How Can I Find Commercial Real Estate Comps to Inform my Buying Decision?
I am looking to purchase an industrial property for my business - we will be operating from the property. It is the first time we would own instead of leasing. Since we are not using a broker, is there any way to get comps? I can't seem to find much online, though there's plenty of info on residential comps. 

Don't @ me about not using a broker.
[{"id": "iyrmcps", "text": "If only there were some type of profession whose purpose was to broker real estate deals. \n\nBe wary of being penny wise and pound foolish. Just like people come to your business to buy whatever widget you specialize in, people go to real estate professionals with help in real estate.", "replies": [], "depth": 1}, {"id": "iyro60y", "text": "dOn\u2019T @ mE aBoUt NoT uSiNg a BrOkeR. It\u2019s almost like you know what you should do\u2026", "replies": [], "depth": 1}, {"id": "iyrp2ho", "text": "Wow this is a great group - I ask for advice and instead all I get it the advice I specifically said I did not want. \n\nAnyone with any actual helpful answer?\n\nI've lost deals because of incompetent brokers and I have more confidence in my own business acumen then these guys who couldn't get a deal done if it was shoved in their face.", "replies": [{"id": "iyrqe6k", "text": "The industrial asset class is notoriously murky when it comes to comps info - financial data can be 3 months lagging, space may no longer be available for lease/own, and information online may be downright incorrect. That being said, the usual suspects of CoStar, Crexi, LoopNet would be a starting space. \n\nWhile there are a ton of brokers in the industrial space, that just implies the best of the best are most worth your time. They have updated info, can help you find a space that has what you need, and know what you can expect to pay in a certain location for certain needs. Imo, would be best to save your time and let the experts do what they do best. Spend as much time as you need to become comfortable with a certain broker/shop and ride their wave. They\u2019re in the relationship business for a reason.", "replies": [{"id": "iyrt4gn", "text": "I have already found the property that meets our needs. And I have a good CRE lawyer.", "replies": [{"id": "iyrvrxw", "text": "It\u2019s almost as if there is this one critical component that is missing\u2026", "replies": [], "depth": 4}, {"id": "iyskc9g", "text": "Have your good CRE lawyer run some comps for you then \n\n/s\n\nSeriously just get a good broker. It\u2019s a buy side deal, you are more than likely paying more for your lawyers time than you would for a broker.\n\nI really don\u2019t care what you said about not wanting one, because you clearly need one.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "iyrqfmv", "text": "A helpful answer: Stop being rude to the people whose advice you asked for to solve a problem you have because you're being cheap and not hiring an expert.", "replies": [{"id": "iyrsrv7", "text": "But the thing is, I specifically asked NOT to receive the type of \"advice\" (more like, trolling) that they so GRACIOUSLY offered. Me being rude? How so?", "replies": [{"id": "iyt345h", "text": "You\u2019re here for help. Just because you don\u2019t like the advice you\u2019re given doesn\u2019t make it bad advice.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "iyrsrt0", "text": "If you post your square footage and clear height and what percentage of the building is Warehouse versus office, how many overhead doors, how much useful outside storage, general region, people could probably give you a general idea of price per square foot.\n\nIndustrial varies so much depending on the specifics of the individual building.  I assume it's vacant so depending on the financial strength of the owner that can lower the price. Or not.\n\nAs an owner occupant you can also value it based on a comparison to whatever you're renting now.  When I bought the property my business is in, because of its location and set up, it was worth a lot more to me per square foot than other buildings that I have bought solely as investments.  If you're planning to put a loan on it, your bank could also help you with a very very rough valuation.  Although in my experience the bank is going to like whatever purchase price fits their criteria to give you a loan, whether it's a good deal or a less good deal. Good luck!", "replies": [], "depth": 2}, {"id": "iyru3b1", "text": "Set up a meeting with a Costar sales person, have them run comps for you, then send them on their way. There you go.", "replies": [{"id": "iyrwea3", "text": "Why would a costar sales person do that for this person?", "replies": [{"id": "iys1stt", "text": "Maybe I misunderstand the Costar sales pitch. I figured it was \u201cuse the product to sell the product\u201d", "replies": [{"id": "iys5aei", "text": "Lol, do you really think costar is going to provide their data, that they sell for enormous amounts of money, to someone who just hits them up and says give me comps so that I can try to broker my one off CRE deal?", "replies": [{"id": "izcteov", "text": "Costars sold comp data platform was like $1600 a month last time I got a pitch.  And it was already 3-6 months old.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "iysjmau", "text": "Is your business acumen based on telling people that you're better than them at the thing they do all day, every day? If you're so brilliant, why are you resorting to reddit for advice?", "replies": [], "depth": 2}, {"id": "iytuxht", "text": "You have a great business acumen but can't even hire a competent broker? Something isn't adding up here. Use a broker is the most helpful answer you will find. Even interpreting comps is difficult for an outsider. There are some many factors affecting the sale price that often only people who are very in the know will be aware of (brokers). Stop crying and hire a competent broker.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iyrs8zo", "text": "Appraiser can sell you comp, say $250", "replies": [{"id": "iyrswjk", "text": "Thanks, that's very helpful advice", "replies": [], "depth": 2}, {"id": "iyu8qzo", "text": "Comps don\u2019t mean jack squat if you don\u2019t have in depth market knowledge.  I am talking hyper focused on a sector in a specific geographic territory, where you have possibly even been involved in those comps or at least been through the building.  Where do appraisers get their comps?  The find out a specific property sold via county clerk or local municipality.  They likley have the sale price and square footage but thats it.  So what do they do?  They call the selling brokers and ask for the details.  Like power supply, any specialized improvements, environmental  issues, etc.  they want to know why that specific property sold at that price.  They also the most active brokers in that area, knowing that the broker will be able to basically tell them the value of the building or within a very small window.", "replies": [], "depth": 2}, {"id": "iyx3anx", "text": "Purchase a comp? Hell naw. Brokers are free. They have all the comps and market intel.", "replies": [{"id": "iyx8wi5", "text": "F free it's too expensive.  OP didn't want analysis; they wanted cheap/free. I'm trying to be nice and avoid a flame war; here goes.\n\nThere are some **amazing** brokers.\n\nI've seen firsthand countless fraud and manipulation, including made up purchase contracts to try to show fake offers ( owner of the LLC being forged reported that to the city attorney once I called her). And then there are the moronic comp selection. Often, pick the highest five non-comparble-comps.    Unless it's a tax protest, then pick the five worst comps.  ......  (Yeah, yeah, there's idiot incompetent malleable appraisers -- and I hate them with a passion.)  ..... It'll cost OP more than $250 to receive constant phone calls once he's in the broker's speed dial.  Downvote away to maintain cognitive dissonance.", "replies": [{"id": "iyxb357", "text": "It costs $0.00 to work with a broker and they can add tremendous value. Cheap and free. Sounds like you\u2019ve never worked with a competent, top performing broker. That\u2019s unfortunate.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iys0cj4", "text": "Brokers, costar, Compstak - ton really", "replies": [{"id": "iyu8ymg", "text": "The money you think you\u2019ll save not having a broker will help offset the $12,000 +\\- you\u2019ll be shelling out to Costar, Loopnet, etc.  but you probably already know that", "replies": [], "depth": 2}], "depth": 1}, {"id": "iys2o3p", "text": "Hey!\n\nI\u2019m in a similar situation as I purchased my own industrial property for the first time 2 years ago. Prior to that, we were leasing for 10 years.\n\nWhen it comes to owner occupied property, it\u2019s best to go with what will be perfect for your business even if the value or cost isn\u2019t perfectly in align with other warehouses on the market. Calculate what the mortgage cost would be with todays current interest rates (and perhaps shop with SBA) and compare that against renting. It serves as a good rule of thumb for your business to see if the building is worth moving into from a cost perspective. \n\nOn another note, a broker costs you nothing as a seller is paying the cost so you are ultimately saying no to professional assistance of any sort which is a free service for you.\n\nI did not personally like working with my broker because I wanted professional guidance and he was not educated enough in commercial to support my purchase. I\u2019m in the process of interviewing new commercial agents and might have found one that invests in commercial properties, owns commercial properties, is a broker for commercial properties, and manages them. \n\nIf the service of being represented by a broker is completely free for me, wouldn\u2019t I want to hire the experienced agent to help me review comps and come up with a game plan?\n\nIt\u2019s like having a business partner who works for free until the purchase is made and another party pays them.\n\nLastly, when buying your warehouse, you will want to think about any deferred maintenance that you might be responsible for. Although this might pop up on an inspection report, a really good broker should have  referrals for local businesses in the area to remedy the situation.", "replies": [{"id": "iyt39yd", "text": "Sounds like a bad broker or residential broker. You should have hired a commercial broker who specializes in industrial", "replies": [{"id": "iyt46iw", "text": "The only thing worse than an unrepresented owner/user is one that is represented by a resimercial.  I don\u2019t care about the extra point, it\u2019s almost never worth the headache/extra work.", "replies": [{"id": "iyu7spi", "text": "No creature on earth worse than a resimercial broker.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iys2zc2", "text": "You can find comps, and break your brain trying to make sense of them and compare them to your property, and waste days looking at multiple sources you\u2019re not sure you can trust.  Or you can engage a broker who does this for a living in order to save you time and create value \ud83d\ude06", "replies": [], "depth": 1}, {"id": "iys98kr", "text": "Get a broker", "replies": [], "depth": 1}, {"id": "iyszsq7", "text": "Check the usual websites, search for sold, look in the immediate vicinity by 1/3 mile to start, then widen scope, compare type as close as possible, look at extra factors like location, date, condition, usage, other value considerations, etc. The problem is how to weigh them, because you\u2019re really not supposed to editorialize the approach. You can also google what constitutes a legal comp. I just heard a story about an appraiser using an out of state comp, which is ridiculous. \n\nSince you aren\u2019t using a broker, the comps are either for financing or for your own piece of mind.  Lenders require things to appraise out, being within context of the market but really it\u2019s whatever you think it\u2019s worth paying. You can become the next comp. \n\nYou can also hire an independent appraiser yourself., or hire a Broker to give an opinion or provide broker comps where they do the search for you on membership databases and can check the validity of the reports.  Appraisers call brokers for comps too. \n\nI will say, I\u2019ve experienced strangeness with comps recently, and a lot of massaging them in one direction or another to reflect a narrative or current mood.  Not really legal but it is happening. Meaning if you\u2019re distrustful or disinterested in professional representation you might as well freeball it and double down on the risks.  There are other reasons to hire a broker, like handling disclosures, and environmental reports, etc.", "replies": [], "depth": 1}, {"id": "iyt26t4", "text": "The reason why you can't find very many comps on the local MLS is because many of the larger commercial Realtors do not belong to the local Realtors assoc. and thus their listings and comps do not show up on MLS.\n\n There is always the local tax info which has info on assessed property value, but it is not always current or reliable. \n\nCommercial real estate and residential real estate are two different occupations and there's not much overlap. Don't use a residential Realtor to do a commercial deal.", "replies": [{"id": "izct1co", "text": "My favorite resource is calling any one of 100 other commercial brokers I know that will give me intel you can\u2019t find anywhere else, because of rapport.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iyt2y9m", "text": "I\u2019m a debt broker - I don\u2019t care what you do and I don\u2019t have any skin in the game. How you handle your business is completely your call. If you\u2019re going to finance this building - you want a good sales broker working with a good debt broker. Having one without the other is going to make your life 100x harder.\n\nThere\u2019s a reason that everyone here is telling you to \u201cget a professional sales broker\u201d - you\u2019re an owner / user. It might be different if you were a sophisticated owner of industrial properties with a dedicated acquisitions and dispositions team but you aren\u2019t. You\u2019re on Reddit asking for help. That tells me you\u2019re the first person who needs help in this space. Interview a couple of them. I\u2019m at a National firm, maybe that\u2019s not the right fit for you or maybe it is but please - get some help.", "replies": [], "depth": 1}, {"id": "iyt9w2i", "text": " Not engaging with a broker suggests arrogance or not very bright or both.  Find a good broker, work with them so you don\u2019t have to post random amateur questions on reddit.", "replies": [], "depth": 1}, {"id": "iytuhg5", "text": "Use a broker. It costs you nothing. Stop being cheap and stupid.", "replies": [{"id": "iyuaotk", "text": "Brokers are free to uneducated buyers. They are costly to smart real estate professionals. UNLESS they find you off market steals, then they are worth their weight in gold. But odds are they will buy a great deal before sending it your way.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iyx34a9", "text": "Use a broker\u2026.for the love of god.", "replies": [], "depth": 1}, {"id": "izcss63", "text": "Rent a scooter and go scootering through industrial parks with a bullhorn shouting at the buildings asking them what they paid for them.", "replies": [], "depth": 1}]