Macro-economy
Generally used in reference to matters of economy or economic factors and forces portrayed or operating at the macro-level (as opposed to micro-level), used synonymously with national economy.
Management
The ability to monitor the performance of an investment and make changes as needed.
Managing risk
The steps taken by an investor or manager to control or reduce investment risk.
Mapping GIS software
Computer-mapping programs that perform any of a wide variety of map-making tasks (for both on-screen and file-oriented use).
Market adjustments
A change in market parameters or conditions brought about in response to one or more market signals (including price changes from shifts in supply and demand); typically characterized as cycles, fluctuations, or trends (categories that differ in terms of cause, duration, and impact on commercial real estate markets).
Market analysis
The process of examining market supply and demand conditions, demographic characteristics, and opportunities; identifying alternative locations/sites that meet specific objectives or satisfy various criteria; and assessing the financial feasibility of those locations/sites to facilitate decision making regarding the commercial potential or suitability
of various locations/sites to support a given activity or use.
Market area
A geographical area in which supply and demand operate to influence the course of industrial and commercial activities, for example, a Metropolitan Statistical Area (MSA).
Market data
Information/data collected and displayed for a given market or by market area.
Market data approach
A method of determining the property’s value by analyzing recent sales or rental prices of comparable properties.
Market dynamics
In reference to changing market conditions and the underlying processes responsible for creating change and defining/redefining interrelationships amongst components in an economic system (consider the change in price levels of a given commodity as an outcome of the forces and interplay of supply and demand).
Market feasibility
Pertaining to the evaluation or selection of a site or an analysis of a site’s highest and best use. Also see feasibility analysis.
Market gap
The demand for space minus the supply of space for a specific type of commercial property in a given real estate market. Also see general market area gap analysis.
Market opportunities
Advantageous circumstances in a market which facilitate a given action or outcome that is generally viewed as favorable from a money-making standpoint.
Market pricing
The pricing of commodities (including rental rates of various types of commercial properties) as determined by the forces and factors of influence operating in a market.
Market risk
The possibility that downward market trends will reduce an investment’s market value.
Market share
Refers to the percentage of total sales in a retail category that each competing outlet is expected to capture based on current patterns and trends in the market.
Market strategy
A course of action defined with respect to a particular real estate market phase. For example, consider the market strategy of avoiding real estate transactions when there is an oversupply of space available in the market.
Market value
The most probable price that a property would bring in a competitive and open market under fair sale conditions. Market value also refers to an estimate of this price.
Marketability
The ability to sell or lease a property quickly. Marketability deals with the appeal and demand for a property, good, or service.
Match
Second stage of four-stage transaction management process pertaining to gathering and evaluating property information to unite the investor and user. The acronym MATCH represents the activities to market, analyze, target, compare, and highlight during the match stage.
Mean
A measure of central tendency (for a distribution of values) defined as the average value of a variable in a sample and calculated by adding together all the values observed in a data set and dividing by the number of values observed.
Median
Defined as the middle value of a data set (or sample) when the values are arranged in order (by size ranking, in ascending or descending order). Note that for an odd number of values in an ordered data set, the median is identified as the value which divides the data set into two data sets of equal size on each side of the median or middle value. For an even number of values arranged in order, the median is found by simply calculating the value mid-way between the two middle values. Note that the position of the median value of an ordered data set containing n observations may be found by using the formula: position of the median = n/2 + 1/2.
Metropolitan Statistical Area (MSA)
Generally, the area in and around a major city. The Office of Management and Budget (OMB) defines an MSA as having one of the following characteristics: a city with a population of at least 50,000, or an urbanized area with a population of at least 50,000 with a total metropolitan population of 100,000.
Mid-month convention
A requirement of the Tax Reform Act of 1984 that taxpayers use the 15th of the month to establish the date of acquisition and date of disposition when calculating cost recovery deductions. This act applies to real estate placed in service after June 22, 1984 (with the exception of low-income housing).
Minimum requirement
The observed minimum proportion of employment in a given economic sector for communities within a given size range, assumed to be that employment/activity level that is necessary to serve the needs of a community that falls within a predetermined size range (the minimum amount of nonbasic employment necessary to support a typical mix of
industry for a population base of a given size range).
Minimum requirements method
A method for estimating a community’s economic base multiplier using basic employment estimates that are obtained by comparing employment levels by economic sector to the identified minimum requirement.
Moving allowance
A specified dollar amount paid by the owner to cover, in part or in whole, tenant moving expenses. Also known as owner’s moving expense.
Moving expenses
The cost incurred by the tenant to move into the new space. The landlord may pay a portion or all, depending on what is negotiated in the lease. Also see moving allowance.
Multifamily housing
Housing units that accommodate more than one family or household.
Multiple-use office space
Office space that can be used for a variety of purposes; sometimes referred to as generic office space.