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CRE Resources

Reis Glossary

Use this tool to find CRE related terms, and their corresponding definitions, as they are used in our reports.

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We’ve created ReisReports with you, our members and visitors, in mind. Now that you’ve had a chance to see us in action, we want to know what you think. The rules are very simple, tell us what you think of ReisReports, the good and the bad (please be constructive), and what we can do to make it better. The top three comments below will be rewarded with a free iPad. That’s it!

By replying to this post with your feedback, you are automatically entered.

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Contest Rules

  • The comment should include the following:
    • Profession
    • Feedback
  • Submit your comment by Tuesday, June 25th 2013.
  • See Examples

Constructive / Positive comments are recommended.

62 comments
Aziz Khatri
Aziz Khatri

Profession:

Commercial Real Estate Brokerage.

Feedback:

My experience with REIS has been limited and love to use it more often. Our company is negotiating at the national to access full offerings. Meanwhile, the limited use of area statistics and analysis has been very useful, especially as an additional communications (touch) with the clients/prospects.

Patrick Murray
Patrick Murray

Thanks, Aziz! We love hearing that the product provides value in building relationships with our subscribers and their clients. What reports are most valuable to you?

Kent Goodwin
Kent Goodwin

From an asset management perspective, with a large, indirect portfolio (funds and JVs), REIS reports are helpful to confirm what we see and here on the ground, getting a broader market perspective. Our research group uses them extensively to form "house views" on markets, and for hold-sell analysis assumptions. Quite valuable.

Patrick Murray
Patrick Murray

Hi Kent, glad to hear our reports help confirm market conditions. What is particularly insightful for you and your research team? What can be more extensive?

Farhan Ali
Farhan Ali

I am a property tax attorney that focuses primarily on commercial real estate in a national practice. I have relied heavily on REIS in the past few months to prepare property analysis for case intake and settlement negotiations.

I find your local area and national statistics to be extremely helpful. What I would like to see added to many of your reports is an analysis of Capitalization Rate on the same local and national scale. Cap Rates are a regularly contested issue when attempting to settle cases with a municipality and having further support, beyond relying on Korpacz and broker analyses, would greatly aid in rounding out our analyses.

Additionally, although not often relied upon in our commercial analyses, comparable sales of similar properties or of similarly situated land would also aid in contesting land values along with the improvements. Other programs, such as CoStar, provide this information and it would help bring REIS into a more competitive arena if this information was also available.

Also, more detailed explanations of concessions would likewise aid individuals in my profession in preparing settlement pro formas. REIS does give a breakdown of free rent, TI, and lease terms that I have use in some of my analyses, however, these statistics are on a global scale and do not explain the source of the statistics. Maybe a breakdown of some notable leases in the area spread across the different classes of property and subproperties (Class A - C office) would also help round out property analyses.

Adam Salamon
Adam Salamon

As a commercial real estate agent who also does business brokerage, I think having an accessible "businesses for sale section" would generate more interest from those outside the real estate community.

Patrick Murray
Patrick Murray

Hey Adam, thanks for the feedback! Have you tried using our Retail Sales Comps? They feature some sales information that you may find valuable.

Chris Kubler
Chris Kubler

I am a commercial real estate broker active in the Washington DC - Baltimore area.

I suggest your REIS reports would be more robust and the data you collected more complete and accurate if you armed your researchers with the ability to offer something in return when they call professionals in the field. I trade only on my market knowledge and reputation and I'm regularly asked by REIS researchers (through almost weekly calls) to cooperate and give this information for free.

I don't expect that someone is going to pay me ($50 per comp) but perhaps you need to consider offering a copy of one of your reports, some market data that might be useful to me, property comparable sale information.

I find this is a common trend: appraisers, REIS and Costar all calling me asking for free information. Most are shocked and offended when I confront them with the idea that my knowledge has value and is worth at the very least something in the form of barter.

I think you are in an uphill battle competing with a company like costar that captures this market data more readily. Look for ways to create a more friendly give and take with the folks in the market that share the raw data with you. Find the point of differentiation between you and costar so that I want to buy your data.

Patrick Murray
Patrick Murray

Thanks for your feedback, Chris. We strive to offer the most user-friendly experience available to CRE professionals and we're always looking to improve upon it. I'll certainly relay on to our Survey department that you find value in a complimentary report in exchange for information on your properties in the DC Metro/Baltimore markets.

Bobb Lawrence
Bobb Lawrence

In answer to what tool(s) I find most useful, overall it is the cap rates and vacancy rates. That enhances my overall perception of the markets. I tend to seek more localized info for specific assignments but as in reconciliation, your take the big picture and drop it thru the funnel of analyzes to arrive at a useful and credible conclusion as to value or investment analysis.

Bobb Lawrence
Bobb Lawrence

RE Appraiser of four decades in all arenas/property types

Clear, concise cogent and respected data and studies-like the Report Writing Instructors always recommend. You (RIES) can't do it all but what you have available gives a great perspective to those in both National and Regional Markets. The good news for Us folks out of the mainstream is that we do have a perspective on what is motivating larger markets and those who are participants.

From an appraiser and an investment consultant, the Cap rate, vacancy and rent rates, altho on a broad brush basis still offer a binocular view. With that you can get the microscope out and work with it from that point. The contact info is a plus. All good analysts should go beyond the published and get a good feel by personalizing the search - one never knows what gems may lie in the mine fields of data collection. Maybe even a new client or one that will pay more for the right answers and solutions.

The summaries and overviews suggest the movements in the market and offer the hot markets that Nationwide investment dollars are seeking. The smaller markets like my own tend to pattern after the larger one although never exactly. A bit of tweaking and analysis and the writer can focus on what may be meaningful to the client or to their own portfolio. Analyze on with a few of the suggestions thrown out in this fact finding exercise.

Mahalo from the mid-Pacific where we are still enjoying International Surfing Day today (June 20th). (altho that is not all we do-SURF). darn, anyway.

Patrick Murray
Patrick Murray

Mahalo, Bobb! Hope you enjoyed the rest of International Surfing Day! Glad to hear that Reis has been a valuable tool for you. What tool have you found to be most helpful in appraisals?

Mitch Mayhew
Mitch Mayhew

Profession: commercial appraisal

We love the amount and quality of the information in your reports. We work markets all over the US and it is very helpful to have a reliable source of information, no matter where you are working. Our only complaints would be the variation in information available in some markets and the price. Because of the complexity of some assignments we may have to run 10 or more reports for one job.

Patrick Murray
Patrick Murray

Thanks for reaching out, Mitch! What information do you find is most important to you, and in what markets do you see this information vary?

Laura
Laura

I use REIS reports for apartment rental comps. I find it very helpful in determining what is out there, names of properties and some pertinent information. However most of the information I can find on free websites. I do like the report I can generate to compile all the data with averages etc. I do wish I could pick and choose what comps I would like across a couple different search criteria so I wouldn't have to recreate the averages. A few suggestions:

1. Would like total # units by # bedroom

2. Would like parking info - garage, carport, price per month

3. Would like to be able to carry over a percentage of unused reports from month to month. I pay a subscription each month and typically only use service a few times a year, but would like more than 5 reports in that busy crunch time.

4. Because of the lack of this data, I still have to call each community myself to request the data.

Good start for my reports, but then I have to still do most of the work. Would like more help. Thank you.

Patrick Murray
Patrick Murray

Hi Laura, thank you for your feedback of ReisReports. We're glad that the Apartment Rent Comps provide you with helpful information. What type of information is it that you're able to find on free websites?

Jen Hudson
Jen Hudson

I realize there must be an enormous amount of time put into gathering data for these reports and keeping it current, and am thankful there is someone dedicated to this. Truly... thank you!

AREAS OF FRUSTRATION:

- Only certain retail reports have population, employment data, and incomes and others don't.

- Avg TI, expenses, lease terms and concessions are only listed on some of the reports which seem to be in larger MSAs and not the submarkets.

- I wish the data reported within each market and/or submarket was a consistent format. Seems that some of the items that are reported vary by submarket - some have avg & median, some broken into ages on buildings.

- Personally, I actually prefer the previous format for the site that allowed me to go straight to the market I was looking for instead of using the drop downs to get to the

area.

- It forces me to change my password to something that I have NOT used for the last 6 times! What?

PIECES THAT I LOVE:

- I value the comparison of submarket, MSA, and region in the summary sections when looking at overall vacancies, rents, etc. I find that very helpful to give a

perspective of that particular market versus the region.

- I love it when the rent section also breaks out the leases with average TIs, expenses, lease terms, etc for the area. I wish this was available for all locations and property types.

- I LOVE it when the data is available for construction with total units, est occupied and est vacant units. A projected units section with future units (maybe under

construction or in permitting phase) would be a nice touch too, to assist with

forecasting demand.

- I love the population, employment and income sections when they are included, as it saves me time from pulling additional reports.

MY WISH LIST:

- It would be cool if I was able to customize sections of the reports that I want to see, so then I can run my own "standard" version for each area I'm looking at.

- I wish I could compare different markets (or market vs. state. vs US data) in a side-by-side format on my screen.

- I wish I could set my “home” market, so it would always go straight to the state I chose when I log in.

- I would love these reports and search functions to be more compatible with my iphone when I’m in the field or waiting between appointments.

- One very valuable item would be if the system was smart enough to know I had already downloaded the most recent version of a report, and could remind me instead of using it toward my total available reports for the month.

- It would be really really cool if these reports included cap rates for what properties were trading at, and maybe a snap shot of “this current report”, last 12 months, and

last 36 months averages, so get a better idea in trending.

- I wish there was a way to separate medical office properties from general office properties.

- My final wish is that there was a way to cover the rural markets in my location, as many times I do need data for some of the outlying areas, even if all that means is an estimated vacancy rate.

Thanks for all the help you've been providing so far.

A happy customer,

Jen

Brice Lucas
Brice Lucas

Hi Jen, this is a great response. I'll admit the password requirements are bit rigid, our team is changing that right away (thank you!)... it will be resolved in the next site update.

You have presented some great ideas here. The one thing we are working on that speaks to much of this is the "Metro Home Page". That is, a page that is tailored to your favored metro (you would be able to run reports directly off of this page instead of having to go through the map flow). While the map-based navigation is great at showing the breadth of our coverage, we do recognize how it could be a nuisance for our users who only operate in one MSA to have to plow through those maps every time.

We will analyze your feedback piece by piece and will let you know what changes are made. Thank you again for participating and for being part of ReisReports!

David
David

Hi- My Gmail shows 33 emails from Reis. Not one of the headlines provokes my curiosity or explains how your product is relevant to me or my market.

As it stands, I have no idea what yo do and obviously have not reaped the benefit of using the product.Based on the recurrence of "San Diego" in the headline, I'm assuming that you serve the San Diego market, not Boston. Is that the case?

If you serve Boston, how about a headline that says "Boston Market....?"

Brice Lucas
Brice Lucas

Hi David, thank you for your note. We try to keep our emails as relevant as possible to our users. However, if you would like to stop receiving the notes, there is an "unsubscribe" link in the bottom of the emails that you may use.

If you are receiving San Diego emails, that is likely because you ran reports in the San Diego MSA. We do cover the Boston market ( https://www.reisreports.com/real-estate-market-report/apartment/massachusetts/boston/ ), as well as hundreds of other markets across the US. Please feel free to reach out to our U.S. based support team if you have any questions regarding how to access our data for your market. There is live chat available at the top of the site, or you can simply call us directly.

I hope this was helpful,

Brice

GC
GC

I have seen your reports in the past and absolutely believes in the product you provide for the market areas you serve, how ever I work in a smaller market to which you currently do not service to any great extent. I think it would be helpful to myself and others if There were reports that commented a broader area geographically that we might be able to draw certain conclusions from well-to-do to the application of friends to our specific areas. On all I think you provide a great service and wish you the very best of luck.

Patrick Murray
Patrick Murray

GC, thank you for your feedback! Expanding and improving our coverage is something we're always working at diligently. As of May 1, 75 new Apartment markets came on-line. We're focused on building upon all of our existing coverage.

SD
SD

Management and Operations

Great service!! Eliminates a lot of time consuming work!!

Patrick Murray
Patrick Murray

Thank you! Glad to hear the product has been useful for you!

Brent Overholt
Brent Overholt

I like the info you provide vs CoStar on rents and it is just one person at the helm from my perspective. The date of the information on rents is important for my research and I am in a second tier type metro.

Patrick Murray
Patrick Murray

Hi Brent! Thanks for your feedback. Happy to hear you find the rents data valuable in your research methods. What metros do you work in mostly?

Chicago Appraiser
Chicago Appraiser

Profession: Commercial Appraiser

Working in all property types all over the country, REIS provides great market coverage and consistent information that can be used to supplement the market analysis and provide context for the comparable rent and sales.

This is especially helpful with the historical trends and future projections, since the data is consistent and is more comparable across regions than if one had to use multiple sources from individual local reports and/or different companies.

For people in the comments here about the service being too expensive, this is very valuable because it saves a tremendous amount of time having to relearn how the data is compiled, what it includes, what it excludes, etc. This cannot be stressed enough, particularly if your job is to compare the relative strengths and weaknesses of different metropolitan areas.

This also increases your competency in using the data and makes the information and analysis of the reports more valuable and of greater use to your clients.

Also, the pdf is great for the addenda. I used to think it was too expensive, but once I showed a couple of clients a sample, they typically want it and are willing to pay the additional price for it. For the ones who don't want to pay more, it generally makes my job easier, so it's worth it to me otherwise.

I like the features, and online is easy to use. I hope that eventually REIS can geo code the properties so that we can draw a custom submarket boundary to more closely match the specifics of a subject property trade area.

Brice Lucas
Brice Lucas

Hey there, thank you for the excellent post (and support)! With respect to geo coding properties so that you can draw custom submarket boundaries, this is a great idea and one that we can likely implement fairly quickly. I will let you know what we come up with.

Chicago Appraiser
Chicago Appraiser

It's because I have heard people think it was too expensive, and I used to think so too, but it really does save more time in the long run to have consistent data for comparisons.

Plus giving the client the choice for an add on with summary reports of like $XXXX for standard report with just my rent comps or $225 more for the REIS report to add to the general market conditions is just easier to do as a pass through, and they typically go for it instead of spending a lot more for me to do a self-contained..

Peter
Peter

RE Appraisal, AVP

Clear, concise and relevant information which I use on a regular basis. Great for small markets particularly where data is not readily available.

Patrick Murray
Patrick Murray

Hi Peter! Glad you are routinely able to put the data to use. What specific features are most helpful to you?

Sweta
Sweta

Profession:Investor

Feedback:

It has been great to be able to look at the reports provided by REIS as we are constantly looking for deals. It helps us understand the market in every possible way!

Patrick Murray
Patrick Murray

We're glad that you've found ReisReports to be helpful! Do you find the Sales Comps to be most valuable to you?

wonderwhy
wonderwhy

I work in what is a secondary market that varies considerably from north to south. Still need local data- due to this variance. Thanks, bu t a bit expensive for one person.

Patrick Murray
Patrick Murray

Thank you for your feedback. What secondary market data do you make most use of?

RVollert
RVollert

Profession: Real Estate Analyst

While I prefer REIS over Costar, I use both data providers because of how the two classify office buildings. Since REIS lumps B and C office buildings together I defer to CoStar for Class A and B rental rates and occupancy and use REIS for the forecasts. Preferably I would use REIS since I feel REIS is the better data provider overall, but this limitation requires me to use CoStar anytime I want to isolate Class B rental rates and occupancy. Reading over the building class methodology for REIS, it is not apparent to me as to what is stopping REIS from classifying buildings as A, B and C.

The forecasts are great. As someone who has a degree in econometrics and knowledge of forecasting methodologies I appreciate the level of detail that goes into REIS's forecasting methodology.

A small complaint with how the excel files are delivered is that the quarterly data is combined with the yearly data. It is a small annoyance having to delete all the quarterly data points to obtain the annual series and deleting all the annual data points to obtain the quarterly series. Personally, I do not see the benefit of lumping them together but again it is just a small annoyance.

Andrew Steel
Andrew Steel

Our client base demands quick and accurate analysis of their commercial real estate opportunities throughout the United States and CRE segments. REIS Reports has allowed our team to save time and money while providing a superior product and ensuring our clients satisfaction. Thank you for all your diligent work and excellence.

Patrick Murray
Patrick Murray

Hi Andrew! Thanks for your input regarding international coverage. We're continually focused on expanding coverage to better suit the needs of our users. Your suggestion for expansion to international markets is certainly a good one.

Greg
Greg

I work in a secondary market and in as much you have very little data and while I understand this is as a result of expenses versus cost-benefit I would appreciate something in a water market geographically but covering all industry segments. This would assist me Greatly in the identification of the trend lines particularly in at set classes.

Patrick Murray
Patrick Murray

Thank you for your feedback, Greg! What specific area would you like to see better coverage in?

Allan Koretz
Allan Koretz

1) No way for small companies like us to use your service on one off deals

without paying for more than we need.

2) Do not feel that you correctly adjust for free rent.

3) Would like to have ranking of competition specifically related to our

purchase or development site.

John
John

Too expensive for a small shop.

Patrick Murray
Patrick Murray

Hi John, thanks for your feedback. What is it that you find isn't affordable? Is it the monthly plan? The one-off reports? What have you used in comparison to ReisReports to fulfill your need for CRE data?

BCCommercial
BCCommercial

As a CRE Brokerage, knowing your local marketplace like the back of your hand is priority one. We strive to be the go-to-broker for commercial real estate in our area. REIS Reports cuts our weekly research in half, which means we can spend more time making deals happen. The verified data that you provide is cost effective, and provides value to our service to our clientele. We are ecstatic that you've added the Warehouse/Distribution category for our industrial clientele! The ROI says it all. Constructive comment? Continue to expand your coverage areas beyond the major metros. Is a Land category in the works for the future? Well, they say knowledge is power...thank you for this power-packed tool to propel our brokerage forward to prosper in a challenging market!

Brice Lucas
Brice Lucas

Hi "BC Commercial", it is great to see brokers using our tools. We are constantly expanding our coverage and in fact added over 70 new apartment markets last quarter! A lot of requests do come in for land, and we may add that down the road (thank you for suggesting it). The next sector that will be put in is self-storage, which we will likely see in ReisReports this year. Thank you for the constructive feedback, and the post!

Richard Whitney
Richard Whitney

Profession: Broker/Business Owner

Feedback: These reports contain very good information that is quite useful to me. I would like to see there be an option to choose the time period that the information applies to; for example I am trying to compare the beginning of last year to the beginning of this year. I am not able to filter information the way I would like to. If there is a way to do this now I would appreciate that information as well. Thank you.

Brice Lucas
Brice Lucas

Good morning Richard, thank you for responding. ReisReports does not currently provide historical data, however our enterprise product, Reis SE (www.reis.com), does. ReisReports offers 1, 3, and 5 year averages for rental growth, vacancy rate, and inventory growth for our primary markets. I appreciate you letting us know how we can add value to ReisReports. As we move ahead, we are taking all of this feedback to make informed decisions regarding what to put in, and historical data was just added to the list of talking points because of you. Thanks!

Chris Lee, CCIM
Chris Lee, CCIM

Reports are awesome. I took a brief trial when I needed info quick and immediate and was really impressed at the quality. I apologize if you already do this, as I didn't find it when I was looking quickly, but I 'd love to see an "elevator pitch" type summary of the market that I can spew quickly when I get that inevitable "how's the market?" question when I run into property owners...maybe a mobile app for a "quick report" when I'm in the trenches? Sharing a report on my mobile device at a networking event is very powerful. Shows I not only know what's going on, but how to stay on top of it. Thanks for your efforts.

Brice Lucas
Brice Lucas

Hi Chris, thank you for the solid post. The "elevator pitch" that you are bringing up is being developed. They will be referred to as Market Narratives on the site, and will provide a commentary across things like the market's economy, sector performance, etc. This functionality should be live within a month and will be available to our silver and gold subscribers. Great idea RE: the mobile app. we will meet and see what makes sense. Thanks again for the response and feedback!