SAN FRANCISCO, July 1 /PRNewswire-FirstCall/ -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, announced today that its recently launched national Property Database has expanded substantially since being introduced in May 2010. Now with more than 7.5 million property records, the LoopNet Property Database has grown over 50% since launch and more properties are being added daily.
As stated at launch, the LoopNet Property Database marks a significant extension of the services that LoopNet delivers to all commercial real estate participants. Historically, LoopNet members have been able to search for available for-sale and for-lease properties in our marketplace, which as of April 1, 2010 comprised approximately 750,000 listings. The recently introduced Property Database contains approximately 10 times the number of properties and represents a more holistic view of commercial inventory in a market — regardless of current availability. A wealth of property details has been assembled, including:
"Our objective is to help our customers make better decisions, save money, and work more efficiently by providing them with the most affordable and comprehensive database of commercial properties in the industry," said Thomas Byrne, LoopNet's President and COO. "To enhance that objective, we have chosen to make the Property Database available for free to all Premium Members, including those that activate during the Property Database beta period."
"Feedback has been overwhelmingly positive. Customers have told us that the new Property Database will streamline and simplify several of the tasks they perform regularly today. We are also encouraged by the opportunities we see to expand and customize the tools we offer our customers, increasing the ways in which they will be able to access and interact with the wealth of information that we are providing. Additionally, we remain focused on continuing to expand the overall property and information coverage beyond 7.5 million property records."
LoopNet's recently launched commercial property database includes nationwide coverage of office, industrial, retail, multifamily, hotel and other specialty properties. See sample records at www.LoopNet.com/PropertyTour.
LoopNet operates the largest and most heavily trafficked commercial real estate marketplace online with more than 4 million registered members and approximately 5 million unique visitors quarterly as reported by Google Analytics. LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records.
The LoopNet marketplace, available at http://www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. As of April 1, 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.
LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, and Sperry Van Ness.
This release contains forward-looking statements regarding the anticipated benefits of LoopNet's commercial property database, including cost savings to our Premium Members, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new commercial property database, ongoing volatility in the commercial real estate market, whether increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.
For more information contact:
Cary Brazeman, 310-205-3590
SOURCE LoopNet, Inc.