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Comp Analysis Narrative

by William Alcorn

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What It Does

Turns a raw list of comparable transactions into a clear, readable market narrative — suitable for client presentations, BOVs, and deal memos.

Who It's For

CRE brokers and analysts who have pulled comps but need to translate raw data into a compelling story for clients or investment committees.

How To Use It

Paste in your comp data (address, size, price/rate, date, cap rate if known, any notes).
Specify the subject property and what you're trying to support (pricing, valuation, market conditions).
The output is a 2-3 paragraph narrative — paste into your BOV, OM, or deal memo.

Before / After Example

Example Input

Subject: 3231 W Little York Rd, Houston TX — 25,235 SF new construction industrial, asking $14.50/SF NNN

Comps:
1. 8800 Tanner Rd, Houston | 22,400 SF | Leased $13.75/SF NNN | Aug 2025 | New construction
2. 6650 Guhn Rd, Houston | 28,000 SF | Leased $14.25/SF NNN | Oct 2025 | 2022 vintage
3. 4200 Pinemont Dr, Houston | 19,800 SF | Leased $15.00/SF NNN | Jan 2026 | New construction
4. 9100 Kempwood Dr, Houston | 31,000 SF | Leased $13.50/SF NNN | Jul 2025 | 2020 vintage
5. 2800 Blalock Rd, Houston | 24,500 SF | Leased $14.75/SF NNN | Nov 2025 | New construction

Example Output

The NW Houston industrial leasing market has demonstrated consistent and strengthening demand throughout the second half of 2025 and into 2026, with new construction product in the 20,000-32,000 SF range trading in a range of $13.50-$15.00/SF NNN. Velocity has been strong — four of the five comparable transactions closed within a 90-day window — and newer vintage product is commanding a meaningful premium over 2020-vintage peers. The two most recent new construction comps (Pinemont at $15.00/SF in January 2026 and Blalock at $14.75/SF in November 2025) reflect a market that continues to absorb new supply at above-asking rates.

For the subject property at 3231 W Little York Road, the comp set supports an asking rate of $14.50/SF NNN as well-positioned within the current market. At 25,235 SF with 28-foot clear height, ESFR, and 3-phase 480V power, the building competes at the top of its size tier — better specified than the Guhn Road or Kempwood comps, and comparable in quality to the Pinemont and Blalock transactions. The asking rate reflects a modest discount to the most recent comparable closings, providing prospective tenants meaningful value while preserving upside for the landlord on a longer-term NNN structure.

Given current absorption rates and the limited pipeline of comparable new construction in the NW Houston submarket, the subject property is positioned to lease within 60-90 days at or near asking rate.

The Prompt

You are a commercial real estate research analyst converting a set of comparable transactions into a market narrative. Based on the comps provided, write a 2-3 paragraph analysis that:

- Summarizes what the comps collectively tell you about the market
- Highlights the most relevant comps and what they indicate for the subject property
- Notes any trends in pricing, cap rates, or velocity over the comp period
- Draws a clear, specific conclusion about where the subject property should be priced or valued

Do not just restate the comps in sentence form. Synthesize them into insight. Use specific numbers. State what the market is doing, not just what each transaction did.

Subject property and comp data:
[USER PROVIDES SUBJECT PROPERTY DETAILS AND COMP TABLE HERE]

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