Evolution of Online Marketplaces in Commercial Real Estate (2025)

Marketplaces like Amazon, Airbnb, and Uber have had explosive growth in the last two decades. Has this happened in Commercial Real Estate, and if so, who is winning?

Items This Article Will Cover:

1. What is an Online Marketplace?

2. What is an online Commercial Real Estate Marketplace?

3. What are the Largest Online Commercial Real Estate Marketplaces in the World?

4. Future Trends in Online Commercial Real Estate Marketplaces

Why You Should Read This Article

There have been hundreds of millions of dollars (billions!) and countless hours invested in commercial real estate marketplaces. Yet, one player, The Costar Group, has emerged as a dominant player. Read this article to learn just how dominant, just how powerful, and just how diverse the Costar Group is.

Summary:

In commercial real estate, online marketplaces connect stakeholders through property listings, advanced search tools, analytics, transaction facilitation, and stakeholder communication channels. Key advantages include increased visibility, transparency, reduced friction, broader reach, and streamlined processes.

The largest CRE marketplaces include CoStar Group ($2.7B revenue), featuring LoopNet (800,000+ listings) and Ten-X (auction platform); VTS (400,000 Listings) CREXI ($80-100M revenue, 500,000 listings); Catylist (now part of Moody's Analytics); and RealNex ($9.4M revenue).

What is an Online Marketplace?

An online marketplace is a type of e-commerce site that connects those looking to provide a product or service (sellers) with those looking to buy that product or service (buyers). These buyers and sellers may have had trouble finding each other before, and thus the marketplace creates efficiency in an otherwise inefficient market (Versionone)

What are the Largest Online Marketplaces in the World?

• eBay 18.3MM sellers

• Amazon 9.7 million third-party sellers

• Alibaba 8.5MM sellers

• Etsy 8.5MM active sellers

• Uber 7.8 MM driver partners

• Airbnb 5MM+ hosts

According to Venture firm Versionone, Marketplaces do two things:

1. Marketplaces aggregate many sellers and their inventory

2. Marketplaces include a transaction element.

What is an online Commercial Real Estate Marketplace?

A commercial real estate online marketplace is a digital platform that connects buyers, sellers, tenants, landlords, investors, and brokers to facilitate transactions involving commercial properties. Unlike many of the largest marketplaces in other industries, online Commercial Real Estate Marketplaces don’t typically facilitate end to end transactions. Rather, these platforms serve as centralized hubs for listing, discovering, and analyzing various types of commercial real estate assets.

Key Characteristics of Commercial Real Estate Marketplaces:

• Property Listings: Comprehensive databases of commercial properties including office spaces, retail locations, industrial facilities, multifamily buildings, hospitality venues, and land for development.

• Search Functionality: Advanced filtering tools allowing users to search by property type, location, price range, square footage, cap rate, NOI, and other commercial-specific metrics.

• Data Analytics: Tools for market analysis, property valuation, financial modeling, and investment performance projections.

• Transaction Facilitation: Digital solutions for document management, due diligence processes, and sometimes even transaction closing (in the case of commercial real estate auctions).

• Stakeholder Connectivity: Communication channels between interested parties, including brokers, investors, lenders, and property managers.

• Business Models: Typically generate revenue through subscription services, listing fees, premium features, or data licensing.

Common Types of Commercial Real Estate Marketplaces:

• Full-service platforms: Comprehensive marketplaces covering all aspects of the transaction lifecycle

• Listing-focused platforms: Primarily offering property marketing and discovery

• Investment-focused platforms: Specializing in connecting investors with opportunities

• Niche marketplaces: Focusing on specific property types or geographic regions

• Crowdfunding platforms: Enabling fractional ownership of commercial properties

What Advantages Online Commercial Real Estate Marketplaces Have Over Traditional Methods?

• Greater market visibility and property exposure

• Enhanced data transparency and accessibility

• Reduced transaction friction

• Broader reach and opportunity discovery

• Streamlined due diligence processes

• More efficient matching of buyers/tenants with suitable properties

What are the Largest Online Commercial Real Estate Marketplaces in the World?

CoStar Group

CoStar Group remains the dominant force in commercial real estate data and listings. As of early 2025, CoStar has:

• 2024 Revenue: $2.7B (Includes CoStar, LoopNet, Ten-X, and other divisions)

• Business Model: Commercial information / data makes up the majority of revenue, while advertising and listing fees make up a significant portion as well. Transactions are limited to auctions and a few other smaller offerings.

• Maintained its position as the largest commercial real estate data provider

• Continued expansion through strategic acquisitions

• Enhanced its technology platforms with AI and data analytics tools

• Experienced steady revenue growth from its subscription-based model

• Owns LoopNet (acquired in 2012) as one of its flagship listing platforms

LoopNet (CoStar subsidiary)

LoopNet continues to be one of the most visited commercial real estate marketplaces, with roughly 3.3 million monthly unique visitors.

• Over 800,000 listings, provided by 357,000 brokers and owners

• Functions primarily as CoStar's more accessible listing platform

• Offers both free listings and premium paid options

• Has maintained strong traffic numbers with 3.3 million monthly visitors

• Seamlessly integrates with CoStar's comprehensive data ecosystem

Ten-X (CoStar subsidiary)

Ten-X is the online auction subsidiary of the Costar Group

• CoStar Group acquired Ten-X in 2020.

• Ten-X specializes in commercial real estate transactions, offering a platform for online auctions.

• Ten-X facilitates the online auction process for commercial real estate properties.

• Onboarding and Auction Dates:

• Ten-X will set a specific auction date for a property within 45 days of it being listed on the platform, with a 2-day window for bidders to submit their bids online.

CREXI (Commercial Real Estate Exchange, Inc.)

CREXI has grown significantly in recent years:

• 2024 Revenue: Unknown

• Business Model: Crexi makes money through a subscription brokers pay to access the platform and its features for listing and marketing properties. Crexi earns a fee on transactions that close through its auction platform. The platform also generates revenue through data and analytics services, providing users with insights into commercial real estate trends, and advertising / partnersihps.

• Crexi has 500,000 listings, offered in partnership with over 100 organizations, including Multiple Listing Services (MLS), APIs, and Realtor Boards, to sync listings onto their marketplace.

• Established itself as a major competitive force against the CoStar/LoopNet dominance

• Expanded its offerings beyond listings to include data analytics, marketing tools, and auction capabilities

• Attracted substantial venture funding to enhance its technological capabilities, taking on $54 million in 2024

• Known for its user-friendly interface and more affordable pricing structure for brokers

• Has been expanding its market share particularly among mid-sized brokerages

Yardi Network (Property Shark, CommercialSearch)

Yardi Systems operates two large commercial real estate marketplaces, PropertyShark and CommercialSearch. Yardi Systems is an integrated commercial real estate property management and accounting platform that uses Property Shark and CommercialSearch to connect landlords and brokers to potential tenants, allowing for digital marketing of spaces and more.

• 2024 Revenue: Unknown

• Business model: Lead Generation

• Yardi Systems sites list approximately 180,000 commercial spaces across office, multifamily, retail and industrial sectors

• Yardi recently acquired a Hubble and Deskpass, two coworking listing and transaction platforms.

VTS Market

VTS Market is an integrated commercial real estate leasing platform that connects landlords and brokers to potential tenants, allowing for digital marketing of spaces, streamlined deal workflow, and transaction facilitation within the VTS ecosystem.

• 2024 Revenue: Unknown

• Business model: VTS operates on a subscription-based model, charging commercial real estate companies for access to its listings, platform and tools. VTS also provides data and analytics to its users, helping them make informed decisions about leasing and marketing. VTS also offers virtual tours and test fits of office spaces, which allows potential tenants to see a space remotely.

• VTS has approximately 400,000 commercial spaces across office, retail and industrial sectors

• Number of sellers/suppliers: Approximately 15,000+ landlords and property owners across major markets

• Increased focus on integrating acquisitions (Building Engines, Rise/Lane, Property Capsule)

• Recently launched VTS Retail in early 2025, expanding marketplace functionality to better serve retail property requirements

Catylist (Now part of Moody's Analytics CRE)

After being acquired in 2021, Catylist has integrated deeply into Moody’s Analytics CRE:

• 2024 Revenue (Moody’s Analytics): Not split from Moody’s.

• Business Model: Moody's Analytics' revenue is largely subscription-based. The company provides data, intelligence, and analytical tools to help businesses and financial leaders make informed decisions.

• Moody’s Analytics CRE aggregates information on 8 million commercial properties

• Listings supplied by Moody’s research and over 70 real estate associations, hundreds of economic development communities and thousands of CRE brokerages and commercial professionals across North America.

• Continues to serve secondary and tertiary markets where CoStar's coverage is less comprehensive

• Offers specialized regional multiple listing services (MLS) for commercial properties

• Maintained its strength in local market intelligence and community-based approaches

• Benefits from Moody's financial resources for technology upgrades

Other Significant Players, Past and Present

RealNex Marketplace

RealNex Marketplace is a commercial real estate (CRE) online platform that serves as a connection point between property owners, brokers, investors, and tenants.

• 2024 Revenue: $9.4M

• Business Model: RealNex primarily makes money by charging subscription fees for access to their platform, which offers data management, analytics, and marketing tools for commercial real estate professionals.

• Extensive database of commercial properties across various asset classes

• Broker and Investor Tools

• CRM system integration for broker relationship management

• Property marketing and presentation tools

• Deal management features for tracking transactions

• Financial analysis capabilities for investment evaluation

Spacelist.co

Spacelist is a commercial real estate marketplace based in Canada, specializing in connecting businesses with flexible workspace and traditional office solutions across North America.

• 2024 Revenue: unknown

• Number of property listings: 12,000+ commercial listings

• Number of sellers/suppliers: 3,200+ brokers and workspace providers

• Launched enhanced flexible workspace search functionality in Q1 2024

• Partnered with five major Canadian brokerage firms to expand listing database

SquareFoot

• Was positioned primarily as a tenant representation platform rather than just a listing service

• Focused heavily on office space leasing and flexible workspace solutions

• Expanded its geographic presence beyond major metropolitan areas

• Offers more personalized brokerage services compared to purely listing-focused platforms

Future Trends in Online Commercial Real Estate Marketplaces

1. AI and data analytics integration: All major platforms have significantly invested in AI capabilities to provide predictive analytics and enhanced data insights.

2. Virtual and augmented reality adoption: Virtual tours and augmented reality features have become standard offerings across most platforms.

3. Blockchain for transactions: Some platforms have begun implementing blockchain technology for more secure and transparent transactions.

4. Post-pandemic shifts: Platforms have adapted to changing demand patterns in office space, with greater emphasis on flexible workspaces and hybrid work arrangements.

5. ESG integration: Environmental, Social, and Governance factors have become key data points across many platforms as sustainability concerns influence commercial property decisions.