REDD extends agreement with GUS for data provision on commercial real estate market
GUS has extended its agreement with REDD for the provision of data on the commercial real estate market in Poland. As part of this collaboration, REDD will continue to supply GUS with analytical data that facilitates experimental statistical research aimed at developing methodologies for monitoring changes in the office property rental market in Poland based on non-statistical sources. This cooperation between REDD and GUS has been ongoing since 2021.
“We are proud to be contributing data to GUS. We believe this agreement strengthens REDD’s position as a key provider of analytical data, supporting the experimental statistical research of GUS in the Polish office real estate market,” says Tomasz Ogrodzki, CEO of REDD Group. REDD analyzes 2.7 thousand buildings in 51 cities, using technologically advanced tools. The company provides information on leasing conditions, current commercial space offers for rent, and rent levels. “We also discuss trends and forecasts,” notes Krzysztof Foks, Head Of Research at REDD.
According to REDD experts, the mission of public statistics is to collect and share data that serve as a source of macro-scale knowledge and guide government administration, entrepreneurs, and companies investing in Poland. GUS data are used to assess the economic situation against historical data. The databases collect various information, including demographics, finance, prices and trade, education, and residential real estate. Thanks to REDD, knowledge about the commercial real estate sector, including office and warehouse buildings, is also included.
“By partnering with the Central Statistical Office, we have created a historic opportunity for a holistic view of the entire real estate market, both for the administration and market participants, including foreign companies investing in Poland,” adds Tomasz Ogrodzki, CEO of REDD Group. “Every month, we update millions of pieces of information about the real estate market in our modern and secure data centers,” emphasizes Krzysztof Foks.
This provides immense opportunities for analysts, and entities using GUS reports and studies pave the way for expanding knowledge about the impact of real estate on the development of the Polish economy. “The experience gained from our cooperation with REDD confirms the correctness of public statistics’ actions towards using data from non-statistical sources in various areas of statistics, one of which is the commercial real estate rental market,” says Dominik Rozkrut, President of the Central Statistical Office.
Researching phenomena in this market, as Dominik Rozkrut adds, is a significant challenge for public statistics. While public statistics have data on non-residential real estate sales transactions from the Real Estate Price Register, administrative sources lack information for observing the rental market of these properties. Therefore, non-public databases are crucial, not only in Poland but also in other countries, for the development of this area of statistics, and the data provided to GUS by REDD partially fill the existing information gap.
“This is not the only advantage of the data obtained,” stresses Dominik Rozkrut, President of GUS. The potential of these data is primarily indicated by the range of information collected, which allows characterizing both the properties being rented and the conditions of the transactions.
Access to qualitative data enables the use of more advanced methods than those currently used for data processing, such as econometric methods like hedonic regression models.
REDD is a technology company that has created the largest and most modern database on the business real estate market in this part of Europe. For 4 years, the platform has been changing the way people think about real estate and laying the foundations for a transparent and innovative sector. Utilizing big data, data can be analyzed almost in real time, allowing industry professionals to make informed decisions. The platform not only provides data but also offers tools that enable multidimensional analysis and optimal use of information.