Assuming you've got all the facts straight...it seems to me you are running much easier than your potential for the 1st 4.5K of the 5K race. You should be able to hold much higher than 85% for the majority of the race...like maybe 92-97%...just approximating. But 85% should be nothing more that an upbeat training run...an EFFORT you could hold for 2+ hours if fit.
What kind of times and heart rates are we talking about? The difference between 85% and...let's say....93%...may be ~15 bpm. That's a big difference in effort. It would have meant at least 45-60 secs per mile for me...in the day.
Are you well-trained? Are you warming up? Are you've got the accurate info?
Are you racing by heart rate or by feel?
Based on the HR info, you can go faster.