Reis SE

User Guide Book

Q2 2007
 Table of Contents
System Requirements

Logging-in and Navigation

National Page

Accessing Asset Advisor

Real Estate News / Insights

Observers: Recent Updates

Market Data

Metropolitan Rankings

Accessing Metro Reports

Combining Metro and Submarket Level Reports

Accessing Rent Comps

Accessing Sales Comps

Accessing New Construction Comps

Real Estate News

Submarket Lookup

Help, Admin, About Reis

Frequently Asked Questions

Available Subscriber Reports

Market Coverage-Primary & Secondary

Glossary of Terms

Online and Telephone Support

 System Requirements
Either Internet Explorer 5.5 or above, Mozilla Firefox 1.0 or above, or Netscape 7.0 or
above
Adobe Acrobat Reader 4.0 or above
Microsoft Excel (for XLS-format reports)

To upgrade your browser for free, click on one of the links below:

Internet Explorer: http://www.microsoft.com/downloads/

Mozilla Firefox: http://www.mozilla.org/
Netscape: http://channels.netscape.com/ns/browsers/download.jsp
 Logging-in and Navigation
Step 1. Go to www.reis.com.

Step 2. In the upper right-hand corner of the browser, select Register/Sign In.

Note: If you are not a Subscriber or Corporate Account Holder, you need to fill out a registration
form to purchase reports. As well, your access will be limited to certain areas of the site per
entitlement. To inquire about subscribing to Reis SE, call 1-800-366-REIS (7347) to speak to
one of our Account Representatives about available Subscription Options.

Step 3. This will take you to the Reis Subscriber Edition Sign In page, where you will enter your
email address and password and click Login. This will take you to the Reis Subscriber Edition
National Page.
 National Page
The National Page offers access to the Reis Asset Advisor, which provides transaction support for
82 Metros, including Sales Comparables, Rent Comparables, Narrative Reports (Reis Observer)
and Metro and submarket level data. Also on the National page you will find recently updated
Reis Observers, Regional and National Market Data reports, National Real Estate News, Reis
Insights (Commentary and Analysis) and Market Rankings.

Asset Advisor
Reis Asset Advisor is a comprehensive PDF report containing all elements of our entire suite of
metro and submarket reports that are applicable to any address that you specify, and include rent
and sales comparables surrounding that address. It is currently available for Apartment, Office
and Retail property types in 80 metropolitan areas. You can access the Asset Advisor from the
national page or you can upgrade to it when you generate rent or sales comparables.

Running an Asset Advisor

Step 1: Enter in street address, City, Sate and select the property type: Office, Apartment, Retail
and then select Run Asset Advisor .
Step 2: A box pops-up with details of the report contents. At this point you can select
(Review/Modify) to look at the selected rent and sales comparables or you can select
Generate Report.

Review Modify Rent Comparables and Sales Comparables

Step 1: From the asset advisor pop-up window, select (Review/Modify) next to the comparable
type you would like to review.

Step 2: A new window with a split screen will appear. The top portion of the screen allows you to
modify property characteristics or utilize filters for the comparable group. The information is not
required however; we use the information to find comparables that are both similar in proximity
as well as physical characteristics. The comparable type and property type you select will offer
different filters. Type in the characteristics and/or filters and select Apply. The page will refresh
and the comparables can be reviewed on the bottom half of the screen. You can deselect any
comparables you do not want to include in your report. When finished, click OK and the asset
advisor pop-up will appear with any updated changes.
 Real Estate News / Insights
The Real Estate News section, filtered through a ninety day LexisNexis feed, is designed to better
inform you about the latest real estate news related stories.

Reis Insights: Commentary and Analysis

This section contains supplemental articles and research that may complement your real estate
market analysis. These articles highlight local and national trends, probe the new economys
impact on markets and provide background on Reiss own analytical methodology.
 Observers: Recent Updates
This section offers access to recently updated observers. This report offers narrative overviews
and a concise summary of economic and market conditions grounded in real market data. The
report, which also highlights trends, and strengths and weaknesses of individual submarkets, is
useful in developing a qualitative assessment or investment perspective on the metro area as a
whole. For most metros, the Reis Observer covers all property types (Office, Apartment, Retail
and Industrial) either separately or in consolidation. Additional observers can be accessed from
the Metro pages.

Market Data
From this section, you can view Regional and National level market data for vacancy, supply,
inventory, and rent. These graphs provide a five-year history and a five-year forecast. The data
supporting the graphs can be downloaded in Excel (.XLS) format by clicking on the link below
the graph.
 Metropolitan Rankings
Each quarter, Reis ranks markets by rents, vacancies, and other economic indicators. To view the
top and bottom ten markets, click on any of the listed links in this section.

Accessing Reports Using the Tool Bar

The tool bar functions as a menu system similar to traditional Microsoft Windows pull-down
menus. To use the menu system, simply mouse over a selection and it will change colors and a
drop down menu will appear.

The following section will describe the functionality in the order you see them on the tool bar.
National Page
Metro/Submarket reports
Property Comps
Valuation & Credit Risk
CMBS Analysis
Email Alerts
Real Estate News
Submarket Lookup
Online Help

Metro/Submarket Reports
The Metro Reports section provides access to Metro Level Reports, Submarket Reports, Metro
Real Estate News, and Metro Overviews (market narratives and selected charts.)

Step 1. Mouse over, and then click Metro Reports from the tool bar.

Step 2.A drop-down menu appears which presents a series of alphabetical choices to help
navigate you to the metro data.
 Note: The Apartment only markets are only
available to subscribers and are not
automatically included in existing
Subscriber Edition contracts.

Step 3. The metro page for whichever metro you selected appears. You can easily change the
property type by selecting the radio button at the top of the page.

The metro page will supply information specific to the metro and property type you selected
including, News, Metro Level Reports and Submarket Reports and access to Rent and Sales
Comparables and Valuation.

Downloading Individual Reports

From this page you can download individual metro or submarket reports. The reports are
available in either PDF or Excel. For descriptions of each of the reports select the report name
and a help page will pop-up where you can download sample reports.
Combining Multiple Reports
You can combine reports from all Metros or Submarkets into one Excel file for Reiss 73 to 79
primary metro areas depending on the property type.

Step 1: Select Combine XLS Reports Across Multiple Metros.

Step 2: The Metro reports grid for the property type you are looking at will appear.
Note: There is no Retail report for New York or D.C.

Step 3: Select the metro areas you want to combine into one Excel spreadsheet.

Step 4: Select Generate Report. A single excel file will be generated that contains all of
the data from each of the individual metros.

Combining Multiple Submarket Reports

You can combine reports from Submarkets of one metro into one Excel file for Reiss 64 primary
metro areas.

Step 1: Select Combine Reports Across Multiple Submarkets.

Step 2: The Metro reports grid for the property type you are looking at will appear. Select the
submarkets of interest then select Generate Report. A single excel file will be generated that
contains all of the data from each of the individual metros.
Property Comparables
Under the property comparables tab you can run a Rent, Sales, or New Construction comparable
report. The reports provide building level statistics for a customized peer group of 20 to 50
properties.

Rent Comparables
Currently, Rent Comparables are available for Apartment, Office and Retail property types across
82 U.S. Metros.

Note: Rent Comparables are also now available on each individual metro page and can be
accessed either from the navigational toolbar or in the center of each Metro Page.

Step 1. Mouse over, and then click Property Comps then Rent Comps from the tool bar.

Step 2. Select the property type of choice from the drop-down menu.

Step 3. Use the form to enter the information for the subject property. You must enter the
address, radius and report type. You have the option of entering additional information such as
year built, total square footage, building class, rent ranges and a radius.
Select Generate Rent Comparables.

Step 4. The next page returns a map which highlights 20 peer properties and indicates the
property address, metro, submarket and submarket boundaries. Listed below the map are the
individual peer properties that most closely conform to the subject property criteria within the
confines of the radius selected. You can customize this peer group by de-selecting individual
properties with the check boxes on the left-hand margin.
Step 5. When you are finished reviewing your selections, make sure at least five or more
properties are checked and indicate which report format you would like, then click
Generate Report to create a report summarizing peer group statistics and listing individual peer
property statistics. Another option is to Upgrade to Asset Advisor Report. For more
information about the asset advisor see the Asset Advisor section of this user guide.

Sales Comparables
Our Sales Comparables module gives you direct access to our proprietary database of
sale transactions, and it is easy to use.

Step 1. Mouse over, and then click Property Comps, then Sales Comparables from the
tool bar.

Step 2. Select the property type of choice from the drop-down menu.
Step 3. Use the form to search Reiss sales comparable database. We offer four ways to
find sales comparables, and multiple filtering options to further refine your search. To
perform a search, first select any one of the following:
Search By Radius Around Address or Intersection
Street, City, State and Radius are required. If you want to search by intersection type
Street/Intersecting Street or Street @ Intersecting Street.

Search By Zip Code

You may enter in up to (8) zip codes. Only properties within in these zip codes will be
returned by the search.

Search By Metro and Submarket

Select the metro first and the submarkets that fall within that metro will then be listed.
You can either select a specific submarket or run the query on the entire metro.

Search By Reis ID Number

Enter in the Reis ID number for the property you are looking for. Reis ID numbers can be
found on sales comparable records that were sold as part of a portfolio or if you are
looking for a specific sales comparable record you can access the ID from customer
support

Step 4 You have the option of filtering the comparables further by narrowing your search
parameters or limiting your search by a select group of ranges. These filters vary by
property type and are located on the right hand side of the page.

Step 4A: To narrow your search parameters you can limit the search to any following
office property types by de-selecting the check boxes.
 To limit your search parameters, you may enter in the following ranges. If you
leave these blank it will search for all.

You can name the search, which will to show up on the Analysis.

Select the Find Sales Comparable button to begin search.

Step 5. The next page will pull back all of the sales records within the parameters you selected.
At the top of this page you will see the specifics of the search, and at the bottom you will see the
list of transactions that have been returned. To the left of each transaction there is a checkbox
where you can de-select any of these transactions that you dont want included in final report.
Step 6: When you are finished reviewing your selections, scroll down and indicate which report
format you would like, either PDF or XLS. Then click Generate Report or if you conducted a
radius search, you can Upgrade to the Asset Advisor Report.

Step 7. A new window will launch and after a few moments with either your sales comp or Asset
Advisor report generation screen. For more information about the asset advisor see the Asset
Advisor section of this user guide.

New Construction Comparables

Step 1. Mouse over, and then click Property Comps then Construction Comps from the
tool bar.

Step 2. Select the property type of choice from the drop-down menu.
Step 3. Use the form to enter the information for the subject property. You can search by the
address and radius, zip code, or Metro and submarket. You have the option of filtering
information such as building status, expected completion, and building size.

Step 4. Select Generate Comps.

Step 5. From the peers list you can sort by any of the column headings and further narrow your
search by de-selecting comps.

Step 6. Select the file type (.PDF or .XLS) and Generate Report
 Real Estate News
The Real Estate News section, filtered through LexisNexis, is designed to better inform you about
the latest news related stories. This menu selection offers a quick search option that displays the
latest 100 real estate news stories in reverse chronological order, and a more advanced search
page that allows you to search our 90-day news archive in a more targeted manner.

Step 1. Click News, and then select Search Real Estate News, from the tool bar. The search
option allows you to search for stories by date, metro, property type, topic and /or keyword. The
stories are hand coded by Reis for maximum relevance to our metro and property type
designations.
 Submarket Look-up Tool
The Reis Submarket Lookup Tool will identify the submarket that contains a particular address
and will return a map of that submarket with the street borders listed.

Step 1. Click on Submarket Lookup from the tool bar and select a property type.

Step 2. Enter in the address of the property and click Find Submarket.

Step 3. A printable map is returned detailing the property location, metro, submarket and the
submarket boundaries. Below the map, you have the option to download reports or to enter in a
new property address.
 Email Alerts
A new feature for Reis SE is automatic email alerts for new data postings. Currently
alerts are available for the Reis Observer, Sales Comparables, and Construction Comps.
For each report you can filter by many different properties.

Step 1. Select the Email Alerts from the main tool bar or click the link Setup/Edit Alerts
anywhere on the website.

Step 2. Select the metros and reports you are interested in receiving alerts for. Be sure to
check that the email address the alerts will be sent to is your own and active.

Step 3. Select the (Setup/Edit filter) link. From this page you can filter each property
type for the listed parameters.
 Online Help

The Help button from the toolbar offers the following sections:

About Reis: Allows you to learn more about Reis, Inc. with detailed information on our
Products and Services, History and Core Competencies, and biographies of Reis
executives.

Admin: Helps you manage and personalize your subscription account. From this section
you can change your password, view your subscription information and the Reis price
list,

Change Password
This option permits you to change your password. You will need you enter in your previous
password, a new password and select Change Password.

User Profile
This option displays a form, which permits you to update you user profile, including name,
address, email address and metro areas of interest. This is also where you can subscriber to the
ReisCast, our weekly market update sent via email. To subscribe, simply scroll to the bottom of
the form, select yes and Save Changes.

Subscription Information
This option allows you to view the metros and property types your company subscribes to.
Price List
This selection will display the Reis price list along with any discounts your subscription
includes.

Live Help/FAQ/User Guide

Live Help- Instant Messaging: This tool allows you to engage in a live chat via an instant
messaging tool, Monday through Friday from 9:00-5:30 EST. During any other times, this tool
will allow you to send an email to info@reis.com. Customer Support will reply to your request
during business hours.

Frequently Asked Questions: This selection will allow you to view the most frequently asked
questions.

Download User Guide: This selection will allow you to download a PDF version of the user
guide.

Frequently Asked Questions

Reis Does Provide-

National, Regional, Market & Submarket trends of supply, demand, rent and vacancy rates
Building-level statistics for statistically similar peers (rent comparables) to assets in Reiss
market/sector coverage
Historical trends distinguished by property class (A vs. B/C)
New Construction listings of recently completed, under construction, planned and proposed
properties within our coverage
Income-based Valuation and Credit Risk Analysis
CMBS Analysis
Sales Comparables w/ Cap Rates

Tell me about Reiss new Valuation and Credit Risk Module

At present, the tool is available only to Subscribers and Corporate Account clients. The
Valuation portion uses a 10-year pro forma cash flow analysis to value to a single asset. The
initial cash flow is based upon Reiss own market, submarket and property-level research, but
users may find that they wish to override these defaults and assign their own line items
and/or forecasts. The Credit Risk portion employs a sophisticated Monte Carlo loan risk
analysis that details the likelihood of on-time payment, prepayment, and default.
For more information, please contact your account manager.

Tell me about Reiss new Sales Comparables Module

With this new tool, users may comb through the hundreds of recently transacted real property
sales in the Apartment and Office sectors with details such as property physical
characteristics, price, buyer/seller, property performance and a cap rate analysis. You may
search for sales comparables based upon a radius around an address, a discreet set of ZIP
codes or an entire metro area. The comp group may further be limited by sub-property
classifications or specific physical and/or transactional details.
 Individual users may purchase Sales Comparable reports from our website with a credit card.
Corporate Account holders and subscribers should contact their account manager for further
details.

Reis Does not Currently Provide-

Recently signed leases
Statistics on construction starts

Coverage Geographic-
What markets/geographies does Reis cover?
79 Core markets and 3 Expansion markets as well as 52 Apartment-only tertiary markets:
http://www.reis.com/subscriptions/about/about_products.cfm

Why isnt my area covered, when you indicate that the market is, indeed covered by Reis?
Certain submarkets within our market coverage lack sufficient inventory for Reis to compile
thorough analysis. Reis monitors these areas for possible future inclusion.

The Office of Management and Budget (OMB) has recently changed the boundaries of some
metropolitan statistical areas. Does this affect Reis MSA definitions?
The Office of Management and Budget (OMB) has instituted its decennial changes to the
Metropolitan Statistical Area (MSA) definitions. The new definitions, as always, reflect
transitions in the 'commuting to work' patterns and regional population densities at the MSA
level. The proposed changes are generally published during the third year following the most
recent census. The introduction of the new definitions follows a schedule of revision, which
typically lasts about one year, and adoption, typically in the first quarter of the following
year, in this case, 2005.

The list of changes represents a comprehensive revision of terminology and geography. Most
importantly, certain MSA's are now comprised of more counties (e.g. Atlanta) when
compared to the old definitions while others (e.g. Raleigh-Durham-Chapel Hill MSA split to
Raleigh and Durham MSA's) now represent more MSA's than previously, while still others
(e.g. Cleveland) have fewer counties.

While Reis has always taken Census metro definitions and their changes into account, a Reis
metro area designation is determined primarily by commercial, industrial and apartment
property densities rather than regional population densities and commuting patterns. Given
these objectives, OMB's current changes can play a part in our ongoing assessment of metro
designations, but our boundaries will continue to defer primarily to actual property densities.
To accomplish this, we use Economy.com economic and demographic data that is re-
aggregated to fit our designations and re-published in our reports. For a more detailed
explanation of the law and definitional changes from OMB see:
http://www.whitehouse.gov/omb/bulletins/fy04/b04-03.html

How does Reis determine sub markets?

Submarket delineations are based upon natural, manmade and economic boundaries. While
we strive to use micromarkets which confirm to general-use standards, different data
providers will design different sets of boundaries. As we have covered these areas for 20+
 years, we are sensitive to the contiguous areas of real estate that tend to move together and
attempt to delineate those areas for our individual submarket coverage.

Can Reis tell me what city is in what sub market?

Because Reiss boundaries may or may not be based upon actual city limits, we prefer to use
street addresses to identify submarkets. As city municipal boundaries may change and
overlap two or more submarkets, an address is a much more accurate method for determining
submarket location.

How can I determine what submarket my property is in?

Please use our Submarket Lookup tool for this purpose. To access, click
Submarket Lookup from the horizontal navigation bar on our web page.

Sector-
What types of properties are included in your coverage?
Currently, Reis provides data on office, apartment and retail markets with more limited data
on industrial markets.
Apartment: Market rate rental complexes consisting of 40 or more units (except for
California metropolitan areas, where complexes of 15 or more units are included).
Office: General-purpose buildings of 15,000 square feet or more.
Retail: Multi-tenant facilities of 10,000 square feet or more. Data includes neighborhood and
community centers. Stand-alone facilities (big box) are not included unless the buildings
are affiliated with multi-store retail centers.
Industrial: Multi-tenant warehouse/distribution and flex R&D buildings of 25,000 square
feet or more.

Are other sub-types included in the retail data?

At this time, Reis produces research for Neighborhood & Community centers (i.e.
shopping/strip centers) and Power Centers. We do have plans to expand coverage to Regional
Malls, so continue to check with Reis quarterly for further developments on these and related
products.

Commonly Requested Definitions-

Retail: A vs. N and N vs. C
In the Retail Submarket Snapshot reports, you will see data disaggregated by Anchor space
(A) and Non-Anchor space (N). These reflect supply, rent, vacancy and leasing information
for space that is attributable to Anchor inventory and Non-Anchor inventory.

How does Reis define Neighborhood Center versus Community Center?

We have adopted the retail standards of the International Council for Shopping Centers,
which are:
Neighborhood Shopping Center- A strip center, either unanchored, or anchored only by a
supermarket and/or drug store, that caters to the convenience and necessity needs of a limited
area.
Community Shopping Center- A larger strip center that serves a wider trade area than a
neighborhood shopping center because it offers a wider selection of apparel and other
merchandise beyond convenience/necessity goods. Like neighborhood centers, community
centers are often anchored by supermarkets and drug stores; however, they are distinguished
 by additional general merchandise anchors, such as discount department stores and home
improvement warehouse stores that cater to consumers' general merchandise shopping needs.

Are the Submarket Snapshot data based on new leases or renewal leases?
Reis currently provides data on space being marketed as new leasing activity. We are
developing the capability to report renewal lease information.

Are the average asking rents gross or net, or some variation of?
Apartment and Office rents are Gross rents. Retail and Industrial rents are stated as triple-net
(NNN).

What is the difference between asking & effective rents and gross revenue?
Asking rents reflect the advertised rental rates for actively marketed space. Effective rents
are asking rents net of any rental concessions, expressed over the life of the lease term. Gross
revenue, which measures revenue potential, is calculated by multiplying asking rent by the
occupancy rate.

What does 'CRD' stand for?

Contract Rent Discount percentage- the difference between the asking rent and signing rent
expressed as a percentage.

Does the Vacancy figure include sublease space?

Any space that is available immediately for leasing (i.e. within 30 days) is considered vacant
for Reiss standards, regardless of whether available directly from the landlord or as a
sublease.

Economic-Demographic data-
Where does Reis obtain the economic and demographic data in the Metro reports?
RFA Dismal Sciences, part of Economy.Com.

What industries are included in your office employment figure? Industrial figure?
Office:
construction employment mining employment
FIRE employment transportation employment
government employment services employment
manufacturing employment total trade employment

Industrial:
manufacturing employment wholesale trade employment

Does Reis provide economic and demographic data on the sub-market level?
As RFA Dismal Sciences does not create economic-demographic trends compatible with our
submarket delineations, there is no such data in our submarket reports.
Comparison of Reis to Third-Party Sources-
Reis says X and a third-party provider says Y. Why is there a difference?
Part of our market review each quarter requires Reis to evaluate third-party sources for
reference. We are aware that in many markets certain figures are markedly different.
Usually, this is due to different approaches to geographic and property-type coverage. Other
sources may also use different methodology for calculating sublease space or rent figures.
Should you have specific examples of discrepancies, Reis is always happy to review results
with you.

Why is Reiss data so different from that of the Census Bureau?

The housing data from the US Census Bureau has a much wider scope than Reiss focus. The
Census uses residential properties regardless of rent restrictions, owner-occupancy as well as
a much smaller size threshold. While many relative trends may be similar, the two data
sources are predominately incompatible.

Why is the Reis apartment inventory in New York, Chicago, Boston, etc so different from what
I expect?
Many larger, older and more urban residential markets have vast inventories of rent-
restricted units. Reis does not report figures for rent controlled, stabilized, low-income,
tax credit or co-operative properties.

Methodology-
How does Reis collect data?
Rent, vacancy and leasing data are collected by an in-house team of surveyors, calling on a
minimum 40% of the known supply in every Reis market each quarter. This consistent
approach to data collection is supplemented by our New Construction research team who
identifies and further verifies new additions to supply on a continuous basis. For more
information on our collection methodologies, contact Customer Support.

How does Reis determine property classes?

Briefly, a propertys Class is designated by its respective rent level and size/age combinations
with respect to the other properties in the local submarket and larger metro area. Typically,
the top 1/3rd of the population with respect to these measures are deemed class A, while the
remainders are B/C Class. Reis uses both a statistical model as well as individual property
review to assign a class designation.

How often and when is Reis data updated?

All reports are updated quarterly. Trend and rent comp data are generally updated on the
Reis SE website 30 days after the close of the calendar quarter. Updated Reis Observer
reports are uploaded on a staggered basis over the course of the quarter. New
Construction status data is updated on a weekly basis. Sales Comp data is entered on a
daily basis.

What do your cap rates in the Sales Comparables product represent? Where do they come
from?
The module provides a variety of consistent cap rate guidance, both at the property and
market level, including a going-in cap rate based on income, expenses and vacancy
 information that takes advantage of our history of performance on the property and our
intelligence about what is happening in the submarket.
Estimated Going-In Cap rate: Our proprietary database of property level information
and our economic modeling methodology allow us to project the post-purchase year-1
NOI, which we divide by the purchase price to estimate the going-in cap rate.
Average Cap Rate for Transactions in This Metro: Cap rates are pre-calculated by
Reis based on conditions in each metro and is updated quarterly. Cap Rates are modeled
as a function of risk free interest rates, metro level in-place rent growth expectations,
current construction, and running measures of volatility in rents and metro level
economic and demographic factors. Together, these measures are proxies for capital
conditions, income expectations, and risk. The model is estimated using data from
National Council of Real Estate Investment Fiduciaries.
Reported Cap Rate: Cap rate reported by Seller-Press, Broker-Press or Buyer Press.

Why are there more completions listed in the trend report, then those completed projects listed
in the Construction Works report?
The Construction Works report is a refined list of all verified leads. We may lack sufficient
intelligence on a project for publish in our Construction Works report, but will be included in
our forecasted trends.

Subscriptions & Corporate Accounts-

Im interested in a Subscription, how much does it cost?
Subscription costs are based upon the desired geography, property type(s) and depth of
data. Please provide us with your contact information so we can have an account manager
follow-up with you to discuss pricing for your specific needs.

My company is a subscriber to Reis SE, doesnt that mean Im registered with your website?
Each of our clients is required to send us a list of individual users authorized to access Reis
SE. If you are not part of that access list, you will not be able to utilize the Reis SE platform.
We urge you to contact your supervisor or us should you require access.

How do I access a report?

Please review our User Guide for instructions on how to access any of our numerous PDF
and XLS reports: http://www.reis.com/learning/ReisUserGuide.pdf

When I click on a report, why am I asked for a credit card/told that my balance is $0?
The most likely reasons are: 1- you are not logged in to Reis SE. Double-check that you have
the Reis Subscriber Edition logo in the top left of the web page; 2- you are trying to access a
report to which you are not entitled; 3- your Corporate Account funds have been depleted or
your account has expired, in which case you should contact your Account Representative.

Dont see what you need?

How can I review samples?
You will find links to report descriptions and samples on this page:
http://www.reis.com/subscriptions/about/about_products.cfm
Can I get more history than is in the current reports?
Typically, 5-years of history is available in the PDF reports with 10-years of history in the
XLS reports. Please contact an Account Representative for details on whether further data is
available.

In the rent comp report, why isnt my property included in the peer group?
If you input the subject property with different physical characteristics than what we know of,
it is possible that Reis will not return your subject property to you as a potential peer. This is
useful for generating multiple scenario comp groups based upon different sizes or
construction years.
Additionally, if we have been unable to confirm with a property contact that a new
development has been completed, it will not be a part of our comp database.

Can I pick my own rent comp peer group?

At this time, you are restricted to the 20 maximum peers returned by the Comp module. You
can use the check boxes to exclude undesired potential peers, but you cannot select properties
outside the returned list.

Does Reis have regional or national aggregations?

Reis compiles a weighted-average trend based upon the covered markets for both Regional as
well as a US trend. You will find them on the National Page, under the heading National
Market Data. These reports are available to Subscribers and Corporate Account holders
only.
How will Reiss coverage of the 52 new Apartment markets affect these regional or national
aggregations?
For continuity purposes, the new tertiary markets will be withheld from Reiss national and
regional figures on all reports except for the Performance Monitor. Also note, tertiary
market rent growth and vacancy figures are not included in our Top 10/Bottom 10 rankings
tables on our homepage.

Will Reis provide contact information for properties?

At this time, contact information in our database of properties is strictly proprietary and
confidential. In order to maintain good relations with our contacts, we are unable to provide
this data to you.

In your rankings section, do you offer individual market rankings other than the top and
bottom ten?
You can find individual market/submarket rankings in our PDF Trend reports. Currently we
do not provide a master rank list of all markets. If you are interested in custom rankings,
please contact your Account Representative for further information.

Technical
What are the minimum technical requirements to use Reis?
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Available Subscriber Reports

Metro Reports
For a detailed look at some sample reports please go to
http://www.reis.com/subscriptions/about/about_products.cfm
MetroTrend Data covers historical performance indicators for the past five years at the metro
level. Supply-and-demand figures for asking rent, vacancy rate, inventory growth and
construction versus absorption are compared to regional and U.S. performance. Trends on over a
dozen real estate variables are presented. Note: if accessed in Excel, the MetroTrend contains ten
years of history.

MetroTrend and Forecast Data conveys the same market information as the MetroTrend report,
expanding the analysis period to include a five-year econometric forecast for the metro, region,
and U.S.

Class Cut Trend Data provides a separate historical trend for Class A and Class BC
performance at the metro level.

New Construction Listing is a comprehensive list of selected new construction projects for each
property type in each metro area. The report catalogs proposed or planned projects, buildings
under construction and those recently completed. New construction project totals are provided at
the metro level and parsed into appropriate submarkets. Highlights of this report include detailed
building data (including address, size, planned completion data, status, etc.), comparative
submarket analysis and precise distribution of new projects in tabular and mapped formats.

Reis Observer offers narrative analysis and a concise summary of economic and market
conditions on each metro, with single issues on office, apartment, industrial and retail sectors.
Published quarterly, each report integrates Reiss proprietary research with market statistics from
other industry sources and highlights trends, new construction projects and out-performing
submarkets.

Submarket Snapshot provides data as of the most recent quarter for each submarket. Detailed
information includes rent and lease expense items such as contract rent discount, free rent
concessions, leasing commissions and T.I. allowances. Anchor and non-anchor breakouts are
also provided for the retail sector.

Power Center Stats provides rent and vacancy statistics for Retail power centers at the metro
level as well as recent sales and current construction. Metro level maps provide area locations as
well as listings for all power centers and regional malls in the metro.

Property Sales Trends is a look at Reiss sales comparables database to provide key
measurements of metro level transaction trends for 10 quarters, up to the current quarter. These
trends include: capitalization rates, dollar volume, transaction counts and prices per unit/sq ft.
Additional metro level analysis presents a perspective on levels of transaction activity within
submarkets. The contents and format of the reports vary by property type and quantity of
transactions.

Performance Monitor provides rent and vacancy statistics for tertiary Apartment markets at the
metro level. Metro level unit mix and inventory figures are outlined as well as detailed breakouts
of the economy and local demographics.

Submarket Reports
 Submarket Trend Data covers rents, vacancies and other supply/demand variables in a given
geographic submarket for the past five years. Asking rent, vacancy rate, inventory growth and
construction/absorption figures are detailed with charts and graphs, and are also compared to
parent metro, regional and U.S. performance.

Submarket Trend and Forecast Data furnish the same market information as the SubTrend
report; expanding the analysis to include a five-year econometric forecast for the submarket,
parent metro, geographic region, and the U.S.

Submarket Class Cut Trend Data provides a separate historical trend for Class A and Class BC
performance at the submarket level.

Comp Reports
Rent Comparables: provides summary market rent and vacancy statistics for a customized peer
group of up to 20 properties. For office properties, aggregate statistics on operating expenses and
taxes are also included. The list of comparable buildings includes; name, address, size, age,
number of floors (units for apartments), submarket and distance from the subject. In addition, it
provides rent and vacancy figures for the individual properties in the peer group, plus prevailing
lease terms within the subject propertys submarket.

Sales Comparables: With this new tool, users may comb through the hundreds of recently
transacted real property sales in the Apartment and Office sectors with details such as property
physical characteristics, price, buyer/seller, property performance and a cap rate analysis.

New Construction Comparables: leverages the information in the New Construction Listing
report, but with the ability to filter and search by radius or zip code for a more customized report.

Back to Top

Reis Market Coverage

State Market Off Apt Ret Ind State Market Off Apt Ret Ind
Alabama Birmingham * * * Michigan Detroit * * * *
Huntsville * Flint *
Mobile * Grand Rapids *
Arizona Phoenix * * * * Lansing *
Arizona Tucson * * * T Minnesota Minneapolis * * * *
Yuma * Mississippi Biloxi *
Arkansas Little Rock * * * * Hattiesburg *
California Bakersfield * Jackson *
Carmel/Monterey * Missouri Kansas City * * * *
Fresno * Springfield *
Los Angeles * * * * St. Louis * * * *
Modesto * Nebraska Lincoln *
 Oakland-East Bay * * * * Omaha * * * *
Orange County * * * * Nevada Las Vegas * * * *
Sacramento * * * * Reno *
San
Bernardino/Riverside * * * * New Hampshire Nashua/Manchester *
San Diego * * * * New Jersey Central New Jersey * * * T
San Francisco * * * * Northern New Jersey * * * T
San Jose * * * * Atlantic-Cape May *
San Luis Obispo * New Mexico Albuquerque * * *
Santa Barbara * New York Albany *
Santa Rosa * Buffalo * * *
Stockton * Long Island * * * T
Vallejo-Fairfield * New York * * T T
Visalia * Rochester * * *
Ventura County * * * T Syracuse * * *
Colorado Yuba * Westchester * *
Boulder * North Carolina Charlotte * * * *
Colorado Springs * * * Greensboro/Winston * * * T
Denver * * * T Hickory-Morgantown *
Fort Collins * Raleigh-Durham * * * *
Connecticut Fairfield County * * * * Wilmington *
Hartford * * * * Oklahoma Oklahoma City * * *
New Haven * * * T Tulsa * * *
Delaware Wilmington * Ohio Akron *
Florida Daytona Beach * Canton *
Fort Lauderdale * * * T Cincinnati * * * *
Fort Myers * Cleveland * * * *
Fort Pierce * Columbus * * * *
Fort Walton Beach * Dayton * * * T
Gainesville * Toledo *
Jacksonville * * * * Youngstown *
Lakeland * Oregon Eugene *
Melbourne * Medford *
Miami * * * * Portland * * * *
Naples * Salem *
Orlando * * * * Pennsylvania Allentown *
Palm Beach * * * * Harrisburg *
Pensacola * Lancaster
Sarasota * Philadelphia * * * *
Tallahassee * Pittsburgh * * * *
Tampa-St.
Petersburg * * * * Scranton *
Georgia Atlanta * * * * Rhode Island Providence * * *
Augusta * South Carolina Charleston * * *
Columbus, GA * Columbia * * *
Savannah * Greenville * * *
Albany * Myrtle Beach *
Athens * Tennessee Chattanooga * * * *
Macon * Knoxville * * * *
Idaho Boise * Memphis * * * *
Illinois Chicago * * * * Nashville * * * *
Davenport-Moline * Texas Austin * * * *
Peoria * Corpus Christi *
 Rockford * Dallas * * * *
Indiana Evansville * El Paso *
Fort Wayne * Fort Worth * * * *
Gary-Hammond * Houston * * * *
Indianapolis * * * * Odessa-Midland *
Bloomington * San Antonio * * * *
Elkhart Utah Provo-Orem *
Kokomo * Salt Lake City * * *
Norfolk/Hampton
Iowa Des Moines * Virginia Roads * * * *
Kansas Lawrence * Richmond * * * *
Wichita * * * * Roanoke *
Kentucky Lexington * * * Suburban Virginia * * * *
Louisville * * * Charlottesville *
Louisiana New Orleans * * * T Lynchburg *
Alexandria * Washington Seattle * * * *
Baton Rouge * Spokane *
Maine Portland * Tacoma * * * T
Maryland Baltimore * * * * Washington D.C. District of Columbia * * T T
Suburban Maryland * * * * Wisconsin Madison *
Massachusetts Boston * * * * Milwaukee * * * *
Springfield, MA * Appleton-Oshkosh *
Worcester *

Tertiary Apt Only Market T = Transaction Monitor Only

Glossary of Terms
Absorption: See Net Absorption.

Absorption/Occupied Stock: Absorption divided by occupied stock from beginning of one time
period to the end of the time period.

Anchor Tenant: The store(s) and other users (e.g., movie theatres) that generally occupy the
largest spaces in terms of square footage and serve as the primary draw of customers in a
shopping center. Typical anchors are supermarkets, drug stores and department stores.

Average Household Income: The average income per household for the time period of reported
data, as defined by the U.S. Bureau of the Census.

Commission: See Leasing Commissions.

Community Shopping Center: A retail property offering a wider range of apparel and general
merchandise than a neighborhood center. Discount department stores (e.g., Wal-Mart, Kmart and
Target). The gross leaseable area generally runs from 100,000 square feet to 350,000.

Competitive Inventory: The total square footage or total number of units or square footage of
completed properties that are competitively rented. Competitive properties are office buildings,
industrial properties, regional, community, and neighborhood shopping centers of 10,000 square
feet or greater, or rental apartment complexes of 40+ units (in California, REIS includes
apartment complexes of 10+ units). Owner-occupied, medical office buildings, cooperatives,
condominiums, furnished rental apartments, federally subsidized housing units, and buildings
under construction are excluded from the inventory.
Competitive Size: A more granular look at new construction inventory coming online it
represents the total number of units in a multifamily project that are slated to be market rate
rentals (e.g. a condo will be 0 unless a portion of the building is to be rented at market rate)

Completions: The amount of new space added to market inventory during the time period
indicated.

Construction/Absorption: In Market Trends, construction (i.e., Completions) during the year

divided by absorption during the time period indicated.

Contract Rent Discount (CRD): The average percentage discount offered by building
owners/managers from the market asking rent to final negotiated contract rent.

Effective Rent: The average market rent, less the present value over the lease term of free rent
and, where applicable, the portion of tenant improvement above standard and/or other
concessions, including moving allowances and waived fees.

Effective Rent % Change: The percent increase or decrease in the effective rent rate between
the time period indicated.

Enclosed Shopping Center: A center which has a walkway or mall that is enclosed, heated and
cooled, insulated and lighted. The mall corridor has storefronts on one or both sides.

Estimated Completion (Month): The estimated month of completion for a new construction
project.

Estimated Completion (Year): The estimated year of completion for a new construction project.

Expenses: The average annual cost, per square foot or per unit, of operating buildings in the
REIS submarket survey sample, including property taxes, energy, janitorial service, insurance,
general building maintenance, management and leasing fees, and other expenses.

Free Rent: The average free rent concession expressed as the number of months over the lease
term. This is calculated using the following formula: (SIZE x OCCUPANCY x MARKET
RENT x FREE RENT) / (LEASE TERM x 12).

Gross Revenue/Unit: The average potential rental income, calculated by multiplying occupied
space by the asking rent divided by the total inventory.

Households: The number of occupied housing units, as defined by the U.S. Bureau of the
Census.

Industrial Employment: The total number of persons employed in construction, manufacturing,

transportation, and public utilities.

Inventory (Buildings): Estimated total number of competitive properties based on the REIS
database. For size, age, and rent peers, represents the number of buildings sampled within the
peer range.

Inventory (Units/Sq. Ft.): Estimated total square footage or units in competitive properties based
on the REIS database. For size, age, and rent peers, represents the total square footage or units
sampled within the peer range.
Lease Term: The average term currently being quoted for new leases (in years).

Leasing Commission: An amount paid to a real estate broker in exchange for bringing a tenant
and landlord together to form a lease agreement. Usually paid in the form of a percentage of the
yearly rent.

Leasing Commissions (%): The average commission paid to leasing agents expressed as a
percentage of market rent.

Market Rent: The annual average asking rent per square foot (or per unit for apartments). For
office and apartment, rent is on a gross basis and includes expenses. For retail and industrial rent
it is on a triple-net basis.

Market Rent % Change: The percent increase or decrease in the market rent rate between REIS
survey periods.

Metropolitan Area: Geographical division of the United States encompassing a major city and
its surrounding communities/counties.

Neighborhood Shopping Center: A shopping complex constructed around a supermarket and/or

drug store as the only anchor tenant(s). It provides for the sale of convenience goods and
personal services for the day-to-day living needs of the immediate neighborhood. The gross
leaseable area typically ranges from 30,000 square feet to 150,000 square feet.

Net Absorption: The net change in occupied space between the time periods indicated.
Preleased spaces in buildings under construction are not included in order to avoid double
counting of tenants in the process of moving within the market.

Occupied Stock: The total square feet of occupied space or total number of
occupied units in completed buildings throughout the market.

Operating Expenses: The average annual cost per square foot of operating commercial
buildings in the subject submarket. Includes property taxes, energy, janitorial service, insurance,
general building maintenance, management and leasing fees, and other expenses. For apartment
properties, the operating expense is expressed as a percentage of gross potential revenue.

Population: Total number of inhabitants in the defined geographic area as defined by the U.S.
Bureau of the Census.

Power Center: A collection of three or more anchor stores generally located within a center
larger than 250,000 square feet, and where the total anchor space accounts for 75% or more of the
centers total area.

Regional Center: A shopping center whose main attractions are its anchors: traditional
department stores (e.g., Macys Filenes), mass merchant department stores (e.g., Sears, J.C.
Penny), or fashion specialty stores (e.g., Neiman Marcus, Nordstrom). Typically enclosed and
connected by a common walkway. The total gross leaseable area generally is at least 400,000
square feet.

Size (Sq. Ft./Units): The size, in square feet or total number of units, of a property.

Status: The current status of a new project (e.g., under construction, proposed).
Strip Center: A shopping center that typically consists of a straight line of stores with a common
parking area. Stores are entered individually from the parking lot through outside entrances. The
anchor tenant may be a supermarket, discount store, major department store, or a specialty
retailer. The center usually ranges in size from 30,000 to 250,000 square feet.

Submarket: Geographical division of a metropolitan area comprising a neighborhood or business

concentration/corridor.

Subsector: A subdivision that applies to Retail and Industrial sectors.

Retail sectors can be further broken down by Anchor and Non-Anchor, and Industrial
sectors can be broken down by Warehouse and Flex.

Tenant Improvements: The average value granted to a new tenant by an owner for work done
on previously occupied space throughout the REIS submarket survey sample (expressed as
dollars per square foot per lease term).

Total Employment: Total non-agricultural employment.

Triple Net Lease: A lease agreement in which the tenant pays contract rent to the landlord, and,
in addition, separately pays the operating expenses of the property. Specifically, the triple
expenses for which the tenant pays are property taxes, insurance and maintenance.

Vacancy %: The percent of unoccupied space in completed buildings throughout the market,
calculated by dividing the vacant stock by the total inventory.

Vacant Stock: The amount of available space in the market.

Online and Telephone Support

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Reis, Inc.
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New York, NY 10036
212.921.1122
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Chris.Johnston@reis.com

David Geib
Reis, Inc.
530 5th Ave
5th floor.
New York, NY 10036
212.921.1122
212.921.2533 (fax)
David.Geib@reis.com