In July, the U.S. marked what has been the longest economic expansion since such records began in 1854. Although this 10-year expansion was not as strong as previous runs, commercial real estate experienced tremendous gains, especially within the industrial and multifamily sectors.
But as we know, what goes up must come down.
We have all read and heard prognostications, some divergent, on the future of the economy. It seems many of the old rules of thumb no longer apply. However, there are certain principles that commercial real estate practitioners have come to know, particularly those who have ridden the economic up and downs during their careers: the power of lasting connections, the importance of giving back, and the ability to adapt to adversity. Nurturing these principles provides ballast during downturns and cultivates resiliency, professionally and personally.
Several of the articles in this issue touch on these ideas. NAIOP’s Developer of the Year, Alexandria Real Estate Equities, places importance on giving back to the communities they are part of; author Camille Galdes explores how developers are constructing buildings to withstand severe weather and other environmental shocks; and NAIOP’s diversity scholarship lends a hand to those who have traditionally been underrepresented in the industry. All of these stories reinforce the industry’s commitment to communities and individuals.
I especially encourage you to read NAIOP Chairman Greg Fuller’s letter this month. It is a poignant reminder of what endures: friendship, resiliency and helping others.
Jennifer LeFurgy, Ph.D.
NAIOP’s Developer of the Year is Alexandria Real Estate Equities, an innovative investment-grade-rated S&P 500 REIT headquartered in Pasadena, California, that focuses on cultivating collaborative life science, technology and agtech campuses.
The massive Port Covington development in Baltimore will include up to 18 million square feet of new, mixed-use development, along with 40 acres of parks and green space.
Retail-to-warehouse conversions, in which shuttered shopping centers and malls are converted into logistics facilities, are slowly starting to crop up all over the country.
Developing properties with resiliency in mind can keep occupants — and investments — safe, but it can also boost the bottom line in other surprising ways.
The growth in cannabis-related businesses presents many legal, financial and regulatory challenges for the commercial real estate industry.
The U.S. interstate highway system could require more than $70 billion a year for the next 20 years to make much-needed repairs, according to a recent study.
Opportunity Zones have generated a lot of interest in the commercial real estate industry, but it’s important to remember that the 1031 exchanges also remain a key investment vehicle.
Coworking’s skyrocketing growth, which has averaged 23 percent a year since 2010, doesn’t appear to be ready to slow down anytime soon. A look at the numbers behind the trend.
Mezzanine financing in real estate has evolved since it was first introduced in the early 1990s. It can offer a lot of advantages compared to more traditional financing options.
A tax initiative on the ballot in California in 2020 could significantly increase commercial real estate property assessments in that state — and other states could follow suit.
The 2019 NAIOP Diversity Student Scholarship winners include a former police chief, a volunteer basketball coach and an accounting instructor.
A new report from the NAIOP Research Foundation explores innovative partnerships across the country that are aimed at improving training and recruitment in the construction and logistics trades.
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