Estimate on Argus users
Doing some research on CRE tech and trying to understand the market sizing or total addressable market for a CRE cashflow software provider like Argus.

Any guess how many global users would subscribe to Argus? Alternatively, how many real estate investment analysts are there globally? Any ballpark estimate would be a great start.

Thank you.
[{"id": "fp2m7gg", "text": "Argus the the industry standard for underwriting office and industrial properties. Any reasonably sophisticated investor is using it as the brokerage firms all use it to provide their underwriting to the market.", "replies": [{"id": "fp62l2z", "text": "Don't forget retail. Multifamily and any similar property types (senior living, self storage, maybe hospitality) are really the only asset classes that are simple enough to not significantly benefit from Argus.\n\n@OP basically any firm worth its salt that buys anything that isn't multifamily will have Argus licenses for all of their analysts/associates.\n\nModelling retail/office and I would assume industrial properly in Excel is an absolute nightmare and becomes far too complex and inefficient unless you are cutting corners.\n\nJust think about all the intricacies that exist in a retail or office lease and extrapolate that to an average enclosed mall (let's say 150 tenants). You might have 50+ unique recovery structures used for that one property. Then you have to model out any renewal options for any tenant that has them, all the renewal probability assumptions, etc etc, and finally you then have to write the formulas on your proforma in a way that they take all of this into account. By the time you're done, you're looking at like a 50+ tab worksheet that is a nightmare to navigate.\n\nYes, you can simplify a model for those asset classes, but for considering an investment worth tens or hundreds of millions, you don't want to skip any details. Argus is the solution for this, and most firms use it.", "replies": [{"id": "fp7wf2v", "text": "Industrial is pretty easy to model in excel, it\u2019s not like it has super complicated recoveries it\u2019s all pro rats pass thru..... not saying people don\u2019t use Argus just saying you don\u2019t really need to.", "replies": [], "depth": 3}, {"id": "fp7wfsx", "text": "Industrial is pretty easy to model in excel, it\u2019s not like it has super complicated recoveries it\u2019s all pro rats pass thru..... not saying people don\u2019t use Argus just saying you don\u2019t really need to.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fpgb4gh", "text": "The number of users is not enormous. Probably in the order of 5000-10,000. Heavy concentration of office and industrial REITs and PE funds, plus some of the brokerages that service them. The average real estate investor has never used Argus.", "replies": [], "depth": 1}]