LoopNet Reports Premium Year-End Results, Eyes Profitability

SAN FRANCISCO-Adoption of the online commercial real estate listing service LoopNet continues unabated, according to year-end results being released later today. Company CEO Richard Boyle tells GlobeSt.com the online commercial real estate service venture will turn a profit this year if its paid subscriber base continues to expand as it did in the second half of 2001.

LoopNet’s base of registered users increased 72% in 2001 to 246,023 at year’s end. Unique visits to LoopNet.com also increased 72% to 270,494 on a monthly basis. User sessions increased 56% during the year to 705,497 on a monthly basis, and page views increased 39% to 11.36 million on a monthly basis. At year’s end, the LoopNet site featured more than $100 billion of properties for sale, up 27% from 2000, and two billion sf of space for lease, up 36% from the previous year.

The real feat of 2001, however, was launching a “Premium Membership” component where paying subscribers got better access and better tools to extract information. The service was launched in august. By year’s end, 8,500 subscribers were each paying $39.95 per month. If LoopNet is able double its paid subscriber base by year’s end, that component alone will be able to generate more than $8 million in annual gross revenue.