Theresa Burnett
Executive Officer for CRCBR & NAIOP
REBIC Board Member

We are proud to feature Theresa as our first Member Spotlight for 2025. She plays a vital role in Charlotte’s commercial real estate community and holds multiple leadership positions. She serves as Executive Vice President of the Charlotte Region Commercial Board of REALTORS® (CRCBR) and Executive Director of NAIOP Charlotte, the commercial development association. A strong advocate for collaboration, Theresa believes the best industry representation comes from working toward shared goals.

She recognizes commercial real estate's pivotal role in shaping Charlotte into a thriving place to live and do business and that REBIC’s advocacy and resources fuel growth across all sectors. As the organizations she represents flourish, so do the communities they serve, creating vibrant spaces to live and work. Theresa also emphasizes the importance of staying engaged with public policy and building relationships with elected officials to help align community and business interests.

Full Spotlight

On December 4, 2024, NAIOP Charlotte hosted the Annual Meeting: Navigating the Horizon in 2025. The panel peeked into the future of Charlotte's commercial real estate landscape as we explored the public policy shifts, legislative changes, and evolving business practices poised to shape the industry. Below are resources to dive deeper into the discussions.

• 2024 Midyear NFP P&C Client Claims Journal and Trend Report: https://www.nfp.com/media/l0spiupg/h1-trndclms-24.pdf 
• MVA article on PFAS designation: https://www.reuters.com/legal/legalindustry/implications-pfas-cercla-liability-commercial-real-estate-industry-2024-06-17/
• MVA article on wetlands: https://today.westlaw.com/Document/I0eb92c79379711ee8921fbef1a541940/View/FullText.html?transitionType=Default&contextData=(sc.Default)&VR=3.0&RS=cblt1.0&firstPage=true
• Information page re: Charlotte Water interbasin transfer request: https://www.charlottenc.gov/water/DevelopmentBusiness/Charlotte-Water-IBT
• Brownfields tax incentive information: https://www.deq.nc.gov/about/divisions/waste-management/brownfields-redevelopment-section/program-information/tax-incentives
• EPA's PFAS Enforcement Discretion and Settlement Policy Under CERCLA: https://www.epa.gov/enforcement/pfas-enforcement-discretion-and-settlement-policy-under-cercla
• Tax Policy Post Election - Preparing for the Trump Administration's Tax Policy Plans: A Sector-by-Sector Guide
• Basel III Endgame  - Federal Reserve Dials Back Basel III Endgame Regulation – Market Share
• Adaptive Reuse Introduced Legislation - Bipartisan Property Conversion Incentive Legislation Introduced – Market Share

ESG Reporting Requirements

• SEC – Insights | Elliott Davis | Aligning with SEC Climate Regulations: A Strategic Approach
• California's Impact on North Carolina Businesses - Insights | Elliott Davis | What SB 253 and SB 261 Mean for Your Company's Sustainability Goals

Originally published on December 16, 2024, by Daniel Maldonado for NAIOP.

As we approach the end of 2024, the life sciences space is undergoing a noteworthy transformation. After a sharp post-COVID-19 downturn for the sector, there is a significant revival in venture capital activity, strategic landlord adaptations, and evolving market dynamics on the horizon that may shape the future of life sciences real estate for the better.

Venture Capital’s Resurgence, Landlord Strategies

Recent trends indicate a notable rebound in life sciences venture capital after a decline in 2022. This has sparked optimism for increased deal activity and value creation compared to previous years. The sector’s resilience, particularly in biotechnology and healthcare advancements, is evident as major pharmaceutical firms and venture capital funds retain substantial reserves.

The renewed activity is not just a signal of confidence; it is expected to stimulate leasing activity and address the current oversupply of life sciences real estate, which has caused landlords to adopt innovative strategies to optimize their portfolios. Many are diversifying their tenant bases by leasing space within newly constructed life sciences projects to traditional office users.

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Originally published on December 18, 2024, by Aquiles Suarez for NAIOP.

Congress is expected to close the year this week by agreeing to pass a continuing budget resolution to avoid a government shutdown before Christmas. That will push the funding debate to at least March 2025, when NAIOP will again advocate for its members in the biggest tax reform fight of the last decade. But a strong year for advocacy in 2024 prepares us well for the future.

NAIOP’s End-of-Year Federal Legislative and Political Update Webinar, held on Dec. 6, detailed strides made on our top public policy and legislative priorities for 2024 and previewed what NAIOP would be working on in 2025. Positive news on the public policy front was also a feature of an earlier NAIOP podcast held shortly after the November elections, which focused on the election results and what Republican control of the White House and Congress would mean for commercial real estate.

The bottom line is...

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Originally published on December 11, 2024, by Erik Spanberg for Charlotte Business Journal

The Charlotte Regional Business Alliance has hired Tracy Dodson to fill the newly created Chief Operating Officer position. Dodson, who now runs the city of Charlotte’s economic development division, will also fill the lead economic development executive role at CLT Alliance. This position has been vacant for a year.

Dodson’s hiring comes amid more changes at CLT Alliance. The nonprofit continues to search for a permanent CEO after Janet LaBar stepped down last spring. Other changes include scaling back the size of the organization’s board, which will directly oversee the CEO, and eliminating the chief marketing and communications officer job.

While those moves and other tweaks are in the works, the search for a new CEO continues with consultant Thadd Jones and Charlotte-based headhunting firm Nexus Search Partners. Interim CEO Andrea Smith said the search is progressing and remains on track for a permanent CEO to be in place early in 2025. Smith has committed to remaining a strategic adviser after a full-time CEO is in place.

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Kelly King, the retired Chairman and CEO of Truist, has just been announced as a keynote speaker and featured industry leader at the 2025 NAIOP NC Conference.

Kelly S. King is the retired Chairman and CEO of Truist, a role he served in following the closing of the merger of equals between BB&T Corporation and SunTrust Banks Inc. Before the merger of equals. King had served as chairman and chief executive officer of Truist's predecessor, BB&T Corporation, since January 2010. Read Kelly's bio here. 

Don't miss King's presentation on The Integration of Success and Happiness! Click below to register for the 2025 Conference - registration is open for a limited time!

Register Here

Originally published on December 11, 2024, by Doug West for NAIOP.

In today’s office real estate market, flight to quality has created a race for landlords seeking to attract tenants and fill vacancies. While some tools are economical, like rent incentives, others are more concrete, including developing shared amenity spaces. In major metropolitan markets such as New York, an amenity offering is now a deal-breaking requirement rather than just nice. But what do these spaces look like, and how can landlords be sure they’re including the right ones?     

Shared Amenities as a Differentiator

While many tenants remain cautious about creating in-office programs to entice employees, property owners can fill this gap by developing hospitality-inspired spaces promoting convenience and engagement. Landlords must ask themselves what types of spaces tenants need to thrive in a modern office environment and develop a plan accordingly. This agenda should include outdoor spaces, conferencing centers, and lounges that cater to day-to-day business and provide opportunities for social interaction and relaxation.

Examples of successful amenities include:

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Originally published on November 20, 2024 by Toby Burke for NAIOP.

The 2024 U.S. election has ended with President-elect Donald Trump returning to the White House and Republicans securing majorities in both legislative chambers on Capitol Hill. The national media may be focused on the consequences for the balance of power in Washington, D.C., but it’s important to look at the down-ballot races for state and local offices and ballot initiatives that impact the commercial real estate industry.

While Republicans obtained the trifecta of government at the federal level, the “status quo” was primarily maintained between the two political parties at the state legislative level, according to the National Conference of State Legislatures. Republicans did slightly better, but both political parties are claiming election-night victories and successes. Republicans increased their number of overall seats to 55.25% from 55% of the 7,386 state legislative seats.

Republican State Legislative Committee President Dee Duncan issued a memo outlining their successes through investing early and improving Republican turnout, particularly early and absentee voting, in maintaining control of a majority of the state legislatures. To mention a few battleground states, Republicans flipped control of the Michigan House and defended their majorities in both chambers of the Wisconsin legislature. In Nevada, Republicans gained enough seats to break Democrat supermajorities in both the Senate and Assembly that will now prevent the legislature from overriding Republican Governor Joe Lombardo’s vetoes.

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Originally published on November 14, 2024, by Kathryn Hamilton, CAE for NAIOP.

Shannon O’Neil grew up in a small town in Ohio, not anywhere near the border. She was enthralled by stories shared by her grandmother and a great-aunt who traveled the world, which inspired O’Neil’s desire to work internationally. Today, she is the vice president, deputy director of studies, and Nelson and David Rockefeller senior fellow for Latin America studies at the Council on Foreign Relations. She was the keynote speaker at NAIOP’s Nearshoring/Onshoring Summit held in Scottsdale, Arizona this week.

O’Neil began exploring the commercial ties that cross borders more than a decade ago, observing that supply chains weren’t being talked about enough given all that they can influence. Although known for having commercial and profit margin effects, supply chains weren’t yet assumed to have big geopolitical effects.

All that changed in 2020-2021 when supply chains worldwide were suddenly pinched by a global pandemic that impacted everything.

Charlotte’s Planning Director, Alyson Craig, provided a lengthy presentation yesterday to members of the Transportation, Planning, and Development Committee on proposed changes to the UDO.  She began her remarks with an update on “Clean Up Text Amendment #4”.  Some highlights included the following:

• Adds, deletes and modifies several general definitions.
• For N1 districts, clarifies where setbacks are measured from
• For residential development on corner lots, clarifies building orientation
• Updates procedural and applicability requirements for Neighborhood Character Overlay (NCO) and Residential Infill Overlay (RIO) districts
• Adjusts allowable building lengths for schools and places of worship
• Clarifies connection requirements for attached housing
• Allows duplexes, triplexes, and quads in additional zoning districts
• Another text amendment related to housing supply is likely to be filed after the first of the year.  Some of Craig’s reasons for pursuing such a measure appear sound.  Here were some of her thoughts:
• We are experiencing a housing crisis in Charlotte with demand outpacing supply.
• Gentle density can provide supply that is aligned to the Charlotte Future 2040 Plan, while providing for-sale housing opportunities.
• Initial Council referral dealt primarily with larger, greenfield development projects.
• A need exists moving us to focus on infill and small-scale development options (missing middle) to increase homeownership opportunities and inventory.

Some key elements to be included are:

• Appropriately scaled density: Explore ways to encourage stacked quads (2 over 2)
• Allow housing in more places: Develop more flexibility for housing through partnerships and conversions
• Affordable small-scale solutions: Revise ADU standards
• Make it easier to develop preferred housing types: Create preapproved pattern books for missing middle housing types
• Increase affordable housing tools and explore options to fast-track affordable projects

Time did not allow for the final presentation on the Community Area Planning Process which will be discussed in further detail at the next meeting.

We held its Annual Meeting at the Myers Park Country Club, where we elected the 2025 Board of Directors and awarded the 2024 Award of Excellence to Tim Sittema, the Managing Partner at Crosland Southeast.

Attendees delved into Charlotte's commercial real estate future, exploring pivotal public policy shifts, legislative changes, and evolving business practices. The panel of industry leaders examined critical topics including ESG initiatives, Basel III, environmental regulations, and local public policy, offering insights to help stakeholders stay ahead of emerging trends in the region.

Event Photos

Meeting Resource Information

Moderators

Sagar Rathie Crescent Communities			Tim Sittema Crosland Southeast

 

Panelists

Bobbi Jo Lazarus Elliott Davis		Peet Poillon NFP		Mary Katherine Stukes Moore & Van Allen

Originally published on November 25, 2024 by Kathryn Hamilton, CAE for NAIOP.

Supply chain dynamics, increased demand for “just-in-case” products, and a shift in where goods are assembled are three key drivers in a movement toward growing the manufacturing sector closer to home. NAIOP hosted an executive summit this month in Scottsdale, Arizona, to explore challenges and opportunities, and to hear from the developers, end users and experts who are influencing the trend and shaping the future.

Here are takeaways from the event: 

Globalization Isn’t Affecting Every Country the Same

In the last 40 years, only 25 countries in the world saw trade double or more between 1980 and today; in contrast, 89 countries saw trade stay the same or decrease. In short: globalization is not a juggernaut that affects everyone equally. In North America, about 40% of trade happens between U.S., Mexico and Canada, down from a one-time high of 50% in the 1990s.

Originally published on December 3, 2024, by Maria Gatea for NAIOP.

U.S. cities have experienced massive expansion across all real estate sectors over the past 44 years, according to recent StorageCafe research that looked at residential and commercial construction activity between 1980 and 2023.

Along with residential construction, industrial, office, retail and self-storage spaces have grown significantly, although the scale and pace of development differ among regions and asset types.

Industrial real estate boom, driven by e-commerce and manufacturing revival

Almost 29.3 billion square feet of industrial space have been delivered across the United States since 1980, representing about half of the country’s overall inventory.

Originally published on November 18, 2024, by Alexandra Both for NAIOP.

What is the best place to live in the U.S.? The answer varies, but livability often means striking the right balance between cost of living, city amenities, and quality of life. RentCafe.com measured livability in 139 metro areas using 17 metrics divided into three categories: socioeconomics, quality of life, and location and community.

 

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Problems with the Charlotte Area Transit System became obvious to many observers about two years ago when one of its light-rail trains experienced a derailment. It was later determined by the North Carolina Department of Transportation (NCDOT) to be the result of deferred maintenance.  Shortly after, Brent Cagle a seasoned expert on transportation matters, was brought in to lead the department on an interim basis.  

At that time, the City’s Transportation, Planning, and Development Committee also received a referral from the Council to engage in greater scrutiny of CATS and receive regular progress reports from Cagle. To establish even further transparency, the Federal Transit Authority (FTA) was asked to review to obtain additional guidance regarding corrective measures.  The draft report (see page 267 of the meeting packet) outlining its recommendations was provided during the most recent November 20th meeting of the Metropolitan Transit Commission (MTC) which is a body made up of local government representatives who oversee the System.  The findings included the following:

1. CATS deferred the required 600K overhaul of its rail fleet trucks which resulted in a derailment and in-service failure.
2. CATS rail fleet maintenance plan does not include the detailed requirements for existing equipment at certain defined intervals.
3. CATS has not met its miles between road calls goal of > 15,000 miles for the last three years.
4. Site visit observations found that CATS staff could not confirm the status and plans for the buses located in Lanes 15-17 at the South Tryon bus maintenance facility.
5. CATS could not provide FTA with a full assessment of all its system facilities and equipment.
6. Currently, each CATS department has a separate asset list with no central coordination.  
7. CATS does not report overall maintenance compliance to either senior management or the MTC.
8. CATS Safety Department conducts audits/reviews of the maintenance of CATS assets.  However, these efforts are not fully documented.

Following the update, Chairman Driggs expressed his feeling that the committee’s work was complete on the referral and that monthly updates from Cagle would no longer be necessary.  Although no formal vote was taken, most members of the committee appeared to share a similar view.

Originally published on November 11, 2024, by Doug West for NAIOP.

Driven by changes in the business environment and the demands of modern corporate tenants, prebuilt office spaces have transformed from underused “leftover” spaces into an integral part of commercial leasing strategies. These modern, ready-to-move-in spaces are designed to meet the evolving expectations of both building owners and corporate tenants, offering flexibility, aesthetic appeal and functional elements that reflect current office trends.

Benefits of Creating Prebuilt Office Spaces:

1. Move-in Ready Convenience: Prebuilt offices allow tenants to bypass lengthy design and construction processes, providing immediate access to functional, ready-to-use spaces.
2. Flexibility for Tenants: These spaces can serve as short-term “swing spaces” for existing tenants during renovations or expansions elsewhere in the building, or as flexible offices for new tenants with short-term needs.
3. Market Appeal: By offering design enhancements (e.g., color schemes, additional materials and finishes), prebuilt spaces can be customized to meet the needs of a wide range of tenants with varied preferences.
4. Cost and Time Efficiency: Prebuilt offices eliminate much of the upfront design work for incoming tenants, helping to control project costs and speed up occupancy, benefitting both landlords and business owners.
5. Consistent Leasing Strategy: Once established, a prebuilt office program can be easily replicated or modified, offering building owners a consistent leasing product that adapts to market demands.
6. Scale: Creating a range of suite sizes, from as many as five or as few as one tenant space per floor, provides the leasing team with more options to offer potential tenants. Multiple layouts can be combined if needed, as long as the layout was created for flexibility.

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Originally published on November 6,2024 by Eric Schmutz for NAIOP.

Donald Trump’s victory in Tuesday’s presidential election makes him the first candidate in over a century to reclaim the White House after losing a re-election bid, and we expect his second term to have a significant impact on federal tax policy. 

Republican tax priorities also received a boost on Tuesday when, for the first time since 2018, they regained control of the Senate after picking up seats in West Virginia, Ohio and Montana and overcoming challenges in Florida, Nebraska and Texas. With races yet to be called in Pennsylvania, Michigan, Wisconsin and Nevada, the only questions left are the size of the Republican majority and the identity of the next Senate majority leader. 

The first of those questions could take a few days to answer, but Senate Republicans are scheduled to meet next week to choose their next leader. At the time of this writing, Senators John Thune (R-SD), John Cornyn, (R-TX) and Rick Scott (R-FL) are the declared candidates, but because the race is determined by a secret ballot, it is too early to predict a front runner. 

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Special thanks to the Developing Leaders who participated in a community service project in October. Partnering with The Y to support NourishUp, volunteers helped distribute food to local communities in need. They packed large quantities of donated food into individual boxes and handed them out to cars in a drive-through line. It was a fantastic experience!

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Thank you so much for joining us at the Charlotte Country Club for our ultimate pickleball showdown! Whether you were on the court or cheering from the sidelines, your energy and enthusiasm made the event truly special. We loved seeing players of all skill levels unite for friendly competition and community fun. Pickleball continues to grow, and we're thrilled to share this exciting sport with you. We can't wait to see you at the next event!

Thank You 2024 Event Sponsors

	Title Sponsor Crescent Communities
Beverage Cart Bolton & Menk