How the Research tab assembles submarket benchmarks, a cited market narrative, and the comparables that support a valuation.

Market Research is where a deal's assumptions stop being internal and start being defended against the market around it. It has three parts: valuation inputs, a written narrative, and Comparables.

Questions this workflow answers

What do this submarket's rents, cap rates, and vacancy actually look like?
Where does this deal sit against them?
Can I show an investment committee where each of those numbers came from?

Valuation inputs

The research pass gathers submarket benchmarks relevant to the deal's property type and location, and presents them as candidate inputs to the model rather than applying them silently. You decide what carries into Valuation.

Progress is visible while it runs. A research pass that is still working looks different from one that found nothing, which matters when the answer is that the market data is thin.

Market narrative

The narrative is the written argument: how the submarket is behaving and what that implies for this asset. It is generated with sources attached, and the sources are shown alongside it.

This is the same discipline as the rest of the product. A market claim without a source is an opinion, and an investment committee is entitled to know which it is reading.

Comparables

Comparable sales and leases have their own workbench. See Comparables.

Starting over

A research pass can be reset. Market conditions move, and a narrative written against last quarter's data should be replaced rather than quietly kept.

What depends on this

Research feeds Valuation assumptions and supplies the market section of the IC memo. Both disclose the basis of what they used, so a memo written on thin market data says so.

Market research