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.

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.

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.

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 5, 2024 by Shawn Moura, Ph.D. for NAIOP.

NAIOP Research Foundation Governors, Visionaries and Distinguished Fellows met in Las Vegas in October to discuss development challenges associated with water and power scarcity and possible research topics for future exploration. A panel, moderated by Marianna Hunnicutt, practice builder at Kimley-Horn, discussed how the development community in Las Vegas is working with utilities and municipal leaders to meet sustainability objectives and ensure access to water and power for future projects.

Originally published on October 30, 2024 by Joel Brenner for NAIOP.

It took more than 3,500 workers to build the Empire State Building in the early 1930s. Nearly 100 years later, commercial construction projects still require the work of hundreds to thousands of people to complete. Depending on their size, these projects can take anywhere from six months to 10 years to deliver. Managing that volume of workers across an extended period of time is a considerable undertaking. Success doesn’t just hinge on technical expertise; each and every member of the project team must be engaged, working together toward one common goal that unites them.

Originally published on October 11, 2024 by Ginger Meurer for NAIOP.

The supply imbalance in the office market has been stark the last few years, but panelists at NAIOP’s CRE.Converge conference this week identified bright spots and emphasized the possibilities for creative investors.

Special thanks to the Developing Leaders who participated in a community service project earlier this month. Partnering with The Y to support Loaves & Fishes, 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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Following the impacts of Hurricane Helene on the Southeastern United States, the Internal Revenue Service (IRS) has provided targeted tax relief for certain affected individuals and businesses in the region. The relief automatically extends various tax deadlines to May 1, 2025, for taxpayers who live or operate a business in impacted areas. 

• Learn more from Elliott Davis HERE
• Read the IRS announcement HERE.

Originally published on September 26, 2024, by Morris Davis, Ph.D. for NAIOP.

Citing progress on inflation and the balance of risks, last week the Federal Reserve announced rate cuts of 0.5%, to 4.75% to 5%. Can we expect additional cuts from the Federal Reserve and when, and how would these cuts impact commercial real estate markets?

Originally published on October 24, 2024 by Ginger Meurer for NAIOP.

As developers reduce every possible expense in a tight market, what are overlooked ways to improve their competitive position? Tax attorney Ben Blair, a partner at Faegre Drinker Biddle & Reath LLP, said that while you may not be able to move the building to a better location or put an intensive capital investment into improvements, you can work to lower your tax bill.

This fall, several communities within the region have referred bond measures to the voters for their consideration. Today we are highlighting two of those efforts.

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What’s happening here? Make sure you read to the end:

In an earlier edition of Two For Tuesday, we reported that the Charlotte Regional Transportation Planning Organization (CRTPO) Board had requested that the North Carolina Department of Transportation (NCDOT) prepare a comparative analysis to compare a traditional toll alongside and a Public Private Partnership (P3) delivery for additional lanes for the eleven-mile segment of I-77 running through the City of Charlotte and south to the border of South Carolina. Those results were presented by representatives of NCDOT at the August 21, 2024, Board Meeting (Agenda, Minutes - item 14, pages 5-8).   

Originally published on October 1, 2024, by the IRS.

The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of North Carolina that were affected by Hurricane Helene which began on Sept. 25, 2024. These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

Meet Angela Charles, Director of Charlotte Water

As the director, Angela is responsible for the county-wide water treatment and distribution, wastewater treatment and collection, utility planning, and most recently the city's stormwater system along with management activities. She leads a staff of approximately $2.46 billion. Charlotte Water maintains more than 11,000 miles of water, sewer, and stormwater pipelines, with nearly 300,000 active water connections county-wide. 

She will be updating attendees on Charlotte Water's current operations as well as sewer capacity and other relevant matters.

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Originally published on October 16, 2024 by Toby Burke for NAIOP.

U.S. citizens will go to the polls on Nov. 5 to cast their votes in the 2024 election at each level of government. The outcome of this election may have an impact on the policies affecting commercial real estate, the economy, communities and families. At the state level, 44 states will hold elections for representatives within their state legislature. The significance of the outcomes of these state elections cannot be overlooked in setting policy for the commercial real estate industry.

Originally published on October 11, 2024, by Ginger Meurer for NAIOP.

Generative AI is not just a tool of the future. Practical applications are already at work today in investment, acquisition, financing, asset management, debt management and more. At this week’s NAIOP CRE.Converge conference, Laura Krashakova, CEO at Smart Capital, shared insights into ways companies can use generative AI to cut costs and automate their way to peak efficiency.

NAIOP, the Commercial Real Estate Development Association, has selected Crescent Communities as its 2024 Developer of the Year – the association’s highest honor. The award was presented during NAIOP’s CRE.Converge conference in Las Vegas this month.