LOOKING DEEPER

A look at Chicago ’ s Magnificent Mile shows how a new CRE database can help professionals make better , more informed decisions across market sectors .

Considering the sheer amount of data available to today ’ s commercial real estate professionals , it ’ s vital to know how to properly leverage this information for success . This year , CCIM Institute ’ s Site To Do Business added a new comprehensive commercial real estate property database known as Market InSites , which is published by Moody ’ s Analytics , a global market leader in providing analytical tools to help make better and faster business decisions .

CCIM Technologies Inc . has contracted with Moody ’ s to provide Market InSites ( formerly known as REIS Reports ) at a substantial discount to CCIM designees and institute candidates . The available reports include both market reports and comp reports .

For the market reports , you have the option of selecting from multiple property types including affordable housing , apartment , flex / R & D , industrial , office , retail , or warehouse / distribution . More property types are being added in the future . After selecting the property type , the next step is to select the market area and then submarket . Depending on the property type , data is available for up to 190 U . S . markets and hundreds of submarket areas . Users can choose a specific time period ( monthly , quarterly , or yearly ) with reports available for download in Excel or PDF .

Take the Chicago office submarket along North Michigan Avenue ( including the Magnificent Mile ) as a test case to see what information is available :

• The average asking rent was $ 38.67 in the North Michigan Avenue submarket in 4Q2021 .

• Rent in the market was down 0.8 percent from 3Q2021 .

• Rent is expected to finish 2022 at $ 39.08 in the North Michigan Avenue submarket .

• The vacancy rate in the submarket was 8.5 percent .

• This area had the lowest vacancies in the Midwest region and 13th lowest in the U . S .

• Vacancy in the North Michigan Avenue submarket had the lowest vacancy level since 2Q2001 .

The Market InSites report includes 21 pages of information on the applicable data , including asking and effective rents , competitive inventory , employment , and absorption — along with important contextual presentations in charts and graphs .

The report also includes historical and forecast data for both the overall market and submarket areas . Looking at the North Michigan Avenue office submarket , Moody ’ s has information going back to 1989 and can forecast to 2031 . Current year information includes inventory ( 10.35 million sf ), vacancy ( 11 percent ), asking rent change ( 1.1 percent ), and gross revenue per unit ($ 34.79 ).

Sales Comp Report for Class A Office Properties in Last 10 Years

Property Name	Street Address	City	Submarket	Year Built	Size ( sf )	Asking Rent	Effective Rent	Building Class
30 North LaSalle Building	30 N . LaSalle St .	Chicago	Central Loop	1974	864,000	$ 32.00	$ 25.12	A
142 East Ontario Building	142 E . Ontario St .	Chicago	North Michigan Avenue	1986	131,726	$ 34.33	$ 25.47	A
The Haymarket Building	117 N . Jefferson St .	Chicago	West Loop	1905	40,000	$ 31.24	$ 23.83	A
40 West Hubbard Building	40 W . Hubbard St .	Chicago	River North	1950	15,000	$ 32.36	$ 26.01	A
200 North LaSalle	200 N . LaSalle St .	Chicago	Central Loop	1984	643,323	$ 31.85	$ 25.01	A
213 West Institute	213 W . Institute Pl .	Chicago	River North	1908	157,166	$ 30.68	$ 24.66	A
225 West Illinois Ave .	225 W . Illinois Ave .	Chicago	River North	1940	46,150	$ 32.40	$ 26.04	A
Monroe Plaza	200 W . Monroe St .	Chicago	West Loop	1974	651,015	$ 34.21	$ 26.10	A
1440 North Dayton	1440 N . Dayton St .	Chicago	City North	2018	65,364	$ 31.18	$ 24.85	A
1 Illinois Center	111 E . Wacker Dr .	Chicago	East Loop	1969	1,002,682	$ 34.65	$ 25.56	A

COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE SPRING 2022

Commercial Investment Real Estate Spring 2022 | Page 39

LOOKING DEEPER