“For far too long, commercial real estate has been trapped in the dark ages, as far as valuation is concerned” Knotel CEO Amol Sarva told Commercial Observer. Recently, Knotel, often referred to as the WeWork competitor, teamed up with CompStak, a leasing data specialist.
WeWork, the largest flex space operator in the industry, is growing rapidly. WeWork was founded in 2010 and has 270 locations.
The Knotel, CompStak duo plan to create an Automated Valuation Model for commercial real estate. This model can be likened to Zillow’s Zestimate, which estimates values for residential properties. Like Zillow’s Zestimate, this model’s purpose would be to estimate the net operating income of a commercial property.
Knotel has seen some changes lately, among this new development. Back in April, they gained 70M in a series B funding round. In addition, the company acquired Ahoy!Berlin, which is a Berlin based workspace operator. Knotel also acquired 42Floors, a commercial real estate search engine for an undisclosed price. 42Floors is set to be part of their work with Compstak.
This new platform from CompStak will allow subscribers to compare rent performance of a portfolio of properties to those of competitors. It will also identify investment opportunities by seeking out properties currently performing above or below their peers, and track starting rents for tenants in different industries across markets.