Originally published on December 15, 2023, by Marie Ruff for NAIOP.

The tale of the office market in 2023: it was neither the best of times nor the worst of times. This year has continued to be one of recalibration and reevaluation for office space usage across the U.S. While some companies have called employees back to the office full-time, others have embraced the transition to being fully remote and others are somewhere in between. But what does the data show about office usage now and what’s ahead? In a recent NAIOP webinar, the authors of the recent office space demand forecast published by the NAIOP Research Foundation explained their research findings.

NAIOP Charlotte, the Commercial Real Estate Development Association, held its 2023 Annual Meeting: What the Future Holds on Tuesday, December 5, 2023, at The Terrace at Cedar Hill, where we elected the 2024 Board of Directors. 

We awarded the 2023 Award of Excellence to Dale Stewart, PE, partner at LandDesign. Dale gives time and energy to NAIOP Charlotte and humbly serves others in the community without concern for recognition or compensation. He champions the commercial real estate industry on a national, state, and/or local level and passionately seeks to be a change agent, even in the face of diversity. 

Your future leaders are coming into view!  Candidate filing for elected office opened at noon on Monday, December 4th and remains so until noon on Friday, December 15th.  Candidates who decide to run will be competing in 2024 contests for positions from County Commissioner, to State Legislator, U.S. Congress, and all the way up to U.S. President.  Click the links below to see who has filed so far and begin to familiarize yourself with the candidates:
 
Mecklenburg County Board of Elections - Candidate List
 
Iredell County Board of Elections - Candidate List
 
Cabarrus Board of Elections - Candidate List

Gaston County Board of Elections - Candidate List

Union County Board of Elections - Candidate List

Originally published on December 5, 2023 Doug Faron for NAIOP.

In today’s environment, there are countless barriers to new commercial real estate development opportunities, including rapidly rising borrowing rates, increased constraints on banks, growing insurance costs and geopolitical risks, to name a few. On top of that, a major constraint to development today is the rising cost of construction. The upward trajectory of construction spending itself can be attributed to many factors including inflation, labor costs, rising insurance rates, materials and even permitting costs. As the cost to build becomes more expensive, developers are grappling with how to deliver high-quality buildings on time and within budget.

Originally published on December 6, 2023 Eric Schmutz for NAIOP.

For the first December in recent years, Congress is no longer facing a government shutdown deadline. Prior to the Thanksgiving recess, Congress approved a two-tiered appropriations package. This “laddered” approach primarily funds domestic programs (such as housing, agriculture, transportation and infrastructure) until Jan. 19, 2024, and the remaining programs, including defense and homeland security, until Feb. 2, 2024. Year-end 2023 is not without its share of must-pass legislation, however.

The NAIOP Research Foundation has published the NAIOP Office Space Demand Forecast for Q4 2023.

Key Takeaways:

Originally published on November 20, 2023 by J. Byron Brazier for NAIOP.

When you travel to a different country, you expect to encounter a different landscape, culture and customs. But in many parts of the U.S., communities mere blocks or miles apart feel like wholly distinct worlds. Take Chicago: Its beautiful architecture and stunning lakeshore belie the staggering economic disparities among neighborhoods and real estate developments. 

Originally published on November 20, 2023, by Rob Nanfelt for REBIC.

Originally published on November 27, 2023, by WDG for NAIOP.

Adaptive reuse architecture presents a creative and specialized challenge. The prevailing trend is to convert vacant office buildings into multifamily residential or hospitality properties. These designs are a purposeful, more sustainable solution that provides vibrancy to obsolete, underutilized and often vacant buildings. Converting unused offices to another occupancy can address housing supply shortages and help bring back commercial business districts. The improved functional spaces increase the tax base for taxpayer and municipality benefits. The properties utilize the existing public infrastructure, roadways, transportation network options and utility connections for the rapid reconnection of an existing community. Understanding basic concepts of conversions is critically important for development professionals, city officials and local communities. Each potential property needs to be evaluated on its own merits to determine the probability of success, and whether the location, costs, timing and existing building layout make sense for a conversion.

Originally published on November 13, 2023, by Rick Scardino for NAIOP.

As a retail real estate specialist for more than three decades, I’ve seen many trends come and go. One day, it’s an explosion in the sale of bank pads. And now, I’m seeing that niche real estate investors – who historically operate with a bit of herd mentality – have crowned the car wash industry the latest investment darling. The evolution of the car wash industry and the resulting uptick in interest from investors, developers and operators alike has been fascinating to watch. Brands like Take Five, Waterway, Zips, Spotless and Mister Car Wash are just a few of the modern success stories bringing car wash investment into the headlines. So, what’s with the hype?

Originally published on November 9, 2023, by Francis Chantree for NAIOP.

More and more Americans are moving to a different state, often to one inland and less densely populated but with great real estate options. The highest net migration is seen in Idaho, Montana and Vermont, plus Maine and other states offering plenty of space and housing, a trend that fuels the local real estate sectors.

Originally published on October 25, 2023 by Brielle Scott for NAIOP.

Geopolitical strategist Peter Zeihan combines an expert understanding of demography, economics, energy, politics, technology and security to help clients best prepare for an uncertain future. At NAIOP’s CRE.Converge last week in Seattle, attendees had an opportunity to hear from him at the closing keynote.

Originally published on November 1, 2023, by Eric Schmutz for NAIOP.

Following three weeks of negotiations and squabbling, House Republicans elected Louisiana Representative Mike Johnson to serve as the 56th Speaker of the House. Unlike his predecessor, Kevin McCarthy (R-CA), who went 15 rounds before becoming speaker in January, Johnson was the first Republican to receive unanimous support from all Republicans voting, prevailing over House Minority Leader Hakeem Jeffries (D-NY) in a 220 to 209 vote.

Originally published on October 23, 2023, by Pamela Jew for NAIOP.

High interest rates combined with persistent inflation have created the toughest commercial real estate financing environment since the Global Financial Crisis. Post-pandemic vacancies in commercial real estate and shifts to digital retail and work have added more considerations for prospective buyers and sellers.

Originally published on October 19, 2023, by Brielle Scott for NAIOP.

There are myriad key considerations involved in developing a successful, comprehensive ESG strategy, including meeting evolving investor and tenant demands, global drivers for ESG performance and expectations, the most pressing climate risks and their financial implications, emerging regulatory guidelines, green financing options, and more.

Originally published on October 20, 2023, by Logan Nagel for NAIOP.

As investors and occupiers look to improve the sustainability of their investments and operations, decarbonizing the built environment is an increasingly important real estate decision.

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 19, 2023, by Victor Whitman.

Mass timber has a bright future within commercial real estate development but there are special hurdles that developers and builders must learn about and overcome, according to commercial real estate experts at NAIOP’s CRE.Converge in Seattle. 

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.