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- The Contribution of Office, Industrial and Retail Development and Construction to the U.S. Economy (2008 edition) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Stephen Fuller, George Mason University
The value of commercial buildings is much more than the sum of their construction outlays or their assessed valuation. Commercial real estate development, construction and operations create a ripple effect in the economy. This contribution consists of annual direct spending for new development and construction and annual expenditures to operate existing buildings. Additional important economic benefits – the ripple effect - are also derived from the respending of the salary and wages supported by direct construction and operating outlays and purchases of construction-related materials and services from vendors. The combination of these direct and indirect (and induced) outlays constitutes the total output or contribution to the national economy. The objective of this research project is to calculate the contribution of office, industrial and retail commercial buildings to the national and respective state economies, and to provide a document that commercial real estate, from association leaders to all NAIOP membership, can use to explain the economic and fiscal importance of commercial buildings to local, state and national audiences.
2007 edition If you would like to purchase a printed copy of this report, please visit the NAIOP Bookstore.
The individual state reports are available online.
- Measuring the Impact of Hispanic Population Growth on the Location of and Demand for Commercial Real Estate in the U.S. (2008) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: G. Donald Jud, PhD, Bryan School of Business and Economics, University of North Carolina at Greensboro
Hispanics now comprise the country's largest and fastest growing minority group. The purpose of this research is to assess the economic impact of Hispanic population growth on the location and demand for commercial real estate in the United States. Using input/output analysis, the research detailed the economic impact across various geographic areas including the 50 states and major metropolitan areas. For each geographic area, the research indicates the income and employment impacts on major industrial sectors and estimates the demand for industrial and office space. The research also calculates Hispanic population multipliers showing the impact on employment and industrial/office space per unit of population growth. Thus, the research provides a foundation for estimating the likely impact of future growth in the Hispanic population. NAIOP members will be better able to position their businesses to take maximum advantage of the expected future trends in the growth of the Hispanic population.
- Commercial Real Estate in a Flat World: The Implications of Economic Globalization for Industrial, Office and Mixed-Use Real Estate in North America (2008) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: David Pearce Snyder
This research examined the 10 "flatteners" advanced by Thomas Friedman in his book, "The World Is Flat," and compared his conclusions with published statistical forecasts . The report identified valid trends and implications for owners and developers of industrial, office and mixed-use properties. The research also examined how the projected adoption of six rapidly maturing applications of the World Wide Web - infomating, outsourcing, home-basing, off-shoring/in-shoring, e-learning and e-tailing - can be expected to impact the staffing and facilities (and ultimately, the demand for space) of five major classes of enterprise in the five sustainable markets (as identified in earlier research completed for the NAIOP Foundation): retail trade; professional, scientific and technical services; employment services; finance, insurance and banking; and transportation and warehousing.
- Green Building Incentives That Work: A Look at How Local Governments Are Incentivizing Green Development (2007) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Jerry Yudelson, Yudelson Associates
This study uncovered the scope of green building incentives being offered across state and local governments in the U.S. as of August 2007 and assesses what optimal mix of economic and procedural incentives may further green building goals in other municipalities, while assisting developers who want to “build green.” The report also contains an Appendix of local government programs, policies and incentives by state and city.
- An Analysis of Mixed-Use Development: Concepts, Ideas, Issues and Metrics (2007) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Joseph S. Rabianski, PhD, CRE, Department of Real Estate, Georgia State University
What factors make mixed-use development popular and financially feasible? What challenges, obstacles or barriers affect mixed-use development? What physical, economic, design and market factors lead to the financial success of a mixed-use development? This research project addressed these questions through a literature review of various commercial real estate industry publications. The report also incorporates some commentary resulting from personal interviews and a convenience sample survey of NAIOP members involved in mixed-use development projects.
- The Boom and TICs: Will They Continue? (2006) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Mark Levine, PhD, Burns School, University of Denver (NAIOP Distinguished Fellow)
The purpose of this research is to determine the qualifications of a transaction to fall within Code 1031 as a tax-deferred exchange when employing a TIC. Likewise, this research will look to implications that such a transaction might not, in all circumstances, constitute a qualified Code 1031 tax-deterred exchange, which would, thus, be disqualified by the IRS. Given that over $4 billion of exchanges occurred in 2005, the implications of an adverse IRS determination are draconian and would generate potentially large amounts of tax, interest and penalties, along with liability for the advisers (whether in real estate, law, accounting and/or brokerage) who advised the parties to use a TIC with a tax-deferred exchange.
- Adequate Public Facilities Ordinances: The Challenges of Concurrency (2006)
Submitted by: Richard Buttimer, Steven Ott, and Dustin Read, University of North Carolina Charlotte
Many growing communities are faced with the challenge of providing public services to their expanding population. Adequate Public Facilities Ordinances (APFOs or Concurrency Regulations) have emerged as a popular planning technique, designed to ensure public infrastructure is in place before new development is allowed. Requiring concurrency between infrastructure development and new construction is an appealing option for planning officials because it prevents a community from being overwhelmed by growth. Despite these benefits, APFO regulations have been confronted by both legal attack and policy debate. Real estate developers, affordable housing advocates and “smart growth” proponents have all challenged the wisdom and legality of APFOs. This research project will review current literature, and examine the legal, economic, and social implications of adequate public facilities ordinances. It seeks to answer the question, “Can APFOs serve as a legitimate growth management technique?” This research is funded by an intern grant from the national NAIOP organization, and administered by the Government Affairs department.
Adequate Public Facilities Ordinances in North Carolina: A Legal Review (PDF - To download Adobe Acrobat Reader, click here.)
The Effect of Growth Management Strategies: Adequate Public Facilities Ordinances and Impact Fees: A Review of Existing Research
- Commercial Real Estate Career Education and Resource Guide (2006)
Submitted by Norm Miller, Ph.D., The Homer Hoyt Institute for Real Estate
This book and Web site, anticipated in Fall 2005, will provide a resource that high school counselors can use to better understand the professional paths that someone in the commercial real estate industry might follow. University students may also benefit by knowing more about the various career opportunities in appraisal, brokerage, leasing, corporate real estate, development, real estate finance, real estate law, institutional investment, property management, consulting and planning and more. Published by the Hoyt Institute for Real Estate, HIRE, part of the Homer Hoyt Institute based in N. Palm Beach Florida, this is a cooperative effort sponsored in part by NAIOP.
- NAIOP Terms and Definitions: U.S. Industrial Market (2005) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Deloitte & Touche and Real Estate Investment Advisors, Inc.
NAIOP Terms and Definitions: U.S. Industrial Market is a comprehensive glossary of industry terminology crafted to enable more transparency in property data. This document will ensure that the industry works from a common starting point when developing business. Standardization of terms and the resulting transparency of information, therefore, may contribute significantly to increased capital flow, improved liquidity and enhanced credibility for the industry at large. NAIOP encourages you to adopt and implement these terms, and encourage others to do so as well.
NAIOP Terms and Definitions: U.S. Office and Industrial Market (2005) (PDF - To download Adobe Acrobat Reader, click here.) If you would like to purchase a printed copy of this report, please visit the NAIOP Bookstore.
- How to Calculate the Economic Contribution of Office, Industrial, and Retail Real Estate to the Local Community (2005)
Submitted by: Stephen Fuller, George Mason University
In this era of anti-development sentiment, it would be very valuable for the development community to have a tool to demonstrate to public officials, the local media and citizens the overwhelmingly positive contributions that commercial real estate makes to a community. This project has two parts. First, we developed a form listing the sources of the contributions that office, industrial, office/tech and retail make to their communities through taxes, job growth, etc. Second, a White Paper instructing Chapters about how to locate the specific information needed to fill in the form was written. If you would like to purchase a printed copy of this report, please visit the NAIOP Bookstore.
- Developing Influencer Relationships to Accelerate Development Success (2005) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Jonathan Feinstein, SVP, Vanasse Hangen Brustlin; Partner, Triluna;
Lois Kelly, Partner, Triluna;
and
Walter J. Carl, PhD, Assistant Professor, Northeastern University
The growing influence of community leaders, government representatives, citizen action groups, media reporters, environmental regulators and watchdog groups can stop a development project in its tracks - or, accelerate its success. The purpose of this research was to:
- Quantify the value of effective influencer relationships to the commercial real estate industry.
- Pinpoint the development areas that are most affected by influencer relationships - positively and negatively.
- Provide case studies of how developers have successfully worked with influencers to move projects forward.
- Examine how developers can more effectively build working relationships with environmental and Smart Growth opinion leaders.
- Office Market Dynamics: Structural Changes in Employment in an Increasingly Productive Economy (2004) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: Randy I. Anderson, William Newman Chair of Real Estate Finance, Baruch College - City University of New York and
Thomas M. Springer, Professor of Real Estate, Florida Atlantic University
This research focuses on the potential effects of increased productivity on employment and incomes. From a real estate perspective, the ability to determine the potential long-run ramifications of productivity growth on employment and incomes is critical. The heart of understanding the demand for space is the ability to accurately forecast changes in employment and income. This paper examines productivity-related job displacement in selected regions, industries and occupations. The researchers also discuss which of these effects are expected to be temporary and which are more permanent, addressing the potential ramifications of these changes. The paper forecasts employment and demand for office space in a number of markets, explicitly accounting for the impact of an increasingly productive workforce.
- The Strategic Context of Office and Industrial Property in America: Fixed Assets in a Time of Predictable Change (2004) (PDF - To download Adobe Acrobat Reader, click here. This file takes a couple of minutes to load.)
Submitted by: David Pearce Snyder, Consulting Futurist
Dr. Snyder compiled the most recently published projections of reliably forecastable national workforce demographics, economic indicators and emerging workplace technologies (e.g., beyond the Internet), to better predict how these trends and developments will affect the users of office, industrial and mixed-use property between now and 2015. The report analyzes which of these trends will offset the effects of others, and identifies actionable opportunities and imperatives for the owners and operators of commercial properties.
- NAIOP Terms and Definitions: U.S. Office Market (2004) (PDF - To download Adobe Acrobat Reader, click here.)
NAIOP Terms and Definitions: U.S. Office Market is a comprehensive glossary of industry terminology crafted to enable more transparency in property data. This document, the first of its kind, will ensure that the industry works from a common starting point when developing business. Standardization of terms and the resulting transparency of information, therefore, may contribute significantly to increased capital flow, improved liquidity and enhanced credibility for the industry at large. NAIOP encourages you to adopt and implement these terms, and encourage others to do so as well.
NAIOP Terms and Definitions: U.S. Office and Industrial Market (2005) (PDF - To download Adobe Acrobat Reader, click here.)
- "The Rebirth of Older Industrial Cities: Exciting Opportunities for Private Sector Investment" (2004) (PDF - To download Adobe Acrobat Reader, click here.)
Submitted by: David Soule, Joan Fitzgerald, and Barry Bluestone from the Center for Urban and Regional Policy, Northeastern University
The goal of this project was to identify the key “deal breakers” that act as barriers to urban development and to identify potential public and private sector strategies aimed specifically at overcoming these obstacles to inner city corporate investment. These barriers can be overcome if city leaders take a proactive, aggressive stance to meeting the complex needs of firms looking to start up operations, relocate, or add new facilities. Firms are willing to consider older industrial sites and abandoned “greyfield” commercial districts if municipal leaders and state agency personnel can work with them as a team to expeditiously solve problems related to
zoning regulations, brownfield remediation, permitting, and an array of related factors. The research focused on sites identified by officials in Boston, Chelsea, Holyoke, Lawrence, and New Bedford, and on six key industrial sectors, all identified as strategic by the state government: health care/life sciences; biotechnology; information technology; financial services; traditional manufacturing, and travel and tourism.
- "The 9/11/2001 Impact on Trophy and Tall Office Property" (2003) (PDF - To download Adobe Acrobat Reader, click here.)
This study focuses on the possible impact of the events of September 11, 2001 on tall and trophy office buildings for market behavior that could influence value. The findings indicated that there is little evidence of any significant departure from general market trends for tall buildings or most ‘‘trophy’’ property, yet for a small subset of truly famous buildings in both New York City and Chicago, such as the Empire State Building and the Sears Tower, there are significant rental and value losses. Sublease activity appears to work well as an indicator of future occupancy trends. There is little evidence of tenant flight away from tall buildings, or dense urban areas, yet property managers do expect significant design changes in the future as a result of September 11 and most have tightened security procedures.
- "The Location of Business Centers and Executive Suites in the United States" (2002) (PDF - To download Adobe Acrobat Reader, click here.)
In the late 1990s, the executive suites/business center market grew very rapidly in response to changing occupational requirements. Office business centers provide tenants with a fullservice space, facilities and services with a short-term rental period – often months rather than years. This arrangement provides short-term flexibility. However, a considerable premium is paid above and beyond conventional office rents. This study, based on research supported by the Real Estate Research Institute, focuses upon the distribution of business centers offering executive suites within the US. The models examined in this research present a relatively stable picture of the distribution of business centers offering executive suites. The number of centers in an MSA is positively associated with size – particularly the size of financial and business services employment. However, over a certain size threshold, negative effects set in, dampening the number of centers found in that marketplace.
- Financing Regional Infrastructure (2002)
This research project addresses the need for infrastructure planning and financing that is frequently linked to the question of regionalism because these components cut across local government boundaries. This leads, in turn, to local and regional discussions about whether planning, financing and implementation of such infrastructure systems can and should be handled locally.
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