Knotel and CompStak Team Up on Zestimate for Offices
So reported the Commercial Observer on Nov. 1, announcing that Knotel’s blockchain network, Baya, is forming an alliance with CompStak, the crowdsourcing leasing data company, to create commercial real estate’s first Automated Valuation Model (AVM). The model will be able to tell users how much a property is worth.
42Floors, the biggest search engine for commercial real estate, acquired by Knotel this summer, will also be used in the collaboration.
Knotel co-founder and CEO Amol Sarva noted that “[f]or far too long, commercial real estate has been trapped in the dark ages, as far as valuation is concerned,” adding that Knotel’s vision for Baya, along with the acquisition of 42Floors, was “to shed light on a notoriously opaque endeavor: evaluating the value of office buildings based on their income-generating potential.” The Commercial Observer noted that one way to think about it is as the commercial office equivalent of Zillow’s Zestimate, which asks how much a house is worth.
Baya and CompStak aim to roll out proof-of-concept sometime in 2019.
Michael Mandel, CEO of CompStak said that AVM for office building valuation has always been elusive and that CompStak is uniquely positioned to solve this problem. “When the opportunity arose to leverage the 42Floors historical availability data to round out the data set, we were thrilled to collaborate.”
Read “Knotel and CompStak Team Up on Zestimate for Offices” in the Commercial Observer.