To anyone not familiar with the startup scene in New York, the three things most likely to come to their mind when you ask them about what they know about New York are probably: Wall Street, The Yankees and (expensive) Real Estate. I suppose with 9/11 being a few days ago, a few other things would come to mind as well, but those are the topics for other blogs.
As one of New York’s most well-known residents would put it, commercial real estate in the Big Apple is HUGE.
Where CompStak fits into this huge market is through their application of simple real estate metrics – specifically price per square foot – where easy exchange of commercial lease comparables can be done.
“Shouldn’t there be a database that tells you what others tenants are paying?”
Calling their metric Lease Comparables or “Comps”, CompStak provides a database of office space pricing, by the square foot. Open to all users, whether they be brokers, landlords, appraisers or researchers, the platform allows for easy comparison shopping when seeking office space. However, the true strength of CompStak lies in its use of crowdsourcing, giving power to anyone, whereas in the past it was solely in the hands of the brokerages such as CBRE and Jones Lang LaSalle.
Users can submit “comps” on completed lease transactions to the database, allowing others the ability to price out their new space better. But as CompStak explains, users can submit the comps they have, to find the comps they want or need. When searching for comps, the database allows the user to do so by a variety of factors, such as market, building, tenant, price, square footage and more.
Sitting down to take a look at what CompStak has been doing, Wall Street Journal has written a few articles about the startup, including Crowd-Sourcing the Details of the Deals and Start-Ups Shake Up Office-Leasing Space. New York Real Estate E-zine Real Deal also covered CompStak with their article New technology bets on brokers’ loose lips. Assaying the startup, AGBeat posted their article CompStak crowd sources office lease comparables.
As mentioned in the WSJ articles, CompStak operates within the same market as CoStar but also faces competition from LoopNet.
In the huge market of New York real estate, it’s probably easy to get lost, but we think CompStak will stand out well if they draw more attention. Give CompStak your attention by giving your opinion and trading CD$ on Cdling.com.