NAA and IREM Release 2022 Benchmarks in Partnership with Lobby CRE
The National Apartment Association (NAA) and IREMⓇ (Institute of Real Estate Management), in partnership with Lobby CRE, a centralized platform for financial and operational data across commercial real estate properties, have released nationwide, real-time property benchmarks for 2022. An unprecedented 9600 submissions were collected from real estate operators across the country through an innovative digital process that makes it easier than ever to submit and collect data. The digitally-upgraded benchmarks provide real-time access and facilitate the identification of actionable insights and opportunities that boost operational efficiency for owners and tenants.
NAA and IREM have published annual property benchmarks for the past several decades; however, the process historically required manual submission, aggregation, mapping, and analysis to create benchmarks across asset classes. To streamline the process and enhance value to members, Wendy Becker, Vice President, Knowledge Solutions of IREM, brought IREM, NAA, and Lobby CRE together.
“Benchmarking is critical to efficient and successful property management,” said Becker. “And now, in partnership with Lobby CRE and the NAA, we’re able to streamline the submission process and expand data collection. The result is a robust product that provides better insight into building operations.”
The collaboration with Lobby CRE helps IREM’s and NAA’s members with faster speed to insight into how an asset or portfolio is performing based on 2021 asset performance data. Benchmark access is available to all industry stakeholders. The 2022 National Summary will be released this fall.
“NAA is proud to be a part of this innovative collaboration alongside IREM and Lobby CRE — the results of this partnership are already evident,” said Bob Pinnegar, NAA President and CEO. “This year’s Income / Expense IQ, the first under this partnership, saw input from more than 9,600 submissions. This is a significant improvement in participation compared to our previous Income & Expenses Survey, which averaged 3,400 properties annually over the past five years. Our efforts to create financial benchmarks for our members have fostered more comprehensive data, allowing them to make better-informed decisions about where to invest their time and resources.”
Trusted by NAA, IREM, and more than 500 industry stakeholder firms, Lobby CRE manages and optimizes cash flow for faster returns to investors and project sponsors. The platform automates, standardizes, and visualizes operational and financial performance across the asset and portfolio, including providing market and sub-market benchmarks in partnership with IREM and NAA. These benchmarks unlock the ability to compare ‘apples to apples’ within the MSA, drilling into asset classes, unit counts, and square footage ranges.
“We look forward to extending and deepening our partnerships with NAA and IREM. We have goals in 2023 to provide monthly benchmarks, so stay tuned!” said Anne Hollander, CEO of Lobby CRE.
