By Coy Davidson on March 26, 2014.
CompStak, the first--ever comprehensive database of commercial lease information, announces its expansion to Houston. Serving a massive online database of commercial lease comparables (comps), CompStak makes commercial real estate (CRE) information not only easibly searchable, but also, readily available for its users. The startup, having received $4.5 million in Series--A funding last March, plans to double its market coverage by the end of 2014, focusing on further expansion in Texas and the West Coast. CompStak has proven successful in its markets----most notably, crowdsourcing data for 99% of all leases signed in Manhattan in the last few years, and collecting over 7000 comps prior to launching Dallas/Fort Worth last December.
CompStak is now live in 10 US markets: Manhattan, Dallas/Fort Worth, Atlanta, San Francisco, the Bay Area, Washington D.C., the Greater Los Angeles Area, Chicago, Minneapolis/St.Paul, and Houston. As a result, the startup now provides data to the biggest names in commercial real estate including Tishman Speyer, Empire State Realty Trust, Beacon Capital, Alliance Bernstein, and Wells Fargo.
"Houston is a prime target fro CompStak," says CompStak CEO, Michael Mandel. "Houston was a market leader through the economic downturn and commercial real estate activity continues to be on the rise. With CompStak, Houston deals happen faster and data will be more accurate. We're thrilled to bring efficiency and transparency to Houston. We hope to create a long--term partnership across Texas, with Houston and Dallas as our pillars.
CompStak's unique crowdsourcing model is 100% free to CRE professionals. Operating on a 1--for--1 model, users submit details about CRE deals for credits and exchange those credits for access to the deal information they need. CompSTak eliminates the painstaking and time--consuming process of tracking down data over the phone or via email and centralizes information. Commercial real estate brokers, appraisers, and researchers may share comps on CompStak and real estate investors may sign up for subscription access at www.CompStak.com
CompStak is the world's first comprehensive database of commercial lease information. CompStak gathers information through a proprietary crowdsourced model, offering virtual currency for CRE professionals to provide and acquire the data they need. CompStak creates transparency that makes the CRE market more efficient for all. Through CRE professional participation, this model, combined with analyst review, results in a comprehensive and accurate database of lease informaion.