Commercial real estate brokers in the Twin Cities will soon have a new online source that lets them compare lease terms and concessions.
A New York-based startup called CompStak will launch its crowdsourced database of commercial real estate leases on Monday in the Twin Cities.
Minneapolis is the New York-based company’s sixth and smallest market. To prepare for the Minneapolis launch, CompStak collected detailed information on thousands of active leases in the Twin Cities, said CEO and Co-founder Michael Mandel. Information typically includes tenant, landlord, rental rate, square feet, lease expiration and any special terms like renewal options.
Such information is useful for brokers as they try to justify a client’s perspective on lease terms. However, getting the data is often time-consuming or impossible because many tenants don’t want their information shared with others. CompStak simplifies the process by offering brokers a searchable, sortable database of office, retail and industrial lease deals.
CompStak collects information from various commercial real estate brokers, appraisers and brokerage-firm researchers. It offers anonymity to its sources, then rewards them for contributing by giving access to information on other leases.
Lease details almost always leak into the market one way or another, said David Peterson, who is leading CompStak’s national expansion. This service is just a new way to collect and distribute the information to make the industry more efficient.
CompStak says its data is only available by subscription to landlords and other commercial real estate investors.