News Feeds (RSS) http://naiblackblog.com/?p=433 http://naiblackblog.com/2020/10/amazons-building-boom-and-how-the-industrial-space-will-be-impacted/ Commercial Real Estate construction distribution center industrial Amazon’s Building Boom and How the Industrial Space will be Impacted After a tumultuous year, commercial real estate’s industrial sector is possibly more important than ever before. Within this arena, Amazon has succeeded in being one of the main players keeping the network of supply and demand moving throughout the pandemic &#8211; and after earning their stripes by persevering in a time of immense disruption, this [&#8230;] Fri, 30 Oct 2020 08:30:00 Z NAIBlack-Blog <p>After a tumultuous year, commercial real estate’s industrial sector is possibly more important than ever before.</p> <p>Within this arena, Amazon has succeeded in being one of the main players keeping the network of supply and demand moving throughout the pandemic &#8211; and after earning their stripes by persevering in a time of immense disruption, this e-commerce giant is expanding.</p> <p><strong>Amazon’s 2020 Growth Spurt</strong></p> <p>Amazon is building new locations all over the country. These new warehouses are targeting the national supply chain’s last-mile locations, effectively bolstering a pivotal area in the delivery model.</p> <p>This new network of warehouses is expected to include 1,500 distribution centers surrounding major markets. These spaces, called “delivery stations” will be small-scale, each only 200,000 sq. ft. &#8211; which is only about one-quarter of the brand’s traditional industrial asset size. The key here is strategic placement around isolation gaps in the last-mile network to alleviate delivery stresses around metropolitan and suburban regions.</p> <p>Of course, new sites means new jobs. As Amazon builds new last-mile delivery sites, the company is going on a huge hiring spree.</p> <p>Once completed, Amazon’s web of shipping and delivery will be more efficient than anything the industrial space has seen thus far… even in light of <a href="https://www.industryweek.com/technology-and-iiot/article/22026535/walmart-unveils-hightech-grocery-warehouse-to-bolster-food-push">Walmart’s parallel industrial expansion</a>. And, it’s all happening quickly. The first round of delivery stations openings kicked off in September.</p> <p><strong>Strategies to Meet Today’s Challenges</strong></p> <p><a href="https://techcrunch.com/2020/08/24/covid-19-pandemic-accelerated-shift-to-e-commerce-by-5-years-new-report-says/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKqqm6ESa6cd7Eun2ZxTe6Ut_IsI7bi-o5HUjrRIqnWl4ZZLY8wPCOtbjpWqWPfyjfOeUj2te3vlxA4LJemxx__HE1kTrDdoqz8jlutQV-pILlsB6ylyUFhzWyu9VTN4Hsd5mvn8_va2dF204SK70GiMLptxTh5fobHLfpZ73NPA">COVID sparked a boom in e-commerce</a> as stay-at-home became a lasting norm. However, the circumstances in which this increase in online shopping reliance unfolded have created a new set of challenges.</p> <p>Since the pandemic introduced sudden changes in consumer activity &#8211; mainly a full replacement to the physical shopping experience &#8211; the need for instant gratification took on a whole new level of intensity.</p> <p>Consumer patience dwindled even more than the already stringent delivery demands of 2019, where one-day shipping became the standard. Today, same-day shipping is taking the forefront as consumers want the timeliness of the in-person shopping experience to be facilitated by an online system.&nbsp;</p> <p><strong>Things to Watch</strong></p> <p>Here’s what CRE should keep an eye out for as Amazon’s expansion plans unfold:</p> <p><strong>Setting the Trend</strong></p> <p>We’ve all seen this before &#8211; one major retailer makes a giant leap, and all other competitors are forced to live up to the new standards or fall to the wayside. Even the mere announcement of Amazon’s lofty goals is enough to get others thinking along the same lines.</p> <p>If this momentum starts rolling, CRE may see a substantial investment funneling towards the industrial sector.</p> <p><strong>More Sophisticated Supply and Demand</strong></p> <p>A build-up to the last-mile logistic network has been much needed for a while now. Last-mile related pains have been costing distributors big time, and it’s been a persistent topic in the industry conversation.</p> <p>Once the industrial space dips its toes into revamped last-mile capacities, the effects will be tangible. Increased delivery speed, enhanced accuracy, and more seamless e-commerce fulfillment will become the new normal of domestic warehousing.</p> <p>What are your thoughts on Amazon’s building boom?</p> 433 2020-10-30 08:30 +00:00 2020-10-30 03:30 -05:00 http://naiblackblog.com/?p=421 http://naiblackblog.com/2020/09/exploring-the-rise-in-secondary-tertiary-markets/ Commercial Real Estate Uncategorized commercial real estate cre industrial market report sior Exploring the Rise in Secondary & Tertiary Markets BY STEVE LEWISSPONSORED BY SIOR FOUNDATION For quite a while now, CRE observers have been touting the significant growth potential for secondary and tertiary markets. Those commentaries are now being supported even more strongly by the realities on the ground, as evidenced by the experience of SIORs in those markets. In this review of a [&#8230;] Mon, 28 Sep 2020 23:38:37 Z NAIBlack-Blog <p>BY STEVE LEWIS<br>SPONSORED BY SIOR FOUNDATION</p> <p class="has-drop-cap">For quite a while now, CRE observers have been touting the significant growth potential for secondary and tertiary markets. Those commentaries are now being supported even more strongly by the realities on the ground, as evidenced by the experience of SIORs in those markets. In this review of a number of different markets, SIORs say that the lower density, lower costs, and local attractions—and in some cases insulation from wild market swings—all speak to this growth being not just a fad, but a potentially long-term trend. </p> <p>“There has been an increased interest in our tertiary market from companies and investors that are currently located in the New York metro market during the past four months,” reports Amy Hawley, SIOR, associate broker, SVN | Imperial Realty, Allentown, Penn. “Our region offers good highway access to the larger population centers, without some of the problems associated with densely populated areas. And the operating expenses are lower.” </p> <p>“I would say that I’m in a tertiary market (Charleston, S.C.),” adds Michael White, SIOR, broker-in-charge, Charleston Industrial, LLC, “but we’re clearly benefitting because we’re well known as a vacation-golf-wedding destination for people from the northeast. We’ve seen a real increase in people wanting to leave dense urban areas and investigate team offices, smaller footprints, and more of a life-work balance that as a smaller market, we can provide.” </p> <p>“We’re definitely getting sentiment from some level of investors and people living in bigger cities who want to get into smaller markets,” notes Dan Drotos, SIOR, senior director, Colliers International, Gainesville, Fla., which he describes as “definitely tertiary.” Geoff Poston, SIOR, vice president Industrial Group, Cushman &amp; Wakefield | Thalhimer, in Hampton Roads, Va., says that “In the Norfolk/Virginia Beach market over the past 12 to 18 months, we’ve seen greater interest from national industrial developers and investors.” </p> <p>In Spokane, Wash., Christopher Bell, SIOR, managing broker, Black Commercial, Inc., notes that “We have always seen strong in-migration from Seattle and Portland, but we are getting more and more inquiries and deals completed with tenants and buyers from California, Arizona, Texas, and now more East Coast states. We are seeing the majority of businesses move to Spokane for quality of life. The joke in Spokane is you are never further than 20 minutes from anything, and people in major metro markets are tired of one- and two-hour commutes to and from work.”</p> <p class="has-medium-font-size">BEHIND THE CHANGE</p> <p>While commonalities among these markets are noted as the basis of the growth trend, they all have their own distinct characteristics and additional factors that draw investors, developers, and business owners.</p> <p>“Interest is driven by shifting supply chain strategies, due in large part to rising costs in the Northeast and the eCommerce user’s ‘hyperlocal’ focus,” notes Poston. “The Mid-Atlantic region in general is getting more looks at multistate, big box requirements.”</p> <p>Having remained “under the radar” during the industrial run-up over the past several years, he adds, there are still good sites and value opportunities in the area that national players are beginning to recognize. “According to CoStar analytics, our vacancy rate sits at 2.1% over 103 million square feet of inventory and no spec construction underway, although there are some rumblings that spec development is finally coming considering the vacancy rate and recent rise in asking rents,” says Poston. </p> <p>“There is renewed interest from manufacturers and investors in some of our industrial listings that are less than 100,000 square feet,” says Hawley. “Residential realtors also report an increase in the amount of families that want to escape the large cities and relocate to our region; employers may be aware of this trend. Prospects have requested video tours ahead of their travel plans to inspect various listings.”</p> <p>In Spokane, Bell says the existing supply of available industrial space has contracted to just a 2.5% market vacancy, and average rents get up to the level that they “are seeing an unprecedented amount of speculative building and new construction.” He says he is currently marketing a project to construct a 1.5 million square foot industrial park, “Which is a big deal in an industrial market with 29 million square feet of existing total building area.”</p> <p class="has-medium-font-size">ADJUSTING TO THE MARKET SHIFT</p> <p>In some cases, say SIORs, the increased demand in their market has caused them to shift strategies or employ new tactics.</p> <p>“I’m trying to refine our marketing message to appeal to that specific clientele and feature the benefits of being in a smaller market,” says White. These include the fact that remote working enables companies to locate in geographically dispersed areas; greater flexibility due to reduced commute times; and a better lifestyle for similar salaries.</p> <p>“I landed a software company that took about 20,000 feet with us, and they had the opportunity to be in a larger northeast market, but chose to be here,” he shares. “Their headquarters and some founders are still in the Philadelphia area, but they realized they can attract a broader pool of talent by having more geographic dispersity.”</p> <p>The Cushman &amp; Wakefield | Thalhimer industrial team has been working closely with several national industrial developers and investors as they enter the market, says Poston. “We’ve got some challenges that would appear to be non-starters to most, but once we help our clients dig into the fundamentals and have a better understanding for our market, folks are finding there are opportunities.”</p> <p>He notes that in the Virginia Beach area, they are challenged geographically, surrounded by bodies of water on three sides (Atlantic Ocean, Chesapeake Bay, and James River), with plenty of wetlands, poor soils, and the Great Dismal Swamp. “Core, infill locations are essentially fully developed with older product and limited functionality,” he says. “Finding the new development, redevelopment, or value-add investment opportunities in infill locations is possible, but it requires aggressiveness and creativity.”</p> <p>“We have begun using drone photography for some of our listings,” adds Hawley. “We will be using an interior 360 tour format so that prospects can evaluate their options and then have a short list of properties that they still want to consider when they do come to our region.”</p> <p class="has-medium-font-size">MEETING THE CHALLENGES</p> <p>Of course, with change—even positive change—comes challenges, and the growing attractiveness of secondary and tertiary markets is no exception. “Adaptability of the floor plans within our listings has become a priority,” says Hawley. “I have been working with space planning architects to evaluate which listings have the most adaptable floor plans.”</p> <p>“The biggest challenge in attracting people from large northeastern cities is their reluctance to relocate away from their traditional customer base,” adds White. “We say that working remotely has changed the face-to-face factor.”</p> <p>Of course, he continues, working with relocating customers always involves a learning curve. “They have to learn to adapt to a different pace of life,” he notes. “We try to work with them in follow-on. In a small market, a service provider like myself has to be adaptive, establish trust quickly, [as well as] be able to identify clients’ needs and how they can be applied in smaller markets.”</p> <p>Poston says that one of the biggest challenges to being in a tertiary market is deal velocity and income generation. “There are approximately 25 ‘true’ industrial brokers in our market, and only so many deals to go around,” he explains. “All you can do is strive to be an expert and do the best job for the clients you retain.”</p> <p>He adds, however, that “As trusted real estate advisors in tertiary markets, we can, and should, offer the same level of service and expert advice as our SIOR counterparts in major or secondary markets.”</p> <p class="has-medium-font-size">PANDEMIC CLOUDS THE FUTURE</p> <p>Of course, COVID-19 clouds the future for all of us. While SIORs believe the long-term future for secondary and tertiary markets is strong, at present it is certainly impacting their efforts.</p> <p>“Prospects are still trying to grapple with the total effect that the pandemic will have upon their workplaces, employees, and demand for their manufactured products,” says Hawley. “Decision timelines are taking longer. Property owners are slow to accept the changing landscape in the economy and how it has affected their perceived value of their property.” </p> <p>Drotos points to the attraction of both health care facilities and, of course, the University of Florida, in Gainesville. “Businesses say that having these economic drivers keep our market insulated,” Drotos shares. “Up until COVID-19 that was the truth.”</p> <p>One of the saving graces for his firm, he says, is that they are generalists. “Peers in bigger markets get really specialized,” he observes. “Being in a small market we are diversified by necessity, so we’re able to pivot, and still move along. Hopefully, once we get stabilized, we will go back to operating where we were, with good quality economic drivers.” </p> <p>“I think it’s a long-term change,” White asserts. “This lesson [of success in working remotely] will have a lasting impact on a number of generations.”</p> <p>“There is always going to be change in the marketplace that affects the value of a given property,” adds Hawley. “Changes seem to be at a more rapid pace. Macro trends and changes are more apt to have a ripple effect upon the overall value and utility of commercial-industrial real estate. Sharing ideas and data with our peers enables us to stay on top of important trends.” </p> <p>Poston also sees the growth of secondary and tertiary markets as part of a long-term change. “With the consumer shift to e-commerce, accelerated greatly by the COVID-19 pandemic, and now supply chain diversification and risk mitigation also influenced by the COVID-19 pandemic, I expect industrial to thrive here for years to come,” he says. “It’s an exciting time to be an industrial broker!”</p> <p></p> <p>CONTRIBUTING SIORS<br>Geoff Poston, SIOR<br>Amy Hawley, SIOR<br>Michael White, SIOR<br>Christopher Bell, SIOR<br>Dan Drotos, SIOR</p> <p>This article was featured in <a href="https://www.sior.com/education-and-insights/insights/magazine/archive/report-archive-q3-2020/">Q3 2020 SIOR Report Magazine</a></p> 421 2020-09-28 23:38 +00:00 2020-09-28 18:38 -05:00 http://naiblackblog.com/?p=416 http://naiblackblog.com/2020/08/is-housing-the-next-play-for-vacant-malls/ Commercial Real Estate cre mall multifamily shopping center Is Housing the Next Play for Vacant Malls? Long live the American mall. These dreamy retail hubs were once bustling scenes of activity, fun, and commerce. If you needed to shop, you went to the nearest mall. There was no question, no contest, and no real competitors. The mall was the golden child of the US retail footprint. But that was years ago. [&#8230;] Fri, 28 Aug 2020 20:56:39 Z NAIBlack-Blog <p>Long live the American mall. These dreamy retail hubs were once bustling scenes of activity, fun, and commerce. If you needed to shop, you went to the nearest mall. There was no question, no contest, and no real competitors. The mall was the golden child of the US retail footprint.</p> <p>But that was years ago. Today’s mall scene has turned bleak as brick and mortar retail has fallen to the wayside in light of e-commerce. The vacancy rate of malls reached the <a href="https://www.pymnts.com/news/retail/2020/mall-vacancy-rate-reaches-20-year-high/">highest point in 2 decades this year.</a> And, thanks to the coronavirus pandemic’s massive disruption to physical retail, malls have since seen even more closures.</p> <p>While <a href="https://www.significa.si/blog-si/why-the-open-air-grocery-anchored-shopping-center-may-thrive/">shopping centers with a fresh spin</a> still do hold irrefutable promise for commercial real estate, there’s no doubt that the massive square footage currently occupied by dying mall spaces will be reconfigured.</p> <p>In the past, there has been a lot of talk about the future of vacant mall spaces. The possibilities for abandoned malls were manifold. From schools to mixed-use centers, the options were at the forefront of CRE retail analyst’s forecasts.</p> <p>But right now, as affordable housing is in high demand, the new move for malls may be decided.</p> <p><strong>A New Future for Mall Spaces</strong></p> <p>Housing is being examined as the next possible phase for mall CRE. The U.S government recently went public with their prospective plans to <a href="https://therealdeal.com/2020/07/04/retail-to-residential-conversions-are-in-cards-at-americas-doomed-malls/">convert retail spaces into residential communities</a>. Transitioning empty storefronts into micro-apartments would flood supply into metropolitan markets, helping to ease the housing shortages plaguing cities all around the country.</p> <p>In essence, mall spaces would be transformed into multifamily communities. In many cases, these would become mixed-use developments that blend retail, office, and living spaces all in one set up.</p> <p>After a few alterations to the physical space, failing malls could easily be retrofitted into attractive housing options.</p> <p><strong>Is Housing the Right Move?</strong></p> <p>There are so many options for the future of empty malls &#8211; is housing really the best bet?</p> <p>Despite all of the potentials, housing is an imminent need, and malls are inherently built with many of the in-demand resources that housing developers are looking for.</p> <p>By their very nature, malls do make strong prospects for multifamily projects. Malls are located in centralized areas that are geared around attracting traffic and remaining accessible. In order to accommodate changing tenants, the units are easy to renovate. Malls are also built around public transit options, making transportation a key benefit of these locations.</p> <p>It’s impossible to deny the fact that malls hold immense promise in creating community hubs for living and working.</p> <p><strong>Paving the Way</strong></p> <p>In light of the market’s hesitant response to converting malls into communities, a few brave players have already made headway into this trend. By taking the first steps, they’re providing a model for the industry to gauge the reality of these transformational projects. Keep an eye on the progress of this trend to stay ahead of the curve &#8211; it may be one of the biggest areas of opportunity for CRE into 2021 and beyond.</p> 416 2020-08-28 20:56 +00:00 2020-08-28 15:56 -05:00 http://naiblackblog.com/?p=412 http://naiblackblog.com/2020/07/5-building-updates-for-offices/ Commercial Real Estate Property Management commercial real estate cre office office building real estate 5 Building Updates to Keep Your Office Space Attractive to Tenants Looking to up the prospect intrigue of your office space? In these times, it may be a good idea to upgrade your office building to make it the very best it can be. These are 5 physical building updates that can be made right now to appeal to tenants: Create Flexible Branding Areas Strategizing is [&#8230;] Fri, 31 Jul 2020 22:09:35 Z NAIBlack-Blog <p>Looking to up the prospect intrigue of your office space?</p> <p>In these times, it may be a good idea to upgrade your office building to make it the very best it can be. These are 5 physical building updates that can be made right now to appeal to tenants:</p> <p><strong>Create Flexible Branding Areas</strong></p> <p>Strategizing is all about knowing your target audience.</p> <p>As company culture is top-of-mind for businesses right now, it may be wise to provide your tenants with the ability to proudly embrace their brand. Office tenants will likely want to express their corporate identity somewhere in their leased space, so consider adding an area to do so.</p> <p>Not only does this provide a perk that many competing office assets do not offer, but it also will help make your office feel more like a permanent home for their business.</p> <p>Consider setting aside a wall that can easily be repainted or refurbished where tenants can post their company logo in a large-scale format. Make sure to include this point in your market listings as a company culture bonus!</p> <p><strong>Privacy Pods</strong></p> <p>Even before the new social distancing concerns relating to the pandemic privacy pods were already a popular feature within the office space.</p> <p>In the contemporary lens, it helps support a safe and healthy work environment for team members and other tenants. However, they also come along with the added benefit of reducing noise and distractions in the workplace and providing a quiet space for team members who need to focus.</p> <p>These reasons and more are making privacy pods a highly coveted aspect of office assets, so consider investing in these for your space.</p> <p><strong>Health and Wellness Considerations</strong></p> <p>Tenants are looking for a healthy and positive space to house their business. Adding a touch of nature to your office space can breathe fresh life into even the most outdated buildings.</p> <p>Large windows, open-air, outside spaces, and natural lighting will provide the proper balance that tenants are looking for. Low-light indoor plants will elevate the overall design of the space.</p> <p>These upgrades are known to reduce stress and cultivate a happier and healthier workspace environment &#8211; something that tenants cannot resist.</p> <p><strong>Smart Technology</strong></p> <p>Smart Technology is a major avenue of competition for commercial office leasing.</p> <p>Upgrading your office space with some strong Smart Technology additions can significantly boost the property’s tenant appeal. Smart locks, security systems, temperature controls, screens, and speakers are all great places to shop around.</p> <p>Not only do these improve the tenant experience, but Smart Technology is known to significantly reduce utility usage which can save your tenant money on their monthly bills.&nbsp;</p> <p><strong>The Little Things Count</strong></p> <p>Not all office building upgrades need to be extreme. The little things count, too.</p> <p>Don’t underestimate the value of a fresh coat of paint, some new fixtures, and a beautiful landscaping job. Spend time fixing up the detailed elements of your property independent or in addition to the bigger projects. Office tenants care about the full picture, not just the wow factors.</p> <p>Get the most out of your office portfolio by enhancing your assets with these 5 tips and watch tenant interest soar.</p> 412 2020-07-31 22:09 +00:00 2020-07-31 17:09 -05:00 http://naiblackblog.com/?p=405 http://naiblackblog.com/2020/06/4-ways-cre-was-already-headed-online-prior-to-covid/ Commercial Real Estate commercial real estate coronavirus covid-19 online technology 4 Ways CRE Was Already Headed Online Prior to COVID Over the past few months, headlines everywhere have been filled with tips, tricks, and hacks to help make the shift to online easier for business of every sector. While for some, such as small businesses or service-based models, this level of tech-reliance came as a bit of a shock, many other industries were already heading [&#8230;] Thu, 25 Jun 2020 17:43:55 Z NAIBlack-Blog <p>Over the past few months, headlines everywhere have been filled with tips, tricks, and hacks to help make the shift to online easier for business of every sector. While for some, such as small businesses or service-based models, this level of tech-reliance came as a bit of a shock, many other industries were already heading in that direction.&nbsp;</p> <p>Commercial real estate is one of those. Yes, it’s true that the pandemic did speed things up immensely by encouraging even the slowest to accept the digital shift, but it wasn’t <em>really </em>out of the blue.&nbsp;</p> <p>This tech-conversion conversation has been dominating industry chatter for some time now. Simply type “CRE tech” into any search engine and see articles dated all the way back to 2017 that are discussing the need to embrace digital workflows.&nbsp;</p> <p>These are 4 ways that commercial real estate was already far along the path towards online integration, plus a look at where all predictions fell short.&nbsp;</p> <p><strong>A Need for Online Networking</strong></p> <p>Commercial real estate success is a result of being plugged into a solid network of contacts, leads, and industry partners.&nbsp;</p> <p>For years now, physical networking strategies needed to be supplemented with online outreach programs. This was to extend the conversation into the untapped potentials of social media, search engines, and websites. Digital databases have fueled CRE sales funnels and tech-powered CRM’s have been at the frontlines of networking.&nbsp;</p> <p><strong>Digital Marketing is a Must</strong></p> <p>Web-powered marketing platforms have been a must in commercial real estate for a long time running. Digital marketing has been a major aspect of the business as more tenants are hitting the web to find their perfect commercial spaces.&nbsp;</p> <p>Online listings have been a solid standard for CRE, long before COVID even existed.&nbsp;</p> <p><strong>Technology to Keep Business Flowing</strong></p> <p>Staying organized between in-person and online tasks isn’t easy, and that’s why <a href="https://www.cretech.com/cretech-blog/5-ways-tech-improves-the-cre-project-management-workflow/">CRE workflows turned to tech</a> long ago to stay organized. Whether it’s a project platform for your team, a winning lead generator, or client management program; many of the daily tasks had already been transitioned online.&nbsp;</p> <p><strong>Remote Work was Already Prominent&nbsp;</strong></p> <p>The <a href="https://www.fastcompany.com/90481356/were-in-the-midst-of-a-massive-work-from-home-experiment-what-if-it-works">teleworking population was growing</a> to unprecedented heights before the coronavirus. More and more people were choosing to ditch the office space altogether and take their workflows elsewhere.&nbsp;</p> <p>COVID certainly sped things up, but this was already well underway prior to 2020.&nbsp;</p> <p><strong>Understanding the Real Surprises</strong></p> <p>While the internal aspects of commercial real estate’s digi-conversion, the external pressures could never have been predicted.&nbsp;</p> <p>Even for the tech-savviest CRE pros, the biggest curveball is the fact that everyone is going digital &#8211; not just the commercial sphere. Because the industry’s tenants are also primarily online, it’s altering the needs of the business&#8217;s bottom line.&nbsp;</p> <p>Spatial requirements are changing within every sector, from retail to restaurants. Many office tenants are contemplating a full transition to web-powered business, leaving commercial spaces out of their equation. Warehouse needs are broader than ever, as these spaces need more space, technology, and parking accommodations to handle the increased responsibilities.&nbsp;</p> <p>It’s clear that the strong push for a tech-centric CRE business was coming, COVID or no COVID. But, the industry is still facing considerable challenges because of the <em>way </em>the transition happened.&nbsp;</p> 405 2020-06-25 17:43 +00:00 2020-06-25 12:43 -05:00 http://naiblackblog.com/?p=400 http://naiblackblog.com/2020/06/3-ways-vr-is-being-used-in-cre-construction/ Commercial Real Estate commercial real estate construction virtual reality VR 3 Ways VR is Being Used in CRE Construction Virtual reality is one of the most powerful and revolutionary technologies hitting commercial real estate right now.&#160; While already widely applicable to the residential side of things, this technology is quickly becoming more prevalent in the commercial arena. It’s catching the attention of investors, developers, and construction professionals across the globe &#8211; and for good [&#8230;] Fri, 05 Jun 2020 22:19:56 Z NAIBlack-Blog <p>Virtual reality is one of the most powerful and revolutionary technologies hitting commercial real estate right now.&nbsp;</p> <p>While already widely applicable to the residential side of things, this technology is quickly becoming more prevalent in the commercial arena. It’s catching the attention of investors, developers, and construction professionals across the globe &#8211; and for good reason.&nbsp;</p> <p>Virtual reality is expanding the possibilities of commercial building, opening up new doors and potentials by bridging the gap between brick-and-mortar and 3D digital technologies.&nbsp;</p> <p><strong>Today&#8217;s Virtual Reality is Easier, Faster, and Affordable</strong></p> <p>While VR has always been attractive to CRE construction pros, it wasn’t necessarily applicable to every bracket of the business. Virtual reality property simulations were expensive to create, difficult to navigate, and took a long time to develop.&nbsp;</p> <p>But, the technology has come a long way since then and is adjusting to these industry pain-points.&nbsp;</p> <p>Today’s VR is easy, quick, and affordable &#8211; making it more attractive than ever before. Construction professionals can create VR-generated counterparts for all of their projects, not just the multi-million dollar ones.&nbsp;</p> <p>This new industry standard is spreading like wildfire, and it’s establishing new creative ways to infuse VR in construction.</p> <p>Here are 3 ways that VR is being used to enhance CRE construction:</p> <p><strong>VR Mitigates Risks and Streamlines Development</strong></p> <p>When you’re able to truly ‘see’ the fully-built, 3D, isometric property; construction companies are able to avoid any potential issues before they actually become a problem.&nbsp;</p> <p>This is helping construction firms save time, money, and resources by overcoming errors in the digital sphere before they’re made in the physical building. It’s much easier to click a few buttons than to dismantle a physical structure for a do-over.&nbsp;</p> <p><strong>Providing Unprecedented Precision&nbsp;</strong></p> <p>As commercial projects get even more complex, visualization precision is a must &#8211; and VR delivers.&nbsp;</p> <p>Virtual reality is creating stunning digital simulations of properties, right down to the real-life surroundings and smallest details. This expands the building possibilities, boosts creativity, and provides a new aspect to marketing.&nbsp;</p> <p>Plus, it’s helping teams stay on top of long-winded development projects. It keeps the vision strong throughout the entire process.&nbsp;</p> <p><strong>Boosting Pre-Development Deals&nbsp;</strong></p> <p>Since VR enables people to digitally explore property plans, it’s fueling more pre-construction deals for CRE.&nbsp;</p> <p>VR models can be shown to potential clients, investors, and buyers who are more likely to seriously move forward with a deal since they can actually ‘see’ their future space. This enables larger-scale collaborations between tenants and CRE construction teams to happen in a way that’s never been done before.&nbsp;</p> <p><strong>Industry Concerns Regarding VR-Powered Construction</strong></p> <p>Alongside all of these benefits, there are quite a few drawbacks associated with construction’s integration of VR.&nbsp;</p> <p>First of all, VR is a complex technology, so it’s taking some time to become a solid part of commercial building. Slow adopters to the trend aren’t seeing the value of these highly-detailed virtual models which is stunting the capacity for VR to fully permeate the domestic market.</p> <p>Plus, there are certain privacy concerns. In the era of cyber-security threats, everyone is a tad skeptical about putting their plans on a web platform &#8211; especially when it needs to pass through the hands of VR site developers. These exchanges prevent CRE from exploring the possibilities that virtual reality has to offer.&nbsp;</p> <pre class="wp-block-verse"><em>Meanwhile, other countries are making the most of VR-construction collaborations - especially in Asia. In 2020, NREI reports that less than ⅓ of US construction companies are using VR. This can potentially cause the US market to fall behind.&nbsp;</em></pre> <p>But, the hope is still there, and VR will keep pressing on CRE until the value is simply undeniable.</p> 400 2020-06-05 22:19 +00:00 2020-06-05 17:19 -05:00 http://naiblackblog.com/?p=396 http://naiblackblog.com/2020/05/what-impact-will-covid-19-have-on-shared-offices-and-coworking/ Commercial Real Estate co-working commercial real estate coronavirus covid-19 office property management real estate shared space What Impact will COVID-19 Have on Shared Offices and CoWorking? For the past few years leading up to 2020, companies were focused on the social aspects of business. This was manifested into trending workspace designs that have reshaped the physical spaces that companies call home.&#160; Cutting-edge office developers have adopted stimulating atmospheres to get team members together, inspired, and collaborative. It led to a new [&#8230;] Tue, 19 May 2020 19:26:48 Z NAIBlack-Blog <p>For the past few years leading up to 2020, companies were focused on the social aspects of business. This was manifested into trending workspace designs that have reshaped the physical spaces that companies call home.&nbsp;</p> <p>Cutting-edge office developers have adopted stimulating atmospheres to get team members together, inspired, and collaborative. It led to a new industry-standard where the shared office template was established all over the world.&nbsp;</p> <p>While this year had some big plans laid out for highly-collaborative workspace designs, COVID-19 happened, and everything changed. After years of investing in office spaces that bring people together, the whole world is currently finding every possible way to widen the gap and social distance.&nbsp;</p> <p>Unfortunately, that ‘golden spot’ of shared offices that CRE had finally come upon needs to head back to the drawing board.&nbsp;</p> <p>Here’s what the post-COVID world means for co-working and shared office spaces.</p> <p><strong>Fluid Workflows Need More Structure</strong></p> <p>The days of hopping from one desk to another are probably long-gone post-COVID.&nbsp;</p> <p>One of the largest appeals to coworking, shared, and even open office spaces is the ability to step outside of the box. Team members don’t need to be tethered to their desks. They were able to find the perfect space for each task and switching seats was a regular thing.</p> <p>But, the post-COVID world will be viewing this approach as a risk for contagion. High-traffic areas like privacy pods, computer labs, and lounges won’t be nearly as attractive as they used to be.&nbsp;</p> <p>People will want to limit the exchange of contact, so we’ll be dealing with a solid push for solidarity and personal space.&nbsp;</p> <p><strong>Making Room for Remote Workers</strong></p> <p>While we’re all stuck at home right now, the WFH trend will fall away after COVID &#8211; but not completely.&nbsp;</p> <p>Remote working will be more widely accepted and exercised across the board, but people will still be eager to head back to the office once the situation subsides. This will be expressed in many different ways.&nbsp;</p> <p>Now that the entire world has seen how easy it is to make remote working a reality, companies will be more open to continuing this trend into the future. This means that work schedules will continually become more flexible and mobile as team members aren’t required to be in-office for every little task.&nbsp;</p> <p>Technology will play a big role in making this all work. Office spaces will be required to have powerful tech tools to fill in the links between the remote team members and those at the office.&nbsp;</p> <p><strong>Personal Offices Will Be in Hot Demand</strong></p> <p>All in all, expect to see a big spike in demand for personal office spaces.&nbsp;</p> <p>Concerns relating to highly-contagious, fairly mysterious, and generally frightening pathogens will take a big hit at people’s openness to adopt shared office spaces again. Companies will be looking to get back to basics, helping them mitigate the risks associated with large populations congregating in communal spaces.&nbsp;</p> <p>Across the board, experts are expecting to see a decrease in the traditional co-working space.&nbsp;</p> <p>Shared workspaces and co-working have some work to do before they’re ready to woo the post-COVID world.</p> 396 2020-05-19 19:26 +00:00 2020-05-19 14:26 -05:00 http://naiblackblog.com/?p=392 http://naiblackblog.com/2020/05/4-video-conferencing-apps-to-keep-business-flowing/ Uncategorized Business commercial real estate covid-19 video conferencing 4 Video Conferencing Apps to Keep Business Flowing With entire cities shutting down all over the world in response to the global crisis, that doesn’t mean that business can be put on pause. Industries are being forced to adapt to unprecedented circumstances such as quarantines, stay-at-home orders, and official government safety procedures. In the midst of it all, teleworking is our collective reality [&#8230;] Tue, 05 May 2020 20:10:58 Z NAIBlack-Blog <p>With entire cities shutting down all over the world in response to the global crisis, that doesn’t mean that business can be put on pause. Industries are being forced to adapt to unprecedented circumstances such as quarantines, stay-at-home orders, and official government safety procedures.</p> <p>In the midst of it all, teleworking is our collective reality as the world finds creative solutions to the COVID-19 pandemic. Technology is helping keep business strong and steady as the virus throws disruption after disruption our way. Teams still need to gather, discuss, meet, and keep businesses going against all odds.</p> <p>Video-conferencing is an easy and accessible answer to the needs of today’s professional scene. The web is buzzing with e-meetings and virtual collaborations, proving that this new module is catching on fast.</p> <p>With no definite end in sight, keep your business above water throughout the COVID-19 episode. These are the video conferencing apps that will keep us all up and running in the coming weeks &#8211; or even months.</p> <p><strong>GoToMeeting</strong></p> <p><a href="https://www.gotomeeting.com/">GoToMeeting</a> is one of the fastest, easiest, and best-equipped virtual meeting software out there. One of the strongest tools available for keeping organized is GoToMeeting’s session diagnostic reports that summarize all the content covered – meaning users don’t need to worry about transcribing the conversation and can keep the momentum strong.</p> <p>With new features such as cloud recordings, voice command, and other Smart integrations, GoToMeeting is constantly upping their own game and impressing users across the board.</p> <p><strong>Zoom</strong></p> <p>Screenshots of Zoom meetings are taking over social media as teams get together and face these tough times in unity, strength, and optimism.</p> <p><a href="https://zoom.us/">Zoom</a> is probably the most-used virtual conferencing tech provider right now, and it’s a result of its winning service platform. Schools and businesses are using Zoom’s large meeting capacity and reliable connectivity to conduct classes, meetings, and conferences.</p> <p>Their newly introduced enterprise-level plan can hold seamless meetings with up to 200 participants, making it a great choice for large gatherings, training sessions, and team meet-ups.</p> <p>With its abundant features, easy navigation, and great flexibility, Zoom is reasserting its value as a leader in video conferencing technology during the COVID-19 pandemic and beyond.</p> <p><strong>GoogleHangouts</strong></p> <p>While not as commercial-business savvy as some of the other video conferencing software, the video meeting feature of<a href="https://hangouts.google.com/webchat/start"> GoogleHangouts</a> is providing an easy, casual, and effective way for small businesses to communicate ‘face-to-face’ &#8211; or, more literally, screen-to-screen.</p> <p>GoogleHangouts is affordable and easily accessible for businesses already hooked into G-Suites. The subscription that accommodates their video conferencing feature starts at a mere $6 per month &#8211; which is an extremely low cost for the service’s value of keeping your team connected.</p> <p>If you’re looking for the same Google service but want to kick things up a notch, check out<a href="https://meet.google.com/"> GoogleMeet</a>, the version of GoogleHangouts that’s elevated for large scale business purposes.</p> <p><strong>Microsoft Teams</strong></p> <p>This Microsoft-based service is becoming a video-conferencing favorite with many businesses using this software to stay in touch with the whole team.<a href="https://products.office.com/en-us/microsoft-teams/online-meeting-solutions"> Microsoft Teams</a> is a useful and well-equipped program loaded with great features.</p> <p>The best part about using this conferencing tool is that it prioritizes security. This is imperative for sensitive businesses operating online during the era of cyber-security. Even with the product’s ability to host live events with up to 10,000 participants, there is no need to worry about security breaches.</p> <p>No matter how long the COVID-19 pandemic rages on for, video conferencing is our best defense against falters in business. Keep the momentum strong with digital tools until your team can finally meet in person again, closer and stronger than ever before.</p> 392 2020-05-05 20:10 +00:00 2020-05-05 15:10 -05:00 http://naiblackblog.com/?p=386 http://naiblackblog.com/2020/04/property-managers-how-to-handle-the-influx-of-package-deliveries/ Property Management Apartments coronavirus e-commerce multifamily property management real estate Property Managers: How to Handle the Influx of Package Deliveries Welcome to the age of e-commerce. The contemporary digitized shopping module is impacting commercial real estate in more areas than just retail and industrial &#8211; it&#8217;s also having strong impacts on multi-family. Multi-family tenants rely on massive online realtors, such as Amazon, meaning more packages are coming through the door &#8211; and they all need [&#8230;] Fri, 03 Apr 2020 17:14:08 Z NAIBlack-Blog <p>Welcome to the age of e-commerce. The contemporary digitized shopping module is impacting commercial real estate in more areas than just retail and industrial &#8211; it&#8217;s also having strong impacts on multi-family. </p> <p>Multi-family tenants rely on massive online realtors, such as Amazon, meaning more packages are coming through the door &#8211; and they all need to be processed through the building&#8217;s centralized mail circuit. </p> <p>A few years ago, this wasn&#8217;t much of a stressor for management. However, the times have certainly changed and the sheer number of online orders isn&#8217;t what it used to be. </p> <p>According to data from E-Marketer, by 2023 the global e-commerce industry is anticipated to exceed $6.5 billion. This change has happened so quickly it&#8217;s left multi-family managers struggling to keep up. </p> <p>Multi-family property managers are facing an unprecedented volume of package deliveries where both the frequency of deliveries and the number of boxes have been exponentially increased. The heat is on &#8211; and, with e-commerce on the rise, it&#8217;s only expected to intensify. </p> <p>It&#8217;s time to get the situation under control before it gets out of hand. Use these 4 tips to stay organized. </p> <p><strong>Let Tech Lend a Hand</strong></p> <p>At this point, it&#8217;s a good time to invest in technologies. Technology is playing a pivotal role in supporting today&#8217;s quota of package deliveries. </p> <p>There are tons of ways tech can be weaved into the package delivery process &#8211; be it at the front door for mailmen, through a community app that alerts tenants to their delivery, or a digitally delivered safe code key that needs to be shown to retrieve a package. </p> <p>Don&#8217;t get overwhelmed with the possibilities for tech integration. The options are nearly endless, but focus on what matters most for your community needs. Property managers should take a deeper look at their specific issues and employ tech to their primary pain points. </p> <p><strong>Consider Expanding the Mail Room</strong></p> <p>If your property&#8217;s mail room is already feeling cramped, it may be time to invest in a renovation. Expanding the mail room is a must in order to accommodate packages &#8211; which are increasing in both number and size. </p> <p><strong>Hire More On-Site Team Members </strong></p> <p>At this point, the package delivery system has gotten so intense that it may be time to start growing your team. </p> <p>Increasing the number of people on-site can help alleviate the pressures of accommodating for the frequent deliveries happening daily. In fact, some property managers even find it necessary to create a position specifically to handle the influx of e-commerce packages. </p> <p><strong>Delivery Lockers Assure Safety and Security </strong></p> <p>No property management team wants to incur the wrath of a tenant who can&#8217;t locate their package. Mail room discrepancies are becoming a big issue for management teams that are struggling to mitigate the organization and security issues that accompany e-commerce deliveries. </p> <p>In order to avoid these issues, delivery lockers are helping keep packages safe and secure. These unit-specific lockers are a safe house for e-commerce orders until their owners can come down and pick them up. This lock-and-key option is superior to leaving the package sitting out in the open. </p> <p>These 4 tips are set to help streamline the added load of package deliveries to multi-family properties &#8211; mitigating the stress from the management. </p> 386 2020-04-03 17:14 +00:00 2020-04-03 12:14 -05:00 http://naiblackblog.com/?p=381 http://naiblackblog.com/2020/03/5-ways-to-become-a-better-commercial-real-estate-landlord/ Property Management commercial real estate landlord property management real estate 5 Ways to Become a Better Commercial Real Estate Landlord These days, being a commercial real estate landlord is tough. As business gets more diverse, it’s not easy to upkeep, manage and overlook commercial properties and their tenants. Whether you own a multifamily, office, or retail property, perfecting the role as a landlord can elevate your asset to a whole new level. Fortunately, there are [&#8230;] Wed, 25 Mar 2020 20:09:36 Z NAIBlack-Blog <p>These days, being a commercial real estate landlord is tough. As business gets more diverse, it’s not easy to upkeep, manage and overlook commercial properties and their tenants. Whether you own a multifamily, office, or retail property, perfecting the role as a landlord can elevate your asset to a whole new level.</p> <p>Fortunately, there are strategies that can help overcome the industry’s prominent pain points and boost the CRE landlord workflows. </p> <p>If you’re ready to improve and upgrade your commercial landlord skills, check out these 5 winning tips:</p> <p><strong>Get Tech Savvy </strong></p> <p>Technology is here, and at this point, there’s really no way around it. </p> <p>Commercial landlords need to embrace the latest cutting-edge technologies that are dominating the field and reshaping the industry as a whole. Not only will it make the day-to-day tasks easier, but it will also appeal to contemporary tenants who expect tech to be a part of their landlord’s process. </p> <p>Don’t lag behind &#8211; fuel your commercial property with the tools necessary to succeed in today’s competitive marketplace. Smart technologies, IoT and data analysis servers are all great ways to bring your landlord workflow into the present. </p> <p><strong> Check-In With Tenants</strong></p> <p>Communication is key. Today’s tenants want to feel understood, respected, and most of all &#8211; heard. Landlords can benefit greatly by opening up a channel of communication between the tenants and property management. </p> <p>Consider sending a bi-weekly or monthly email to touch base with your tenants, cover any pressing topics, and ensure that everything is going well. Remember, you don’t want to be overwhelming &#8211; but you don’t want to seem absent, either. </p> <p><strong>Consider Going Paperless</strong></p> <p>Making the decision to go paperless can save landlords time, money, and energy &#8211; especially when it comes to commercial properties. Going paperless is a great way to stay organized and consolidate all of the piles of paper into one neat and easy-to-access gateway. Plus, you’ll be doing something positive for the environment by cutting down on consuming paper products &#8211; <a href="https://www.theworldcounts.com/stories/Paper-Waste-Facts">the majority of which gets wasted the very same day. </a></p> <p><strong>Create a Community Around the Property </strong></p> <p>In today’s world, it’s all about community. </p> <p>Commercial landlords can go beyond a mere property-based module by creating a community around their assets. Since many commercial properties, such as multifamily or office, are home to multiple tenants; everyone can benefit from cultivating feelings of togetherness and solidarity. </p> <p>Happy tenants usually mean a happy landlord, so it never hurts to go out of your way to improve the tenant experience. Establish a community culture around your properties to boost tenant enthusiasm and engagement.&nbsp; </p> <p><strong>Keep it Simple </strong></p> <p>Sometimes, it’s the simple things that yield the best results. When it comes to being a commercial landlord, don’t over-complicate things. </p> <p>At the end of the day, the most important point is to ensure that the property is running smoothly, the tenants are satisfied, and you’re not overwhelmed by the workload. In today’s world, commercial property owners can greatly benefit from being flexible, patient, and understanding. Employing these strategies will help commercial landlords remain current amidst the changing tides of contemporary business. </p> 381 2020-03-25 20:09 +00:00 2020-03-25 15:09 -05:00