Start with the overview of the general economy and real estate market conditions in the US and work your way down to the general real estate conditions in the city/town where your (subject) property is located. Discuss supply/demand factors, vacancy rates, statistics, demographics in that particular city/town.
Sub-market Analysis
Discuss the general conditions of the sub-market/sector where your property falls into (office market, retail, industrial real estate market etc). Talk about cap rates, vacancy rates, supply/demand etc)

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