As northern Nevada’s longest-running boutique industrial real estate agency, we’ve built an extensive in-house database designed to monitor and track local industrial properties. Here’s how it benefits us – and you, as a potential buyer or lessee of industrial real estate here in northern Nevada.
Data for the commercial and industrial real estate market comes in a few different forms and can vary in complexity.
1. Foundational statistics: These include market size, submarket size, vacancy and absorption rates, etc.
2. Transactional records: These include numbers related to lease and sales data.
3. Interpretations: These numbers relate to the interpreting, trending and forecasting data.
While it’s possible for anyone to access market data with a phone call to the right county agency or a targeted search online and access to the right websites, access only isn’t necessarily enough.
Accurate data is critical, and when your information and numbers come from public sources, you’re at an immediate disadvantage. Not only will it be in a virtually useless format, it hasn’t been scrubbed.
Scrubbed data has been filtered for any data that will produce a false statistic. In the case of local industrial real estate data, that includes investment sales, ownership entity name changes masquerading as sales, vacant properties that are unavailable for lease, occupied locations that are available, and duplicated and missing records.
It’s this data – and more – that makes public data dubious. So while there is information available, it’s not accurate, proper market data.
Fortunately if that’s what you need, all you have to do is ask.
You’ll find accurate, comprehensive, useful market data through an agency like Miller Industrial Properties, which has committed the time and resources into generating it. We began developing this data by manually counting every industrial location in each submarket sector, and we constantly update this information – adding new buildings and deleting those considered obsolete or redefined as some other type of real estate product. We establish, track and monitor these locations to generate vacancies and monitor vacancy and absorption rates.
And then, to keep this information useful today and into the future, we monitor trending. This requires historical data so we can review trends over time.
We make our findings available quarterly in our Market Advisor – which are routinely sourced in local publications for industrial real estate articles – and you can view past issues on our Resources page. In fact, our first quarter issue for 2016 will be available in less than a week.
We do all of this for a simple reason. The more comprehensive and accurate your data, the better positioned you will be to make appropriate choices. This information plays a critical role in the decision-making process for buying and leasing industrial real estate, and when it’s inaccurate, you’re starting from disadvantage.
Our advice? Gather your local market data from firms with a strong reputation and agents with a proven track record in the real estate area you’re considering.
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