Market data on recently executed commercial lease transactions, including rent, term, concessions, and tenant-improvement allowances, used to evaluate whether a proposed lease is at, above, or below market.
Lease comparables (comps) are the primary tool for setting and evaluating market rent in renewal negotiations, new lease negotiations, and appraisals. Comps data includes: signing date, location, size, lease term, base rent, effective rent, free rent months, TI allowance, and sometimes leasing commissions. Sources include CoStar, CBRE, JLL, and broker networks. Data quality varies — many deals are confidential and comps databases are incomplete. Tenants' brokers and landlords' brokers interpret the same comps differently based on building quality, floor, view, and deal timing. Lease abstracts that capture effective rent, concession packages, and term length feed directly into comp databases.
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