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. Observation vintage is separate from the index refresh and research run times. Open … evidence takes you to the relevant tab and brings the finding's row into view.

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

• Overview: key figures, saved-model comparisons, and separately labeled comparison differences and evidence gaps.
• Market: metro peers and the employment path against the median metro.
• Rent & supply: leasing evidence and its coverage.
• Comps: the Comparables workbench, with CMBS appraisals at securitization and asking listings kept distinct.
• Capital markets: separately labeled cap-rate bases, rates, and debt terms.
• Location: county exposure and what remains unestablished about the site.
• Evidence: sources, topic briefs, and run history.

Run and inspect research

Run market research or Run again refreshes the research. 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.

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.