Published on April 21, 2016.
According to Nick Romito, co-Founder and CEO of VTS, the comps data will help landlords and brokers more accurately price their buildings and negotiate leases by giving them the ability to calculate fair-market rent and growth rates.
“Our industry-leading market intelligence offerings already drive top CRE players to our platform,” said Romito. “Now, with CompStak’s extensive crowdsourced comps data, we’re adding more fuel to our market intelligence database.”
CompStak has been trying to appeal to a broader CRE audience, including smaller landlords as well as those who need transaction information less frequently. Last year, CompStak launched an on-demand platform, giving users the option to purchase lease comparables individually, without an annual commitment.
Brandon Weber, CEO of Hightower, said in a statement: “CompStak’s crowd-sourced lease comps have revolutionized how brokers and owners evaluate market rates in over 18 major markets. We believe this partnership will provide immense value for our customers by enabling Hightower to deliver real-time competitive set benchmarking and market analytics exactly where our customers need it, in their leasing management platform.”
According to Weber, the new product functionality will allow Hightower customers to track their leasing performance against a competitive set of assets in real-time, as well as compare the deals they’re making to complete lease comps in the market.
Michael Mandel, CEO of CompStak, said: “Partnerships with industry leaders allow CompStak to magnify the power of our data and broaden our reach in the industry – it’s truly a win-win.”
The arrangement may be a sign of things to come as the quickly expanding universe of CREtech companies begins to attract more venture capital and institutional players. Beyond integration, many observers believe that mergers and consolidation are a logical next step for companies that are looking to offer a more comprehensive tech stack for CRE professionals.