Posted on July 16, 2018

The number of available U.S. jobs now exceeds the number of people out of work and seeking employment. At the end of April, job openings stood at 6.7 million while the number of unemployed reached 6.3 million. The June 2018 Marcus and Millichap Research Brief finds that an effect of a competitive labor market is that office-using employment is driving down office vacancy rates, and over the past 12 months, the professional and business sector has been expanding at a faster pace than overall employment, driving up office demand. The professional and business sector added almost 500,000 jobs and grew at 2.5 percent compared to the national rate of 1.6 percent. The increased hiring, according to the report, drove down the national office vacancy to 13.8 percent in the first quarter of 2018.

Posted on July 13, 2018

A recent report by MetLife states that the expansion of ridesharing, autonomous vehicles and electric vehicles will result in “highly accessible, highly efficient and comparatively inexpensive transportation” over the next decade. Researchers believe that alternative transportation, including ridesharing, will partially substitute public transportation in some areas of the U.S. and complement it in other areas, while also bringing transit access to areas not served by public transportation. The report concludes that the greater acceptance of ridesharing will lead to an increase in value for development sites with good access to uncongested roadways but limited access to public transportation.

Posted on July 5, 2018

An infographic by Faith Hope Consolo, chair of the retail sales and leasing division at Prudential Douglas Elliman, finds that “food is the new fashion.” Younger shoppers are more interested in “eating while shopping than their parents and grandparents,” and this behavior is leading to a trend in “eatertainment”-style properties. The report predicts by 2020, the number of food halls of 10,000 to 50,000 square feet in North America could reach 300 (up from 100 in 2017). Additionally, the report recommends a new rule of thumb for malls: 70 percent of their space toward food, entertainment and lifestyle experiences, while the remaining 30 percent should be dedicated to retail.

Posted on July 3, 2018

The Forums provide a unique opportunity for members to openly discuss project challenges, business opportunities and lessons-learned in a confidential and non-competitive setting. Over time, fellow members become a trusted circle of advisors.

Posted on July 2, 2018

The U.S. Supreme Court ruled in South Dakota v. Wayfair, Inc. that states may collect sales taxes from online retailers, even if those sellers do not have a physical location in the state. That reverses a decision the Court had made in 1992 in Quill Corp. v. North Dakota.

Posted on June 29, 2018

By Clay Edwards

Posted June 27, 2018

As the North Carolina General Assembly winds down an unusually short Short Session in Raleigh, Realtors®, home builders, property managers and developers are looking at some legislative victories — along with some unfinished business.

Posted on June 26, 2018

pproved a budget for FY 2018/2019 that includes an historic investment in Affordable Housing bonds — assuming voters approve them in a November referendum.

Posted on June 25, 2018

The North Carolina General Assembly approved last week's legislation that would make substantive reforms to local building permitting and inspection processes both Mecklenburg County and statewide.

Posted on June 22, 2018

The Matthews Town Board this week held a public hearing on a proposal to create a new Zoning Overlay District that would make the land use and development policies in three Small Area Plans enforceable on all new development, regardless of whether or not a rezoning is involved.

Posted on June 21, 2018

Emil Malizia, Ph.D., former NAIOP Distinguished Fellow, was featured in Planning magazine's July 2017 "Research You Can Use" column for his NAIOP-sponsored study, Preferred Office Locations: Comparing Location Preferences and Performance of Office Space in CBDs, Suburban Vibrant Centers and Suburban Areas.

Posted on June 20, 2018

NAIOP Research Foundation Visionaries and other members of the Foundation’s Industry Trends Task Force had the opportunity to participate in a discussion with IBM Vice President Frank Cuevas, who oversees the company’s global real estate strategy and operations, at the 2018 National Forums Symposium in New York City. Cuevas leads IBM’s global real estate portfolio, which encompasses nearly 80 million square feet worldwide, including data centers, research labs and office space, housing some 380,000 employees.

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Posted on June 19, 2018

Years ago, the key to attracting and retaining a talented workforce was to relax the rules a bit: Casual Fridays, flexible work hours and teleworking were the employee perks du jour.

Posted on June 11, 2018

We are proud to introduce our new association members! The following is a list of individuals who have joined NAIOP Charlotte since March 15, 2018:

• Jon Allen, Griffin Brothers Companies
• Bita Asgari, Bank of America Merrill Lynch
• Laura Beaver, Gensler
• Michael Clark, Wells Fargo Bank
• Robert Day, Kimley-Horn
• Colee Haisten, Holder Construction Company
• Brian Harrison, Greer Walker
• Robert Jones, Crescent Communities, LLC
• Anna Karageorgiou, Monroe-Union County Economic Development
• Lisa Kincaid, Alfred Williams & Company
• Alan Lewis, The Keith Corporation
• Emily Reynolds, K&L Gates
• Austin Watts, Kimley-Horn
• Philip Wesbury, Builtech Services, LLC

Posted June 18, 2018

Millennials are not the only demographic influencing the housing market; demographers estimate that the age 65-and-over population in the U.S. will double between 2010 and 2060, and this shift will most certainly impact real estate. According to the Curbed article, “The Changing Face of Retirement: Apartment Living, Active Lifestyles and Rural Homes,” retirees want different retirement amenities than previous generations. Traditional retirement communities that are isolated and offer not much more than golf are losing favor to urbanized independent living communities that have “clubhouses, fitness centers, lap pools, and walking trails.” Older adults do not want to be placed on “islands of old age,” the article states, and prefer age integration over segregation in their activities.

Posted on June 15, 2018

The U.S. Census’ newest population estimates reveal that eight out of the 15 U.S. cities with the largest population gains are in the south, with three of the top five located in Texas. San Antonio topped the list with an increase of just over 24,000 people between 2016 and 2017. Some of the other cities with the largest population gains were Phoenix, Arizona (24,000); Dallas, Texas (18,900); Fort Worth, Texas (18,700); Los Angeles, California (18,600); Seattle, Washington (17,500); and Charlotte, North Carolina (15,600). Fort Worth, Texas, surpassed Indianapolis, Indiana, to become the fifteenth-largest city in the U.S., with a population of 874,168. The list of the top 14 largest U.S. cities has not changed since 2016.

Posted on June 14, 2018

Trucking moves about 70 percent of freight in the United States. The boom in e-commerce transactions has increased volume, which requires speed and accuracy in freight shipping. However, according to a C3 Solutions white paper, Leveling Up: Navigating the New Trucking Landscape, the trucking market has been at 100 percent capacity since 2004, resulting in driver shortages and rejected orders. Additionally, new regulations that address driver and food safety have further constrained delivery times. The report encourages trucking companies to seek solutions by diversifying their workforce (the industry is 94 percent male), and advises shippers to reduce driver time spent at drop-off facilities, use technology for better scheduling, and maintain good relationships with carriers. The researchers state autonomous or semi-autonomous trucks will help alleviate shortages, but implementation is still years away. The report concludes: “While the capacity crisis may be unprecedented, there are many operational improvements you can make to ease the pain it is causing your business. Making changes to adapt to the new [trucking] landscape should not be seen as an 'if', but rather a 'when'."

Posted on June 13, 2018

Innovative Industrial Properties (IIP), a Maryland-based REIT specializing in the acquisition, ownership and management of industrial properties leased to medical cannabis facilities, reports in New Cannabis Ventures that its revenue jumped 107 percent in the first quarter of 2018. Rental revenues were approximately $2.7 million in the quarter, with a net income of $607,000. The company owns six properties located in Arizona, Maryland, Minnesota, New York and Pennsylvania totaling 706,000 rentable square feet, which were 100 percent leased at the end of Q1 with an average remaining lease term of 14.4 years. IIP recently acquired an 89,000 square foot medical-use cannabis cultivation and processing facility in a sale-leaseback transaction with a subsidiary of Vireo Health, Inc. Pennsylvania for “an aggregate consideration of $8.6 million (excluding transaction costs), which includes an approximately $2.8 million tenant improvement allowance available for additional improvements at the property.”

Posted on June 12, 2018

The lack of regulation on dockless electric scooters has led to the devices being left on sidewalks and in front of building entrances, creating safety hazards in U.S. cities. To address this issue, San Francisco recently passed an ordinance establishing a regulation and permitting process for rentable scooters. Fortune reports that the San Francisco Municipal Transportation Agency has approved a one-year pilot program that will grant permits to five scooter companies. The permit cap “sets the stage for existing scooter operators Bird, Lime, and Spin—as well as host of other newcomers—to battle it for a chance to operate in the city.”

Posted on June 11, 2018

According to a new Cushman and Wakefield report, Space Matters: Key Office Trends and Metrics, two important trends in office space include technology amenities and parking. Common amenities – such as fitness centers and cost-effective food options – remain very important but there is ample opportunity for growth in how technology-related amenities are leveraged by occupiers and landlords. Despite advances in technology, researchers found many office building owners continue to struggle with some of the most basic offerings such as seamless, high-speed internet and cellular service.