There's a question that's been on our mind for some time now- how good is CompStak's coverage in Manhattan? We've been telling people we have at least 50% of the data, but could we possibly have more? It was time to revisit those numbers.
We entrusted this great task to the highly talented NYU graduate student Wayne (Wei - Chen) Yu. Actually, we locked Wayne in a room with a laptop, Internet connection and a supply of Pirate's Booty and coffee and instructed him not to ask to come out until he had an answer for us. After a week of number crunching Wayne emailed us this report and asked to be allowed out. We let him out.
So, what's in Wayne's report?
It turns out that CompStak has close to 100% of the Manhattan office lease transactions for the first three quarters in 2012! We mean complete information- actual taking rents and concessions. No partial comps, asking rents, or estimated rents. No compromises, only pure real comparables. In addition, we were happy to find that the distribution of our data is similar to what's expected in Manhattan, with the majority of the deals taking place in midtown.
So now that we've come this far, are we to feel smug, take a break, or slow down? Not at all! We will keep working until we nail that 100% coverage for Manhattan office leases, and then do the same for retail, and then the same for the rest of the country! There is no stopping for CompStak- we just love data that much. So go back in that room Wayne, and keep crunching the numbers- we have a truck delivering a year's supply of Pirate's Booty in an hour.