NEW YORK and SCOTTSDALE, Ariz., Oct. 18, 2011 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, today announced the introduction of an entirely new suite of reports focusing on the two Industrial property types that are most important to investors: Warehouse/Distribution and Flex/R&D. Against a backdrop of growing demand for detailed Industrial market coverage, Reis now offers the most comprehensive product available in more than 350 submarkets in the top 47 metropolitan industrial centers. For each metropolitan area, Reis provides the nation's first full suite of metro and submarket reports, including forecasts, and property-level rent, sales and construction comparables. The new product addresses a large vertical segment and revenue opportunity for the Company, positioning Reis to facilitate investor analysis of Industrial properties, a sector with nearly $75 billion in outstanding commercial mortgage-backed securities (CMBS) and publicly-traded Industrial REITs with an aggregate market capitalization in excess of $20 billion. Reis's new Industrial market reports will become immediately available to existing and new subscribers as an additional module through the company's Reis Subscriber Edition platform. The Company made the announcement at the NAIOP Development '11 conference in Scottsdale, Arizona.
The product rollout significantly improves investor perspectives on the U.S. Industrial sector. Until now, Industrial market information has been characterized by poor definitions of competitive inventory, lack of critical submarket and property-level resolution, and data collection methods that generate more questions than answers. "We address all of these issues," said Reis's Chief Executive Officer, Lloyd Lynford, "by diligently classifying each Industrial property according to the key factors that determine its comparability to peers: geographic submarket, functional use, and renter- versus owner-occupied status. By rigorously adhering to these quality control measures, Reis avoids problems associated with other sources, including underestimating a market's vacancy rate and producing trends of questionable relevance and accuracy. And, of course, only through the careful classification of the many types of industrial properties is it possible to provide meaningful rent and sales comparables reports, a fundamental tool for anyone involved in a commercial real estate sale or lease transaction."
Reis's Chief Operating Officer, Bill Sander, cited subscriber demand as the driving factor behind the enhancement. "Reis is ever attentive to the needs of our long-term clients, many of whom have expressed their frustration at the quality of the Industrial market data they were receiving from other sources. We saw an opportunity to advance the practice of Industrial analysis by applying to this sector the same comprehensive data collection methodology that has made Reis the nation's most trusted provider of commercial real estate information for Apartment, Office, and Retail properties."
Reis's launch of its enhanced Industrial coverage demonstrates the firm's commitment to constant product innovation as a driver of stockholder value. "Over the last four years, we have introduced eleven major expansions of coverage that have driven the growth of our business," Mr. Sander said. "Heading into 2012, we will continue to focus on monetizing these products, maintaining our aggressive pace of product development, while continuing to expand our subscriber base and placing ever more distance between ourselves and would-be competitors."
Reis, founded in 1980, provides its subscribers with online access to commercial real estate market information and analytical tools through its flagship institutional product, Reis SE, and through its recently introduced small business product, ReisReports. Reis develops and maintains proprietary databases containing detailed information on apartment, office, retail and industrial properties in metropolitan markets and neighborhoods throughout the United States. 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 subscribers include many of the nation's leading bank and non-bank lending institutions, equity investors, brokers, appraisers, property owners, developers and builders. These subscribers use Reis's timely and accurate information on market transactions, supply, absorption, rents and sale prices to value assets, to make informed buying, selling and financing decisions, and to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate-backed securities.
The Reis, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7042
Cautionary Statement Regarding Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by Reis, Inc., may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Reis, Inc. or industry results to be materially different from any future results, performance or achievements expressed or implied by such 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