Annual Report — Yearly Update Template

When to update

Once per year: Publish early February. Data cutoff: last full calendar year (so the 2027 report uses full-year 2026 data).

How long it takes

2 hours. This is the largest single annual update in the build. Everything else runs itself.

The 8-step checklist

Step 1 — Update all numbers in Section 1 (Market Overview)

Pull the latest full-year data from each of these sources:
- kidder.com/market-reports/los-angeles-multifamily-market-report — transaction volume, pricing, price per unit
- colliers.com — occupancy, effective rent
- yardi.com/blog/multifamily-reports-yardi-matrix — asking rent, units under construction
- nmrk.com — deliveries by submarket
- naicapital.com — vacancy, construction starts

Update:
- Transaction volume ranges
- Deal count
- Occupancy and rent figures (specify effective vs. asking)
- Construction pipeline numbers
- Historical table (add the new year to the "2021 peak → 2023 trough → now" progression)

Step 2 — Refresh Section 2 (Submarket Breakdown)

For each of the 14 submarkets:
- Update price per unit range
- Update demand rating if it has changed
- Revise the narrative sentence if the submarket story has shifted

Cross-reference with the Heat Map's most recent quarterly update — the heat map should be authoritative quarter-to-quarter; the annual report normalizes to the full-year view.

Step 3 — Rewrite Section 3 (Pricing Analysis)

Tell the story of what moved pricing in the previous year and what will move it in the coming year. Three forces per period. Base this on observable data, not speculation. The three-forces structure is the voice lock — use it every year.

Step 4 — Update Section 4 (Legislation Impact)

For the previous year, list the 3–5 biggest legislative events affecting LA multifamily. Pull from the Live Legislation Tracker's update log — any entries dated within the report year go in. For the coming year, identify:
- Announced ballot measures
- Bills pending in CA legislature
- Expected regulatory changes

Step 5 — Update Section 5 (Buyer Pool Analysis)

Has the buyer mix shifted? Numbers (40/30/30 institutional/1031/family office) adjust based on Michael's observation from the prior year's transactions. The three buyer-type profiles stay structurally the same; update the "activity level" and "deal profile" lines.

Step 6 — Refresh Section 6 (Seller Mistakes of the Year)

Five mistakes, ordered by prevalence. Some years, a new mistake replaces an old one. Most years, the five stay roughly the same but the examples change. Update the dollar figures to reflect current price levels.

Step 7 — Rewrite Section 7 (Outlook)

The three-scenario structure is the voice lock — always base case, upside case, downside case. Each scenario has:
- Rate path assumption
- Pricing direction
- Volume projection
- Buyer behavior
- One specific implication for sellers

The closing paragraph about long-term trajectory needs to be rewritten every year based on the previous year's reality check.

Step 8 — Update frontmatter and closing

• last_updated → today's date
• publication_year → the new year
• Closing thought — adjust the "test" question to reflect the year's defining variable

PDF generation

After the markdown is finalized, convert to PDF for the download gate. Recommended workflow:
1. Export markdown to formatted HTML using the Sterman design system styles
2. Use print-to-PDF in the browser (or a headless Chromium-based tool) to generate the PDF
3. Upload to /static/reports/sterman-report-[YEAR].pdf
4. Update the email capture form to return this URL on submission

Promotion template — email and GBP

After publishing, promote via:
1. Email to Michael's list — subject: "The State of LA Multifamily [YEAR] — Sterman Report published"; body: one-paragraph summary + link
2. Google Business Profile post — 150-word excerpt + link (use the "market update" GBP template)
3. LinkedIn post (Michael's account) — 200 words, lead with the most surprising data point
4. Pitch to Commercial Observer — email the multifamily editor with a 3-paragraph briefing + PDF download link; good source for earned press

Promotion calendar on publication day:
- Morning: email blast, LinkedIn post
- Midday: GBP post scheduled
- Afternoon: Commercial Observer pitch
- Within one week: follow-up pitches to MHN, Bisnow, The Real Deal

Archive

Save the previous year's report to annual-report/archive/sterman-report-[YEAR].md. Keeps the full series available for longitudinal reference.

The one thing not to change

The report's voice. NYT-bestseller standard. Cold openers that stop the reader. Specific beats generic. Moment of honest tension. The closing question that stays. If a section drafts at 2,000 generic words, cut it and redraft at 800 specific ones.