CompStak, a provider of crowd-sourced commercial real estate information, has launched a new on demand platform, which combines free, à la carte and subscription pricing options.
The new approach marks the first time users will have the option to purchase CompStak lease comparables individually, without an annual commitment.
The previous model allowed companies to have access to the entire database for annual fees averaging about $35,000. Dozens of deep-pockted firms like Tishman Speyer, Wells Fargo, Equity Office Properties, Beacon Capital, SL Green, and the Carlyle Group, subscribed under that model. Smaller real estate firms that only need occasional comps have been reluctant to pay the sizable fee.
The new platform allows users to simply search an address and immediately receive an in-depth picture of the competitive set for a given building as well as the performance of that building against its peers.
“Now any commercial real estate investor, lender, or asset manager can quickly understand how markets, submarkets, and individual property competitive sets are performing,” Michael Mandel, Co-Founder and CEO of CompStak, said.
It’s an option that current clients and prospects alike have long requested from CompStak, according to Mandel. Clients can now access deals outside of their core markets on a one-off basis while still enjoying the favorable pricing that comes with an annual subscription in their primary markets. Prospects can similarly access deals when they need them while paying for them one at a time. All users will have access to property-specific starting rent information and competitive sets.
The new service opens CompStak to a much broader CRE audience, including smaller landlords and investors as well as those who need transaction information less frequently.
“We’re really proud to call the biggest names in CRE worldwide our clients. Now we are ready to put CompStak on the desk of every CRE professional,” Mandel said. “By broadening our access in an industry already hungry for better technology solutions to facilitate deal-making, we are positioning ourselves for expansion into more powerful tools and more varied datasets.”