REIS – A New Service for Commercial Property Information

Unlimited access to Miami, Fort Lauderdale & Palm Beach apartment, office, retail & industrial.

Reis SE is an electronic database solution that includes access to market information on U.S. metropolitan markets (“metros”), updated quarterly. Apartment, Office, Retail and Industrial sectors are covered (although some markets may not include coverage of all four sectors). The current market coverage (which is subject to change) is listed at: http://www.reis.com.

In order to clarify distinctions in product coverage in this Agreement, Reis differentiates between its primary metros (“primary markets”), secondary metros (“secondary markets”) and tertiary metros (“tertiary markets”), as described below. All information as to market and submarket coverage is as of the date hereof and is subject to change.

A. Primary Markets

(1) Historical Trends and Forecast Data

· Market details on supply, demand, vacancy, asking and effective rents, and related market indicators on:

· Annual trends are presented from 1990, with current quarter-to-quarter trends that begin in 2002.

· Includes a five-year forecast for all primary markets and submarkets.

· Updated quarterly.

· Available in pdf and Excel file formats.

(2) Reis Observer™ Reports

· Economic and real estate analysis in narrative form published quarterly on most property types for most of our major U.S. metros.

· Discussion of key supply and demand trends in each market, pinpointing under-performing and out-performing submarkets and integrating Reis’s statistics with secondary sources of market information.

· Available in pdf file format.

(3) Submarket Snapshot Data

· Current market indicators, including detailed concession data.

· Apartment sector – free rent.

· Office and Retail sectors – contract rent discount (CRD), tenant improvement allowances, free rent, commissions, total expenses and real estate taxes.

· Updated quarterly.

· Available in Excel file format.

(4) New Construction Project Data

· Building-level listings and summary statistics for submarkets and metros are presented for planned/proposed projects, projects under construction and recently completed projects in the Office, Apartment and Retail sectors.

· Updated weekly.

· Available in pdf and Excel file formats.

(5) Class Cut Historical Trends

· Market and submarket aggregated details on supply, demand, rents and vacancy for Class A and Class B/C properties for the Apartment and Office sectors.

· Historical trends are presented from 1990 at the market level and from 1996 at the submarket level.

· Updated quarterly.

· Available in Excel file format.

(6) Local News and Archive

· Daily real estate and economic stories are posted from the leading local newspapers and periodicals across the nation, coded by Reis into relevant metros.

· Updated each business day.

· Searchable archive of stories maintained for 90 days.

(7) Economic/Demographic Information

· Pertinent “demand-side” variables provided for each metro with trends and forecasts by Economy.com.

· The six variables are:

o Total Employment;

o Office Employment;

o Industrial Employment;

o Total Population;

o Number of Households; and

o Median Family Income.

· Updated quarterly.

(8) Rent Comp Data

· Includes current and historical information on comparable property rents and vacancies for the Office, Apartment and Retail sectors.

· Updated quarterly.

· Available in pdf and Excel file formats.

(9) Sales Comp Data

· Historical archive of Apartment, Office, Retail and Industrial transactions greater than $2,000,000.

· Includes details such as property physical characteristics, price, buyer/seller, property performance and a detailed cap rate analysis.

· Updated daily.

· Available in pdf and Excel file formats.

(10) Capital Markets Trends

· Key measurements of metropolitan sales transactions trends, including cap rates, dollar volume, transaction counts and prices per unit/square foot.

· Sales transaction activity within submarkets is also provided.

· Updated quarterly.

· Available in pdf file format.

(11) Single Property Valuation Tool

· Enables discounted cash flow analyses of individual properties. Cash flow and capital markets assumptions are pre-populated with Reis data and forecasts, but may be adjusted by the user.

B. Secondary Markets

(1) Historical Trends

· Market and submarket trends dating from 2000, including inventory, rents and vacancy, plus metro-level economic/demographic information.

· Updated quarterly.

· Available in pdf and Excel file formats.

(2) Local News and Archive

· Daily real estate and economic stories are posted from the leading local newspapers and periodicals across the nation, coded by Reis into relevant metros.

· Updated each business day.

· Searchable archive of stories maintained for 90 days.

(3) Rent Comp Data

· Includes current and historical information on comparable property rents and vacancies for the Office, Apartment and Retail sectors.

· Updated quarterly.

· Available in pdf and Excel file formats.

(4) Sales Comp Data

· Historical archive of Apartment, Office, Retail and Industrial transactions greater than $2,000,000.

· Includes details such as property physical characteristics, price, buyer/seller, property performance and a detailed cap rate analysis.

· Updated daily.

· Available in pdf and Excel file formats.

(5) Capital Markets Trends (available for most markets)

· Key measurements of metropolitan sales transactions trends, including cap rates, dollar volume, transaction counts and prices per unit/square foot.

· Sales transaction activity within submarkets is also provided.

· Updated quarterly.

· Available in pdf file format.

C. Tertiary Markets

(1) Historical Trends

· Market trends dating from 2005 including inventory, rents and vacancy, plus economic/demographic information.

· Updated quarterly.

· Available in pdf and Excel file formats.

(2) Rent Comp Data

· Access to Reis’s CompQuote Plus report.

· Updated quarterly.

· Available in pdf and Excel file formats.

To access the system please contact your manager for the user name and password. If you have any questions please e-mail me at [email protected] or call me 305-238-6000.

Please Note: – Effective immediately REIS will replace CoStar.