Originally published on October 20, 2023, by Pamela Jew for NAIOP.
With ChatGPT suddenly mainstream, artificial intelligence has become a hot topic with the ability to disrupt any and every industry it touches. The commercial real estate industry is not excluded from this disruption, but the implementation of AI in the space leaves a lot yet to be discovered.
Originally published on October 20, 2023, by Victor Whitman for NAIOP.
The office market is still struggling with high interest rates and high levels of remote work, producing a tough lending environment and frozen deals on the sales side, and generous concessions and terms that favor tenants on the leasing side.
Originally published on October 20, 2023, by Logan Nagel for NAIOP.
Industrial real estate might have been one of the strongest-performing property types out there in recent years, but it is far from immune to change. During the panel “Industrial Real Estate and the North American Supply Chain Revolution,” held at NAIOP’s CRE.Converge conference in Seattle this week, Chad Griffiths, MBA, SIOR, partner and associate broker at NAI Commercial Real Estate, spoke with Matt Carroll, senior associate at Avison Young, about what’s in store for industrial properties in the coming years.
Originally published on October 16, 2023, by Kathryn Hamilton, CAE for NAIOP.
A 1.5 million-square-foot cold storage facility an hour south of Atlanta sits unassumingly among farmlands and other distribution warehouse facilities containing everything from mattresses to salad dressing to office supplies. Inside its doors though, racks and rows of premium chocolates are stacked high in an international chocolate producer’s distribution facility for the Southwest.
Originally published on October 17, 2023, by Nate Maniktala, LEED AP, MBA for NAIOP.
Commercial real estate leaders who are looking to reduce the greenhouse gas emissions associated with the construction of new industrial buildings can make use of new measurement tools, data and information, including from the “Embodied Carbon in U.S. Industrial Real Estate Benchmark Survey.” Now that the first article in this series covered the basics of embodied carbon emissions, where they come from, the environmental impact, and the importance of measuring the impact associated with building materials, this piece will focus on steps to achieve a lower embodied carbon footprint.
The Charlotte Observer along with Neighborhood TV and WSOC will be hosting a Huntersville mayoral forum on Friday, Oct. 20th. This year Huntersville will elect a new mayor in November to guide the town in the coming years. Incumbent Mayor Melinda Bales is not running for reelection, leaving an opening for newcomer candidates Dan Boone, Christy Clark and Derek Partee. Hear all three talk about issues facing Huntersville and answer questions at a forum discussion on Friday, Oct. 20 at 11 a.m. at Red Rocks Cafe in Birkdale Village, 8712 Lindholm Dr, Huntersville, NC 28078.
The forum will be moderated by the Observer’s local government editor Josh Bergeron and WSOC’s Joe Bruno. Submit any questions you think should be asked by sending an email to [email protected] with “Huntersville mayor” in the subject line.
Effective immediately, NCDOT will be utilizing Accela (The City of Charlotte's Plan and Permit Platform) to approve Subdivision permits and Plats. They are also testing out the process for Commercial permits. For continuity and a better user experience, please submit your plans to the City through Accela and NCDOT through its existing portal. Here are additional details:
Community Area Plans provide community-level guidance for the built environment including land use, design, transportation, and open space within the city's 14 sub-geographies.
These plans complement the Charlotte Future 2040 Comprehensive Plan and are an important part of the city’s planning framework which ensures all planning efforts are aligned and aimed at implementing Charlotte’s vision for the future.
Originally published by Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary in August 2023 for NAIOP.
Given current economic conditions and recent demand trends, the authors estimate that quarterly net absorption of industrial space will average 52.6 million square feet over the next two years. Total net absorption for the second half of 2023 is forecast to be approximately 104 million square feet; full-year absorption in 2024 is forecast to be around 205 million square feet; and absorption in the first half of 2025 is forecast to be approximately 111 million square feet (see Figure 1 for quarterly projections).
The NAIOP CRE Sentiment Index for September 2023 is 46, slightly down from the April 2023 reading, and indicating that respondents expect conditions for commercial real estate to worsen over the next 12 months.
On April 10, 2023, the Mooresville Town Board established a working group for the purpose of evaluating and exploring the feasibility of implementing a development moratorium.
The working group has completed its assignment and its recommendations are as follows:
The recently passed North Carolina State Budget contains millions of dollars for Union County to make sorely needed improvements to its water and sewer systems. The final version contains the following funding allocations:
These funds are significant and should assist in enabling the County and associated municipalities to meet its current and immediate future water/sewer infrastructure needs. The bill will become effective on October 2nd as Governor Cooper has announced his intention to let it become law without his signature. To view the State Budget in its entirety, click this link.
Originally published on October 2, 2023, by Kim Synder for NAIOP.
Since assuming the position of NAIOP chair in January, I’ve had the pleasure of visiting chapters from Orlando to Milwaukee to SoCal, talking with thousands of members about current market conditions, the forces impacting our industry, and our future as an organization. Four topics have frequently arisen during these conversations, regardless of chapter location or size. These include:
Originally published on October 4, 2023, for NAIOP.
At this time last week, most observers of Washington politics believed that a shutdown of federal government operations was all but inevitable, having been inundated with media reports warning of a looming fiscal crisis. The current fiscal year was set to expire at midnight on Saturday, Sept. 30, unless a temporary stopgap measure known as a continuing resolution (CR) was passed by the House of Representatives and the Senate and signed by President Joe Biden. Speaker of the House Kevin McCarthy had failed to win over a small cadre of far-right conservatives to support versions of a CR that would have funded several Republican priorities such as increased funding for border security.
Get ready to celebrate with industry leaders! Celebrate CRCBR’s 30th year as one of the largest and most successful regional commercial real estate associations in the United States! We are serving great food, drinks, games, and live entertainment, with chances to win incredible door prizes. Band and festivities begin at 3:30pm. This event is open to members and non-members.
Event registration is open. Congratulate CRCBR or unleash business development opportunities with an event sponsorship! Questions, please email [email protected]
Originally published on September 28, 2023, by Billy Olson for NAIOP.
Construction projects have many moving parts, stakeholders and dependencies. If money doesn’t flow smoothly from lender to borrower, a project can quickly become delayed. Because construction loans are funded in increments, rather than all at once, managing draws are of the utmost importance.
Originally published on September 19, 2023, by Julia Wattick for NAIOP.
Every industry is being challenged to reduce greenhouse gas emissions, especially with the U.S. government’s commitment to combat climate change and increase funding for these efforts. The construction industry has a considerable impact on global greenhouse gas emissions primarily due to its significant contributions to operational and embodied carbon, accounting for 28% and 11%, respectively, of total emissions.
Originally published on September 20, 2023, by Aquiles Suarez for NAIOP.
Usually, at this time of year, members of Congress and advocates for industry are strategizing on how best to position their tax priorities for inclusion in a year-end tax package. In many instances, success has depended on a tax title becoming part of a massive, must-pass omnibus spending bill that comes together in December, when senators and representatives desperately want to get home for the holidays.
Originally published on September 6, 2023, by Eric Schmutz for NAIOP.
Welcome to September! With temperatures starting to cool down, kids heading back to school, and football season kicking off, it’s easy to forget that the federal fiscal year ends at the end of the month. That means that there are only 11 days when both the House and the Senate are scheduled to be in session before the current federal funding authorization expires. Moreover, only one of the annual appropriations bills has passed the House and none have passed the Senate.
Originally published on September 13, 2023 by Kathryn Hamilton, CAE for NAIOP.
“Less than 2% of industrial space today is cold storage, and it probably needs to be at 15%. We’re not even in the first inning,” opened economist KC Conway in a keynote session at NAIOP’s I.CON Cold Storage conference this week in Atlanta.
