoStar on CoStar's asset. Altus's ARGUS (valuation and cash-flow modelling) is the other entrenched standard: Altus reports Software ARR of C$197.9M at year-end 2025, up 10.6% [A]. Incumbent vulnerability decides it: the data asset compounds, the renewal rate is near 90%, and every venture-funded attempt to rebuild the comp set has exited small or stayed niche.
Sectors joined: PropTech · Real Estate Tech · Real Estate
[UNVERIFIED] Sector-to-NAICS mapping is analyst judgment — see data/angel-sector-map.json. Counts are a per-record cross-reference and are not additive across records.
The incumbent
Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.
Financials & market size — sourced
Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.
Market size, derived
Built from the competitor set upward rather than quoted from a forecast. Published TAMs in these categories are frequently reverse-engineered from each other, so any published figure is checked against the vendor arithmetic rather than trusted on its own.
Disclosed revenue from 1 of 9 named vendors. The market is at least this large.
No vendor has both a disclosed revenue and a published share.
Only a revenue floor is known — the true market is larger by whatever the undisclosed vendors earn.
Competitor set · 9 named · 1 disclose revenue
| Name | Revenue | Share | Note |
|---|---|---|---|
| CoStar Group (CoStar, LoopNet, Ten-X)A | $3.2B | — | $3,247M total revenue 2025; CoStar product $1,259M, LoopNet $312M [A, 10-K]. ~89% subscription renewal [A]. Bid ~$6.7B for CoreLogic in 2021 (see 5313). Residential (Homes.com, Apartments.com, Domain) is now 45% of revenue |
| MSCI Real Capital AnalyticsA | not disclosed | — | RCA 'aggregates timely transaction data … in more than 170 countries' inside MSCI's Real Assets operating segment, which carried $691M of goodwill at 31 Dec 2025 [A, MSCI 10-K]. Revenue for RCA alone not broken out |
| Altus Group (ARGUS, Reonomy)A | not disclosed | — | Toronto, TSX: AIF. Software ARR C$197.9M at year-end 2025, up 10.6%; Q4 2025 revenue C$131.9M [A, company release]. Bought Reonomy for $201.5M (Nov 2021) [B]; sold Property Tax (Jan 2025) and is selling Appraisals |
| ReonomyB | not disclosed | — | Raised about $128M (Bain Capital Ventures, Sapphire, SoftBank) then sold to Altus for $201.5M in November 2021 [B] — the exit price of an AI-on-public-records challenger |
| CompStakB | not disclosed | — | New York; $78M total since 2012, last a $50M Series C led by Morgan Stanley Expansion Capital with Mitsui Fudosan CVC and Crow Holdings, November 2021 [B]. Brokers trade their lease comps for access |
| CrexiB | not disclosed | — | Los Angeles listings marketplace and auctions; $41M raised by the January 2020 $30M Series B led by Mitsubishi Estate [B]. A later $111M figure appears only on funding aggregators and is NOT used |
| CherreB | not disclosed | — | New York data-integration platform; $30M Series C led by HighSage Ventures with Nuveen, RXR and TA Realty principals, September 2024 [B]; total raised not stated |
| Placer.aiB | not disclosed | — | Foot-traffic analytics; $100M Series C (January 2022, $1B valuation) and $75M in August 2024 at a valuation of nearly $1.5B — at least $175M; TechCrunch gives no cumulative total [B]. $100M revenue run-rate claimed for February 2024 [C] |
| Yardi MatrixC | not disclosed | — | Research and rent data inside privately held Yardi Systems; no line reported |
Startups & challengers
Newer and smaller vendors going at the incumbent — funded challengers first. Named, not researched to the depth of the field above; a company with a page here links to it.
Evidence
Evidence. Opened 2026-10-08. CoStar figures are from the FY2025 10-K on SEC EDGAR (accession 0001057352-26-000020, filed 2026-02-26): revenue by type of service, the renewal-rate paragraph and the attribution of CoStar revenue growth to subscribers and inflation-based price increases [A]. MSCI's description of Real Capital Analytics and the $691M Real Assets goodwill are from MSCI's FY2025 10-K (0001408198-26-000011) [A]; MSCI does not break out RCA revenue in the passages read. Altus figures are from Altus Group's Q4 and fiscal 2025 release on altusgroup.com [A]; the full-year revenue total was not in the release as read. Reonomy deal and prior funding: Bisnow [B]. CompStak: Global Fintech Series (Series C, $78M total) [B] and CompStak's own Series B post ($28M total by 2019) [A for its round]. Crexi: Bisnow, January 2020 ($41M total) and TechCrunch [B]; the $111M later round is on Signalbase only and is NOT used. Cherre: its own Series C announcement [A for its round]. Placer.ai: TechCrunch, 2024-08-05 [B]; it states no cumulative total, so only the two rounds it names are summed; the run-rate is the CEO's claim [C]. Yardi Matrix has no public figures. No vendor publishes market share; incumbentShare is left null. The cut factor is analyst judgment and was not tested with brokers, lenders or appraisers. Website checks: costargroup.com, costar.com, loopnet.com and crexi.com all returned 403 (bot protection) and were not confirmed; crefc.org likewise. NAIOP's domain now redirects to CREDA (Commercial Real Estate Development Association) at credaglobal.org. Reonomy's founding year (2013) is inferred from Bisnow's 'eight years' before the 2021 sale [B]. MSCI's headquarters is from the 10-K cover page [A]. CoStar Group and Crexi are left out of the companies file because their websites could not be opened and confirmed.
Where the industry talks
The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.
Chicago-based body behind the CCIM designation for commercial investment brokers and analysts — the core buyers of comps data; home page says members close deals worth more than $200B a year (claim); no member count on home page
naiop.org now redirects here; developers, owners and investors in office, industrial and mixed-use, with Canadian chapters; runs I.CON conferences and a research foundation; no member count on home page
Toronto; home page says it represents '100+ of the largest commercial real estate companies in Canada' — the institutional owners who buy Altus and CoStar data; news dated July 2026
Building Owners and Managers Association of Canada; runs BOMA BEST certification and BOMEX 2026 (Ottawa); no member count on home page
Global association of retail and mixed-use property owners, brokers and retailers — the main audience for foot-traffic data such as Placer.ai; ICSC@SOUTHEAST October 19-20, 2026
Canadian appraisers' body (AACI, CRA); commercial appraisers are subscribers to comps and ARGUS; see the 5313 record for its member count
Annual real-estate technology conference in New York; 2026 speakers include the CEOs of Yardi and NAIOP/CREDA — where CRE data vendors pitch
Active; RSS showed posts updated 2026-10-09 (UTC)
CRE Finance Council (crefc.org) returned 403 to automated access and is not listed. NAIOP Canada chapters now sit under CREDA.
The businesses it sells to
Operating-business records filed along the same branch of NAICS — the customers of this software, screened as businesses in their own right.
No operating-business record has been written along this branch yet. The base industry report says what the subsector typically runs on.