NEW YORK, May 16, 2011 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, today launched coverage of neighborhood and community shopping centers in 30 additional markets, raising the total number of metropolitan areas for which retail coverage is offered to 170.
For each additional market, Reis offers its popular property-level Rent Comparables and Performance Monitor Reports, which provide investors current and historical measurements of rent, vacancy, inventory and employment trends. Hand selected commercial real estate news stories will also be provided.
"We are seeing an increased interest in shopping center performance as an indicator of consumer sentiment and the direction of the larger economy, given the rising share of retail sales taken up by online transactions and a job market that's recovering in fits and starts," said Reis's Director of Research, Dr. Victor Calanog. "By expanding our coverage, not only are we offering our clients insight into specific new markets, we are also providing them a broader perspective from which to consider all of their investment decisions."
The Company noted that this is the third expansion of its retail coverage since May of 2009, and the seventh expansion of coverage for all property types since May of 2007. Reis's Chief Operating Officer, Bill Sander, sees the long-planned move as evidence of Reis's commitment to product expansion and innovation. "For more than ten years, we have worked diligently to enhance our flagship product, Reis SE, by adding markets, reports, and analytical capabilities that have made us the clear industry leader," he said. "Within the past year alone, Reis has increased the publication frequency of core market information from quarterly to monthly. We have also expanded our apartment coverage to 200 markets, added a new sector—hotels—to our sales comps coverage, and, in response to market conditions and client demand, we lowered our coverage threshold to include sales transactions down to $250,000. In coming quarters, we will continue to maintain our unrivaled record of product innovation."
Reis, through its flagship institutional product, Reis SE, and through its new small business product, ReisReports, provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing evaluations. Depending on the product, users have access to trend and forecast analysis at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis's products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, and equity investors. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.
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This press release may contain certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the Company's or management's outlook or expectations for the Company's business, operations or performance. Forward-looking statements reflect management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Please refer to the company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.
CONTACT: Press Contact: Michael J. Richardson Senior Vice President, Sales & Marketing Investor Relations: Mark P. Cantaluppi Vice President, Chief Financial Officer Reis, Inc. (212) 921-1122