The September jobs report clearly left something to be desired, adding just 194,000 jobs for the month. However, a brighter point is within that number: Nearly half of all of the jobs added in September were in the office-using sector. And, while many more jobs are needed to rebound to pre-pandemic levels, data from the CommercialEdge National Office Report is encouraging. Nationwide, office vacancy rates continued their slow trickle downward, falling 50 basis points (bps) in September to settle at 14.9%. Moreover, vacancy rates are still up 130 bps year-over-year. At the same time, the national average full-service equivalent listing rate for all office space dropped $0.10 over August figures. Even so, it still represents a 1.2% year-over-year increase. Specifically, 18 of the top 25 markets analyzed experience an increase in listing rates. They were led by Los Angeles and the Bay Area, which saw increases of 8.1% and 6.2% year-over-year, respectively, to $41.62 and $55.79. Meanwhile, listing rates in the Indianapolis office space market cooled ever so slightly over August figures, finishing the month at $21.09 — down 0.29% year-over-year. However, as the pandemic wanes and becomes more endemic, there are reasons to be optimistic regarding commercial real estate. In particular, big tech companies have been on a buying spree of large and high-profile office buildings. For instance, Google will exercise its purchase option at Hudson Yards in New York City for $2.1 billion; Apple purchased a trio of buildings in Cupertino, Calif., for $450 million; and Amazon continues construction on its $2.5-billion HQ2 headquarters in Northern Virginia. Notably, part of the motivation for purchasing commercial real estate is also driven by record levels of cash reserves at large technology companies. And, historically low interest rates combined with record profits means that commercial...

Lately, most news seems to be centered around when workers will be returning to the office. But, according to the September CommercialEdge National Office Report, the U.S. office real estate market is also warming up again after cooling off of 2020. While August vacancy rates nationwide are still 210 basis points (bps) below their August 2020 levels, they’re also ticking steadily downward, sinking another 10 bps to 15.4% compared to July. Meanwhile, the national average full-service equivalent listing rate for all office space was $38.72 per square foot in August — an increase of 1.2% year-over-year. Even so, seven of the top 25 markets analyzed experienced a contraction in listing rates: Listings in Manhattan and Chicago fell 2.9% and 1.7%, respectively, while Seattle office space vacancy rates notched 6.8% higher — one of the largest year-over-year increases of the markets analyzed. Essentially, the life sciences sector is the only consistent bright point throughout the pandemic. In fact, it’s grown faster in the last 18 months than before the pandemic started. However, more than half of the office space in this sector is concentrated in just four markets: Boston, San Diego, San Francisco and the Bay Area. These markets are prime arenas for the life sciences industry due to the presence of top universities like Stanford, MIT and Harvard that provide not only research opportunities, but also a large talent pool, as well. Furthermore, Boston alone has 7.2 million square feet of lab space under construction, with another 11.6 million square feet currently in the planning and prospective stages — and that doesn’t even include planned conversions. Granted, office construction is slowing across the nation and, although deliveries are holding steady, new starts are slowing down in almost every market. But, Austin, Texas, is a...

With many workers staying at home during the pandemic, commercial buildings emptied but the obligation to maintain security for buildings, technology, hardware and data remained. Now that many of those employees are on the verge of returning to work, managers of residential as well as commercial properties are bolstering traditional physical security – the protection of outer and inner perimeters and interiors with guards, fences, locks, video surveillance, fire detection and more – with new capabilities. Seventy-five percent of respondents to a recent survey of U.S. physical security and facility management professionals said the pandemic increased the importance of physical security in their organizations. Propmodo, which covers the global property industry, notes, “The expectations about safety and security have changed [after the pandemic] and security teams and the buildings they manage need to be prepared to meet these new higher standards.” Enhanced systems for evolving needs As a result, many property owners seeking to mitigate risk are embracing a notion of security that combines traditional physical security elements with access control technologies that have evolved, as Georgia-based real estate investment advisement firm Think Realty says, “to support a digital environment for tenants and property managers.” Advanced access systems encompass door entry, video surveillance and intrusion detectors, and real-time monitoring of entrants and the property. Many such systems are cloud-based, enabling remote management and scalability. Many employ voice, retinal, and facial recognition, thermal imaging and artificial intelligence. Engaging a technology platform capable of seamlessly physical and data security operations with other Internet of Things building infrastructure elements gives security and facility managers “the opportunity to create an environment that is not only safe and secure, but promotes productivity, collaboration and success,” Propmodo says. Commercial and residential property owners most likely will adopt other new practices...

How will the commercial real estate environment in Canada be reshaped as workers gain the option to return to their workplaces? Some clues are already evident. Amid the pandemic’s disruption of economic sectors and lives, it seems that many workers adjusted well to the enforced work-from-home environment. One workplace research study found that nearly two-thirds prefer either to work from home or in a home/office hybrid environment. Business are rethinking their space needs as a result. Other studies suggest ways that the pandemic shifted attitudes. For example, one survey revealed that 27% of Canadian workers feel their careers have stalled since the start of the pandemic and nearly half feel burned out, prompting concerns about team cohesion and employee retention. At the same time, more than 60% of employers consider increased worker turnover an emerging problem. Other property owners and tenants are weighing the implications of maintaining rigorous distancing and cleanliness standards. Gensler, a global architecture, design, and planning firm, notes, “We now value space and the experience of being together more than ever. The office matters as a place to come together with each other for a common purpose. And for employees, choice, privacy, unassigned seating, and health and well-being are top of mind.” Investors, meanwhile, are keeping an eye on potential new opportunities, with MSCI estimating the inventory of managed real estate held for investment at CAD $546 in 2020, a CAD $3.6 billion gain from 2019. Employee restiveness, shifting workplace expectations and health factors are spurring many property management companies to rethink operations in areas ranging from employee amenities and tenant service to investor relations and vendor management. As professional services consultant Deloitte says, “The development of emotional connections between employees and their place of work, post-COVID, will lead to lower...

We continue our discussion of how to create a supportive technology culture in Canadian real estate organizations with industry leaders Sarah Segal, director of real estate for Informa Connect, and Michael Brooks, CEO of REALPAC. Let’s start with Brooks, who itemizes what he considers the most necessary elements for promoting a tech-friendly culture: “I would say attitude, process and leadership,” he says. “Attitude means being receptive to continuous improvement. Process encompasses the search and selection of the best tech fit for the organization. And leadership refers to affirmation from top management that progress and technology adoption are complementary and self-reinforcing virtues.” And what’s the best way to encourage receptiveness to new technology? For Segal, it’s fairly straightforward: “Don’t make it scary. Keep it simple and focused,” she says, because major changes to working processes take time and resources and have the potential to overwhelm. Once the team gets comfortable and realizes how the products benefit their work and the organization as a whole, “you can grow the offerings and technology stack.” “Technology integration is a journey, not a single product,” Segal continues. “Incremental growth leads to higher returns and better adoption as opposed to big, sudden shifts in how a team works.” It’s a good idea to “anticipate concerns and opportunities that may arise and have solutions ready for them. This will lead to increased user acceptance and satisfaction.” One of the biggest uncertainties surrounding real estate and the rest of the economy over the past year is, of course, COVID-19. Did the pandemic have an impact on tech adoption?  Segal and Brooks agree that the pandemic gave rise to a paradigm shift for many commercial tech companies. In Informa Connect’s case, “what had been a 5-10 year plan became a 5-10 month plan,”...

In the early 1930s, the title of world’s tallest building was claimed three times in rapid succession – by the Bank of Manhattan, the Chrysler Building and the Empire State Building, all in New York City. Since then, the designation has changed hands many times, with Burj Khalifa in Dubai, United Arab Emirates, the current champion at 2,717 feet, followed by the 2,073-foot-tall Shanghai Tower and the Makkah Royal Clock Tower in Mecca, Saudi Arabia, which tops out at 1,971 feet. The tallest building from 2004 to 2010 – Taipei 101 in Taiwan, which Burj Khalifa usurped – now occupies the No. 10 spot. The Willis (formerly Sears) Tower in Chicago reigned for 24 years until 1998 and now sits at No. 22. And Bank of Manhattan, now known as 40 Wall Street, doesn’t even crack New York’s top 20. Although construction declined in 2020, the year still saw 106 completions of buildings 656 feet and taller, including the 1,500-foot-plus Central Park Tower and 1,400-footer One Vanderbilt, both in New York. Industry observers predict that up to 150 buildings 656 feet or taller will be completed in 2021, with between 14 and 30 being at least 984 feet tall. Will it stop? Won’t physics impose limits to the upward trend? Structural engineer William Baker doesn’t think so. The buttressed core design used for Burj Khalifa could allow structures to “conceivably go higher than the highest mountain, as long as you kept spreading a wider and wider base.” In fact, he says, “We could easily do a kilometer. We could easily do a mile. We could do at least a mile and probably quite a bit more.” The next generation of behemoths includes the partially constructed Jeddah Tower in Saudi Arabia, designed to reach 3,281...

Stay-at-home orders, occupancy limitations and business closure orders during the pandemic took a big toll on fashion merchants. Renowned retail brands such as Neiman Marcus Group, J. Crew Group Inc., Brooks Brothers, Ascena Retail Group (operator of Ann Taylor, Lane Bryant and others) all filed for bankruptcy protection last year as sales plummeted 86% in the first months of the pandemic. Others, like LVMH Moët Hennessy Louis Vuitton, Macy’s, H&M and Burberry, closed outlets or trimmed payroll amid drastic sales slumps. The Washington Post reported in April that nearly 200 U.S. department stores have disappeared in the past year alone, with another 800, about half the country’s remaining mall-based locations, potentially being shuttered by the end of 2025. While U.S. consumers shelled out $192 billion more for online purchases in 2020 than they did a year earlier, online clothing sales rose far less than did food and beverages, consumer electronics, personal care and home furnishings. In February, U.S. spending at clothing and accessories stores was down 11% from a year earlier, according to the Commerce Department; overall retail sales grew 6.3% in that period. Purchasing perks up One reason for depressed store sales, of course, is e-commerce. Mark Cohen, director of retail studies at Columbia Business School and former chief executive of Sears Canada, notes, “The customer who used to be handcuffed to their local department store is no longer tethered because they have an online alternative that’s become even more attractive in the last year.” But things could be looking up for retail. The U.S. Commerce Department reported that overall retail spending rebounded sharply in March, rising 9.8% after the dip in February. Department store sales rose 13% from a month earlier, boosted by stimulus checks and pent-up demand. “What we’re seeing emerging...

Dealing with the effects of the COVID-19 pandemic has made commercial real estate landlords and tenants focus on new strategies for employee safety. Simultaneously, the industry has had to adjust protocols and practices as calls for equity have become corporate priorities throughout the U.S. and the world. This has created a focus on ESG (Environmental, Social and Governance) strategies to analyze and identify risks, health and growth opportunities. It requires participation from everyone ­– landlord to office employee to maintenance technician – to foster an atmosphere of inclusiveness. Most companies will endeavor to create a culture that sustains a positive environment, especially as many businesses are re-entering the physical workspace. Examples of unique benefits come from Brixmor Property Group, a company who owns and operates over 400 retail centers across the country. As a response to the pandemic, they implemented a mental health awareness program, offering free access to licensed therapists for all employees. Brixmor also created personal development accounts to encourage growth through professional and personal training. These accounts have been used for something as adventurous as sailing lessons or as work-focused as Excel classes. Daren Moss, Brixmor senior vice president, explained on a recent ICSC webinar that the company has also created company-wide awards recognizing community service and ingenuity. These, among other initiatives, help make employees feel they are part of a unique and healthy workplace, while encouraging work-life balance. Companies often have mission or value statements that promote diversity and inclusion, but taking action can be more challenging. Brixmor created a leadership council to assist in best practices and behaviors to promote inclusiveness. This has improved diversity in recruitment and hiring. Mental health has also come to the forefront during the pandemic. Lockdowns, isolation, fear and illness have all had adverse...

A new webinar outlined the continued success of the industrial real estate sector and ever-evolving picture for the office market. The May 13 presentation was hosted by Yardi Matrix and CommercialEdge. Insightful detail from the presentation is available on both CRE market segments as well as regional breakdowns. Find the full recording at yardimatrix.com Strong fundamentals continue for industrial Yardi Matrix vice president Jeff Adler had nothing but positives to share about the state of the U.S. industrial sector. Durable fundamentals for both supply and demand indicate that industrial will be a strong investment well into the future. “I’m really not concerned that this is some kind of bubble,” Adler noted, as the available supply and new development of industrial properties can barely keep up with current demand. As a result, rents are performing well, especially in coastal markets, and vacancy rates across the nation are low. E-commerce continues to be a major contributor to industrial’s success, but the backbone of the industry is general goods distribution and small-scale manufacturing. E-commerce won’t have the same double digit increase it did in 2020 due to pandemic activity constraints, but demand is expected to remain consistent. Consumers learned to rely on direct ordering during the pandemic, Adler noted, and can save time by continuing such shopping habits. Major ports and large population centers lead the industrial rent growth list, with California’s Inland Empire in the No. 1 spot and Sacramento at No. 2. But smaller markets have the highest percentages of industrial supply under construction, led by Amarillo, Little Rock and Albuquerque. Nationally, the amount of new industrial space in the pipeline is not expected to disrupt rent gains. Adler anticipates industrial has about three years of runway for its continued strong performance. Yardi Matrix data...

“Buildings are the next computing platform.” That’s how Chase Garbarino, CEO of HqO, describes the importance of software and building intelligence as companies seek a safe return to the workplace. Just as books shifted to tablets, music switched from CDs to Pandora and Spotify and taxi service switched to Uber, buildings have transformed from manual and analog to newly digital ecosystems. Without a doubt, the pandemic has accelerated the investment into digital infrastructure for companies of all sizes. On a recent CREtech webinar, “State of Tenant Experience: 2021,” host Michael Beckerman, CEO of CREtech, cited an Ernst & Young report that found businesses could save 11% on per-employee costs by switching to a hybrid work model. This is important for the flexible workspace industry, which has been ravaged by the effects of COVID-19 on workers entering offices. As Garbarino stated, coworking put downward pressure on lease length for years, so the traditional office industry had to focus on customer experience and happiness, partly to counter the growth of coworking. That shift to the value of tenant experience now becomes even more noticeable, as there need to be tangible benefits to returning to an office when a vast majority of employees have not lost productivity working at home. On a recent Realcomm webinar, the panel discussed tech advancements to help workers feel more confident returning to the office. Touchless elevators, apps showing office occupancy and desk availability, as well as air quality sensors that can remove pathogens, are just some of the new ways in which employers are trying to safely welcome employees back. But these advances, as reliable and effective as they are, don’t overcome the fact that only 1% of workers are renting a space outside of their homes while working remotely. Based...

Better to act than take on the risks of inaction. This was the theme of a recent GWA webinar, in which panelists discussed ways to minimize risk and future-proof a coworking or flexible workspace operation. “The biggest risk is the risk of not doing anything, of not reacting to the market,” said Dan Zakai, co-founder and CEO of Mindspace, a coworking space with locations in Europe and the U.S. By now, we see that the office experience as we knew it is being reimagined. Landlords need to pivot to a hospitality experience in order to safely and effectively welcome tenants and workers back. They need to provide amenities that workers don’t have at home, or offices will see low occupancy given that productivity levels did not drop from the couch, kitchen table or home office. According to Zakai, landlords will raise occupancy levels with coworking faster than with traditional long-term leases. One of the biggest challenges is whether to spend the initial cost on coworking, whether that is building out a new coworking space or transitioning a vacancy. Since landlords typically won’t operate the space, it makes choosing the right partner critical. Giovanni Palavicini, principal at Avison Young, believes one of the keys to success for operators is finding a niche. Much like hotels have seen the growth of boutique offerings, the coworking industry should head in the same direction. This was already a growing trend prior to the pandemic and could accelerate now. Picking the wrong operator with a business model unsuited for your location, or a poor deal structure could create significant risk. “I don’t like RFPs because an RFP allows anyone in the door,” Palavicini said. “Because at the end of the day, we want to figure out who we want...

The first annual CoreNet Corporate Real Estate Week was a success! The virtual international conference aims to “commemorate, educate, inform, and connect the world to all that our often under-recognized profession does to advance the economy.” More than 40 sessions offered insights and networking to commercial professionals globally. Three sessions educated attendees on the benefits of flexible workspaces and the tools available to manage them. The benefits of hybrid workspaces The “Hybrid Working and the Ubiquity of Space” session offered attendants the opportunity to explore best practices in hybrid work models. Panelists presented practical ways that landlords and employers can optimize hybrid work models by adopting flexible workplaces and customized software. Switzerland-based IWG CEO Fatima Koning and Gareth Haver, CEO for the Asia-Pacific, Africa, and Northern, Central and Eastern Europe regions shared what’s working for them: “The office is not in one place any longer—it is everywhere,” said Koning. She observed that flexibility and mobility rank high on tenant demands. Traditional office space is not obsolete, but employees want (and often need) the ability to work from different settings. This includes but is not limited to their homes. “Traditional models will no longer accommodate the workplace and workers of the future. The new standard of hybrid work promotes efficiency and connectivity, and technology is a big part of that. More advanced and empowered technology can enhance not only occupancy planning but also the overall work experience,” said Koning. While the pandemic expedited the adoption of remote work policies for many commercial companies, the trend towards remote work has been on the rise for years. Employees gain a better work-life balance, shorter commutes, and designated time for collaboration. Haver adds that employees aren’t the only ones to benefit from hybrid models. Employers gain: lower costs...

Industrial real estate continues to see strong rent growth and high demand, driven by pandemic-prompted online shopping trends. Industrial rents averaged $6.44 per square foot in January, a 5.1% increase over the last 12 months, according to a new CommercialEdge Industrial National Report. Even as vaccinations ramp up and more people return to more normal-looking lives, demand for industrial is expected to stay strong. New leases signed in 2020 often included premium pricing, with the average rental rate for new leases signed in the last 12 months at $7.50 per square foot. The average vacancy rate was 6.0%. Continued demand for industrial space will sustain rent growth and drive vacancy rates lower. “We expect that demand will continue to increase even if e-commerce does not match its blistering 2020 growth rate. E-commerce has a continued role to play, and last year likely signaled a structural shift in consumer preferences more than temporary changes in behavior. Retail as we knew it has changed, and in its place warehousing and distribution have increased in importance,” say analysts. An improving global economy, ramped up trade volume and inventory replenishment for retailers will be additional drivers. Sector investment activity is healthy and growing as well. The fourth quarter of 2020 now has the highest sales volume of any quarter since Yardi Matrix began collecting industrial data, with $11.9 billion of sales completed. Properties fetched an average price per square foot of $100, an 18.2% increase year-over-year. Find more trend and data insights in the latest national industrial report from CommercialEdge. CommercialEdge provides extensive property data that includes transaction, ownership and debt information, offering nationwide coverage across all commercial real estate asset types. Use the platform to uncover vital market data and get insights with the latest lease and...

Adaptability bolsters the longevity of any organization. Yardi commercial market experts have observed that many urban and suburban office owners are transitioning to more flexible site models. The smoothest transitions occur when they are supported by integrated technology. Brian Sutherland, vice president of commercial sales at Yardi notes, “We will continue to see a lot more flexibility in the future of office. There is increasing demand for flexible workspace. Clients seek asset management and construction products as their urban and suburban offices convert into more versatile, mixed-use spaces.” Office spaces embrace the transition to more flexible workspaces Among office spaces, suburban sites have remained steady during the pandemic. Though they were not as vulnerable as their urban neighbors, many suburban office owners are exploring flexible spaces to adapt to tenant demand. As many tenants implemented remote work policies for employees, the daily demand for office space declined. Months later and moving forward, many tenants have announced hybrid office models that permit occupants to share socially distanced workspaces on a staggered schedule. Common areas are expanding to accommodate healthy and flexible work conditions. Some urban offices are taking the shift to adaptable spaces even farther. “To leverage current conditions, owners transform office assets into mixed-use facilities including traditional offices, flexible workspaces, retail and even multifamily,” reports Robert Teel, vice president of global solutions at Yardi. Technology tools to support the transition to flexible workspaces The transition to more accommodating spaces has resulted in an increased demand for technology. Solutions for construction management provide visibility into projects and cost management as owners transform buildings to meet the changing needs of the market. Short-term leasing and space management solutions help owners drive revenue in any space while promoting occupant safety. Vendor management, vendor compliance and procurement systems...

Real estate companies in Asia have ramped up investment in technology in response to the COVID-19 pandemic, finds a recent survey of major real estate firms by independent news source Mingtiandi. The research, which was conducted in collaboration with global real estate technology provider Yardi®, finds 70 percent of real estate companies are scaling up investment in property technology (proptech). The results of the survey, Tech Adoption in Asian Real Estate, builds on a similar report from Mingtiandi in 2017. “Our latest survey results unearth a major shift towards proptech adoption in our region,” says Bernie Devine, regional director of APAC sales for Yardi. “Change was underway well before 2020, but COVID-19 has heightened the urgency and amplified the risks of inaction.” Proptech, innovative technology that improves core processes and business models, is turning real estate on its head. Metaprop, one of the world’s largest early-stage proptech venture capital firms, predicts that proptech innovation will deliver $205 billion of new value to the global real estate industry over the next five years. “Real estate leaders are rolling out technology to support more frequent and accurate reporting, deeper data analysis, and technology that underpins safety and efficiency,” explains Devine. A total of 180 real estate specialists – more than a third with assets valued at over US$1 billion – took part in the survey in August 2020. Thirty-nine percent of respondents were from Hong Kong, 26 percent from Singapore and 12 percent from China. Among the key findings, 35 percent of companies said Asia was still trailing the West in terms of tech adoption, down from 56 percent in 2017. Thirty percent said the region was leading the way – up from 12 percent three years ago. “There’s a growing perception that Asia is closing...

Office markets across the country faced a harsh year in 2020, and the outlook is still unclear, at least for the near-term. Vacancy rates ticked up 40 basis points to 14.2% and full-service-equivalent listing rates fell 1% nationally to $37.76 in the last 12 months, according to the January CommercialEdge National Office Report. Meanwhile, employment in office-using sectors has also largely been tracking the office space sector overall. Following a slight rebound in the summer and into early fall, employment is now falling again as the third wave of the virus drags on. Nationally, office-using employment fell 3.4% y-o-y in December. In fact, only 16 of the 120 markets covered in the report saw an increase in office-using employment, but most of them were under 2%. However, Austin’s office-using employment actually rose 6.4% in the last year, signaling a rosier outlook for Austin office space. Despite the overall downturn, new office construction still continued. Even though some projects were halted temporarily, 67.6 million square feet of office space was delivered nationwide in 2020. Currently, Charlotte and Austin stand out as both have the most square footage under construction — 11.5% and 10.8%, respectively, of their overall stock. “They both have high levels of domestic in-migration, and they have benefited from financial firm relocations. While New York City is still the financial capital of the world, financial jobs have been leaving for markets like Charlotte and Austin for years,” analysts noted in the report. “Much of the growth is driven by the financial activities sector, even though tech relocations capture most of the attention.” One aspect of the office’s uncertain future is related to how we’ll get back to normal. The vaccine rollout isn’t going as fast as many hoped, so a return to normalcy...

It’s a rosy outlook for the newest real estate sector to be featured in a CommercialEdge monthly report. In 2020, the industrial sector was considered the top performer of all major real estate sectors. Industrial rents averaged $6.38 per square foot in December 2020, a 4.8% increase over the last 12 months, according to the first-ever CommercialEdge Industrial Monthly. All of the top 20 markets covered in the report saw at least some measure of growth in average rent over the last year. The ongoing industrial report will cover data on rents, occupancy, supply and transactions, as well as key economic indicators. “Rent growth across the board bucks the trend of other commercial real estate asset classes. Both multifamily and office have a substantial share of markets with falling rents and increasing vacancies, something not seen among the top 20 industrial markets,” note the analysts. Demand for e-commerce infrastructure and a huge boost in online sales during the pandemic have been a boon for industrial assets. Today, e-commerce accounts for nearly one-fifth of core retail sales. In 2020, a record 228.4 million square feet of industrial space was delivered, the most new space completed this century. That milestone is a further indicator of the health of industrial real estate. These projects were well underway before COVID-19 induced a demand surge for industrial space, signifying that the industry was already on the upswing before 2020 put things into overdrive. Find the full CommercialEdge Industrial Monthly for...

Do you remember when online shopping first began to disrupt brick and mortar stores? Shops struggled before the pandemic and now they face additional hurdles. Fortunately, small business owners are creative and resilient. We interviewed several small business owners and marketers to learn how they’re staying in business and keeping customers engaged during the pandemic. Re-creating the in-store experience Consultations, semi-private + private shopping Exclusive, in-store shopping experiences were once reserved for the rich and famous. Big-name customers could arrange to shop outside of operating hours or arrange have the shop vacant during their visit. While this is still the case, there are new players on the field. Tiny shops lifted a page from the celebrity handbook. These small stores limit the number of people permitted in the building to create a more private shopping experience. The added benefit is that customers gain more one-on-one attention and support from clerks. “This is a terrific way to permit in-person shopping while building customer loyalty and encouraging good online reviews,” says Edith Peele, owner of Simple Threads clothing boutique near Covington, GA. “We’re limiting the number of shoppers for safety, but it feels more like an exclusive, fancy shopping experience.” Interactive shopping A second opinion can be an incredibly valuable thing. You’ve likely been there: you have two (or more) products that you like. You need to narrow down your options but can’t seem to make a decision on your own. You reach for a second opinion. That second opinion can now be a store clerk on FaceTime or in a chat window. It’s a relatively simple way to encourage safe interaction and a value-add service not found in larger online-only retailers. Make gift preparation a breeze By preparing online purchases as gifts, retailers take three...

Yardi announced today the acquisition of CommissionTrac, an Atlanta-based software company that provides revenue management software for commercial real estate companies, with a focus on commercial brokerages. Founded in 2015, CommissionTrac’s software is used by small and large brokerages to manage workflows, from tracking deal pipeline to invoicing clients to paying out commissions to individual brokers. The CommissionTrac team will continue to support their existing clients, while also integrating the platform into Yardi’s CommercialEdge suite. CommercialEdge is a recent addition to Yardi’s suite of products, focused on commercial brokers’ needs. “At CommissionTrac, we’ve spent years developing a product to streamline the operations of a brokerage, while also providing greater visibility to brokers about their commissions,” said Turner Levison, cofounder and CEO of CommissionTrac. “By joining Yardi’s CommercialEdge division, we are excited to accelerate our impact in the commercial real estate space.” “We’re very pleased to welcome the CommissionTrac team to the Yardi family,” said Arjun Rao, senior director of global solutions at Yardi. “The team has built a strong product that perfectly complements our CommercialEdge suite, especially our marketing and deal management products. We are excited to work together to continue to add value to the commercial real estate space.” CommercialEdge, powered by Yardi, consists of marketing and deal management products, as well as a flagship research product that provides extensive property, listing, transaction, ownership and debt information across all commercial real estate asset types. Clients can use the platform to uncover vital market data and insights, market their own listings, and manage deals to execution. About CommissionTrac CommissionTrac was founded on the belief that managing a commercial real estate brokerage should be easier. Our mission is to allow a brokerage of any size to have the tools they need to organize everything from...