Retail real estate hops online
Los Angeles Recent research by Borrell Associates has found that the retail real estate industry is committing an increasing number of dollars to online marketing.
Online commitments reached an all-time high in 2008, according to the research findings, both in dollar terms and as a share of overall marketing budgets. More specifically, Borrell found that 48% of commercial property marketing spending last year was allocated online, including to e-mail marketing and property-related Web sites.
Borrell also found that online spending is expected to rise 17% in 2009, as the industry continues to move its marketing online.
Mike Manning, VP marketing for Los Angeles-based LoopNet, said online property marketing is growing for three reasons: It’s cost-effective, it delivers national and international reach, it’s environmentally friendly and more practical.