Filtered by tag: Charlotte Remove Filter

As Building Material Prices Skyrocket, Project Managers Offer Strategies to Mitigate Risk

Originally published on July 23, 2021, by Roger McCarron for NAIOP E-Newsletter.

The COVID-19 pandemic, and the waves of lockdowns and business interruptions it prompted, affected global supply chains in virtually every industry — and construction is no exception. Due to widespread shortages of building materials, and pent-up demand from projects that were delayed or postponed during the pandemic, costs for materials including lumber, copper, steel, aluminum and vinyl skyrocketed. According to the National Association of Homebuilders, lumber prices spiked to a more than 300% year-over-year increase in May. While prices have since come down, they remain higher than historical averages and data suggest that demand for construction materials is approaching pre-pandemic levels.

 

Read More

Senate Enters Final Stage of Bipartisan Infrastructure Negotiations

Originally published on July 27, 2021, for NAIOP E-Newsletter.

Republican and Democratic Senators negotiating infrastructure legislation signaled they were close to a final deal, with lead negotiator Rob Portman (R-OH) saying they were “90% of the way there.” The coming days are critical after Senate Majority Leader Chuck Schumer (D-NY) forced a procedural vote last week on moving a bill forward despite there being no legislative language available. The vote failed to garner the 60 votes needed for passage of the procedural motion, with the lead negotiators arguing they hoped to have any remaining issues resolved and legislative text drafted this week.

 

Read More

Now Available! CRCBR/NAIOP Charlotte Fall Golf Sponsorships

Tournament Sponsorships Now Available!

NAIOP Charlotte & CRCBR are hosting their always sold-out industry golf tournament on Monday, September 27!

Get your company name in front of developers and brokers and catch up with your industry peers. For one price, your company will be recognized as a sponsor during this two-flight tournament! Make plans to join us as a sponsor for this fun and valuable event! 

Sponsorship opportunities are available on a first-come, first-served basis.

At this time, player spots are only available through sponsorship of the tournament.

To become a sponsor, click the button below and send the completed form to Sandy Hower at [email protected].

Become A Sponsor

 



Read More

NAIOP June Coronavirus Impacts Survey: Operating Conditions Improve but Developers Grapple with Supply Shortages

Originally published on July 9, 2021 by Shawn Moura Ph.D. for NAIOP E-Newsletter.

In June, NAIOP conducted its eighth survey of its U.S. members on the impacts of COVID-19. Since April 2020, the association has examined the pandemic’s effects on commercial real estate and how firms have responded. Most American adults are vaccinated, and daily coronavirus case counts have plummeted in the five months since the previous survey. This has allowed a widespread return of customers to restaurants and retailers, and most observers now expect that office occupancy rates will rebound in the fall when schools re-open for in-person instruction. 

Respondents to the survey report a strong recovery in retail property rent collections, as well as retail property acquisitions and development activity, alongside continued favorable trends for industrial, office and multifamily properties. Less than one-quarter of respondents now expect the pandemic to significantly affect their business operations for more than a year, and respondents are much more optimistic about employment within their own firms than in previous surveys. 

Read More

Investment in Senior Housing Poised for Strong Growth Following COVID-19

Originally published on June 29, 2021, by Zach Bowyer, Brian Chandler and Bryan Lockard for NAIOP E-Newsletter.

The COVID-19 pandemic interrupted a nearly 12-year growth cycle for the senior housing market, causing a drop in valuations to an eight-year low. Stabilized occupancy rates also fell to record lows due to infections, mandated holds on new resident admissions, safety concerns, and isolation fears. Rents, however, continued to rise, despite significant occupancy losses.

In addition, following four consecutive years of year-over-year decline, total price per bed for nursing homes increased by nearly 22 percent in the first quarter of 2021, marking the second-highest price point for nursing homes ever recorded, according to JLL Valuation Advisory’s recently released Seniors Housing & Care – Investor Survey and Trends Outlook

Read More

NAIOP of North Carolina Holds Successful Day at the State Capitol

Originally published on July 7, 2021, by Toby Burke for NAIOP's blog.

NAIOP of North Carolina recently hosted the first in-person Day at the State Capitol since the outbreak of the pandemic. It provided NAIOP members from the Charlotte, North Carolina Piedmont Triad, and Raleigh-Durham chapters with the opportunity to advocate for effective policies that advance commercial real estate development within the state. This year’s legislative priorities focused on three areas: economic development, tax reform, and regulatory reform.

Regulatory reform emerged as a dominant issue during NAIOP of North Carolina’s meetings with state legislators. In particular, NAIOP members advocated for strengthening the state’s brownfield program within the North Carolina Department of Environmental Quality. There is growing concern within the commercial real estate community that the administrative delays and inconsistencies with the current program are discouraging the redevelopment of dormant or underutilized contaminated properties.

Read More

Senate Returns to Work on Infrastructure and Democratic Budget Bill

Originally published on July 13, 2021, for the NAIOP E-Newsletter.

The Senate returns this week from its July Fourth recess to continue work on an infrastructure package supported by President Joe Biden and a bipartisan group of 22 senators, which the White House hopes will garner the needed 60 votes in the Senate needed for passage. At the same time, House and Senate Democrats are working on a parallel track to develop a budget bill that will include Democratic leadership priorities and that can pass the Senate with only Democratic votes.

 

Read More

Welcome New NAIOP Charlotte Members

We are proud to introduce our new association members! The following is a list of individuals who have joined NAIOP Charlotte since March 12, 2021:

  • Brian Taylor, Miller-Valentine Group
  • Caleb Gass, Heritage BlueFire
  • Chandler Markey, Sands Investment Group
  • Philip Elliott, Consulting Services Incorporated
  • Elsa Simaan, Stewart Title Guaranty Company
  • Greg Hartley, Acro Development Services, PLLC
  • HeatherMucci, Novus Architects
  • John Moscati, GTA Associates, Inc.
  • Philip Potter, Whiting-Turner Contracting Company
  • Allen McDowell, Bohler Engineering
  • AnthonyZook, Bohler Engineering

Eight Crucial Post-Pandemic Takeaways for the Industry

Originally published by Ron Derven for NAIOP's Development Magazine Summer 2021 Issue.

The post-pandemic period could see a lot of innovation and experimentation in commercial real estate.

COVID-19 delivered a gut punch like no other to the commercial real estate industry last year, with transactions in the second quarter of 2020 plummeting approximately 40% over the same period in 2019.

By the fourth quarter of 2020, however, sales activity had nearly recovered, according to John Chang, director of research with Marcus & Millichap.

“Investors adapted to the new climate and devised new solutions to address the many obstacles to getting business done,” Chang said. “Barring a new, severe and deadly outbreak, COVID-related challenges ahead will likely be speed bumps for the commercial real estate industry rather than roadblocks.”

Read More

Infrastructure Deal Revived After Biden Walks Back Comments

Originally published on June 29, 2021 for NAIOP E-Newsletter.

Last week President Joe Biden announced agreement with a bipartisan group of senators, led by Kyrsten Sinema (D-AZ) and Rob Portman (R-OH), on a bipartisan infrastructure plan. The infrastructure deal would total $1.2 trillion over eight years, with approximately $579 billion in physical infrastructure, including roads, bridges, transit, water and sewer projects, and upgrades to the electrical grid. However, the nascent deal almost unraveled when Biden, in an effort to appease Democratic progressives, promised not to sign the legislation unless it was simultaneously accompanied by a reconciliation bill incorporating elements of his other domestic spending priorities.

Read More

 

Key Takeaways from the Q2 2021 Office Space Demand Forecast

Originally published on May 2021 by Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary and the University of Cambridge.

Office Space Absorption Projected to Stabilize by Mid-2022

The U.S. economy is experiencing a strong rebound from the COVID-19-induced recession, resulting in job growth in office-using sectors. However, tenant-safety concerns remain a drag on office leasing. The U.S. office market posted continued declines in net absorption in the fourth quarter of 2020 (-26.7 million square feet) and the first quarter of 2021 (-34.8 million square feet). Nonetheless, as coronavirus safety concerns abate and the economy continues to expand, negative net absorption is forecast to moderate over the next two quarters, with a return to positive absorption in the fourth quarter of this year (Figure 1). Quarterly net absorption in 2022 is expected to average 11.7 million square feet, in line with the 2015-2019 quarterly average of 11.6 million square feet.

At the time of this writing, more than half of eligible Americans have received at least one dose of the COVID-19 vaccination, and more than one-third are fully vaccinated. As vaccination rates increase and new coronavirus cases decline, more employers are re-opening their offices. However, a widespread return to the office will likely depend on the return of K-12 schools to in-person instruction. Many schools currently rely on a full- or part-time remote schedule, requiring parents of young children to either stay home or seek alternative childcare arrangements. With vaccination rates on the rise, most schools are now planning to resume full in-person instruction in the fall. As safety concerns about returning to the office recede and schools reopen, office absorption should begin to respond to the current upswing in economic growth.

Read More

Next Steps with the 2040 Plan

The following statement was issued by REBIC on Tuesday, June 22, 2021.

Last night the “Plan Policy” section of the 2040 Comprehensive Plan passed the Charlotte City Council by a 6-5 vote. This outcome had been widely expected for several weeks. In the end, REBIC took the position that moving ahead to the more difficult challenges, such as the debate over the “Implementation Strategy” and “Manuals and Metrics” sections, as well as the Place Type mapping and ultimately the Unified Development Ordinance (UDO) was in the best interests of all parties. It was evident that members of City Council had withdrawn to their respective corners and that any further compromise was not possible.

Following an introduction, the real estate industry faced some big hurdles:

  • Removal of Mandatory impact fees
  • Removal of Mandatory inclusionary zoning
  • Removal of Mandatory Community Benefit Agreements
  • A broken process set up to accept comments but one that provided little feedback in return
  • A City Council (with the exception of a few members) with little knowledge of the Plan
  • A tight, artificial timeline with a proposed vote on the entire document by April 26th

After last night here’s where we are:

Read More

Talks Continue on Bipartisan Infrastructure Deal

Originally published on June 22, 2021, for NAIOP E-Newsletter.

In the wake of failed infrastructure discussions between the White House and Senate Republican leadership, represented by Senator Shelley Moore-Capito (R-WV), the focus of attention has turned to the second group of Senators attempting to forge a bipartisan deal. The effort, led by Senators Kyrsten Sinema (D-AZ) and Rob Portman (R-OH), gained momentum last week with the endorsement of 21 senators, including 11 Republicans and 10 Democrats. A draft framework of the plan leaked to the press last week, but the particulars of the plan remain in flux, subject to changes based on a review by President Joe Biden and the White House staff.

Read More

Covid-19 Rent Breaks for Retailers Are Becoming the New Norm

Originally published on June 15, 2021, by Esther Fung for the Wall Street Journal.

During the worst of the pandemic, many landlords offered deals where ailing retailers paid a percentage of their monthly sales in rent—rather than a fixed amount—to help them survive. Now, this once temporary way of charging tenants looks poised to outlast Covid-19.

More shopping-center owners are signing new leases where rent is tied directly to a portion of sales, at least for a period. These percentage-rent leases are especially attractive to newer retailers, offering some flexibility so that they aren’t saddled with large losses as they are starting out.

While most landlords tend to prefer the reliability of a fixed monthly rent payment, the wider use of percentage leases reflects how much retail has become a renters’ market.

Read More

Mixed-Use at the Core of Mall Reinvention

Originally published on June 15, 2021, by Katie Sloan for Rebusiness Online.

When it comes to mall redevelopment, one of the biggest hurdles is changing the business community’s perception that enclosed malls are only for retail use, says Sean Garrett, president of acquisitions and director of community relations for East Peoria, Illinois-based Cullinan Properties Ltd. 

“There is no reason an insurance office can’t be right next to a retailer and a neighbor of a dentist,” states Garrett. “Downtowns and Main Streets have been developed this way for generations.” 

Cullinan recently followed this approach when it rebranded its Quincy Mall in Quincy, Illinois, to Quincy Town Center. One of the anchor tenants is now Quincy Medical Group, which backfilled a former Bergner’s department store. For Garrett, merging retail and medical uses today is a “natural fit.”

Read More

A Few Spots Remain! Breakfast with Principals is Next Week

Breakfast with Principals
June 29 & 30 | 8:00am – 9:00am ET 

A few spots are still available to attend next week’s Breakfast with Principals. This event provides an opportunity to meet with fellow members, make connections, and discuss what is going on with NAIOP and Charlotte’s commercial real estate industry while enjoying breakfast from two of Charlotte’s local hot spots Community Matters Café and Nick’s Cafe.

Table hosts are Pete Kidwell, Beacon Partners, Pat Pierce, Selwyn Property Group, Sagar Rathie, Crescent Communities, and Chris Thomas, Childress Klein.

Space is limited to 6 people per table, with a maximum of 2 tables per location. This is a NAIOP member-only event.

There is no charge to sign up for this event. Breakfast will be on own – make sure to come hungry and help support local businesses! 

Register for Nick's Cafe on June 29
Register for Community Matters Cafe on June 30

Questions

If you have questions, please contact the NAIOP Charlotte office at [email protected]

Summer Networking Social on July 14 | Register Now!

Summer Social
July 14 | 4:30pm – 6:00pm | Charlotte Beer Garden

 

Network with NAIOP members and guests at the Charlotte Beer Garden! Make new connections, catch up with friends, and enjoy the Charlotte summertime!

Registration

Registration for this event is $15 for NAIOP members and $20 for non-members through July 9. Rates increase to $20 for NAIOP members and $25 for non-members on July 10.

Location

This event will be held at the Charlotte Beer Garden, 1300 S Tryon St., Charlotte, NC 28203. 


Read More

CREW Charlotte June Luncheon (HYBRID): The 2040 Plan with Taiwo Jaiyeoba

CREW Charlotte is excited to host its first in-person luncheon in over a year! Space is limited so do not delay.

Learn more about the Charlotte Future 2040 Comprehensive Plan from Assistant City Manager, Taiwo Jaiyeoba.

Charlotte has been one of the fastest-growing cities in the country in recent years. This growth has established Charlotte as a vibrant and desirable city. However, this rapid development has also contributed to and highlighted, many challenges that have faced our community for decades. The Charlotte Future 2040 comprehensive plan outlines how we address these challenges and guide our growth and development over the next 20 years. This plan is a living document that provides a policy framework that will guide our city’s decision-making and investment in both the near- and long-term. The community-driven planning process has been guided by a focus on equitable growth and Charlotte's residents coming together to prioritize what is most important to us (housing, jobs, environment, livability, etc. The plan seeks to address the inequities of the past and unite the city around a shared set of goals for our future.

Read More

The Death and Life of the Central Business District

Originally published by Richard Florida for Bloomberg CityLab on May 14, 2021.

Just last spring, a chorus of pundits loudly proclaimed a sweeping urban exodus and the impending death of cities. Now, just slightly more than a year later, our cities are springing back to life. Sidewalks are starting to bustle; restaurants, which have spilled onto the streets, are teeming with patrons; museums and galleries are reopening; and fans are heading back to baseball parks, basketball arenas and even outdoor concert venues.

But one area of urban life where the pandemic is poised to leave a far bigger mark is on the places where we do business. The ongoing shift to remote work challenges the historic role of the Central Business Districts — neighborhoods like New York’s Midtown and Wall Street, Chicago’s Loop, or San Francisco’s Financial District — as the dominant centers for urban work. 

Read More

Next Week! DL Discussion with David Furman

DL Lunch & Learn with David Furman
June 3 | 12:00pm ET

Next week, join the conversation with Charlotte native and distinguished architect, David Furman, as he talks about how he got started in the industry and what opportunities, successes, and challenges have shaped his 40+ year career.

Take advantage of this opportunity to meet and learn from a leader in the Charlotte community!

This is a free event, available only for NAIOP Charlotte Developing Leaders. Prior registration is required. Zoom information will be sent on June 2.

Speaker

David Furman is a Charlotte native, architect, and developer, who has specialized in creating the urban experience through unique residential and mixed-use developments over a 40-year career. His Centro CityWorks, company has designed and/or developed over 40 projects in downtown Charlotte and SouthEnd, including Charlotte’s first downtown high-rise condo, Courtside, as well as the 28 story TradeMark building where he lives and works. He is currently on the board of Charlotte Center City Partners as well as an active participant in many initiatives to advance Charlotte’s urban presence as a premier place to live, work, and play. 


Read More