CompStak Redesigns Commercial Real Estate Lease Platform
CompStak has recently announced the redesign of its commercial real estate lease platform, according to Reuters. The newly designed CompStak Enterprise platform includes features that will provide lenders, investors, and landlords with more in-depth market insight in a user-friendly, streamlined interface. Working in collaboration with a variety of industry experts, the commercial real estate data and analytics firm completely redesigned the platform. In a quest to ensure that the new Enterprise platform was able to deliver the most actionable insight possible, CompStak also gathered feedback from their top clients, including such firms as Wells Fargo, J.P. Morgan, and Beacon Capital.
New Platform Offers Impressive Slate of CRE Comp Features
Clients will notice that the newly designed platform includes a number of new features, such as mapping tools that make it easier for clients to create custom submarkets, thus providing users with increased insight into competitor properties. Also included in the new interface is a new property profile page. With this page, users will find it easier to gather all of the known lease comps for each property in a single location. As a result, users will benefit from the ability to more easily understand the competitive position and cash flow of each property. In a nod to the increasing usage of mobile device among clients, CompStak also included tablet device and touch screen compatibility, giving users the opportunity to benefit from performing research while on the go.
The new offerings provided by CompStak's redesigned platform will ultimately provide users with the ability evaluate investment opportunities more quickly while gaining critical insight that can be used for underwriting risk in a more effective manner.
CompStak has also announced plans to continue improving and updating the Enterprise platform with a variety of new data and analytical tools over the coming months. Currently, CompStak offers subscribers access to data from 14 major markets around the country, including San Francisco, Chicago, Washington, D.C., and New York.
CompStak's Rapid Commercial Real Estate Industry Growth
While CompStak is relatively new to the commercial real estate industry, the firm has already evolved quickly. Last fall, the firm leveraged a crowdsourcing platform to raise $4.4 million, according to The Real Deal. Leading that round of investors was Canaan Partners, bringing the real estate data firm's total venturing funding to more than $10 million. At the time CompStak's CEO stated that the company's goal was to "double down" on their product team. Since CompStak brought in $4.45 million in Series A funding in the spring of 2013, it's revenues as well as data and user base have grown significantly. The company has used a variety of marketing initiatives, included branded candy.
Established in early 2012, CompStak was founded by Michael Mandel, a former Grubb & Ellis leasing broker, and Vadim Belobrovka, a software engineer. Based on a crowd-powered model, CompStak entered the industry with the idea of providing brokers with the opportunity to trade and exchange lease comp information, such as info about tenants, property income, square footage, and rents.