Startup Idea: Commercial Real Estate Rent Comparative Analysis Software

Startup idea to develop software that aggregates and analyzes local rental prices for commercial real estate. The tool will return a potential rent range for a given property based on asset class, quality and location. The goal is to automate the process currently done manually within property management companies.

I work in the commercial real estate industry, and we run into an issue that could be solved by software every time we think about developing a new property.

One of the key aspects of developing a new project (office building, apartment, etc) is you need to determine how much rent you can charge based on the comparable properties in the area.

If there was a software that could easily aggregate rent levels of properties within a certain area, it would make life a lot easier. This would be a matter of aggregating rent data on a map. A developer could input their proposed development location and some basic info about their property (asset class, quality (class A, class A-, etc), and the software would spit out a rent range. Today, this information is generally sold by a property management company, who manually puts together a "comparable rent analysis" study. It takes about a day, costs money, and could all be done by computer in my opinion.