Tricks of the Trade: Highlights from the Income/Expense Analysis[R] Studies by IREM

By Schwendeman, Nick | Journal of Property Management, November-December 2013 | Go to article overview

Tricks of the Trade: Highlights from the Income/Expense Analysis[R] Studies by IREM


Schwendeman, Nick, Journal of Property Management


The Income/Expense Analysis studies--providing data for five properties types: Office Buildings; Conventional Apartments; Shopping Centers; Federally Assisted Apartments; & Condominiums, Cooperatives, & Planned Unit Developments--have been a valuable resource for over 58 years now. Designed to help property owners and managers, investors, appraisers, lenders, developers and other real estate professionals evaluate and optimize a building's performance, the series is an invaluable resource for building better budgets, identifying ways to trim waste, addressing inefficiencies while making needed improvements, preparing feasibility studies, appraisals and loan requests, and much more. The following displays the highlights of the five publications.

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OFFICE BUILDINGS

The Income/Expense Analysis: Office Buildings research study, conducted by IREM since 1976, analyzes operating income and costs for 1,929 private-sector office complexes--some containing multiple buildings--in major metropolitan areas and regions in the United States and Canada. For the third consecutive year it also contains financial data, broken out separately, for 374 medical office buildings.

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OFFICE BUILDING HIGHLIGHTS

* Total collections for suburban office complexes nationwide in 2012 increased 2.2 percent from 2011 levels to $18.62 per square foot of net rentable area. Similarly, downtown properties experienced a 1.9 percent year-to-year collections increase to $20.68 per square foot.

* Total operating costs for suburban buildings in 2012 increased a mere 0.2 percent from the prior year to $8.34 per square foot of rentable area, while those for downtown properties rose 1.4 percent to $10.09 per square foot.

* Nationally, net operating costs for suburban buildings in 2012 dipped 1.0 percent to $5.97 per square foot of rentable area, whereas those for downtown properties increased a mere 0.7 percent to $7.17 per square foot.

* The national vacancy rate for suburban properties in operation for 12 months was 10 percent in 2012, down 1.0 percent from the prior year. Downtown properties experienced an 8 percent vacancy rate, down from 9 percent in 2011.

CONVENTIONAL APARTMENTS

The Income/Expense Analysis: Conventional Apartments is designed to help real estate professionals evaluate multifamily development and investment options and compare their buildings' performance to industry norms.

The data for each sample is presented in dollars-per-square-foot of rentable area and as a percentage of gross possible income and dollars per unit. Individual metro market reports for more than 150 cities also are included along with an analysis of vacancy rates and operating unit trends plus a variety of historical trend reports. The study also summarizes data by building type, age, Section 42 properties, turnover and more.

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SHOPPING CENTERS

The Shopping Centers study, published in the Income/Expense Analysis: Shopping Centers, has been conducted by IREM since 1991, analyzes the previous year's operating data for 421 open shopping centers throughout the US. It is designed to provide real estate professionals and investors with current financial data for evaluating the performance of their properties and for preparing appraisals, budgets, loan requests and sales proposals.

The study breaks down open shopping center operating data into several categories, including property size, age, type of anchor, type of lease, average actual occupancy (AAO) and gross leasable area (GLA). The study includes national, regional and metropolitan statistics, along with several special reports including leasing fees, expansion, tenant turnover, type of ownership and gross sales analysis.

CONVENTIONAL HIGHLIGHTS

* NOT for elevator buildings increased 12. …

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