See comps next to all portfolio leases for renewals and negotiation.
Any time a commercial real estate lease is being examined — whether for utilization, profitability or renewal — the first question to answer is: Are we getting a good deal on the space?
Real estate teams often contact third-party brokerage representatives and ask for lease comps and submarket analysis to find out. However, it takes time to get this information and a lot of work to manually match it to portfolio lease reports.
And even after the snapshot of “static data” is in hand, it quickly becomes outdated. Especially during lease renewal planning and projects that can last 12-18 months.
The best way to have comparable market information for portfolio analysis is to integrate “dynamic data” into the lease administration software. Then, as market and economic factors change, so does the comparable data.
With current market lease comps next to every lease in the portfolio — in the lease administration system — it’s easy to see which spaces are good deals and which aren’t.