McKinsey did a pretty interesting study on creating a superior customer experience strategy. As you can imagine, it’s not just the actions of the front-line, customer-facing workers that adds the ‘customer first’ experience to a company, but the executives and strategy as well. The more a company invests in the interests of their employees, the … Continue reading #1 Item for a Superior Customer Experience Strategy
Sometimes I geek out over office space. Today’s narrative is one of those just for the interested. Here is a link to a survey conducted by the National Association of Industrial and Office Professionals (NAIOP). This 50-page deep dive into the topic asks real estate owners and professionals their thoughts on Co-working vs. Building Collaborative … Continue reading Ready for an office space deep dive?
Below is an interesting article from The New York Times about office landlords seeking a competitive edge in leasing space to tenants. Our primary market is Phoenix, so when I travel or read, I am always watching out for trends and changes in what owners are doing and what tenants are leasing. Here are … Continue reading Gaining a Competitive Edge in Office Buildings
It’s July in Phoenix and it is hot — both in temperature and in the office market. The office market remains hot but office net absorption (job growth) cooled off in the 2nd quarter, posting just 245,000 SF in Q2. Mid-year net absorption stands at 1.5 million SF and will likely hit 3 million SF … Continue reading 1-Minute Phoenix Metro Office Market Update: Q2 2019
I saw the below graph and article and it hit me: there are 5 generations now in the work force. How is anybody managing that? Then my commercial real estate mind immediately kicked in and thought: how are we designing space to accommodate the various needs of each cohort? The truth is, I’m sure we are….at … Continue reading 5 Generations in the Work Force
There has been a lot of talk about the middle class getting squeezed and the numbers below bear this out. Take a look at the graphs. What does this mean to the average worker? Rent, medical costs and tuition have increased more than income, shrinking savings. The median hourly wage in the U.S. … Continue reading The Shrinking Middle Class
I keep telling my team: right now is what the top of the market feels like. In the United States, one out of every seven people moving out of state moves to Arizona. The economy is hot. How long can it continue? Who knows, but NAIOP is forecasting another great year for the rest of … Continue reading The National Office Market continues to roll on
When I wrote How to Win in Commercial Real Estate Investing, I spent all my words on the process of investing. Not the psychology of the business. Below is a great (and short) article on the 4 P’s of being a successful investor. I would recommend that everyone think about these words before they jump … Continue reading Being A Successful Real Estate Investor
The entire world is being disrupted. Readers of this narrative know this. Here is the latest disruption: vertical warehouses with four stories. Why are these taking off? –Consumer demand for instantaneous delivery has caused the industry to take a hard look at the “last mile” and seek new ways to speed up delivery. … Continue reading Vertical Warehousing
We all know we have to do our homework when analyzing any business opportunity. Doing due diligence from every side and perspective will help protect your interests (and money). Below are some reminders and a priority list for conducting your due diligence to limit your risks and hopefully ensure your ROI: – Financials first, … Continue reading Analyzing Business Opportunities
The Metro Phoenix Office market continued its trend of positive net absorption this quarter in a BIG way. Fresh off a year of posting 2.8 million SF of net absorption (job growth) in all of 2018, Metro Phoenix hit 1.1 million SF in just the first quarter 2019, sending vacancy down to 16.9% from … Continue reading 1-Minute Phoenix Metro Office Market Update: Q1 2019
For those who have followed my narrative for a while now, you might recall that WeWork and the overall rise of Coworking office space has been on my radar for the past few years (Click here to read “Rise of Collaborative Workspace” and here to read “WeWork now a $5 billion co-working startup”). The market … Continue reading Building Collaborative Areas vs. Coworking Space
One of the most daunting tasks our national clients face is to quantify the key metrics for making decisions for their office locations. I review no less than 30 different reports a year on this topic and the items people track are, well…daunting. Demographics, traffic patterns, access to amenities, cost of labor, office space costs, … Continue reading Affordability
Chinese company, Tencent, just finished its global headquarters. In previous narratives, I have discussed US-based tech companies’ cool new headquarters (Click here to read my narrative on Apple’s HQ). This week, I have included two different articles about the same building. What is different? Technology. In China, the government allows some technology that is not … Continue reading Chinese Company Headquarters WAY different than U.S.
We are constantly asked by owners and prospective owners to value buildings. As brokers, we can prepare BOV’S (Broker Opinion of Values). This is our opinion of a specific property’s market value if put on the market for sale. Full valuation for Lenders and partners to benefit all parties is called an Appraisal. Below … Continue reading The Commercial Real Estate Appraisal Process