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Commercial Listings exchange launched.

The Real Estate Board of New York (REBNY) announced a new program that will enhance the way commercial brokerage firms and major property owners gather information about exclusive property listings.

The Commercial Listing Exchange (CLE) will, for the first time, enable firms to share exclusive listings electronically on a weekly basis.

Some of the leading brokerage firms and commercial property owners in New York have agreed to participate.

Through the system, which goes into effect January 19, 2005, brokerage firms and owners will obtain new property listings more efficiently without having to rely on time-consuming methods of finding space, such as phone calls and site visits.

The CLE is intended to supplement their existing methods of collecting listings.

The exchange of information will open up communication among firms in the industry and speed up transactions by creating open access to exclusives. Therefore, it will allow brokers to match available space with tenants more efficiently.

"The CLE will have a major impact on the commercial real estate industry. By creating a standard medium for participants to share exclusive listings, brokers no longer have to spend time seeking out exclusives because they will have access to a comprehensive list of available space on the market," said Steven Spinola, REBNY President. "This will open up the market and create a unified system for sharing listings. It will benefit all of our commercial broker and property owner members."

Charter members of the CLE, who are already sharing listings include: Brookfield Properties, CB Richard Ellis, Cushman & Wakefield, The Durst Organization and Newmark. The following firms have agreed to participate and will be sending their listings to the CLE over the next few weeks: Reckson Associates, S.L. Green, Studley and Winoker Realty.

"For some time, members of REBNY's commercial brokerage division have worked to come up with a system to share listings, much the same way as the residential market is now structured," added Mr. Spinola. "Clearly, an open system of exchange makes the industry more efficient because brokers will spend less time looking for exclusive listings, and more time closing deals."

The CLE establishes a standard Excel format that each participating firm must use. This standardized format and a familiar data program make the CLE easy, efficient and accessible to all potential brokerage firms and owners who wish to join.

As a CLE participant, member firms will send their exclusive commercial listing information to REBNY each Wednesday morning. REBNY will consolidate this information and send the complete list of all available listings to each participant that afternoon.
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Title Annotation:Commercial Listing Exchange
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Jan 26, 2005
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