Market research

Market Research compares the deal's saved underwriting with evidence for its confirmed metro and property type. Start with the compact brief above the tabs: one takeaway and up to two material findings, with the full comparisons and sources available below.

Questions this workflow answers

• Which underwriting inputs agree with the available market evidence, and which need review?
• Which comparisons remain unresolved because evidence is missing, unmeasured, or temporarily unreadable?
• What source, period, sample, and comparison basis support each finding?

Read the brief

Confirm the market and property type before reading the research. Use Change scope to revise them with a reason. If the deal details change, EQUIRE asks you to review the scope before displaying the stored research again.

The brief keeps each benchmark beside its model value and comparison. A difference calls for review; it does not by itself establish that the investment is worse. A failed read is an unresolved comparison, not adverse market evidence. Available report comparisons can still appear when an index read fails.

Open Sources & basis for the source, geographic scope, observation period, sample, caveats, and rationale. The index observation date is shown independently from the index refresh and research run times. Open … evidence takes you to the relevant tab and brings the finding's row into view.

Metro-level index coverage. No normalized submarket dataset is connected. A linked market report can still contribute submarket evidence, but it remains labeled by its own source, grain, and period rather than replacing the metro index.

Investigate a finding

Use Explain, Investigate, or Ask EQUIRE to open a contextual, editable draft in the deal assistant. Review it before sending. The request asks the assistant to reread the current evidence, cite sources and limitations, and identify the next question to resolve. New research collection requires a preview and your approval; these actions do not change the DCF.

Explore the evidence

The page is organized by the grain of the data, in five tabs. Older links that name a previous tab open the tab that now holds that content.

• Summary: key figures, saved-model comparisons, and separately labeled comparison differences and evidence gaps.
• Metro: four trend charts for this metro against its peers and the median metro (unemployment, jobs, per-capita income, and net migration), the peer metros, county exposure, and the producer's metro measures. A month the data producer has not published is left as a gap in the line, never filled in.
• Property-type market: leasing evidence and its coverage, plus separately labeled cap-rate bases, rates, and debt terms.
• Properties: this property's own figures from the deal, its site, the Comparables workbench, with CMBS appraisals at securitization and asking listings kept distinct, the rent comparables, and closed sales from the deal's documents.
• Sources: sources, topic briefs, and run history.

Run and inspect research

Run market research starts the full eight-step refresh. Run again starts another full-page refresh after a prior run closes. The current step and Cancel stay visible while a recorded run is active. Open Run details for all eight steps, including skipped steps and their reasons. History opens prior runs on demand; failed and cancelled runs stay in the record. A run that completes with a failed step is labeled Completed with gaps and shows one compact reason without requiring the step ledger to be opened.

An assistant topic search is separate from the full-page refresh. Each attempt begins with a fresh server-resolved plan that shows its scope and budget, and it runs only after you approve that plan. An approved attempt allows about 12 minutes in total and keeps its final 30 seconds for recording the outcome. Source work that finishes first remains linked even when a later source has a gap. Repeating a closed topic attempt requires a new preview and approval; the full-page Run again button does not repeat the assistant plan. Cancel closes the current attempt rather than starting another one.

With your approval, the assistant can also link a report already uploaded to the deal as market evidence. If its filename does not establish both the publisher and reporting period, the report stays linked and readable but contributes no market figures.

What depends on this

Research supplies evidence and proposals for Valuation and the market section of the IC memo. Changing a saved assumption belongs in Valuation. Research keeps the evidence and its limitations visible for that decision.