RefineRE

RefineRE is a software-as-a-service company serving the commercial real estate (CRE) industry with benchmarking, data analysis and space-usage tools delivered in a single product suite. The platform is aimed at corporate occupiers and corporate real estate portfolio managers, combining a customer's own internal portfolio data with RefineRE market intelligence so teams can track chosen metrics and KPIs, visualize them in dashboards, and support portfolio decisions.

The suite is organized into eight modules. Data Foundations consolidates key real estate data into a single dashboard; Portfolio Manager tracks transactions, portfolio trends and critical dates; BenchCore benchmarks granular and facilities-management-related metrics globally; Market Intelligence identifies leases priced over or under market and supports lease comparisons and market reporting; ESG analyzes and benchmarks carbon footprint and emissions using electrical spend by lease; FLEX identifies leases that could transition to flexible workspace and surfaces nearby flex options; Workplace Analytics uses employee and desk counts to find under- and over-utilized space and calculate vacant rent; and a Reporting module is also offered.

The company positions the product around reducing portfolio management costs, faster insight generation, easier reporting, greater transparency, reducing reliance on broker-supplied or commission-influenced data, managing acquisitions and dispositions globally, and providing peer and market benchmarking context. RefineRE states that customers can be benchmarked against the market in as little as 15 minutes and that value can be delivered to a portfolio within two weeks.

Founding story

RefineRE was founded in 2017 by Ryan Turner, who serves as founder and CEO. Turner had more than 15 years of tenant representation experience at JLL and CBRE and was an early adopter of business intelligence and analytics in commercial real estate; he has described real estate as a company's number two expense and built the company to serve occupier and tenant needs, aiming to combine clients' siloed internal data with economic insights based on AI and machine learning.

Business model

RefineRE sells a subscription software suite to corporate real estate occupiers. Customers can license the full set of eight modules or begin with a single module and expand over time; the company describes a defined implementation framework with key objectives, a typical timetable and a cost structure, and engages prospects through consultation calls.

Traction

As of the April 2020 BenchCore announcement, RefineRE said it had identified more than $100 million in cost savings and avoidance for clients. BenchCore's benchmarking tools were used by more than 40 major corporations and public sector organizations at the time of the acquisition.

Latest developments

In April 2020 RefineRE announced the acquisition of Boston-based benchmarking company BenchCore LLC, combining both entities into a single platform while BenchCore continued to operate as its own company under CEO Peter Holland.