What Accurate Data Means in the Industrial Real Estate Industry0

Posted by Thomas Miller, CCIM

miller-industrial-properties-reno-industrialLast week, Miller Industrial Properties released the Market Advisor for the final quarter of 2018. The comprehensive free download covered statistics and trends for industrial real estate performance here in northern Nevada. This kind of data is incredibly valuable to anyone operating in the local industrial real estate sphere. Gathering accurate data to build an extensive in-house database helps our company – the longest-running boutique industrial real estate agency in northern Nevada – monitor and track local industrial properties. And that directly benefits our clients.

Different Kinds of Data

Data for the commercial and industrial real estate market can vary in complexity, and it’s found in several different forms.

  • Foundational statistics include market size, submarket size, vacancy and absorption rates, etc.
  • Transactional records include numbers related to lease and sales data.
  • Interpretation numbers relate to the interpretation and the trending and forecasting of data.

It’s factually true that almost anyone can access market data with just a phone call to the right county agency, or even with a careful online search and login details to the right websites. But this is critical – access only isn’t enough.

It’s of vital importance that any data you’re using to make decisions is entirely accurate. And when your information is coming from public sources, that means it’s likely presented in a confusing-bordering-on-useless format and it hasn’t been effectively scrubbed.

Scrubbed Data is the Best Data

Scrubbed data has been filtered for any information that will produce false statistics. In the case of local industrial real estate data in northern Nevada, that includes everything from investment sales and ownership entity name changes masquerading as sales, to vacant properties unavailable for lease, occupied locations that are available, and duplicated and missing records.

It’s data of this specificity that makes public data dubious. So while there may be information available to those who dig far enough, it’s not accurate, proper market data.

Here’s a Better Idea

Maintaining this kind of data puts Miller Industrial Properties at a great advantage. And we make it available to clients and potential clients – all at no charge. We understand the value of accurate market data, and it’s why we’ve committed time and resources into generating it. We started with manual counts of every industrial in every submarket sector, and we consistently  update this information with at the addition of new buildings or by deleting those considered obsolete or redefined as another kind of real estate product. We establish, track and monitor these locations as a way of generating vacancies and monitor vacancy and absorption rates. We also monitor tending, which helps us keep our data useful now and into the future. To do so effectively, we maintain historical data so that we can review trends over time.

And then, we make all of this data available in our quarterly Market Advisors. You may see them quoted in local publications for industrial real estate articles, and past issues can be downloaded via our Resources page.

The truth is, people are better positioned to make the right decisions when they have access to comprehensive, accurate data from the beginning. This kind of information plays an important critical role in the decision-making process for buying and leasing industrial real estate. When you base these decisions on inaccurate data, things can unravel quickly.

For the right kind of market data, contact the right kind of people. Contact Miller Industrial Properties today.

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

About the Author

Thomas Miller, CCIM

Thomas Miller, CCIM is the president and broker of Miller Industrial Properties in Reno, Nevada. He has worked in industrial real estate since 1991, with 15 years of previous experience designing and building industrial warehousing and manufacturing facilities in the northern Nevada market. Contact Tom at tom@mipnv.com or 775-742-9891.

Leave a Comment

Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties