Commercial real estate information provider LoopNet is distilling its database of property specs, prices and rental information into a new mobile app – one of the few such industry developments on the market.

Agents have a number of filters to find inforation on the app including price, building size, lot size and property type. These, coupled with geo-locational tracking, allow brokers and agents to use it in several different scenarios. An investor that wants to buy an office building on a specific stretch of blocks on Wilshire Boulevard in Los Angeles - and doesn’t have a particular building in mind - can stand on a street corner in that general area and use the app to identify available properties.

Similarly a tenant rep broker can show a client various office properties in neighborhood that are available for rent in the client's rent range.

Advertising V Function

Most apps on the market are one step removed from outright advertising. The app developed by LoopNet, which makes its living selling such data, is clearly not in this genre. However as online advertising in real estate only registers modest growth this year, such applications will likely serve double duty. According to Borrell Associates'  "2010 Real Estate Outlook" spending by agents, brokers, apartment owners and mortgage lenders will only experience a mild bounce this year at 3%.

This ad category declined 20% last year, from $24.4 billion to $19.6 billion.