“We’re an Applied Research Center, and that means all our work is intended to inform practitioners making decisions about housing policy, investment, and strategies affecting nei...
Data Analytics Transforms Commercial Real Estate in Fargo-Moorhead
Written by:
Date:
30 Mar 2026
Share via Facebook
Share via Linkedin
Share via X
Copy to clipboard
Commercial real estate has traditionally relied on personal relationships and local knowledge. However, brokers increasingly find that data-driven strategies offer a clear advantage, especially in tertiary markets where national data coverage is limited. Combining local expertise with targeted analytics is opening new opportunities for brokers and their clients.
Andy Westby’s transition from a Microsoft technology career to commercial real estate broker shows how data-focused approaches can reshape a business. After 16 years in technology, including more than a decade at Microsoft, Westby joined Goldmark Commercial Real Estate in Fargo-Moorhead in 2015, bringing a data-centric mindset to the independent brokerage.
Bridging the Data Gap
The lack of reliable market data immediately struck Westby. Most brokers relied on anecdotal evidence or incomplete information.
“I was shocked at how limited access to data was in our business. It wasn’t just our brokerage — it was the entire market,” Westby says.
This problem is especially pronounced in smaller markets like Fargo-Moorhead, which national providers often overlook.
“National companies don’t track local data in our market,” Westby explains.
Within six months, he began gathering and analyzing data himself. He sourced records from city and county databases and multiple listing services, creating quarterly reports that offered insights unavailable elsewhere.
Technology Builds Advantage
Westby’s early focus on data provided immediate results.
“I shared information that others were not tracking, which helped me secure listings and deals I might not have otherwise obtained,” he says.
After becoming president and managing broker in 2019, Westby hired a former software colleague to build a comprehensive internal database. Today, Goldmark Commercial tracks every commercially zoned property, lease, sale, permit, and owner in the Fargo-Moorhead area, with tens of thousands of records updated regularly.
Goldmark Commercial distributes a quarterly newsletter to over 1,000 subscribers and hosts an annual Commercial Connect event drawing more than 300 local business leaders.
Market Trends and Tenant Dynamics
The Fargo-Moorhead market shows how targeted data informs strategy. In 2025, leasing activity fell 43%, mostly in larger industrial spaces. Early 2026 data show that industrial inventory has declined by 13%, with vacancy rates improving from 4.7% to 4.1%. Office vacancy, affected by remote work, has improved to just over 10.3%, with activity from larger tenants slowly increasing.
Current conditions favor tenants, especially for larger spaces. Owners are offering concessions on pricing, free rent, and build-out allowances. Smaller spaces remain in strong demand, with limited need for discounting in 1,000–2,000-square-foot office or retail properties.
Downtown Fargo faces a high retail vacancy, around 18%. Despite investment and revitalization, demand has slowed while supply remains high. Pricing adjustments are common for leases and sales, and absorption is slow.
Investment Opportunities
Fargo-Moorhead presents attractive investment options. Multifamily sales reached nearly $250 million in 2025, a 72% increase year-over-year. Industrial properties have also appreciated, with buildings trading at $100–$120 per square foot, up from $70-$80 per square foot five years ago.
Tertiary markets like Fargo-Moorhead provide steady transactions without national competition.
“National brokerages do not pressure us as they do in Minneapolis or Chicago, allowing us to operate under the radar,” Westby says.
Local firms can leverage this advantage by building deep expertise and responsive client relationships.
Expanded Services and Efficiency
Goldmark Commercial has added Goldmark Design and Development, incorporating in-house architectural and design capabilities.
“In real estate, delays can kill deals,” Westby notes.
This enables faster responses and shorter project timelines, ensuring opportunities are not lost due to slow decision-making.
The brokerage team also includes a licensed architect, a real estate attorney, a commercial lender, and an entrepreneur, providing a broad base of expertise.
The Data-Driven Future
Westby’s experience highlights the growing importance of analytics in commercial real estate, especially in tertiary markets. Proprietary data combined with local knowledge helps firms stand out.
“Our unique approach relies on proprietary data and extensive investment in local information, rather than standard market data used by others,” he explains.
This strategy — local expertise, expanded services, and rigorous data collection — offers a blueprint for commercial brokerages competing in data-driven markets.
About the Expert: Andy Westby is president and managing broker at Goldmark Commercial Real Estate in Fargo-Moorhead. With a background in software engineering and over seven years in commercial real estate, he specializes in data-driven strategies, analytics, and advisory services for clients in secondary markets.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
Similar Articles
Explore similar articles from Our Team of Experts.
