NAIOP Research Foundation

2023-2024 Annual Report

Letter from the Executive Director

A note from Jennifer LeFurgy, Ph.D., executive director of the NAIOP Research Foundation.

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Innovative Research Published in 2023

“[The Foundation’s] work is unique and unlike research produced by any other group in our space because it uses practical case studies and delivers ecommendations that CRE professionals can immediately implement for their own business.”
- Jean Kane, 2024 NAIOP Research Foundation Chair.


Economic Impacts of Commercial Real Estate, 2023 U.S. Edition

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

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Examining Development Approvals Across North America: An Analysis of Site Plan and Building Permit Review Processes

The brief examines development approvals processes across 100 jurisdictions from 30 U.S. states and the Canadian province of Ontario, and builds on The Development Approvals Index: A New Tool to Evaluate Local Approvals Processes (the Index) released by the NAIOP Research Foundation in February 2021.

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Designing for Wellness in Distribution Centers

The NAIOP Research Foundation commissioned this report to offer design recommendations that improve occupant well-being. The authors conducted secondary research, observed conditions in existing distribution centers and interviewed occupants to collect information on key wellness concerns. They then drew from these findings to design a prototype distribution center with elements and features that contribute to a healthier and safer work environment.

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The NAIOP Market Monitor

In this first NAIOP Market Monitor report, the authors compare the positions of large and mid-sized U.S. industrial and office markets in grids at the close of the first quarter of 2023 with the pre-pandemic positions of the same markets at the end of the first quarter of 2019, and highlight some insights usually not seen using a tier or ranking approach.

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Hybrid Work and the Future of Office: Adapting to a New Paradigm in Occupier Demand

The NAIOP Research Foundation commissioned this report to examine the current state of hybrid work and how it affects the office sector. The study draws from survey and market data provided by CBRE to explore how occupiers are approaching their use of office space, and the building locations, features and amenities they prioritize.

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Diversity, Equity and Inclusion in Commercial Real Estate: Best Practices and Common Challenges

The NAIOP Research Foundation commissioned this report to identify best practices for promoting DEI within CRE firms. The study draws from existing studies on DEI, as well as interviews with a representative sample of practitioners at CRE firms that have pursued DEI initiatives.

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Office Space Demand Forecast, Fourth Quarter 2023

The office market continues to face stiff headwinds as office utilization has remained relatively flat over the last year, as evidenced by mobile-phone location data and building-access records.

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Industrial Space Demand Forecast, Third Quarter 2023

Given current economic conditions and recent demand trends, the authors estimate that quarterly net absorption of industrial space will average 52.6 million square feet over the next two years. Read the full report from the NAIOP Research Foundation.

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In Appreciation: F.E. “Skip” Kalb, 2023 Foundation Chair

F.E. “Skip” Kalb is a longtime supporter of the NAIOP Research Foundation and has helped it grow and succeed, especially during the past five years. He has always generously offered his time, enthusiasm and wisdom, and the Foundation is grateful for his support during his tenure as chair of the Foundation’s Board of Trustees, which ended last year. He joined as the 49th governor in 2015 and since then has led the research committee and the Industry Trends meeting, mentored Visionaries and joined the board of trustees, assuming the role of chair in 2022. His commitment to service, combined with humility, intelligence and wit, contributed to his success as chair.

Read Named Thomas J. Bisacquino Distinguished Fellow

Dustin C. Read, Ph.D., J.D.

In June, Dustin C. Read, Ph.D., J.D., was appointed the NAIOP Research Foundation/Thomas J. Bisacquino Distinguished Fellow.

Read serves as professor and director of the Master of Real Estate Development Program at Clemson University. He has been a NAIOP Research Foundation Distinguished Fellow since 2020 and has authored several reports for the NAIOP Research Foundation, including: “New Places and New Spaces for E-commerce Distribution: Three Strategies Bringing Industrial and Retail Real Estate Closer Together” (2022), “Using Capital Improvements to Create Competitive Advantage in the COVID-19 Era” (2020), “Profiles in the Evolution of Suburban Office Parks” (2019), and “Case Studies in Innovation District Planning and Development” (2016).

The position is endowed by the Thomas J. Bisacquino Honorary Fund, established by NAIOP members in appreciation of Bisacquino’s exemplary service to the association and the commercial real estate industry. Bisacquino retired in June 2022 after 33 years as NAIOP president and CEO

2024 Annual Report: Highlights from 2023

This annual report highlights some of the Foundation's activities in 2023, with an eye to the exciting research, activities and deep dives to come in 2024 and beyond. It is published by the NAIOP Research Foundation.

Looking Ahead

See a timeline of the Foundation’s activities planned for the year ahead.

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Research Foundation in the News

Forecasts and research by the Foundation were cited in leading publications in 2023.

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Governors, Visionaries and Leadership

Meet the individuals who have pledged their support for the Foundation and help guide its work.

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Meet our Distinguished Fellows

The Distinguished Fellows Program engages the nation’s foremost commercial real estate, economic and public policy experts.

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Ways to Support the NAIOP Research Foundation

There are a number of ways that your financial support can help to underwrite the important work of the Research Foundation, including special occasion giving, memorial gifts, planned gifts and annual donations.

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In Memoriam: Nino Pedrelli, 1956-2023

Nino Pedrelli

Nino Pedrelli was an avid supporter of the NAIOP Research Foundation, serving as a Governor, a dedicated research committee member and eventually a Trustee. He was also a NAIOP Center for Education faculty member and had been part of the Private Developer Forum 1 since 2008.

Pedrelli made an indelible impression on NAIOP and he is missed by the many friends and colleagues he made while a member. The NAIOP Research Foundation is accepting donations in Pedrelli’s name that will support its programs. Please contact Bennett Gray, Vice President, NAIOP Research Foundation, if you would like to contribute.

In Memoriam: Bob Cutlip, 1949-2024

Bob Cutlip

Robert "Bob" Cutlip, NAIOP leader and former chair of the NAIOP Board of Directors, joined NAIOP in 1993, where his achievements include launching the awards program for young professionals, forming a partnership with AMPIP, and spearheading an international trade mission to China.

Most recently, Bob had been appointed the Research Foundation's Senior Visiting Fellow and had looked forward to visiting chapters to share about the work of the Foundation.

Read about his achievements and legacy.