We believe that transparency in commercial real estate leads to more fair and efficient deal making.
It’s our internal mantra, and to the outside world we present it as “Better Data, Better Deals.”Better Data, Better Deals Click To Tweet
In that spirit, CompStak is publicly posting the comp for our OWN deal signed back in April. Why didn’t we post it sooner? No good reason, we probably should have – although it was available on CompStak as soon as we signed it.
At its face, our deal looks great. At $45 PSF, it’s certainly lower than today’s market starting rents, and at the time we signed, it looked like a pretty good deal too. However, in truth, our deal was pretty close to market and signing a market deal (a fair deal) is what everyone – tenant, landlord and both sides’ brokers – should want.
More importantly, our deal was done quickly. Having access to market data helped us agree on what’s fair. It helped close the deal faster. I knew the going rate in the area because I looked it up on CompStak, and so did the landlord brokers. When I joined the world of CRE brokerage, a wise broker told me “TIME KILLS ALL DEALS.” Signing a market deal as quickly as possible should be everyone’s number-one goal.
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Photo Credit: “Businessman Holding Clipboard” by pakorn Source: freedigitalphotos.net