NEW YORK, Sept. 8, 2010 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, announced today that its market information will now be published monthly, an unprecedented frequency that effectively changes the way that real estate decisions are made.
"This is groundbreaking, the industry has crossed a threshold," said CEO Lloyd Lynford. "To avoid becoming dinosaurs, all real estate professionals must avail themselves of the latest information - which is no longer quarterly. Volatility in the marketplace can mean the difference between profitability and default. Only those firms with uninterrupted access to the most current information will remain competitive."
Commercial real estate markets are in a constant state of flux as investors, landlords, tenants, and importantly, regulators, respond to shifting supply and demand fundamentals. Recent periods of boom and crisis demonstrate that quarterly data points can obscure dramatic movements in the interim months. "Monthly publication addresses both regulatory pressure and the industry's changing needs," said Reis's COO, Bill Sander. "We've spent approximately thirty months building this capability, harnessing Reis's three decades of nonreplicable building data and market trends. In an industry where regulatory scrutiny is at an all-time high, no banking executive will want to stand before his or her regulator with outdated quarterly information."
Reis's Director of Research, Dr. Victor Calanog, noted several recent periods where significant rent and occupancy changes were observed in the first month or two of a calendar quarter. "At every inflection point, movement occurred more rapidly than could be adequately monitored by quarterly reporting. We studied trends in all markets and submarkets, and discovered that monthly results reveal opportunities and risks that investors can exploit in their search for outstanding performance. In our current release, we empower our clients with eighteen months of this data - data available nowhere else."
"We have achieved the nearly impossible," said Mr. Lynford. "Our monthly publication of commercial real estate market data across the entire nation makes Reis information the equivalent of high speed broadband in a world previously content with dial-up."
Reis, through its flagship product, Reis SE, provides online access to a proprietary database of commercial real estate information and analytical tools. In addition to trend and forecast analysis at metropolitan and neighborhood levels throughout the U.S., Reis offers detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis SE is designed to support the decision-making of property owners, developers, builders, lenders and investors, all of whom require access to timely information on both the performance and pricing of assets, for acquisition, development and construction purposes, as well as valuation.
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Note on Forward Looking Statements
This press release, together with other statements and information publicly disseminated by Reis, Inc. contains 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. These risks include, but are not limited to, the failure of the company's products or product enhancements to succeed. 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: Reis, Inc. Sales Contact: Michael J. Richardson, Senior Vice President, Sales & Marketing (212) 921-1122 Investor Relations Contact: Mark P. Cantaluppi, Vice President, Chief Financial Officer (212) 921-1122