Business Data for International Real Estate Transactions ... · between the U.S. real estate and those of other countries are important in bringing an international transaction to

Business Data for

International Real Estate Transactions in

Massachusetts

October 2013

NATIONAL ASSOCIATION OF

REALTORS®

RESEARCH DIVISION

http://upload.wikimedia.org/wikipedia/commons/f/f2/Flag_of_Massachusetts.svg

Business Data for International Real Estate Transactions in Massachusetts

Table of Contents

I. Introduction………………………………………………………………….1

II. NAR’s Global Programs……………………………………………….……..4

III. State-Specific Economic and Real Estate Data……………………………....5

Table 1. Population by Place of Birth……………….. ………………………5

Table 2. Population by Race……………………………………………….....6

Table 3. Language Spoken at Home……………………………………….....7

Table 4. Persons Obtaining Permanent Residence Status…………………....8

Table 5. Persons Naturalized………………………………………………....8

Table 6. Non-immigrant admissions……………………………………….....9

Table 7. Home Ownership and Income……………………………………..10

Table 8. Immigration by Origination Region and Country…………………11

Table 9. Comparative Cost of Renting and Ownership…………………….12

Table 10. Mortgage Status……………………………………………….…12

Table 11. Home Mortgage Loans…………………………………………..13

Table 12. Past Due Loans…………………………………………………..14

IV. Local Economic and Real Estate Data……………………………………..15

V. Commercial Data for Some Metro Areas………………………………......21

Business Data for International Real Estate Transactions in Massachusetts

International transactions contribute to the expansion of the U.S. real estate market. In its

2013 National Association of REALTORS® Profile of International Home Buying Activity, NAR

estimated the volume of international sales for the period covering April 2012-March 2013 at

$ 68.2 billion, which is approximately 6 percent of total existing home sales during the same

period.

While opportunities exist, transacting with international clients also presents significant

challenges, especially on the buyer’s side of the market. Cultural affinity or orientation with the

prospective purchaser, foreign language capabilities, and an appreciation of the differences

between the U.S. real estate and those of other countries are important in bringing an

international transaction to successful conclusion.

This Report serves as an overview of information that can be used to expand the scope

for international real estate transactions with non-US residents and recent immigrants to the

United States. It includes state level and metro area level indicators on the economy,

demographic trends, immigration, and commercial real estate data for areas where data is

available.

NAR’s Commercial & Global Services department has the expertise to address specific

questions related to international transactions as well as the ability to direct specific questions to

other NAR resources. For more data and information, REALTORS® are encouraged to visit the

NAR Research webpage at http://www.realtor.org/research-and-statistics and NAR’s global pages

at http://www.realtor.org/global/global-alliances .

National Association of REALTORS®

Research Department

October 2013

Lawrence Yun, Ph.D

Chief Economist and Senior Vice-President

Jed Smith, Ph.D

Managing Director, Quantitative Research

Gay Cororaton

Research Economist

http://www.realtor.org/research-and-statistics

http://www.realtor.org/global/global-alliances

Business Data for International Real Estate Transactions in Massachusetts Introduction

1

I. Introduction

In its 2013 National Association of REALTORS® Profile of International Home Buying

Activity, NAR estimated the volume of international sales for the period covering April 2012-

March 2013 at $ 68.2 billion, which is approximately 6.3 percent of the U.S. total existing home

sales of $ 1.08 trillion for the same period. Sales are roughly split between foreign buyers whose

primary residence is abroad and those who are in the U.S. as recent immigrants or on temporary

visas. The major foreign buyers have typically come from Canada, China, Mexico, India, and the

United Kingdom. The primary destinations are Florida, California, Arizona, and Texas.

23%

12%

8%

5%

5%

3%

3%

2%

2%

2%

2%

2%

2%

2%

Canada

China

Mexico

India

United Kingdom

Germany

Argentina

Israel

Australia

Korea

Brazil

France

Venezuela

Russia

Shares of the Top Countries of Origin to Total Reported International Transactions

for 12 Months Ending March 2013

Arizona California Florida Georgia Nevada New York Texas Virginia

2009 7% 13% 23% 1% 1% 2% 11% 3%

2010 11% 12% 22% 5% 3% 4% 8% 2%

2011 6% 12% 31% 2% 2% 3% 9% 2%

2012 7% 11% 26% 4% 2% 4% 7% 1%

2013 9% 17% 23% 2% 2% 3% 9% 3%

0%

5%

10%

15%

20%

25%

30%

35%

Distribution of International Sales by State


2

Commercial international transactions also represent a billion dollar market. In 2012,

about $ 22.6 billion dollars flowed into the U.S. with a major chunk from Canada and countries

in Europe, Asia, and the Middle East. Manhattan, San Francisco, and Los Angeles were the

major destinations.

Foreign purchasers are interested in U.S. real estate for residential, investment and portfolio

diversification purposes. Since 2000, about 1 million immigrants have come annually into the

United States. About 2.5 to 3 million have entered the U.S. as temporary workers on non-

immigrant admissions since 2010. Majority of recent immigrants come from Asia and Latin

America.

$8.53

$2.20

$1.68

$1.38

$1.31

$1.01

$0.91

$0.84

$0.80

$3.96

Canada

Germany

Switzerland

Israel

UK

South Korea

Singapore

Japan

Kuwait

Other

$0.00 $4.00 $8.00 Billions

Origin of International Commercial Transactions That Flowed in the U.S. in 2012

(In Billions of U.S. Dollars)

Source: Real Capital Analytics . Data is based on properties worth at least $2.5 million.

$5.10

$2.21

$1.93

$1.61

$1.24

$0.91

$0.76

$0.59

$0.58

$7.71

Manhattan

San Francisco

Los Angeles

Houston

Chicago

DC

Seattle

San Jose

Phoenix

Other

$0.00 $4.00 $8.00 Billions

Destination of International Commercial Transactions That Flowed in the U.S. in 2012

(In Billions of U.S. Dollars)

Source: Real Capital Analytics . Data is based on properties worth at least $2.5 million.


3

Immigrants are likely to become homeowners over time; the homeownership rate of the

foreign-born who are now U.S. citizens (naturalized) is at par with native U.S. citizens. The

naturalized foreign-born have sound prospects for home ownership because they are generally

well-educated and comparably earn high incomes. On the other hand, the foreign-born who are

not yet U.S. citizens are mostly renters.

Africa 10%

Asia 42%

Europe 8%

North America 32%

Oceania 0%

South America 8%

Unknown 0%

Region of Persons Obtaining Legal Permanent Resident Status in 2012

Source: DHS, Table 1, supplement

63.9% 66.0%

51.0%

65.4%

33.7%

All Native U.S.Citizen

Foreign-born Foreign-born,naturalized

Foreign-born,not U.S. Citizen

Home Ownership Rates, by Citizenship, in 2012

Source: ACS, 2012, 1yr estimate, Table S0501

Income, Education and Employment in 2012

Median Household Income Unemployed rate /1 Percent with Bachelor's degree /2

Native U.S. Citizen $51,975 9.5% 18.6%

Foreign Born $46,983 8.5% 16.4%

Foreign-Born, naturalized $56,190 7.1% 20.2%

Foreign-born, not a U.S. citizen $38,214 9.8% 12.6%

/1 as percent of civil ian labor force age 16+

/2 as percent of population age 25+

Source: Census Bureau, American Community Survey 2012, 1 year estimate, Table S0501.

Business Data for International Real Estate Transactions in Massachusetts NAR’s Global Programs

4

II. NAR’s Global Programs

NAR’s Commercial & Global Services division helps members prepare to serve the growing

market of global buyers. Offering the Certified International Property Specialist designation, and

the At Home With Diversity certification, REALTORS® gain insights on how to diversify their

business, and are provided with the research, tools and access to globalize their network. With

over 80 bilateral agreements, affiliation with 60 countries, and strategic partnerships, NAR

Global helps you explore the global market.

NAR’s international program has a long history, demonstrating the foresight of NAR leaders over

a number of decades. Through carefully developing and nurturing international bilateral and multilateral

relationships worldwide, NAR has laid a solid foundation for participation in today’s global marketplace.

NAR Global home page at Realtor.org – Best general resource for information on NAR

international programs and services – http://www.realtor.org/global.

Certified International Real Estate Specialist (CIPS) designation program and business

network – Provides introductory and advanced training for real estate professionals and

administrators, along with business development/networking tools, resources and events. Access

course descriptions, schedule, benefits and other information on CIPS from the NAR Global

home page, http://www.realtor.org/global.

NAR Global Association Network – NAR partners with nearly 80 associations in 60

countries—all of whose members subscribe to a code of conduct similar to the NAR Code of

Ethics. Review the full list of foreign partners, NAR’s volunteer liaisons to these groups, and/or

access the association directly at http://www.realtor.org/global/cooperating_associations.

Global Perspectives in Real Estate - NAR Global's bi-monthly newsletter filled with valuable

information regarding global business development for REALTORS®. View the electronic

version at http://www.realtor.org/global/globalperspectives.

International Research Reports - Learn about the global impact in your market. Access NAR's

International Real Estate Research Reports, including all 50 State-by-State International Business

Reports, at http://www.realtor.org/research/research/reportsintl.

The Global View- Updated weekly, NAR’s internationally-themed blog covers a wide range of

topics providing tips and tools to help REALTORS®, both inside and outside the U.S., succeed in

the global market. http://theglobalview.blogs.realtor.org

http://www.realtor.org/global

http://www.realtor.org/global

http://www.realtor.org/global/cooperating_associations

http://www.realtor.org/global/globalperspectives

http://www.realtor.org/research/research/reportsintl

http://theglobalview.blogs.realtor.org/

Business Data for International Real Estate Transactions in Massachusetts State Specific Economic and Real Estate Data

5

III. State Specific Economic and Real Estate Data

Table 1. Population By Place of Birth in 2012Massachusetts U.S.

Total Population, by Place of Birth 6,646,144 313,914,040

Native /1 5,650,452 273,089,382

Foreign-Born /2 995,692 40,824,658

Naturalized 510,210 18,686,237

Not a U.S. Citizen 485,482 22,138,421

Percent, Native 85% 87%

/1 The The U.S. Census Bureau uses the terms native and native born to refer to anyone born in the United States,

Puerto Rico, a U.S. Island Area , or abroad of a U.S. citizen parent or parents.

/2 The U.S. Census Bureau uses the term foreign born to refer to anyone who is not a U.S. citizen at birth. This includes

naturalized U.S. citizens, lawful permanent residents (immigrants) present in the U.S., temporary migrants (such as

foreign students), humanitarian migrants (such as refugees and asylees), and persons illegally present in the U.S.

Source: U.S. Census Bureau, ACS 2012, 1 yr estimates, Table DP02


6

Table 2. Population By Race in 2012Massachusetts U.S.

Total Population 6,646,144 313,914,040

Hispanic or Latino 673,885 52,961,017

Not Hispanic or Latino 5,972,259 260,953,023

White Alone 5,003,798 197,243,423

Black or African-American Alone 425,654 38,464,192

American Indian and Alaska Native Alone 7,210 2,084,472

Asian Alone 378,962 15,375,460

Native Hawaiian and Other Pacific Islander Alone 850 497,807

Some other race alone 37,684 614,725

Two or more races 118,101 6,672,944


0% 10% 20% 30% 40% 50% 60% 70% 80%

Hispanic or Latino

White Alone

Black or African-American Alone

American Indian and Alaska Native Alone

Asian Alone

Native Hawaiian and Other Pacific Islander…

Some other race alone

Two or more races

Population in 2012

Massachusetts U.S.


7

Table 3. Language Spoken in 2012Massachusetts U.S.

Population, 5 years and over 6,282,285 294,003,714

Speak English Only 4,878,961 232,126,499

Speak Language Other Than English 1,403,324 61,877,215

Spanish 526,444 38,325,155

Other Indo-European 558,240 11,034,625

Asian 242,242 9,752,336

Other Languages 76,398 2,765,099

Percent Who Speak English "Very Well" Among Population Who Do Not Speak English Only

Massachusetts U.S.

Speak Language Other Than English 60% 59%

Spanish 59% 58%

Other Indo-European 65% 69%

Asian 51% 53%

Other Languages 64% 69%


0% 20% 40% 60% 80% 100%

Speak English Only

Spanish

Other Indo-European

Asian

Other Languages

Language Spoken in 2012

Massachusetts U.S.


8

Table 4. Persons Obtaining Permanent Residence StatusU.S.

2003 20,127 703,542

2004 28,067 957,883

2005 34,232 1,122,257

2006 35,558 1,266,129

2007 30,555 1,052,415

2008 30,369 1,107,126

2009 32,607 1,130,818

2010 31,069 1,042,625

2011 32,236 1,062,040

2012 31,392 1,031,631

Source:U.S. Department of Homeland Security, Yearbook of Immigration Statistics 2012,Table 4

Massachusetts

0

10,000

20,000

30,000

40,000

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Admitted Immigrants

Massachusetts

Table 5. Persons NaturalizedU.S.

2003 11,461 462,435

2004 16,263 537,151

2005 22,685 604,280

2006 22,932 702,589

2007 20,952 660,477

2008 28,728 1,046,539

2009 21,748 743,715

2010 21,095 619,913

2011 22,812 694,193

2012 22,753 757,434

Source:U.S. Department of Homeland Secuirty,Yearbook of Immigration Statistics 2012 ,Table 22

Massachusetts

0

10,000

20,000

30,000

40,000

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Persons Naturalized

Massachusetts


9

Table 6. Non-immigrant admissions (I-94 only)2008 2009 2010 2011 2012

Business Traveler,Visa waiver /1 475,619 417,798 452,446 499,935 509,839

Business Traveler, Other /2 219,183 201,487 230,201 245,587 266,904

Students and exchange visitors/3 92,627 92,365 113,422 117,395 118,816

Temporary workers and families/4 49,487 43,976 53,156 58,768 58,660

Diplomats/other representatives/5 3,331 3,192 3,409 3,600 3,461

All other classes 3,470 3,036 3,364 2,955 3,067

Unknown 3,891 3,393 4,719 2,586 2,424

Massachusetts 847,608 765,247 860,717 930,826 963,171

U.S. 39,381,928 36,231,554 46,471,516 46,471,516 53,887,2861 Includes GB, GMB, GT, GMT, WB, and WT admissions.2 Includes B1, B2 and a limited number of Border Crossing Card (BCC) admissions.3 Includes principals, spouses, and children (F,J,M admissions).4 Includes principals, spouses, and children (CW1, E, H,I,L,O, P,Q, R, TD and TN admissions).5 Includes principals, spouses, and children (A, G, Nadmissions).

Notes:

Admissions represent counts of events, i.e., arrivals, not unique individuals.

The majority of short-term admissions from Canada and Mexico are excluded.

Source: U.S. Department of Homeland Security, Yearbook of Immigration Statistics, Table 30.

53%

28%

12%

6%

0%

0%

0%

0% 10% 20% 30% 40% 50% 60%

Business Traveler,Visa waiver /1

Business Traveler, Other /2

Students and exchange visitors/3

Temporary workers and families/4

Diplomats/other representatives/5

All other classes

Unknown

Non-immigrant Admissions in 2012

Massachusetts


10

Table 7. Home Ownership and Income

Home Ownership Rate Median HH Income

Massachusetts (in %) (in $)

Total 62.2 65,339

Born in the U.S. or abroad of U.S. parent(s) 65.3 67,794

Foreign Born 46.9 53,778

Naturalized 60.1 59,478

Not a U.S. Citizen 27.2 46,995

U.S.

Total 63.9 51,371

Born in the U.S. or abroad of U.S. parent(s) 66.0 51,975

Foreign Born 51.0 46,983

Naturalized 65.4 56,190

Not a U.S. Citizen 33.7 38,214

Source: U.S. Census Bureau, ACS2012, 1 yr estimates, Table S0501

65.360.1

27.2

66.0 65.4

33.7

Born in the U.S. orabroad of U.S.

parent(s)

Naturalized Not a U.S. Citizen

Home Ownership Rates By Citizenship Status in 2012

Massachusetts

U.S.


11

Table 8. Immigration by Origination Region and Country in 2012

REGION

Total 31,392

Africa 5,631

Asia 11,205

Europe 3,300

North America 8,157

Oceania 79

South America 3,004

Unknown 16

COUNTRY

Total 31,392

Dominican Republic 3,502

China, People's Republic 3,064

India 1,966

Haiti 1,912

Brazil 1,740

Cape Verde 1,272

Vietnam 944

Ghana 662

Iraq 624

El Salvador 600

Colombia 594

Jamaica 593

Nepal 573

Morocco 506

Kenya 484

Nigeria 412

Russia 412

United Kingdom 409

Albania 404

Guatemala 401

Canada 386

Ethiopia 360

Bhutan 342

Korea, South 339

Pakistan 311

Philippines 311

Source of data: DHS, Yearbook of Immigration Statistics, Supplemental Table 1.

18%

36%

11%

26%

0%

10%

Africa

Asia

Europe

North America

Oceania

South America

0% 10% 20% 30% 40%

Immigration by Origination Region in 2012

Massachusetts

3,5023,064

1,966 1,912 1,740

0500

1,0001,5002,0002,5003,0003,5004,000

DominicanRepublic

China,People'sRepublic

India Haiti BrazilNu

mb

er

of

imm

igra

nts

Top Countries of Origin in 2012Number of Immigrants

Massachusetts


12

Table 9. Home Value and Comparative Cost of Renting vs. Home Ownership in 2012

U.S.

Median Household Income $65,339 $51,371

Median Value of a Home $323,800 $171,900

Selected Monthly Owner Cost

With Mortgage $2,010 $1,460

Without Mortgage $681 $434

Gross Rent $1,036 $884

Annualized Selected Owner Cost and Rent As Percent of Income

Selected Monthly Owner Cost

With Mortgage 37% 34%

Without Mortgage 13% 10%

Gross Rent 19% 21%

Source: U.S. Census Bureau, ACS2012, 1yr estimates, Table DP04

Massachusetts

Table 10. Mortgage Status in 2012

Total Owner Occupied Units 1,570,055

Housing Units With a Mortgage 1,121,921

Either second mortgage or home equity loan 253,666

Second mortgage only 49,313 3.1%

Home equity loan only 204,353 13.0%

Both second mortgage and home equity 8,737 0.6%

No second mortgage or home equity loan 859,518 54.7%

Housing Units Without a Mortgage 448,134 28.5%

U.S.

Total Owner Occupied Units 74,119,256

Housing Units With a Mortgage 48,726,257

Either second mortgage or home equity loan 8,719,098

Second mortgage only 2,192,958 3.0%

Home equity loan only 6,526,140 8.8%

Both second mortgage and home equity 337,993 0.5%

No second mortgage or home equity loan 39,669,166 53.5%

Housing Units Without a Mortgage 25,392,999 34.3%

Source: U.S. Census Bureau, ACS2012, 1yr estimates, Table B25081

Massachusetts Percent to Owner Occupied Units

Percent to Owner Occupied Units


13

Table/Chart 11. Number of Home Purchase Loans, 2005-2012

Source of data: HMDA Loan Application Registrar

0

50000

100000

150000

200000

250000

300000

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Number of Conventional Home Purchase Loans Originated

Massachusetts

0

5000

10000

15000

20000

25000

30000

35000

40000

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Number of FHA-insured Home Purchase Loans Originated

Massachusetts

0

1000

2000

3000

4000

5000

6000

7000

8000

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Number of VA-insured Home Purchase Loans Originated

Massachusetts

0

500

1000

1500

2000

2500

3000

3500

4000

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Number of FSA/RHS Home Purchase Loans Originated

Massachusetts


14

Table/Chart 12. Mortgages Past Due

Number Percent Past Due Number Percent Past Due

2000 24,041 4.0 1,629,283 5.3

2001 24,501 3.9 1,820,010 5.6

2002 23,698 3.8 1,794,726 5.3

2003 20,118 3.1 1,816,984 4.9

2004 23,062 3.4 1,851,339 4.7

2005 27,409 3.7 2,086,461 5.1

2006 36,052 4.5 2,308,885 5.3

2007 46,645 5.5 2,901,834 6.3

2008 66,006 7.9 3,917,690 8.6

2009 79,453 9.7 4,638,100 10.4

2010 67,495 8.4 3,911,904 9.0

2011 64,631 8.2 3,495,749 8.2

2012 61,398 8.1 3,124,665 7.5

Source of data: HMDA Loan Application Registrar

Massachusetts U.S.

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Percent of Mortgages Past Due

Massachusetts U.S.

Business Data for International Real Estate Transactions in Massachusetts Local Economic and Real Estate Data

15

IV. Local Economic and Real Estate Data

Housing and Economic Trends Metro Level Data

Barnstable,MA

0

50

100

150

200

250

300

350

400

450

Q2

-01

Q4

-01

Q2

-02

Q4

-02

Q2

-03

Q4

-03

Q2

-04

Q4

-04

Q2

-05

Q4

-05

Q2

-06

Q4

-06

Q2

-07

Q4

-07

Q2

-08

Q4

-08

Q2

-09

Q4

-09

Q2

-10

Q4

-10

Q2

-11

Q4

-11

Q2

-12

Q4

-12

($'000) Median Single-Family Home Price

Barnstable,MA U.S.

Source: NAR/Haver

107.6118.3

129.4

171.3183.4 190.7

0

50

100

150

200

250

2010 2011 2012

Home Affordability Index*

Barnstable,MA U.S.

Source: NAR/Haver*if 0, data is not available for this metro

124,000

126,000

128,000

130,000

132,000

134,000

136,000

138,000

140,000

0

0.2

0.4

0.6

0.8

1

Non-farm Employees

Barnstable,MA U.S.Source: BLS/Haver

Unit: 1 thousand U.S.

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

0

20

40

60

80

100

120

140

Single Family Home Permits

Barnstable,MA U.S.Source: Census Bureau/Haver

U.S.


16


Boston-Cambridge- Quincy,MA-NH

0

100

200

300

400

500

Q2

-01

Q4

-01

Q2

-02

Q4

-02

Q2

-03

Q4

-03

Q2

-04

Q4

-04

Q2

-05

Q4

-05

Q2

-06

Q4

-06

Q2

-07

Q4

-07

Q2

-08

Q4

-08

Q2

-09

Q4

-09

Q2

-10

Q4

-10

Q2

-11

Q4

-11

Q2

-12

Q4

-12


Boston-Cambridge- Quincy,MA-NH U.S.

Source: NAR/Haver

119.6 128.4141.2

171.3183.4 190.7

0

50

100

150

200

250

2010 2011 2012


Boston-Cambridge- Quincy,MA-NH U.S.


124,000

126,000

128,000

130,000

132,000

134,000

136,000

138,000

140,000

0

0.2

0.4

0.6

0.8

1

Non-farm Employees

Boston-Cambridge- Quincy,MA-NH U.S.Source: BLS/Haver


-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

0

100

200

300

400

500

600

700

800

900


Boston-Cambridge- Quincy,MA-NH U.S.Source: Census Bureau/Haver

U.S.


17


Pittsfield,MA

0

50

100

150

200

250

Q2

-01

Q4

-01

Q2

-02

Q4

-02

Q2

-03

Q4

-03

Q2

-04

Q4

-04

Q2

-05

Q4

-05

Q2

-06

Q4

-06

Q2

-07

Q4

-07

Q2

-08

Q4

-08

Q2

-09

Q4

-09

Q2

-10

Q4

-10

Q2

-11

Q4

-11

Q2

-12

Q4

-12


Pittsfield,MA U.S.

Source: NAR/Haver

135.2

167.8

196.6171.3

183.4 190.7

0

50

100

150

200

250

2010 2011 2012


Pittsfield,MA U.S.


124,000

126,000

128,000

130,000

132,000

134,000

136,000

138,000

140,000

0

0.2

0.4

0.6

0.8

1

Non-farm Employees

Pittsfield,MA U.S.Source: BLS/Haver


-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

0

2

4

6

8

10

12

14

16


Pittsfield,MA U.S.Source: Census Bureau/Haver

U.S.


18


Providence-New Bedford-Fall River RI-MA

0

50

100

150

200

250

300

350

Q2

-01

Q4

-01

Q2

-02

Q4

-02

Q2

-03

Q4

-03

Q2

-04

Q4

-04

Q2

-05

Q4

-05

Q2

-06

Q4

-06

Q2

-07

Q4

-07

Q2

-08

Q4

-08

Q2

-09

Q4

-09

Q2

-10

Q4

-10

Q2

-11

Q4

-11

Q2

-12

Q4

-12


Providence-New Bedford-Fall River RI-MA U.S.

Source: NAR/Haver

145.8163.4

188.4171.3

183.4 190.7

0

50

100

150

200

250

2010 2011 2012


Providence-New Bedford-Fall River RI-MA U.S.


124,000

126,000

128,000

130,000

132,000

134,000

136,000

138,000

140,000

0

0.2

0.4

0.6

0.8

1

Non-farm Employees

Providence-New Bedford-Fall River RI-MA U.S.Source: BLS/Haver


-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

0

50

100

150

200

250

300

350


Providence-New Bedford-Fall River RI-MA U.S.Source: Census Bureau/Haver

U.S.


19


Springfield,MA

0

50

100

150

200

250

Q2

-01

Q4

-01

Q2

-02

Q4

-02

Q2

-03

Q4

-03

Q2

-04

Q4

-04

Q2

-05

Q4

-05

Q2

-06

Q4

-06

Q2

-07

Q4

-07

Q2

-08

Q4

-08

Q2

-09

Q4

-09

Q2

-10

Q4

-10

Q2

-11

Q4

-11

Q2

-12

Q4

-12


Springfield,MA U.S.

Source: NAR/Haver

162.9178.1

202.2

171.3183.4 190.7

0

50

100

150

200

250

2010 2011 2012


Springfield,MA U.S.


124,000

126,000

128,000

130,000

132,000

134,000

136,000

138,000

140,000

0

0.2

0.4

0.6

0.8

1

Non-farm Employees

Springfield,MA U.S.Source: BLS/Haver


-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

0

20

40

60

80

100


Springfield,MA U.S.Source: Census Bureau/Haver

U.S.


20


Worcester,MA

0

50

100

150

200

250

300

350

Q2

-01

Q4

-01

Q2

-02

Q4

-02

Q2

-03

Q4

-03

Q2

-04

Q4

-04

Q2

-05

Q4

-05

Q2

-06

Q4

-06

Q2

-07

Q4

-07

Q2

-08

Q4

-08

Q2

-09

Q4

-09

Q2

-10

Q4

-10

Q2

-11

Q4

-11

Q2

-12

Q4

-12


Worcester,MA U.S.

Source: NAR/Haver

170.5186.9

213.5

171.3183.4 190.7

0

50

100

150

200

250

2010 2011 2012


Worcester,MA U.S.


124,000

126,000

128,000

130,000

132,000

134,000

136,000

138,000

140,000

0

0.2

0.4

0.6

0.8

1

Non-farm Employees

Worcester,MA U.S.Source: BLS/Haver


-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

0

50

100

150

200

250

300

350

400

450


Worcester,MA U.S.Source: Census Bureau/Haver

U.S.

Business Data for International Real Estate Transactions in Massachusetts Commercial Data for Some Metro Areas

21

V. Commercial Data for Some Metro Areas

Commercial Real Estate

Boston,MA

Source of data: REIS, Inc.

Data may not be available for some metro areas and for all years.

9.0

9.5

10.0

10.5

11.0

11.5

12.0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Vacancy Rate (in percent) Industrial Commercial Real Estate

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Vacancy Rate (in percent )

Office Commercial Real Estate

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Vacancy Rate (in percent)

Retail Commercial Real Estate

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

Vacancy Rate (in percent)Multifamily Commercial Real Estate

Documents

Business Data for International Real Estate Transactions ... · between the U.S. real estate and those of other countries are important in bringing an international transaction to