Landlord Quick Tip – Handling A Vacancy– Source: AAOA

May 21, 2013 Jim Kobal No comments

Landlord Quick Tip – Handling A Vacancy– Source: AAOA

In handling a vacancy, especially when a landlord first speaks with a tenant about one, an important first question for the tenant is, “When are you planning to move?”  This is the first question that will be followed by some others when a landlord asks a renter about a vacancy.

The landlord should not assume that tenant prospects are looking to move into an apartment in the near future when they inquire about vacancy.

Here is a typical example about a delayed move-in date, students.  During the summertime, they will be thinking about moving in during the fall, and not the summer.  (Please accept the spirit of this last sentence, and ignore the technicalities.)

By asking a tenant prospect about their move-in timeline, you can avoid the frustrating question, “Can you hold it open for me – for a couple of months?”  Even if you can, collect a holding fee to ensure that the prospect will become a tenant at the agreed upon date.

 

Source: http://www.american-apartment-owners-association.org/blog/2013/05/20/landlord-quick-tip-211/

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Hines Seeks Rezoning for Massive Sandy Springs Project – Source: AJC

March 7, 2013 Jim Kobal No comments

Hines seeks rezoning for massive Sandy Springs project

Commercial Real Estate Editor-Atlanta Business Chronicle
Email  | Twitter

Developer Hines is seeking rezoning for a massive Sandy Springs mixed-use project.

The project, known as 100 Northpark, at Georgia 400 and Abernathy Road would include 1.5-million square feet of office, 150,000 square feet of retail, 500 units for multi-family development — most likely apartments — and a 250-room hotel.

The plans were filed Wednesday with the state Department of Community Affairs, under its Developments of Regional Impact program.

The site is currently zoned for 1.3-million square feet of office space.

Hines is representing the ownership of the 14-acre 100 Northpark site, a pension fund.

The rezoning comes as office building owners in Sandy Springs and Dunwoody see increased leasing activity. The Central Perimeter office market posted more than 1.2 million square feet in total net absorption in 2012, and class A vacancy fell to about 15 percent, according to real estate services firm Jones Lang LaSalle Inc.

At the end of the fourth quarter, Jones Lang LaSalle said:

“Although demand has been slowly improving since 2011, a glut of vacant space still plagues the market and the active prospect pipeline is slow. Most tenants have a wide range of building options. Consequently, many occupiers are making real estate decisions well ahead of expiration dates and giving careful examination to landlord cash flow when evaluating their leasing options. In most cases, owners will have to remain soft on pricing until meaningful employment gains are fully realized for Atlanta.”

Douglas Sams covers Commercial Real Estate

 

http://www.bizjournals.com/atlanta/real_talk/2013/03/hines-files-plans-for-massive-sandy.html?ana=lnk

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Commercial Real Estate Sector Steadily Improves – Source: NAR

February 25, 2013 Jim Kobal No comments

Commercial Real Estate Sectors Steadily Improve

Media Contact: Walter Molony / 202-383-1177 / Email

WASHINGTON (February 25, 2013) – Major commercial real estate sectors continue to improve, albeit slowly, with gradual economic improvement and job creation driving absorption of space, according to the National Association of Realtors® quarterly commercial real estate forecast.

Lawrence Yun, NAR chief economist, said rental housing demand has been exceptionally strong. “Rent increases have been higher in multifamily housing where supply is not matching strong demand, thereby allowing landlords to raise rents at faster rates,” he said. “Overall commercial real estate leasing activity continued to grow in most markets during the closing months of 2012, which is modestly lowering vacancy rates in all of the commercial sectors early this year.”

National vacancy rates over the coming year are expected to decline 0.4 percentage point in the office market, 0.4 point in industrial, 0.3 point for retail and 0.1 point in multifamily, with that sector experiencing the tightest availability.

“Business spending is expected to rise faster in 2013 because of record high corporate profits. Low interest rates also are permitting companies to improve their balance sheets,” Yun said.

NAR’s latest Commercial Real Estate Outlook1 offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS, Inc.,2 a source of commercial real estate performance information.

Office Markets

Vacancy rates in the office sector are forecast to fall from a projected 16.0 percent in the first quarter to 15.6 percent in the first quarter of 2014.

The markets with the lowest office vacancy rates presently (in the first quarter) are Washington, D.C., with a vacancy rate of 9.4 percent; New York City, at 9.6 percent; and Little Rock, Ark., 12.1 percent.

Office rents should increase 2.6 percent in 2013 and 2.8 percent next year, following a 2.0 percent gain in 2012. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is expected to total 34.0 million square feet this year and 42.3 million in 2014.

Industrial Markets

Industrial vacancy rates are likely to decline from 9.6 percent in the first quarter of this year to 9.2 percent in the first quarter of 2014.

The areas with the lowest industrial vacancy rates currently are Los Angeles and Orange County, Calif., each with a vacancy rate of 3.6 percent; Miami, 5.6 percent; and Seattle at 6.0 percent.

Annual industrial rents are projected to rise 2.3 percent this year and 2.6 percent in 2014, after increasing 1.7 percent last year. Net absorption of industrial space nationally is likely to total 121.8 million square feet in 2013 and 103.5 million next year.

Retail Markets

Retail vacancy rates are forecast to slide from 10.7 percent in the first quarter of the year to 10.4 percent in the first quarter of 2014.

Presently, markets with the lowest retail vacancy rates include San Francisco, 3.5 percent; Fairfield County, Conn., at 4.2 percent; and Orange County, Calif., 5.2 percent.

Average retail rents will probably rise 1.5 percent in 2013 and 2.1 percent next year, following a 0.8 percent gain in 2012. Net absorption of retail space is seen at 11.9 million square feet in 2013 and 16.4 million next year.

Multifamily Markets

The apartment rental market – multifamily housing – should see vacancy rates ease from 4.0 percent in the first quarter to 3.9 percent in the first quarter of 2014; vacancy rates below 5 percent generally are considered a landlord’s market with demand justifying higher rents.

Areas with the lowest multifamily vacancy rates currently are New Haven, Conn., at 2.0 percent; New York City, 2.1 percent; and Minneapolis and Syracuse, N.Y., each at 2.5 percent.

Average apartment rents are expected to increase 4.6 percent this year and 4.7 percent in 2014, after rising 4.1 percent in 2012. Multifamily net absorption is projected at 270,600 units in 2013 and 253,200 next year.

The Commercial Real Estate Outlook is published by the NAR Research Division. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial community includes commercial members; commercial real estate boards; commercial committees, subcommittees and forums; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 78,000 NAR and institute affiliate members specialize in commercial brokerage and related services, and an additional 232,000 members offer commercial real estate services as a secondary business.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visitwww.houselogic.com and http://retradio.com.

# # #

1 Additional analyses will be posted under Economists’ Outlook in the Research blog section of Realtor.org in coming days at:http://economistsoutlook.blogs.realtor.org/.

2 Beginning in the third quarter of 2011, NAR commercial forecasts have been generated based on historical data provided by REIS, Inc., and do not correspond with prior historical information from previous forecasts. This source permits coverage of more metro areas than were previously covered.

The next commercial real estate forecast and quarterly market report will be released on May 28 at 10:00 a.m. EDT.

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Does Market Cap Rate Predict Performance? Source: @SNLRealEstate

February 24, 2013 Jim Kobal No comments
Friday, February 22, 2013 2:54 PM ET
Does market cap predict performance?

By Ralph Block

Ralph Block, author of “Investing in REITs,” has been a REIT investor since 1972 and was a REIT portfolio manager from 1995 until his retirement in 2007. Opinions expressed in this blog are solely those of the author and do not represent the views of SNL Financial.

Do the biggest guys, as usually happens in alley brawls, kick butt in REITville? Putting the question more politely, do large-cap REITs provide better total returns to investors than mid-caps and small-caps? One would think there would be a 288-page research paper on this topic, published in some arcane academic journal, perhaps entitled something like, “Standard Deviations and Stochastic Parameters Involving Relative Enterprise Values among REIT Stocks.” But my quick — and, admittedly, cursory — Google search failed to reveal anything of the sort.

I have read that certain well-known and respected academics have done studies showing that smaller equities have outperformed larger equities over a period of time, and was wondering whether this also holds true in REITville — or vice versa. I asked a friend of mine, who has much better data analysis skills than I (I dropped out of college math at the freshman level), to run a few numbers for me. He was kind enough to do so and came up with some interesting results. It seems that whether large-cap REITs or small-cap REITs perform better may depend primarily on the period of measurement.

My friend sorted REITs by equity market cap and put them into quintiles (quintile 1 comprised the largest caps, down through quintile 5, which comprised the smallest caps). He included the 111 stocks that were in the Vanguard REIT Index fund, or VGSIX, at the end of 2012.

I’m no expert in statistical analysis, but even my golden retrievers Riley and Kacie can figure out that there was a perfect correlation in performance by size last year: The little guys kicked sand in the faces of the big guys, and the smaller you were, the better you were likely to perform. But wait — in 2011, while the correlation wasn’t nearly as perfect, it was good to be big rather than small.

OK, so it would be impossible to know if “bigger is better” by looking at just those two most recent years.

I therefore asked my friend to look at a longer time period. We agreed on the period from Feb. 7, 2007, (the very top of the REIT market before the Great Recession) through Dec. 31, 2012, a period of almost six years and consisting of bear and bull markets. Unfortunately, the results of this analysis tell us as much about the importance of REIT size as box office revenues tell us about the quality of a motion picture.

Perhaps another interesting observation is that the total return performance of the stockswithin each quintile varied widely during this almost-six-year time horizon, even when comparing similar property sectors. For example, in quintile 1, Simon Property Group Inc.‘s total return was +55.8%, while peer General Growth Properties Inc.‘s “return” was -65.6%. In quintile 3, Highwoods Properties Inc.‘s total return was a respectable +1.9%, but MPG Office Trust Inc.‘s was awful, -92.3%; both, of course, are office REITs. And, in quintile 5, neighborhood shopping center REIT Urstadt Biddle Properties Inc. did quite well with a total return of +44.4%, while its peer Cedar Realty Trust Inc. flopped badly, down by -56.9%.

What, if any, lessons can we learn from this informal exercise? Unfortunately, not many.

First, it’s probably not possible to beat the REIT indexes merely by owning the largest, the most average, or the smallest REITs — certainly over short and medium time horizons. There are just too many variables other than market cap that drive total returns from one year to the next.

Second, while it seems true, intuitively, that the largest REITs have, in most cases, abundant favorable attributes such as lower costs of debt capital, lower overhead cost ratios and greater share liquidity, careful and detailed studies would have to be made to determine how important these are with respect to stock performance. And these studies would have to provide controls for other important variables such as debt leverage, property type, business strategy, etc. Also, all of these studies would be backward-looking, which may not at all be predictive.

Third, in looking over the best- and worst-performing REITs between Feb. 7, 2007, and the end of last year, it appears that those REITs with the highest debt leverage ratios underperformed those with more modest debt leverage ratios. This is, of course, not surprising — you don’t want to have pigged out on debt, especially the short-term variety, when credit crunches arrive. Debt can be a narcotic, and we know what happens to junkies. (It helps, too, to be invested in defensive sectors when recessions arrive; some of the best-performing stocks during that period were health care REITs). This, of course, raises the age-old issue of whether goosing FFO and AFFO with fixed-rate debt is worth the pain when recessions and credit crunches arrive on the scene — but that’s a topic for another day. Hint: Less leverage is almost always better.

Perhaps you will now permit me to think out loud a bit. Could it be that, during periods when external growth opportunities abound and capital (debt and equity) is cheap and easily available to just about every REIT, the smaller-cap REITs will tend to outperform? The cost of capital gap between large-cap and small-cap REITs may be much less during such periods, and attractive acquisitions will move the needle much more for smaller REITs. Even if, and when, such is the case, however, investors will still need to use a crystal ball to determine when current favorable conditions are about to change.

Finally, it may be that the larger REITs, similar to large battleships, will provide less volatile — although maybe not higher — total returns over time. If this is so, perhaps the mix of large and small REITs within a portfolio should be dependent upon one’s tolerance for market volatility. There are no easy answers, and anyone claiming that investing is a simple endeavor is several feathers short of a duck.
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Ponce City Market Has a Suitor – Source: Bisnow

February 13, 2013 Jim Kobal No comments
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Cardlytics Likes Ponce City Market
February 13, 2013

Ponce City Market Has a Suitor

Jamestown’s Ponce City Market has caught the eye of an Atlantacredit card processing company that’s on the cusp of explosive growth. And just in time for Valentine’s Day.

 

 

ponce city market

Sources tell us Cardlytics is considering Jamestown’s redevelopment of the former Sears warehouse for its 100k SF HQ RFP that’s been floating around the Midtown market for a few weeks. The company is being repped by Vantage Real Estate’s Gene Rice and his team. While Gene declined to confirm the news to us, he does say company execs won’t likely sign any huge leases until late this year.

PM Realty (Peachtree3)

 

 

generice

Since starting in 2008 in 900 SF, has exploded, now taking up 19k SF at Stoveworks and another 11k SF at the Southern Dairies building on North Avenue. And Gene (with wife Isabel and sonColeman James, who starts pre-k for the first time this week) tells us the company is close to another 9,000 SF expansion. But he notes all leases co-expire in March 2015. Sources say the company also is considering a build-to-suit, particularly at a pad site within the Stoveworks campus. 

Watson’s Trophy

 

WATSON HERSHALL

“We’ve been in a trough for so long, we have to come out of it,” Newmark Grubb Knight Frank’s Dave Watson tells us. Activity should get even better as the housing market improves, with mom and pop businesses (bread-and-butter tenants for industrial) picking up work as more homes trade hands, he says. That’s not the only thing Dave’s smiling about: He got to shake hands withHeisman Trophy winner Herschel Walker at the Georgia Association of Realtors inaugural meeting last month. For Dave, it was a chance to see the legend a second time—the first was at the 1980 game when UGA won the National Championship. Our calls to Herschel for comment on the industrial market went unanswered. 

CREW Panel: Activity Up

 

CREW LUNCHEON

Office activity is seeing stronger demand inside the Perimeter. That news came from The Shopping Center Group principal Ruth Coan, Wells Fargo Bank’s SVP Melissa Frawley, and JLL’s Kay Younglove, who joined CREW Atlanta last week at the Cobb Galleria to talk about the new normal for tenants and landlords in a volatile world. Kay, of course, scored a huge win recently when she brokered State Farm’s second mega office deal at Hammond Exchange. 

PM Realty Group’s Next Generation

 

PMRG Young People 2013

PM Realty Group Southeast region EVP Bill Weghorst reports thatyoung college grads are finding careers in commercial real estate. Many successes for the PM Realty Group (including the turnaround and sale of Tower Place 200 for CWCapital and the recent listings on over 30 buildings totaling over 3.5M SF) have created a need to hire fresh young faces early in their careers. The examples above: property administrator Jessica Ericson, property manager Michael McLean, portfolio analyst John McWhirter, marketing coordinatorKatherine Sands, property manager Lindsay Thompson, and office leasing associates Zach Wooten and Stephen Clifton. Bill says that PM Realty Group is excited to welcome these talented individuals, who are not only seeking opportunities at the company, but in commercial real estate as a whole. For more info on our sponsor, click here. 

Ackerman Buys

 

Norcross-Center_WEB

Ackerman & Co made some recent purchases, this time on the flex industrial side. Late last month, Ackerman purchased Norcross Center and Brook Hollow Business Park, two flex parks totaling 322k SF in Gwinnett County, for $10.3M from the James Campbell Co (with CBRE’s Brian Budnick brokering). The buy comes on the heels of Ackerman’s purchase of Westside Center, a 60k SF office building in Alpharetta, for $5.8M from Quarter Circle Capital. 

Don’t forget to print out your Bisnow emails so you have something to read during the coming zombie apocalypse! Send your news toJarred@Bisnow.com.

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Real-Estate Firms Get a Handle on Twitter – Source: WSJOnline.com

January 30, 2013 Jim Kobal No comments

Real-Estate Firms Get a Handle on Twitter

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[image]Peter J. Smith for The Wall Street JournalSacha Zarba, a broker for CBRE who uses social networking to connect with clients, at Grand Central Terminal

The commercial real-estate industry is notorious for being slow to embrace new technology. Social networking is no exception.

But that is finally beginning to change. Some top firms are beefing up their activity on sites like Twitter and LinkedIn, and some brokers say they are doing deals thanks to leads generated by the sites.

As recently as 2010, four years after the launch of Twitter, many brokers didn’t even know what the service was.

“People don’t understand it,” confessed Ron Houghtaling, CBRE Group Inc.’s head of social media, at a 2010 technology conference.

Today, CBRE leads the Twitter pack among major firms with more than 26,000 followers. Meanwhile Jones Lang LaSalle, is second with 16,048 and has a four-person social-media team that also manages accounts on Facebook, LinkedIn and other sites.

“It’s definitely something that is a priority for the firm, and we’ll definitely continue to invest in it,” says Brooke Houghton, a Jones Lang LaSalle vice president.

These firms are clearly ahead of others in developing presences in the social-media world. Studley, which launched its Twitter site in the fall of 2011, only has 536 followers.

[image]

Also, there is some debate as to whether social media leads directly to new business or is simply a good way for firms to promote their brand. Analyst William Marks, of JMP Securities, says he doesn’t believe social media will make a big difference in commercial brokerage.

Mr. Marks notes that websites can’t come close to improving on the face-to-face contact that is the lifeblood of the brokerage business. “I don’t think there’s any direct way to turn social media into a deal,” says Mr. Marks, a former broker himself. “There are indirect benefits, yes, because it’s free advertising in a sense. But there is a ceiling to how much it can actually benefit.”

Some brokers say they can point to specific deals that they got through social networking. CBRE broker Sacha Zarba, who has been a member of LinkedIn since 2006, estimates that he’s had over 25 business meetings thanks to the site. Between five and 10 of those have led to a deal and continued business, he says.

Using social networking beats cold-calling potential clients. “I will instantly see who we know in common and get an introduction,” Mr. Zarba, 35 years old, says. “It makes it warmer.”

Jeffrey Roseman, 51, a retail broker with Newmark Grubb Knight Frank, says his intern explained Twitter to him about three years ago. Since then he’s attracted 1,700 followers, more than some entire real-estate firms.

“I’m followed by a lot of different retailers that I don’t have business with,” he says. “Maybe the next time I call them, they may take my call.”

Corrections & Amplifications
Jeffrey Roseman, a retail broker at Newmark Grubb Knight Frank, has 1,700 Twitter followers. An earlier version of this column misspelled his name as Rosenman.

—Carmel Melouney

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Commercial Real Estate Embraces Twitter – Source: Realtor Magazine

January 30, 2013 Jim Kobal No comments

Commercial Real Estate Embraces Twitter

DAILY REAL ESTATE NEWS | WEDNESDAY, DECEMBER 12, 2012

Some of the nation’s leading commercial real-estate firms are increasing their activity on such social media sites as Facebook, LinkedIn, and Twitter. In fact, a number of brokers say they are doing deals thanks directly to leads generated by such sites.

Many brokers didn’t even know what Twitter was in 2010 — four years after its launch.  Today, CBRE leads “the Twitter pack” among in the commercial realty industry with more than 26,000 followers. Jones Lang LaSalle ranks second with 16,048 followers and has assembled a four-person social-media team that also manages accounts on Facebook and LinkedIn.

Brooke Houghton, a JLL vice president, remarks, “It’s definitely something that is a priority for the firm, and we’ll definitely continue to invest in it.”

Source: http://realtormag.realtor.org/daily-news/2012/12/12/commercial-real-estate-embraces-twitter

Source: “Real-Estate Firms Get a Handle on Twitter,” Wall Street Journal (12/10/12)

(c) Copyright 2012 Information, Inc.

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How’s Your Online Rep?
Make Seismic Moves

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The Fastest Growing Social Network in the World …

January 30, 2013 Jim Kobal No comments

The Fastest Growing Social Network in the World …

DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 30, 2013

Twenty-one percent of the global Internet population uses Twitter actively on a monthly basis, elevating it to the fastest growing social network in the world, according to a report by GlobalWebIndex.

Twitter use has been growing rapidly. The number of Twitter users grew 40 percent from the second quarter of 2012 to the fourth quarter of 2012, according to the report. Since July 2009, Twitter has grown 714 percent in active users.

Twitter boasts 288 million monthly active users.

The most active Twitter users are in Hong Kong, followed by the United States, Russia, China, and Italy.

Why the sudden growth in Twitter?

GWI says that Twitter’s growth has been attributed to the growth in mobile Internet usage and mass media integration (with TV, film, radio, sports, and advertising that provided more reason to use Twitter than other social networks). Also, GWI attributes Twitter’s growth to its skyrocketing adoption among older adults. Over 55s are the fastest growing demographic on Twitter, growing 116 percent from the second quarter of last year to the fourth quarter of 2012, according to the report. Active users among the 45 to 54 age group also grew 81 percent in that period.

Many real estate professionals use Twitter to connect with prospects and peers in the business. (Read: Building a Twitter Farm)

Source: “Twitter Ranked Fastest Growing Social Platform In The World,” Forbes (Jan. 29, 2013)

Read More

9 Ways You’re Misusing Social Media & Other UnAwesome Things
Commercial Real Estate Embraces Twitter

 

Source: http://realtormag.realtor.org/daily-news/2013/01/30/fastest-growing-social-network-in-world

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10 Hot Consumer Trends for 2013

January 13, 2013 Jim Kobal No comments

http://www.ericsson.com/news/121213-10-hot-consumer-trends-for-2013_244159017_c?categoryFilter=reports_1270673222_c

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8 Reasons Why Twitter Power Users Are Influential – Source: @JeffBullas

January 11, 2013 Jim Kobal No comments

8 Reasons Why Twitter Power Users Are Influential

Written by  - 55 Comments
Categories: Social Media, twitter, Twitter Influence

Twitter is often touted as being a 140 character publishing platform for simpletons. In fact my first impressions when I started using Twitter in December 2008, was that it was a rather benign and simple way to send a type of SMS but on the web, consequently I was a rather light Twitter user for several months. Reasons Why Twitter Power Users Are Influential

I saw people who had ten thousand plus tweets and thought that they must not be doing anything else but tweeting from a desk locked away in some quiet cave while the rest of the world got down to work and play.

The power both real and perceived of Twitter to influence and accelerate attention was brought to my attention in stark relief when I was contacted earlier this year by the Global executives at Ford and General Motors regarding tweets about blog posts that I had published.

ExactTarget (which  is a leading global provider of on-demand email marketing and interactive marketing solutions including social media) recently published a new study which surveyed 1,500 consumers to identify the top motivations for following brands on Twitter and provide new insight into consumers’ expectations for interacting with brands online.

Morgan Stewart, the principal of ExactTarget’s research and education group said the study revealed that “Consumers active on Twitter are clearly the most influential online,” and went on to say “that even though the number of active Twitter users is less than Facebook or email, the concentration of highly engaged and influential content creators is unrivaled.”

“What happens on Twitter doesn’t stay on Twitter!!”

So why are Twitter power users so influential online.

  1. 72 percent publish blog posts at least monthly
  2. 70 percent comment on blogs
  3. 61 percent write at least one product review monthly
  4. 61 percent comment on news sites
  5. Daily Twitter users are 6 times more likely to publish articles
  6. Five times more likely to post blogs
  7. Seven times more likely to post to Wikis
  8. Three times more likely to post product reviews at least monthly compared to non-Twitter users

If you take the time to review the 8 key findings what stands out is that a Twitter user is 500% more likely to post blogs which is the core essence of publishing online. So Twitter has become the gathering place for content creators whose influence spills over into every other corner of the internet.

Read more at http://www.jeffbullas.com/2010/08/18/8-reasons-why-twitter-power-users-are-influential/#54v6eUvrpP4hE5AO.99

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