NAR members are always encouraged to take advantage of the professional development courses that NAR and their affiliates offer for a broad range of commercial real estate disciplines. Did you know that today it’s easier than ever to take courses from NAR and our partners both online and in-person?
Classes are being offered across the county from a variety of organizations and associations whom we are proud to call our partners. Some of the organizations who we partner with to bring you quality continuing education: CCIM Institute, Council of Real Estate Brokerage Managers,Council of Residential Specialists, The Counselors of Real Estate, Institute of Real Estate Management, Real Estate Buyers’s Agent Council and others along with the classes that NAR offers.
Designation or certification courses offered by NAR range from “Discovering Commercial Real Estate” which offers a big picture view of the industry to “Commercial Real Estate Investment and Analysis”-an advanced course to help brokers and their agents understand the details that inspire the hustle and bustle of their everyday business.
NAR affiliates, such as CCIM who offers seventeen courses offer “Technology and Social Networking Tools for Today’s Real Estate Professional” to keep you competitive to “Prepare To Negotiate” offered to help ensure that you win.
You can find most of the classes offered by NAR and their affiliates at the NAR Education Matrix
Today real estate professional is able stay on top of the latest innovations in the commercial real estate industry by joining NAR. We hope you take advantage of these opportunities.
What would it look like if your local MLS or CIX offered property financing? Can listing and financing services peacefully coexist on the same software platform?
We may soon find out – at least if you consider Auction.com a listing site.
Auction.com will now offer financing on qualified assets via their new Commercial Real Estate Financing Portal. Financing options will be provided directly by Auction.com’s preferred lenders. All approvals will count toward a buyer’s proof of funds which is a requirement for all bidding for all property on the Auction.com site.
Real estate investors can go to Auction.com’s secure portal to complete financing applications, upload pertinent documents, view the progress of their application status in real time, and communicate directly with their lenders about all aspects of the process.
According to Gordon Smith, general manager of Auction.com’s commerical real estate division, approximately 50 percent of investors using Auction.com’s platform tend to finance their purchases. “Financing is in high demand among commercial buyers. By directly connecting investors with trusted commercial real estate lenders that understand the auction process and closing timeline requirements, we’re enabling buyers to make winning bids on properties that previously may have been out of reach due to cash restrictions. And, by increasing buyer liquidity, we’re improving our ability to get sellers the highest price for their assets.”
Auto manufacturing continues to move back to the U.S., subleasing is all the rage and don’t forget the baby boomers. It’s all here at the Commercial Real Estate national news Roundup for June 1. 2015
- Charleston’s commercial real estate market ‘on fire’, The Post and Courier, May 23, 2015 – Vacant commercial space is almost nonexistant with industrial, office and retail’s vacancy rate below 10 percent.
- RECon Special Report: Insiders Share Coast-to-Coast Insights, Commercial Property Executive, May 22, 2015 – 35,000 real estate professionals participated in educational sessions, social events and even some dealmaking at this year’s ReCon without ever leaving the Las Vegas strip.
- Sub-leases in favour as office prices surge, Independent.IE, May 28, 2015 – 1.4 million square feet of prime office space is available for sublease in San Francisco. Could a downturn be on the way?
- Liberty Mutual’s 2 towers a ‘statement’ piece for $2B Legacy West project, Dallas Business Journal, May 26, 2015 – Boston-based Liberty Mutual makes a huge commitment to the greater Dallas area by building two of the tallest towers in the area to add accommodations for 5000 new employees, 4600 parking spaces and more in Plano.
- Value of South Seattle industrial property soars 147% in a decade, Puget Sound Business Journal, May 29, 2015 – $24 million dollar price tag for land to build the second two-story distribution center in the U.S.
- Massive mixed-use underway on former Exxon Chemical site, Houston Business Journal, May 28, 2015 -What does a billion dollars get you in today’s market? Five office buildings, two full-size hotels, 800 apartment units, 100,000 square feet of retail and much more.
- Mexico, U.S. Industrial Markets Benefit from Automotive Reshoring, World Property Journal, May 15, 2015 – South Carolina has offered incentives to aid in successfully enticing three auto manufactures back to its shores from Asia affecting the price and availability of industrial property in the region.
- New Whole Foods Concept Joins Crowded Grocery Sector, National RE Investor, May 28, 2015 – Whole Foods persues the Milennial market with a new value-added concept store.
- Meet The Real Estate Experts Helping Reshape Retail, Booming Or Bankrupt, Forbes, May 27, 2015 – Through twenty years and $6 billion in renegotiated leases A & G Realty’s talent for reshaping retail still shines.
- Retailers Struggle To Find Balance Between Expanding Online or Opening More Stores, CoStar, May 27, 2015 – Retailers are spending an enormous amount of resources to expand their omnichannel sales capabilities to reach more customers.
- New Mexico apartment managers shouldn’t forget the baby boomers, experts say, Albuquerque Business First, May 27, 2015 – Reasonably priced markets are attracting active retirees in record numbers.
- Multifamily Construction Costs Fall, Labor Costs Rise, National RE Investor, May 26, 2015 – Labor shortage of capable construction workers puts a squeeze on development.
Commercial continues on the mend, Asian auction markets heat up online, retail development up in secondary and tertiary markets and iconic apartments sell for record prices in East Los Angeles. It’s all here at the Commercial Real Estate new Roundup for May 26, 2015.
- Commercial property’s path to recovery NuWire Investor, May 21, 2015 – National Association of Realtors chief economist Lawrence Yun and industry thought leaders believe the commercial real estate has improved and are encouraged about a strong future.
- Auction.com to sell US commercial real estate to Chinese buyers Realty Today, May 21, 2015 – Auction.com and Juwai.com the leading Chinese international real estate portal has established a new partnership to enable Chinese investors to buy U.S. commercial real estate online.
- New York HQ of Credit Suisse sells for $2.29B The Independent, May 21, 2015 – Biggest sale of an office building since 2008 and one of the biggest sales of commercial real estate ever in New York City.
- Cushman & Wakefield closes $650.3M deal on Verizon campus Bisnow, May 20, 2015 – In the largest sale-leaseback in New Jersey’s history, Verizon’s Operations Center sold to Chicago’s Mesirow Financial.
- E-commerce driving new regional distribution hubs The Wall Street Journal, May 21, 2015 – Unlikely locations emerging as small-scale logistics hubs and local distribution centers for second tier markets.
- Flagler sells Tradeport property for $37.2M Daily Record, May 21, 2015 – Eight buildings at Jacksonville International Tradeport were scooped up last week by a California investment firm.
- Retail’s challenge in Sioux Falls: Finding good home Argus Leader, May 20, 2015 – Retailers are getting creative in Sioux Falls by redeveloping non-traditional commercial property on well-traveled streets in order to locate there.
- Retailers in expansion mode, ground-up development still challenging National Real Estate Investor, May 20, 2015 – Vacancies are down, but growth is still not robust enough to spawn new development.
- Pricey Echo Park apartment sales in the works Eastsider LA, May 21, 2015 – Strong East Los Angeles market pushes sales of iconic apartment buildings and bungalows.
- Multifamily investors bid in secondary, tertiary markets National Real Estate Investor, May 19, 2015 – Property prices rise, causing CAP rates to drop in secondary and tertiary markets on the heels of a boom of investment activity.
Over the last decade, women have made great strides in the commercial real estate world. We have have witnessed the industry change since the days when women had far fewer inroads to success in commercial real estate. Back then, many in leadership were concerned that a woman would leave her career track for marriage and a family. That assumption is long gone and women have taken the commercial real estate industry by storm.
CREWing The Ship
Organizations have risen to document and foster this change. Commercial Real Estate Women — CREW Network — was founded in 1989 with a mission to focus on the advancement of women in commercial real estate, have grown to forty markets across North America and can boast a membership of 9,400 today. CREW focuses on helping female CRE professionals achieve goals related to business development, leadership development, career outreach, industry research and business development.
In the spirit of CREW, Multifamily Executive magazine recently published a wonderful list of the ten most influential women in multifamily. Most of the women attribute their success to having strong mentors and other women who they could look up to. Many of these women belong to organizations like CREW who provide that support network that we all could have use at one time or another.
Please take a moment to be inspired by these women right here. Compiled by Kayla Devon they are:
1. Ava Goldman – President, Michaels Development
2. Lilli Dunn – Chief Investment Officer, Bell Partners
3. Deidre Kuring – President, WinnResidential
4. Julie Smith – President, Bozutto Management
5. Terri Ludwig – President, CEO Enterprise Community Partners
6. Sheryl Brown – Chief Financial Officer, Mill Creek Residential
7. Cindy Clare – President, Kettler Management
8. Sue Ansel – CEO, Gables
9. Amy Anthony – President and CEO, Preservation Of Affordable Housing
10. Mary Anne Gilmartin – President, Forest City Ratner Cos.
Read the entire rundown at Multifamily Executive Magazine
Where Else Is Diversity Celebrated?
Other associations formed to support a diverse group of commercial real estate professionals include:
- National Association Of Real Estate Brokers(NAREB)-Founded over sixty years ago to support African American real estate professionals.
- The National Association Of Gay & Lesbian Real Estate Professionals (NAGLREP)-A mission driven trade organization that is part business and part advocacy for LGBTQ housing rights.
- The National Association Of Hispanic Real Estate Professionals (NHREP)- The voice of Hispanic real estate and home ownership.
NAR’s latest —Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas is provided by REIS Inc., a source of commercial real estate performance information.
Office vacancy rates are forecast to slightly decline from 15.7 percent in the fourth quarter to 15.6 percent through the fourth quarter of 2015.
The markets with the lowest office vacancy rates in the fourth quarter are Washington, D.C., at 9.3 percent; New York City, 9.6 percent; Little Rock, Ark., 11.6 percent; San Francisco, 12.2 percent; and Seattle, at 12.8 percent.
Office rents are projected to increase 2.4 percent in 2014 and 3.3 percent next year. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is likely to total 35.6 million square feet this year and 48.8 million in 2015.
Industrial vacancy rates are expected to fall from 8.8 percent in the fourth quarter to 8.4 percent in the fourth quarter of 2015.
The areas with the lowest industrial vacancy rates currently are Orange County, Calif., with a vacancy rate of 3.6 percent; Los Angeles, 3.7 percent; Seattle, 5.8 percent; Miami, 6.0; and Palm Beach, Fla., at 6.5 percent.
Annual industrial rents should rise 2.4 percent this year and 2.9 percent in 2015. Net absorption of industrial space nationally is expected to total 110.7 million square feet in 2014 and 102.5 million square feet next year.
Vacancy rates in the retail market are expected to decline from 9.7 percent currently to 9.5 percent in the fourth quarter of 2015.
Currently, the markets with the lowest retail vacancy rates include San Francisco, at 3.5 percent; Fairfield County, Conn., 3.9 percent; San Jose, Calif., 4.6 percent; Orange County, Calif., 5.2 percent; and Long Island, N.Y., at 5.3 percent.
Average retail rents are forecast to rise 2.0 percent in 2014 and 2.5 percent next year. Net absorption of retail space is likely to total 11.4 million square feet this year and jump to 18.9 million in 2015.
The apartment rental market – multifamily housing – should see vacancy rates slightly increase from 4.0 percent currently to 4.3 percent in the fourth quarter of 2015. Vacancy rates below 5 percent are generally considered a landlord’s market, with demand justifying higher rent.
Areas with the lowest multifamily vacancy rates currently are Orange County, Calif., and Sacramento, Calif., at 2.2 percent; Providence, R.I., and New Haven, Conn., at 2.3 percent; and Hartford, Conn., at 2.5 percent.
Average apartment rents are projected to rise 4.0 this year and 3.9 percent in 2015. Multifamily net absorption is expected to total 216,300 units in 2014 and 171,200 next year.
Junior boxes get a look, senior partners work out a merger, and a record price per unit sale. It’s all here at the Commercial Real Estate national news Roundup for May 18. 2015
- Foreign money is pouring into U.S. real estate, and it’s not just houses Bloomberg, May 13, 2015 – We’re back! Demand for warehouses to skyscrapers caused real estate deals to surge $129 billion during Q1 of this year triggering the most active start since 2007.
- Real estate firm DTZ buying Cushman & Wakefield for $2.04B, ABC News, May 11, 2015 – Chicago-based DTZ reported to buy New York- based Cushman & Wakefield by the end of 2015. Combined company will be called Cushman & Wakefield with $5.5 billion in annual revenue and 4 billion square feet of real estate.
- Dominion to raze downtown building, Richmond Biz Sense, May 13, 2015 – Historic 1922 block-long Richmond Plaza will be demolished within the year to make way for a significant mixed-use development.
- Here’s how high the interest is in the Fisher, Kahn buildings auction, Crain’s Detroit Business, May 13, 2015 – Detroit poised for comeback? 200 interested parties step forward for the Fisher Building, Albert Kahn Building. Could go for $27.5 million at auction next month.
- Buyer to pay $17.6 million for Hartford’s Goodwin Square, CT Now, May 13, 2015 – Three day auction garners a high bid of $17.6 million for Hartford’s Goodwin Square, calling future into question for this long-closed hotel.
- Valley industrial real estate market on the upswing, Fresno Bee, May 13, 2015 – U.S. Industrial market bullish as vacancies drop to 10 year low of 7 percent. Boom is partially due to foreign investors who see U.S. as a safe and stable environment compared to their own countries.
- 27-property industrial portfolio changes hands, Commercial Property Executive, May 13, 2015 – Investor appetite for industrial properties in the Dallas-Fort Worth area holding strong as Dallas-based Crow Holdings buys 27 building portfolio located in DFW and Houston.
- Zilber buys LakeView industrial buildings in $10.4M investment, Milwaukee Business Journal, May 13, 2015 – Zilber Properties continues to make a play for control of the I-94 corridor between Milwaukee and Chicago with purchase of LakeView industrial buildings for $10.4M.
- Retail development gains momentum, National Real Estate Investor, May 14, 2015 – New retail construction almost at peak levels last seen in 2005 where it topped out at 25.5 million square feet.
- Rhode Island Mall to be sold to Baltimore company, Providence Business News, May 12, 2015 – Plan moves forward to gut Rhode Island Mall’s 160,000 square foot interior and renovate space into two levels for up to six “junior box” retailers.
- Adjacent Brooklyn buildings net record sales price, MHN Online, May 13, 2015 – Record price per unit sale marks the potential for lease-up growth in a highly desirable pre-WWII apartment complex in Brooklyn.
- Fannie and Freddie hit the brakes on multifamily lending, National Real Estate Investor, May 13, 2015 – 2015 will be the year Fannie Mae and Freddie Mac could hit their 30 billion dollar caps for market rate multi-family lending early by both lending 10 Billion plus in Q1.
- Investors pivot to multifamily as distressed housing inventory dries up, Construction Dive, May 13, 2015 – Recovering housing market pushes 21 percent of investors to buy distressed multifamily properties up from 14 percent in 2013.
The Wire goes food court, CBRE beats first quarter national forecasts, falling oil prices could create new multifamily investment markets, industrial investors eye niche markets and more: It’s all here in the Commercial Real Estate News Roundup for May 4 2015.
- CBRE first quarter beats forecasts and jumps 37%. Dallas Business Journal, April 30, 2015 – CBRE’s profit of $92.9 million or 28 cents per share reportedly due to performance in the Americas.
- Falling oil prices could create new preferred markets. BisNow, April 29, 2015 – Atlanta, Denver, Charlotte and other non-energy dependent markets are the new preferred multifamily investment markets.
- New alternative construction defect reform package hits Denver condo market. Denver Business Journal, April 21, 2015 – There are four bills currently being shepherded by Democrats in the Colorado state house that could potentially increase the number of available condominiums, bring down the cost of condo construction and potentially lower insurance rates for highly rated builders.
- Retail REITs rise in first quarter. International Council of Shopping Centers (ICSC) April 29, 2015 – Average rental rates increased on new leases and renewals. Average base rents were up 4% and tenant fallouts were down 24% from 2014.
- National communications firm revamps management offices in Dallas. Dallas Business Journal, May 2, 2015 – Fast-growing Imagine Communications, with offices in Dallas, California, New Jersey, Colorado and London give us a glimpse of their new design for their revamped executive management office in Dallas.
- 10/60 Corporate Center in Tempe gets noticed with redesign. BisNow, May 1, 2015 – Tempe’s 10/60 Corporate Center’s redesign includes an open floor plan and a 7 spaces : 1000 sq. ft parking availability that draws one new large tenant, Freedom Financial Network for one of the center’s 45K SQ buildings.
- Industrial investors eye niche markets. GlobeSt., April 23, 2015 – Niche markets like food-grade buildings, freezer-cooler buildings, data centers and truck terminals are getting renewed attention. The recent growth and on-shoring that is going on in the US in driving investors to look at all asset classes in the industrial sector.
- Blighted section of East Baltimore attracts 16M food hub. BisNow, April 16, 2015 – A former film location for the popular TV series, “The Wire” will soon be a $16M food hub. The Baltimore Food Hub’s 15K sq. ft. space will house a commercial kitchen and incubator for a variety of food related businesses.
- ICSC RECon 2015 in Las Vegas from May 17-20th. Cushman Wakefield, May 2015 – Cushman Wakefield will be ISCS’s global partner for the 2nd year in a row for the ICSC RECon 2015. Keynote speakers include Denver Broncos quarterback, Peyton Manning, New York Times best selling author on leadership John Maxwell. Find the program here.
- New Hampshire could soon lose dozens of fuel stations. CSPnet, Convenience Store and Fuel News, April 8, 2015 – New regulations requiring double-walled underground fuel storage tanks could push several stations out of business as soon as December 2015. There are 745 mostly gasoline and diesel tank systems across the state that will need replacement. This could cause many stations to close down rather than having to pay to retrofit their systems.
Technology workers are directly related to a national surge in office leasing according to a new CBRE research report, “Scoring Tech Talent”. In this report, the national commercial real estate firm CBRE ranks the top 50 U.S. markets and their ability to attract tech talent.
Large and small markets are seeing a boost in their leasing, says Colin Yasukochi, director of research and analysis for CBRE. In a press release by CBRE this month, Mr. Yasukochi states, “Tech talent growth rates are the best indicator of labor pool momentum and it’s easily quantifiable to identify the markets where demand for tech workers has surged.”
According to the report, established technology markets like Seattle and Washington, D.C. still dominate the top of the list, but several smaller markets dubbed “momentum markets” — Oklahoma City and Nashville are two — had a technology talent growth of 39% between 2010 and 2013. This comes in at a percentage point higher than Seattle’s and just below the growth in San Francisco for the same time frame. Both Charlotte, NC and Portland, OR saw growth rates of 28% which outpaced Silicon Valley itself by almost 8%.
Although tech talent only comprises 3.4% of the total U.S. workforce, its growth has outpaced other markets for both 2013 and 2014, according to the report.
The Technology Workforce Is Decentralized
In the same press release, Mr. Yasukochi goes on: “Though highly concentrated within the high-tech services industry, tech talent is not limited to any one type of company and can be found across all industry sectors. In fact, more than 60 percent of tech talent jobs are located outside of the core high-tech industry and these workers help generate innovation and advances that can boost the commercial real estate sector.
The full report is available from CBRE here. Please note: free registration with CBRE is required to obtain the report.
While I’m not in the business of endorsing CBRE or their content, I do have to say that it’s refreshing and important to be reminded that technology jobs are in no way limited to traditional tech enclaves. Far from it: wherever business does business, tech is there, and in increasing numbers.
Crowdfunding continues to catch on, mall re-designs may be a new national trend, CRE investor dollars are targeting the Midwest, industrial development booms. It’s all here in the Commercial Real Estate roundup for May 11, 2015.
- New SEC Regulations Open Online Syndications to More Real Estate Investors, National RE Investor, May 6, 2015 – New SEC guidance for Title IV of the JOBS Act paves the way for real estate operators to raise capital from non-accredited investors including crowdfunded real estate investments.
- U.S. Commercial Mortgage Originations Up 49 Percent Year-Over-Year, World Property Journal, May 5, 2015 – Year end momentum from 2014 carried into Q1 2015 with multifamily and industrial loans leading the way.
- Developers, Not Speculators, Buying Bank-Owned Properties, Globe St., May 5, 2015 – The improving economy providers a wider pool of buyers, especially developers and owner-occupiers.
- Leaders predict the future at commercial real estate forum, Richmond Times-Dispatch, Apr. 28, 2015 – Prediction: soon internet sales will impact malls so greatly that mall re-design, including adding entertainment options, multi-family housing and government services will getting a serious look nationally.
- Platinum Plan: NYC Hospitals’ Evolving Real Estate Portfolios, Commercial Observer, May 6, 2015 – There’s almost a million square feet of space under construction on NYU’s main medical campus Langone Medical Center. When complete in 2017, Langone will have added 2 million square feet to their portfolio.
- Investors targeting office properties in Chicago, Columbus, Detroit and other Midwest markets, RE Journals, May 5, 2015 – Companies establishing their headquarters like Quicken in Detroit Groupon in Chicago encourages investors to too seek office space in the Midwest.
- Real Estate Investors Seek Rising Industrial Strength, Investors.com, May 7, 2015 – 171 million square feet of new industrial space is due to be built to the US. That’s now approaching the high of approximately 184 million square feet in 2004-2008, and way up from 2011-2013
- Region’s strong industrial real estate market attracts national investments, BizTimes.com, May 4, 2015-Milwaukee’s industrial Q1 space vacancy rate falls to 4.86 percent which is almost a full point and half lower than the same time last year.
- Is Shopping Center Market Finally Positioned For New Supply Growth?, CoStar, May 6, 2015 – Vacancy rate for “highly competitive” retail space is down to 2.7 percent, that’s the lowest it’s been in a decade according to CoStar analysts.
- U.S. Chains Continue to Up Store Opening Plans, National RE Investor, May 5, 2015 – National Retailer Demand Monthly declares a positive outlook for the retail real estate markets according to a new report from RBC Capital Markets.
- HFF secures financing for multi-housing community near Disney, Orlando Business Journal, May 5, 2015 – $41 million in financing secured for Windermere Cay, a 380-unit garden style multi-family development located adjacent to Walt Disney World.
- Fall construction start eyed for apartment high-rise near Amazon towers, Puget Sound Business Journal, May 4, 2015 – 40-story highrise should begin development in the fall directly across the street from the Amazon.com offices. There is speculation that this development could mean thousands of new jobs will soon be open at Amazon.
- Hotel and commercial real estate crowdfunding sites launched, Opp.Today, May 5, 2015 – Bloomberg predicts real estate crowdfunding will top $250 billion in the US by the end of 2020.
- What Does the California Drought Mean for the Hospitality Community? HVS, Apr. 28, 2015 – A 25 percent mandatory water reduction from the usage rate in 2013 will affect the cost of water in the state for years to come.