Development Magazine Winter 2014

Repositioning Yesterday’s Buildings for Today’s Changing Workforce

By: Maria Sicola, head of Americas research, Cushman & Wakefield

Major retrofits and the repurposing of older buildings have become leading trends as urbanism and millennials drive transformative change. As 2014 winds down, we find the real estate industry in the throes of transformative change thanks to economic recovery and a fast-evolving workforce that continues to redefine corporate space requirements.

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rendering of the exterior view of a cold storage facility

Edge Markets Go Mainstream

The residential population of San Francisco’s Mid-Market district has spiked by 38.8 percent since 2000. The typical Dumbo household earns $123,675 per year, which is among the highest incomes in Brooklyn. These noncore submarkets have witnessed phenomenal demographic change over the past few years.      

interior view of an office suite

PacMutual Campus: From Aging LA Landmark to Lifestyle Offices

When Rising Realty Partners purchased the historic PacMutual Campus, a 425,000-square-foot beaux arts campus of three interconnected office buildings in downtown Los Angeles it was a tired structure suffering from years of neglect. Once a jewel of downtown LA, the aging complex had faded into obscurity.      

the trading floor in an office building

Gavilon World Headquarters: Office Space and Trading Floor in Downtown Omaha

Grain and commodity trading firm Gavilon faced a challenge in 2012. Having outgrown its existing space at ConAgra’s corporate campus, Gavilon could not find a suitable alternative. With a limited supply of new office space and increased demand in the market over the past four years, flexible office space large enough for Gavilon’s growing workforce was not available.      

exterior view of an industrial building

Liberty Sky Harbor Center: Transformation in Phoenix

Run-down. Obsolete. Outmoded. Those were the kinder words real estate brokers had for the 35-year-old warehouse at 2626 South Seventh Street in Phoenix. The hulking 240,000-square-foot building in the Sky Harbor Airport submarket was long considered a decaying lost cause.      

group of people at a reception

The View From Development '14: Disruptors Abound

The high altitude and thin air of Denver provided an appropriate atmosphere for exploring current trends and coming scenarios at NAIOP’s Development '14: The Meeting for Commercial Real Estate. More than 1,100 people gathered there on October 27-29, a record number for a NAIOP conference.      

Advocacy

  • Like-Kind Exchanges on the Tax Reform Chopping Block

    Prior to the 2014 elections, key members of Congress critical to advancing comprehensive tax reform put forth several proposals that raised concerns for the commercial real estate industry. One of these was the elimination of what are known as “like-kind” exchanges under the current Section 1031 of the tax code.      

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Development - Ownership

  • Repositioning Yesterday’s Buildings for Today’s Changing Workforce

    Major retrofits and the repurposing of older buildings have become leading trends as urbanism and millennials drive transformative change. As 2014 winds down, we find the real estate industry in the throes of transformative change thanks to economic recovery and a fast-evolving workforce that continues to redefine corporate space requirements.      

  • Edge Markets Go Mainstream

    The residential population of San Francisco’s Mid-Market district has spiked by 38.8 percent since 2000. The typical Dumbo household earns $123,675 per year, which is among the highest incomes in Brooklyn. These noncore submarkets have witnessed phenomenal demographic change over the past few years.      

  • PacMutual Campus: From Aging LA Landmark to Lifestyle Offices

    When Rising Realty Partners purchased the historic PacMutual Campus, a 425,000-square-foot beaux arts campus of three interconnected office buildings in downtown Los Angeles it was a tired structure suffering from years of neglect. Once a jewel of downtown LA, the aging complex had faded into obscurity.      

  • Gavilon World Headquarters: Office Space and Trading Floor in Downtown Omaha

    Grain and commodity trading firm Gavilon faced a challenge in 2012. Having outgrown its existing space at ConAgra’s corporate campus, Gavilon could not find a suitable alternative. With a limited supply of new office space and increased demand in the market over the past four years, flexible office space large enough for Gavilon’s growing workforce was not available.      

  • Liberty Sky Harbor Center: Transformation in Phoenix

    Run-down. Obsolete. Outmoded. Those were the kinder words real estate brokers had for the 35-year-old warehouse at 2626 South Seventh Street in Phoenix. The hulking 240,000-square-foot building in the Sky Harbor Airport submarket was long considered a decaying lost cause.      

  • The View From Development '14: Disruptors Abound

    The high altitude and thin air of Denver provided an appropriate atmosphere for exploring current trends and coming scenarios at NAIOP’s Development '14: The Meeting for Commercial Real Estate. More than 1,100 people gathered there on October 27-29, a record number for a NAIOP conference.      

  • NAIOP Sustainable Development Award Honors The JBG Companies for National Cancer Institute Campus

    The JBG Companies of Chevy Chase, Maryland, was named the recipient of NAIOP’s annual Sustainable Development Award, which was presented during a special ceremony at Development ‘14: The Meeting for Commercial Real Estate.      

  • The Interior Design/Build-out of the Future, 2020 Design Competition

    During the spring and summer of 2014, NAIOP conducted a design competition in which it sought concepts for the Interior Design/Build-out of the Future. NAIOP invited architects to conceptualize and design “the optimal interior build-out for Class A office space within a multitenant building in a growing market” in the year 2020.      

  • New and Noteworthy

    An assortment of brief facts and figures about new and noteworthy development projects, transactions and trends.      

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Marketing - Leasing

  • Awakening a Suburban Dinosaur

    By 2012, 1 Country View Road, a 48,000-square-foot office building located within Liberty Property Trust’s 700-acre, 5 million-square-foot Great Valley Corporate Center in suburban Philadelphia, had become a “dinosaur.”      

  • Six Tips to Safely Evacuate Individuals With Disabilities

    If you had to evacuate one of your buildings right now, are you sure that everyone inside who might have a physical or cognitive disability would be able to exit safely and quickly?      

  • Activate Your Lobby

    In the commercial real estate and planning domains, vibrancy is a term often applied to street life but rarely to office lobbies. Particularly in suburban settings, Class A office building lobbies tend to be grand and polished but also quiet and sometimes intimidating.      

  • Office Tenants Prefer Vibrant Centers

    Where do today’s office tenants want to be located? New research shows that they prefer amenity-rich, mixed-use suburban vibrant centers (also known as “live, work, play” locations) to typical single-use suburban office locations, by a margin of more than four to one.      

  • NAIOP's 2015 Buyers Guide

    From accountants to architects to developers, contractors, and financial sources. Whatever you need, you’re likely to find it and a lot more in our annual Buyers Guide.      

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  • By the Numbers: US Labor Market Setting New Peaks

    With the U.S. labor market recently recapturing the 8.7 million jobs lost to the recession, now is a good time to examine which metropolitan areas are leading in job growth and which are lagging behind.      

  • Getting and Keeping the Right Team Remains No. 1

    In today’s highly competitive and transforming marketplace, the recruitment, retention and recognition of contributions made by talented professionals remains the No. 1 priority for real estate companies nationwide. That is one of the key takeaways from the recently released “2014 NAIOP Commercial Real Estate Compensation Survey,” completed in partnership with CEL & Associates, Inc.      

  • Keeping Boston Properties at the Top of Its Game

    Introducing Boston Properties CEO Owen Thomas during a “CEO Insights” session at Development ‘14 in Denver, Thomas Hynes Jr., CEO of Colliers International, Boston, described the firm as “the gold standard” of the office development business.      

  • Research Directors Discuss Outlook and Observations

    National research directors from major commercial real estate brokerage, data provider and investment firms — described as “the brain trust of real estate research” by guest speaker Christopher Leinberger — gathered for their annual meeting sponsored by the NAIOP Research Foundation on September 11 to share their observations and outlook for the next 12 months.      

  • What Millennials Really Want

    New research that challenges stereotypes can help the commercial real estate industry recruit and retain young talent.      

  • Will Drone Technology Help Commercial Real Estate Soar?

    When purchasing a car, the prospective buyer wants to inspect every inch of the vehicle before committing. Commercial real estate is no different; an investor looking to acquire a property would like to be able to see every inch of the building and identify all potential pitfalls.      

  • Investing in Florida's Mobility With Rail

    All Aboard Florida is an intercity passenger rail project being developed by Florida East Coast Industries LLC, the owner of Florida’s primary passenger rail corridor, that will connect Miami to Orlando with intermediate stations in Fort Lauderdale and West Palm Beach.      

  • Kansas City’s “Starter” Streetcar Line

    After many failed attempts to garner citywide voter approval for a variety of light-rail and streetcar plans since 1997, construction is now underway on Kansas City, Missouri’s 2.2-mile downtown modern streetcar line.      

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Finance

  • Private Equity Bountiful for CRE

    With an abundance of dry powder to deploy, confidence in improving real estate fundamentals and a wider net being cast in search of investment opportunities, private equity real estate fund managers may be closing in on a banner year and looking ahead to a more active 2015.      

  • EB 5 Development and Target Employment Areas

    Developers have established target employment zones in downtown Manhattan and other major real estate markets, responding to the interest of EB-5 investors looking for safe markets in which to invest.      

  • Financing Unstabilized and Distressed CRE

    Contrarian thinking during the economic downturn has resulted in a new, thriving company.      

  • REITs Expand Beyond Real Estate

    Two recent decisions by the Internal Revenue Service and new regulations proposed by the IRS and the U.S. Treasury Department are generating much buzz within the real estate industry.      

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Perspectives

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