Welcome to The Reid Report
The Reid Report focuses primarily on information pertinent to the supply of new apartment product in the Metro Atlanta area, and includes the following historical data:
All major apartment LAND SALES transactions since January, 1993, depicting the location and size of the site, the buyer, the number of units proposed, the resultant density, and price per unit paid. These sales are categorized by submarket and from oldest to most recent sale at the top of each page, so that the reader can quickly ascertain the general density requirements and prices per unit being paid in any given submarket. Also, the ascending order of land sales should indicate whether or not prices per unit have increased in any given submarket as the number of available, zoned sites (supply) is diminished in that particular submarket. Please click here for a sample Land Sales Chart page.
The next major topic covered in the report is APARTMENT STARTS. We depict apartment starts two ways in this report:
1) Submarket-by-submarket via the Construction/Marketing/Delivery Schedules, and
2) Year-to-year in chronological order for mapping purposes.
In the CONSTRUCTION/MARKETING/DELIVERY SCHEDULES, we list and categorized by submarket all apartment construction starts since January, 1994, on developments greater than 50 units in size. We include in our analysis HUD-221-D-4 financed properties, Tax Credit Bond (TC/Bond) deals, both loft and condo conversions and reversions, as well as all conventionally-financed new apartment development. Apartment starts are defined as the actual clearing of land, not the purchase of building permits. Starts are listed chronologically and mapped herein yearly, including quarterly totals, so that development velocity can be measured and compared from year-to-year. The maps in this section clearly depict where new development has occurred and in what capacity, and also indicates areas of future development opportunity.
Adjoining the CONSTRUCTION/MARKETING/DELIVERY schedules is another chart that has become a very useful tool to many subscribers who want a snapshot of development activity in each submarket. This DEVELOPMENT SNAPSHOT CHART depicts the number of units that were started in a given year and are already CO'd, in blue; the number of units that were started in a given year and are still under construction at the time of the Report, in red; and proposed properties whereby the sites are fully entitled and typically already purchased by the developer, in green. This chart provides a snapshot view of three (3) things in each submarket:
(1) A brief historical view of the number of units started and completed over the past several years in the submarket.
(2) The number of units currently under construction in the submarket.
(3) The number of proposed starts in the submarket. In that we only include in these charts properties for which the developer
has already purchased the site, the probability of a start is much stronger than the proposed starts listed in the PIPELINE section
of the Report, whereby we measure the potential for proposed units.
Click here to see a sample of a typical submarket's Construction / Marketing / Delivery chart.
CONSTRUCTION SCHEDULES are categorized by submarket and include a chronology of each property’s Owner/Developer, Property Name, number of units started; and the developer’s schedule for initial construction start, delivery of first units (marketing start), dates for final C.O.’s, and stabilization. These dates generally indicate the developer’s initial construction-to-stabilization schedules, but are adjusted semi-annually to depict actual slow-downs, etc., in construction and/or marketing activity. We also attempt to calculate from these construction schedules an effective method (tool) for determining a submarket-by-submarket schedule that will indicate how the units that have been started should be delivered to the market for rent (absorption).This study does not attempt to calculate actual absorption in that we do not possess the time or capabilities that we believe are necessary to accurately determine absorption. Instead, in 1997 we actually "coined" the term and initiated the calculation and delineation of estimated UNIT DELIVERIES (supply) of new apartment units to each submarket, and therefore, to the market as a whole.
UNIT DELIVERIES are depicted in flow chart form for each submarket, and summarized via graphs. Please click here for a sample page of an individual submarket Delivery Flow Chart and its corresponding Graph. The DELIVERY FLOW CHARTS should indicate how many units, on average, are scheduled to be delivered in each submarket and available for absorption each and every month if any given property is actually built and then stabilized as per the construction schedule projected by its Owner/Developer. SUMMARY FLOW CHARTS simply calculate the unit delivery totals for each submarket and then projects what yearly totals have been and should be for the entire Metro Atlanta market based on current construction schedules. These construction schedules are adjusted semi-annually and account for the increase or decrease in the yearly unit delivery totals calculated herein.
We also produce a PIPELINE REPORT, again categorized by submarket. The PIPELINE REPORT indicates the potential number of proposed new apartment starts in each submarket throughout the Metro area that are currently in the development pipeline. Based in part on our analysis of the PIPELINE REPORT, we further attempt to estimate the number of new apartment starts projected or announced for the near term future. Please click here for a sample of a typical page in the Pipeline Report.
Most data in The Report is broken down by submarket, and summarized for the market as a whole. Generally speaking, none of the data contained herein is collected from second-hand or third-hand sources, but rather from direct interviews with the principals or senior officers of multi-family developers that are active in this market. We typically interview in excess of 112 active multi-family developers for each report.
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