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IGMI-C
IGMI-C
The IGMI-C is an index of Brazilian commercial real estate market profitability. The objective is to portray, as comprehensively as possible, the evolution of prices and incomes of commercial real estate throughout Brazil. The index is presented in three versions (see formulas below under Methodology).


Sample
The IGMI-C is calculated based on information provided by, among others, institutional investors and companies linked to the real estate sector, such as trade associations, consultants, real estate portfolio administrators and managers, and developers. It incorporates a historical series going back to the first quarter of 2000.

In the last quarter of 2011, the sample consisted of 190 individual properties consisting primarily of commercial offices, shopping centers, commercial retail establishments, hotels, and industrial warehouses and other logistical support facilities. The largest concentrations are commercial offices (about 50% of the total) and shopping centers (about 25%).
All the states of Brazil are represented, but, as might be expected, the largest concentrations are in São Paulo (about 37% of the total) and Rio de Janeiro (about 26%).

Methodology
The formulas for calculating the three versions of the IGMI-C are as follows:


Retorno da Rendat: Income
Retorno do Capitalt: Return of capital
Retorno Totalt: Total return


Where

ROL
= Net operating revenue (total revenues less operating expenses)
V = Assessed asset value
I = Investment in improvements
A = Partial or total transfers of title (sale or other disposal)

This methodology is based on similar international indicators, which makes it possible both to benefit from the experiences of other countries and to compare results.


Technical notes
The index is released quarterly. In all three versions 100 in the first quarter of 2000 constitutes the base value; it is then updated every quarter using the following formula: 

IGMIt = [IGMIt-1 × (1+ Returnt)].
IGMI-C in summary
Main uses:: • Reference for investors in commercial real estate
• Valuation of real assets for macroeconomic analyses.
Geographic scope:: Brazil
Sectoral scope:: The properties in the sample are categories as, among other sectors, commercial offices, shopping centers, hotels, parking lots, and industrial warehouses.
Collection period:: Collection is continuous; observations are reported monthly.
Periodicity:: The indexes are calculated and released every quarter.First observation:: First quarter of 2000.
All about: Press Release IGMI-C _English_ [pdf - 125Kb]
 
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11/2017
IGP-10:
0.24%
10/2017
IGP-DI:
0.10%
11/2017
IGP-M -1º Decêndio (%):
-0.02%
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