Commercial Real Estate Market Analysis: The Open Data Behind a Nomad Search

Which page answers which question

An operations or finance lead can get a long way alone. Each question below has a page of its own.

• What is available, and what does each floor ask? Every available floor, with size, address and the asking rent wherever one is published.
• What does a neighborhood cost? The rent table, computed from the listings.
• How much space do we need, and what is that a month? The office space calculator.
• What is the wider market doing? The Manhattan Office Report, each quarter, with its sources and method stated.

Nothing here sits behind a login, and none of it is software we sell. Why we publish our rents gives the reasoning.

What published data cannot show

Three things stay off every public page, ours included.

• Effective rents: what a tenant pays once free rent and the allowance are counted.
• The concessions inside signed deals.
• How long a particular floor has sat empty, and how eager its owner is to fill it.

These live in a broker's book. They are also the inputs that move a negotiation most, which is why the open data is a start and not the whole analysis.

What Nomad does with it on your search

Once you send a requirement, the work runs in this order.

• Ranges: the asking rents and availability for the neighborhoods that fit your size and budget.
• Comps at your size: signed leases close to your square footage, from our own deal records.
• Offers on one basis: each landlord proposal normalized to net effective rent, so a larger package is weighed fairly against a lower face rent.

What happens next is a shortlist, tours, and a letter of intent built on those numbers.

The fee, and whom Nomad works for

The fee comes first. In most transactions the landlord pays the broker fee. As part of your diligence, ask what a search would have your company sign and whether any cost could fall to it.

Nomad works for you on a search you bring to it. That is not the firm's only line of work: it also offers agency leasing and owner representation, so a landlord is sometimes the client. A finance lead doing diligence should know the consequence. A building Nomad is marketing for its owner could appear on your shortlist, and one brokerage would then be advising both parties. The law's term for it is dual agency. In New York it needs informed consent, given by the tenant and given by the owner. Your attorney can confirm what that consent covers. Put the question to any firm you interview, this one included.

Starting a search from the open data

Send headcount, timing and budget. A broker reaches out within the hour during business hours, and a first shortlist can be ready within 24 hours.

The block below is the whole of our book, with the citywide median across the floors that publish a rent. It is the same data the analysis starts from.