Current lease rates by zip code

[Derek Bell]

Hello BP community!

Do you all have a particular resource, other than a CRE broker, that helps you find current and projected lease rates for multiple building classes per zip code?

[Joseph Cornwell]

I run my own comps when looking at new properties in areas I am unfamiliar with. I use apartments.com, Zillow, and sometimes the MLS to look at rent comps. I check the asking rent price vs size, amenities, and quality. I compare those with my subject property and the level of finish I plan to produce within that asset in that area. I also check to see how much traction those listings are getting, if its $1200mo and only has 3 contacts in 30 days that's a red flag, if its listed 3 days with 100 contacts, I know that's an accurate market rate.

[Derek Bell]

@Joseph Cornwell

Sorry, I should have specified….rates for commercial flex warehouses. 10k sf - 50k sf. Maybe I didn't post this in the correct forum. My apologies if so. 

[Joseph Cornwell]

Quote from @Derek Bell:

@Joseph Cornwell

Sorry, I should have specified….rates for commercial flex warehouses. 10k sf - 50k sf. Maybe I didn't post this in the correct forum. My apologies if so. 

Gotcha, I would do a similar approach with crexi, loopnet, and discussing with CRE managers. Our local MLS often has CRE lease terms as well to use as comps. Good luck!

[Ronald Rohde]

Quote from @Derek Bell:

@Joseph Cornwell

Sorry, I should have specified….rates for commercial flex warehouses. 10k sf - 50k sf. Maybe I didn't post this in the correct forum. My apologies if so. 

 Costar, but local broker is going to be the most useful. Do you use a leasing broker for your other stuff?

[Carolyn Yates]

Costar and Loopnet. It is always best to have market participants which could be brokers/owners or tenants of other buildings.  In my experience, most people hate to divulge what they are paying/receving for rent though.