By Cormac Mac Ruairi on April 04, 2016.
New York-based crowdsourced commercial property information CompStak has announced the launch of its lease data and analytics platforms in London.
The move marks the New York tech firm’s first expansion into international markets after establishing strongholds in 18 markets across the US.
Beginning today, agents, valuers, researchers, and rent review consultants across London are invited to join the CompStak Exchange for free. Already, several top commercial property agencies have signed on as early adopters. As members of CompStak, each will have access to exclusive, analyst-verified commercial lease comparables in London.
These new UK-based professionals join more than 8,500 US-based property agents, valuers, and researchers who have traded the lease comparables they already have for the ones they need at no charge since 2012.
'Having captured nearly every major market in the United States, we knew it was time to answer our clients' requests for global data. As the most active commercial real estate investment market in the world, London was definitely the right place to start,' said Michael Mandel, co-founder and CEO.
In the latter half of 2015, CompStak began gathering details such as starting rent, rent review dates, and rent free information on deals signed in London over the past ten years. Every transaction included in the database has been vetted by CompStak's team of analysts to ensure accuracy and comprehensiveness. The London database, already containing thousand of commercial letting transactions, is expected to double in size in 2016.