Introducing CRE Buzz
Over the past few months, team Tankwa Town has interviewed various commercial real estate professionals. One common theme we have uncovered is the lack of trust in the data sharing process, whether the information is coming from reputable sources like CoStar, Compstak, or Reonomy. Given the competitiveness nature of the industry, investors are usually reluctant to share deal details with others willingly. Brokers may share misleading information, and data vendors often have limited coverage of the market. Consequently, real estate professionals rely on a multitude of data sets from brokers and data vendors to make business decisions. Those who cannot afford the steep price tag that is commonly associated with purchasing CRE data turn to Google Search. This disjointed workflow is the reason why we have decided to create CRE Buzz. It is a crowdsourced tenant database that allows CRE professionals to get market insight and cross-validate their existing data sets.
The most reputable data vendors currently rely on exclusive relationships with lenders to collect deal information; however, this information is minimal and only covers public debt like CMBS and CLO transactions. For example, CMBS deal reports include only the top five tenants in a building. They do not have the full picture of the risk and cash flow potential associated with a given asset. Some data vendors regularly survey brokers and investors for market comps.
Nevertheless, this process is costly, and the information could be misleading. At CRE Buzz, we curate tenant information by vetting data sources, cross-validating with public databases, and normalizing data sets using proprietary algorithms. We are excited to launch this product and will test it with our current network of potential early adopters. Visit crebuzz.com and send us feedback.
