Academic journal article Journal of Real Estate Literature

The CB Commercial/Torto-Wheaton Database

Academic journal article Journal of Real Estate Literature

The CB Commercial/Torto-Wheaton Database

Article excerpt

Journal of Real Estate Literature, 5:5966 (1997)1997 American Real Estate Society

WILLIAM C. WHEATON

Department of Economics and Director, Center for Real Estate, Massachusetts Institute of Technology,

Cambridge, MA 02139RAYMOND G. TORTODepartment of Economics, University of Massachusetts, Boston, MA 02125JON A. SOUTHARDCB Commercial/Torto Wheaton Research, Boston, MA 02110This article describes the CB Commercial/Torto Wheaton (CBC/TWR) database from the collection of data

through the creation of the aggregate database. In addition, information on accessing the data for research purposes is included.1. IntroductionCB Commercial is the largest commercial real estate brokerage company in North

America. Employing more than 3,800 people in seventy-eight offices nationwide, CB

Commercial has developed a network that provides local knowledge about commercial

real estate. The companys worldwide database is enhanced by its alliance with Debenham

Thrope Zadelhoff. Together, the CB Commercial/DTZ alliance has over 6,000 employees

in 175 cities and twenty-six countries worldwide. The database contains building-bybuilding information on the vast majority of properties in each of the fifty-four metropolitan areas where CB Commercial brokerage offices are located. See Table 1 for a listing

of office locations.2. CB Commercials building by building databaseThe CB Commercial building-by-building database serves as the basis for the CB

Commercial/Torto-Wheaton Research reports. Reports are currently compiled for the

office market and industrial market. Retail real estate and apartment databases and reports

are being readied for the near future. The CB Commercial database contains information

on over 66,000 office buildings covering nearly 4 billion square feet. The industrial database includes over 175,000 structures covering 9.5 billion square feet.2.1. Data collectionBuilding information is constantly being updated by CB Commercial brokers and

researchers in each of the seventy-eight brokerage offices. In addition to regular phone

surveys by local researchers in each market, the CB Commercial database has an added

advantage because CB brokerage staff update the database in real time as new contracts

are let and space is added or removed from the market. Because these data are used byThe CB Commercial/Torto Wheaton DatabaseAbstract60 WILLIAM C. WHEATON, RAYMOND G. TORTO AND JON A. SOUTHARDTable 1. Metropolitan areas that have CB Commercial offices.AlbuquerqueAtlantaAustinBakersfieldBaltimoreBostonCharlotteChicagoCincinnatiClevelandColumbus, OHDallasDenverDetroitFresnoFt. LauderdaleFt. WorthHartfordHonoluluHoustonIndianapolisJacksonvilleKansas CityLas VegasLong IslandLos AngelesMiamiMinneapolisNashvilleNew YorkNorthern New JerseyOaklandOklahoma CityOrange County, CAOrlandoOxnardPhiladelphiaPhoenixPortland, ORRiversideSacramentoSalt Lake CitySan DiegoSan FranciscoSan JoseSeattleSt. LouisStamfordTampaTucsonWashington, DCWest Palm BeachWestchester County, NYWilmingtonlocal staff in dealing with their own clients, local professionals have a vested interest in

ensuring that the data are accurate.2.2. AuditsWhen compiling statistics for the great number of buildings included in the CB

Commercial database, mistakes can happen. Torto Wheaton has numerous checks that the

data from local offices must go through before they are published in reports.Before the data are aggregated from the building level to market statistics and incorporated into systems and reports, the data are also checked to make sure that variables that

rarely change (building size in square feet, number of floors, single tenant or multi-tenant) do not change unexpectedly and that leasing variables (vacancy, asking rents) have

been updated regularly. In certain instances, static variables, such as net rentable area

(NRA), are allowed to change. …

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