LONDON – The evolution of the retail store in the face of growing online sales has been much written about, but shopping centres also can’t afford to be left behind in the age of ecommerce and changing technologies. This Retail Week report – produced in association with Yardi – explores how retailers view shopping centres and ways that centres can create an environment in which retail doors not only remain open, but thrive in a digital era. Based on interviews with 50 retail directors responsible for store portfolios – each representing a company with a turnover of between £50m and £10bn – the report finds strong similarities in what retailers want from shopping centres, and reflects changing shopper habits. Key themes are explored around how shopping centres can better support retailers, including expectations about infrastructure for technology and data, as well as how they can attract new entrants. The right mix between retail, leisure and dining is a fundamental attraction, while providing wi-fi is a prerequisite for retailers setting up shop in malls, which has both customer-facing and operational benefits. The future opportunities for shopping centres to enhance their performance, while diverse, are all underpinned by robust data. Decisions are increasingly data-led, and while current platforms – typically management software and spreadsheets – for data sharing have been well-received by retailers, there’s a strong feeling centre owners could provide more information. In particular, they want detail about footfall, dwell time and average spend, to better understand the local catchment and to adapt store space accordingly. Common themes for shopping centre investment over the next 12 months, according to our surveyed retailers, include keeping up with new technology, integrating ecommerce and opening new stores – all of which are elements that new entrants such as...

Commercial real estate education and event organization the Realcomm Conference Group LLC (Realcomm) celebrated its two-decade milestone by honoring 20 visionaries at its annual conference in Las Vegas. The prestigious group of honorees included Yardi founder and president Anant Yardi, who received a Lifetime Achievement Award recognizing his career-long accomplishments in real estate and technology. Realcomm also recognized the following industry leaders: Jesse Carrillo, SVP and CIO, Hines; Dave Clute, Chief Marketing Officer, ESD; Maureen Ehrenberg, President, Global Integrated Facilities Management, JLL; Robert Entin, EVP and CIO, Vornado Realty Trust; John Gilbert, EVP, COO and CTO of Rudin Management; Mark Golan, VP of Real Estate and Workplace Services, Google; Don Goldstein, former SVP and CISO, Digital Technology, CBRE; Hari Gunasingham, Founder, Sigma Sustainability Institute; Tama Huang, Principal and Global Real Estate Advisory Services Leader, NOI Strategies; Sandy Jacolow, CIO, Silverstein Properties; Ted Maulucci, President, SmartONE Solutions; Scott Morey, Executive Director of GPG Advisers; Paul Oswald, Managing Director, CBRE; John Petze, Principal, SkyFoundry; Wayne Pryor, Principal, 2Five1 Consulting; Joseph Rich, SVP and CIO, Related Companies;  Darrell Smith, Director, Central Facilities Operation of Google; James Whalen, SVP and CIO, Boston Properties; Scott Zimmerman, CIO, CenterPoint Properties. The award criteria included consistent focus on real estate innovation and contributions to the industry for more than 20 years. Mr. Yardi founded his company in 1984 in Santa Barbara, Calif. Since then, it has become a global real estate software leader, and now has over 6,000 employees in 40 offices worldwide. “Anant is a constant supporter of Realcomm’s vision for uniting technology, innovation and real estate operations. His thought leadership, service to the industry and technology innovation over the years have been profoundly impactful,” said Jim Young, co-founder and CEO of Realcomm. “Realcomm has done a remarkable job enhancing...

Property owners and managers now have a new tool for making their communities safer places—VendorShield, Yardi’s new automated vendor screening platform. VendorShield lets property owners and managers define their requirements for insurance coverage, professional licenses and background checks. The system follows the custom rules for searching government watch lists and other national and local verification sources to ensure suppliers meet requirements. Regular auditing ensures ongoing compliance. With credential screening automated and insurance data auditing outsourced to the Yardi compliance team, property staff members have more time for their core responsibilities. VendorShield also simplifies management of Form W-9s, certificates of insurance, service contracts and other documents. “VendorShield helps facilitate safe communities for residents, tenants, vendors and staff,” said Terri Dowen, senior vice president of sales for Yardi. “The full integration of VendorShield with Yardi Voyager and VENDORCafé provides a convenient one-stop shop for vendor management.” Download a brochure to learn more about how VendorShield helps reduce risk and promotes a supportive community...

Need to motivate your customers? Use your blog or newsletter to notify prospects that your property stands in one of the hottest, burgeoning markets in the nation. Perhaps they know that—they are already interested in buying in the area–but do they know about the local bidding wars? Bidding wars aren’t limited to the large cities any longer. Secondary markets are now seeing their fair share of dueling offers. To encourage faster response times from your prospects, share some of the interesting content below: Explain a Bidding War For your content to have the greatest impact, you’ll want to ensure that you clients understand the definition of a bidding war. To be concise, bidding wars take place when multiple buyers submit offers over the asking price in a desperate effort to secure the property for themselves. A higher asking price is only part of the battle tactic. Remind buyers that there are other concessions and considerations that can sweeten the deal for sellers. How Did Your City Make the List? Honestly, most buyers won’t care how your market made the list. But just in case they ask, here is the rundown. Realtor.com examined 150 cities where homes are selling above their asking prices. The organization kept tabs on these locations from 2015-2018 to solidify the trend before adding the city to the list. That means that these cities have been getting hotter and hotter for years now. Your clients better get ready to rumble! 5 Top Ranked Cities for Bidding Wars 1. Akron, OH Share of homes selling above list price: 20.6% Increase in the share of homes selling over list price: 91.7% 2. Worcester, MA Share of homes selling above list price: 41.5% Increase in the share of homes selling over list price: 88.1%...

In many cities, senior housing growth has plateaued. Over saturated markets have led to stagnant occupancy rates. According to the National Investment Center for Seniors Housing and Care, 2017 ended with the national occupancy rate at 88.8 percent, down 70 basis points year-over-year. The greatest stagnation takes place in markets with low barriers to entry, such as Atlanta, Dallas and Denver, reports CBRE. Yet there are markets that are still ripe for investment. They come with their own challenges but they stand a greater chance of success. Below are MoneyRate.com’s five best bets for senior housing investment.   California San Diego and San Jose offer plenty of opportunities for construction and development—once you get past the high barriers to entry, like high land costs and low availability. It can take years for a project to break ground but once it does your class A property can thrive.   Arizona This dry desert state has done a marvelous job of absorbing new supply. Occupancy rates remain high, leading analysts to believe that there is more room for growth.   Florida The sunshine state remains popular with seniors. More seniors live in Florida than anywhere else in the United States. Their life expectancy is third-highest in the nation, meaning there are plenty of golden years in need of beautiful abodes.   Maine The northern gem ranks among the top five states for retirement. It ranks just after Florida in terms of its senior population. The state offers low crime rates and relatively low to moderate land prices, which can help keep housing prices affordable for seniors. Washington Seattle is the wildcard of the list. National Real Estate Investor lists the city due to its increase in construction and the presence of major tech giants—assuming retirees want...

If you’re a Canadian property owner, manager or renter, here is the scoop from this year’s Ontario Rental Market Overview & Outlook. Hosted by Canada Mortgage and Housing Corporation and Federation of Rental-Housing Providers of Ontario, the market survey results were presented at the FRPO & GTAA (Greater Toronto Apartment Association) Rental Market Update Breakfast that took place on February 8, 2018. Industry leaders attend these sessions to gather key analytical data about marketing and rent trends along with policy updates for the apartment and purpose-built industry. CMHC’s Ted Tsiakopoulos, regional economist, and Dana Senagama, principal, market analysis for the GTAA, spoke about the new data released in this year’s report. While the presentations focused on Ontario, the report also includes information about other provinces. Keep reading for some key takeaways. Tightening Up Since 2015, Ontario’s economy has been growing faster compared with the rest of the country, and it’s not surprising that Ontario and British Columbia are still the tightest rental markets. Toronto is experiencing record low vacancy rates, influenced by the job market, demographics, cost gap, expectations and new rental supply. Due to lack of supply and slow building, the GTAA also reports  accelerated rent growth – up 4.2%. The expectation is that vacancy rates still have room to fall – and rents will keep growing. Regarding housing types, there’s a higher domestic investment in condos, with 32.7% of condo units rented in 2017 (compared to 30.1% in 2015, and only 18.8% in 2008). Condo rentals significantly outpace apartment rentals. Rentals show a flattening out in the growth trajectory, and new building trends, there is the added challenge of lengthy construction timelines (up to three years). Shifting Demands With renter households outgrowing supply, demand in Ontario is shifting to less expensive housing....

In September 2016, real estate became the 11th Global Industry Classification Standard sector.  Morgan Stanley Capital International Inc. and S&P Dow Jones Indices, which maintain the standardized classification system for equities, described the action as reflecting the “growing importance of real estate in the world’s equity markets” and “the position of real estate as a distinct asset class and a foundational building block of a modern portfolio, rather than an alternative.” The GICS classification means real estate asset performance is no longer blended into a larger financial picture but stands fully accountable on its own merits.  This has prompted many companies to capitalize on real estate’s status as an increasingly viable asset class.  For example, Cousins Properties Inc. completed the spinoff of Parkway Inc. into an independent REIT in October 2016.  In March 2017, shopping center owner, operator and developer Regency Centers Corporation merged with Equity One Inc. to form a $16 billion company.  Government Properties Income Trust acquired First Potomac Realty Trust for $1.4 billion later that year. Alex Stanton, Yardi’s industry principal for commercial, offers insight into best practices for participating in the growing mergers and acquisitions trend. The following are his thoughts on how to prepare: The increasingly common exchanges of real estate following the GICS designation aren’t the exclusive province of the big players; it’s happening with medium and small real estate companies as well, including enterprises that are family owned and operated. Mergers and acquisitions hold high potential to benefit shareholders, staff and customers of the newly created entity—but only if the organizations involved put the right strategy and assets in place.  Here are some ways to do that. Put People First A company may be privately owned and dreaming of being a REIT, or planning to open funds...

Within the past 5 years, metro Atlanta has welcomed multiple international automotive companies. The rise of the automotive industry results in additional commercial development for the growing region. PSA Group PSA Group, parent company of Citroen and Peugeot, is the newest arrival to Atlanta. Automotive News reports that the French automaker is already recruiting in the with hopes of opening its American headquarters in February. For a company that is opening its doors next month, PSA Group has been silent about the details of the site. It is safe to say that the headquarters will not be new construction, though details of the deal in one of DeKalb County’s existing high-rise have not been forthcoming. PSA Group products will not be available until 2026. The company is currently in its development stages, focusing primarily on US compliance standards and market research. Analysts are anxious to see if the arrival of PSA Group will stimulate growth seen near other automotive developments. Mercedes-Benz The 200,000-square-foot Mercedez-Benz headquarters, on the other hand, is hard to miss. Groundbreaking took place in 2016 and the building is scheduled for occupation in March. Roughly 1,000 employees from the temporary headquarters in nearby Dunwoody will relocate to the new 12-acre site in the spring. The aesthetic of the $93 million building, located in the suburb of Sandy Springs, champions  simplicity: clean lines, a muted color palette, and bright spaces. The structure, mostly glass, was inspired by biophilic design. “No person sitting in this building will be more than 30 feet from daylight,” says Gensler Principal Stephen Swicegood of MBUSA. The headquarters will be equipped with a fitness center, and a day care center with extensive outdoor playground. Adults can play in the walking trail nestled amongst nearly 800 trees. “We’re very pleased...

Reliance on spreadsheets and manual processes in Asia will likely fade as investors and technology providers lay the groundwork for sweeping modernization, according to a recent survey of technology adoption in the region’s real estate industry. Yardi sponsored the survey and subsequent report on current and anticipated technology applications by real estate investment firms, developers and service providers in Asia.  Chinese real estate business intelligence source Mingtiandi completed the survey and report, which describes the region’s real estate’s current technology adoption as “firmly in the PC age,” with “significant reliance on manual methods for collecting and storing data” that makes it “slow to make the jump to database-enabled online solutions that can respond to marketing, analysis and property management challenges.” While companies have some systems in place, “the majority [of respondents] still see the Asian region in general, and the real estate industry specifically, as lagging world trends.” Key findings from the survey, the majority of whose respondents work in China, Hong Kong and Singapore: More than 55% of respondents perceive Asia as trailing the West in the adoption of technology within the real estate industry; less than 12% saw the region as the leader Almost 77% regard real estate as trailing other industries in technology adoption; less than 6% regard property companies as leaders More than 83% consider access to information a competitive necessity More than 42% manage leasing, sales and property management on spreadsheets 43% identify internal resistance to change as the single largest barrier to adopting online tools for improving workflows and streamlining operations Asked to identify their priorities, more than half of respondents want better information on deal-related data.  Forty-two percent listed access to leasing information and more than 35% identified better access to client contact information. ‘The results of...

Peter Altobelli, vice president and general manager at Yardi Canada Ltd. and Sean Bremner, maintenance director at Baptist Housing, presented a session on Social Housing Technology to a packed room at Housing Central. The conference was held in Richmond, BC and hosted by the British Columbia Non-Profit Housing Association. During the presentation, Altobelli and Bremner explored how technology can improve organizational management and generate cost savings with high returns on investment. The presentation also gave attendees advice in preparation for change as they implement new technology. As vice president of a software provider that works with social housing organizations across Canada, Altobelli provided insight into the latest technology geared for non-profit housing managers. “The crucial value-adds that an organization will realize with the use of technology are automating tasks, improving the user experience with better tools to increase productivity, and simplifying staff management,” said Altobelli. Altobelli spoke about how automated processes are most effective when based in the cloud and optimized for multiple web browsers, including tablets and smartphones. Putting those solutions in the cloud makes it easier to create effective access for tenants and prospects, property and financial management and maintenance management. “When you are able to access accounting, budgeting, inspections, maintenance, energy and resident management data all on one system, it enables increased productivity for your entire team,” Altobelli said. Bremner presented a case study of how his organization, Baptist Housing, overcame internal challenges with technology. Focusing on maintenance workflows, Bremner described how former processes that required manual, handwritten notes often omitted relevant details, made it difficult to access active maintenance requests, created scheduling challenges and limited the capability of Baptist Housing to report on current and past maintenance requests. “We adopted a cloud-based software solution that drastically changed our maintenance program....

The spotlight shone on Yardi Canada for much of late November and early December at major industry events in Toronto. The company was the closing roundtable sponsor at the Global Property Market Real Estate Forum and sponsored the Toronto Real Estate Forum’s keynote session. Yardi Canada was also the top-level Title Sponsor and staffed a booth at PM Expo, the property managers’ exposition portion of The Buildings Show, Canada’s largest event for the design, architecture, construction and real estate communities. Yardi was also the Platinum Sponsor for the Federation of Rental-housing Providers of Ontario (FRPO) 2017 MAC Awards gala, a dinner and awards show that recognized excellence in rental housing advertising, construction and renovations, environmental excellence, customer service and other categories. Peter Altobelli, vice president of sales and general manager for Yardi Canada, presented at PM Expo’s “Disruptive or Transformational Technology: Understanding the Impacts for Property Managers and Owners” session. Peter began the session by clarifying that disruption may be defined as an outside force that mobilizes technology transformation within an organization. We have seen these types of disruption in the way we access and use data analytics to inform business decisions and the way in which we store information in the cloud. An organization’s ability to transform through technology is the key force in maintaining their competitive stance in the market. “It’s all about changing a mindset and using advanced technology that can perform various business operations in new ways,” he said.  “Disruptive automation technologies can give property managers new insight into leasing, energy management and other operations that improves decision-making.” Yardi Canada was active in another session at PM Expo as Martin Levkus, regional director for Yardi Energy, Sales, moderated a discussion among three building energy management experts in the “Energy Data...

Commercial building owners, tenants and brokers need the right tools to incorporate energy efficiency into leases.  A program called Green Lease Leaders stands ready to provide them. Green Lease Leaders helps real estate practitioners create leases that promote collaboration on investments such as high-efficiency rooftop air handling units, lighting retrofits, water irrigation upgrades and solar panels. The program was the subject of a recent webinar, “How to Become a Green Lease Leader: The Latest in High-Performance Leasing Practices and Recognition.”  Presenters included Holly Carr, a Department of Energy technology program specialist, Sara Neff, senior vice president of sustainability for Yardi client Kilroy Realty Corporation, and Alexandra Harry, program manager, market engagement for the Institute for Market Transformation (IMT). Green Lease Leaders was developed in 2014 by IMT, a Washington, D.C. nonprofit and the webinar’s host, with support from the Energy Department’s Better Buildings Alliance.  IMT works to unlock building energy efficiency that it says could save the U.S. office market $3.3 billion annually and cut energy consumption by 22% in leased buildings. The program currently includes landlords, tenants and brokers who represent 1.3 billion square feet of commercial, industrial and retail space. “Tenants and landlords share an obligation to understand how much energy their buildings use and jointly share the cost of upgrades as well as the resulting maintenance savings and best practices,” Carr said. “Benefits of green leasing include reducing utility bills by up to 51 cents per square foot, increased net operating income, reduced occupancy costs, increased occupant satisfaction, fewer greenhouse gas emissions and improved landlord-tenant communication and relationships.” Along with defining new best practices for energy efficiency in buildings, the program also offers participants technical support, peer networking opportunities, tools for comparing current leases to Green Lease Leaders standards and other...

LONDON – Technology has changed all our lives so fundamentally in recent years that it is sometimes difficult to look back to an era when things were done differently. Today’s normality was, just a short time ago, unthinkable. Banking is a good example. Today, we take it for granted that we can access our accounts at any time and transfer money and pay bills quickly and cheaply. The chequebook is still available for those who need it, but it won’t be long before they too are consigned to history. Then take taxis. While in London at least, using a cab was once the preserve of those with substantial salaries – or travelling at somebody else’s expense – now the rise of Uber and others means that getting a ride home is a real option for many people. Property has, of course, been slow to embrace the benefits that digital technology can bring – one estimate is that the industry is around 20 years behind financial services – but that is starting to change and at pace. Just a few years ago, if the property press mentioned technology at all, it was to reference the influence of the likes of Rightmove or Zoopla. Today the phenomenon has its own name: proptech. A lot of attention has been paid to how proptech is disrupting the industry, most notably through big data potentially making the role played by many agents redundant. That is obviously a cause for concern and the introduction of new ways of working will obviously have to be done with care and compassion. But proptech also has the potential to bring huge benefits to both property companies and their consumers – and without the need for anyone to lose their jobs. In no sector...

Yardi celebrated the 40th anniversary of Property Council of Australia’s “Property Congress,” a premier event for the Australian real estate industry. Yardi held its accustomed place as Principal Sponsor of the event, which took place in Cairns, Queensland. Several senior members of the Yardi Australia team attended, including Mark Heaney (project manager), Kelvin Manual (regional manager), Nina Feldman (marketing manager), and Terry Gowan (regional director for Australia and New Zealand). Kicking off the event with some fun, Yardi hosted the nautically themed “Welcome Aboard” party on the conference’s first night, welcoming more than 700 industry thought leaders, trendsetters and other experts from all property sectors. Yardi also sponsored a coffee station at the event, keeping delegates and speakers energised. With thought leaders from a broad cross section of the industry presenting, sessions at The Property Congress included: A “View from the Top,” a panel of real estate leaders David Harrison of Charter Hall, Louise Mason of AMP Capital, Steve Leigh of QIC Global Real Estate, Greg Paramor of Folekstone and Caroly Viney of Vicinity Centres. They reported a positive outlook for the retail, commercial and residential sectors, which show strong growth trends despite fears of competition from online retailers. Their message was one of confidence for the year ahead and the real estate landscape in Australia. “Cities for Everyone,” which examined how data from social media, online retail apps and other sources can be used to shape the activities, and therefore the character, of a city. Describing how important live, ongoing information is to creating “Cities for Everyone” for those who work and live in cities, the session provided a fascinating insight into how data can directly shape cities and lives. A presentation by Peta Credlin, Sky News host and News Corp national columnist,...

As modern landlords strive to drive footfall and revenues in their shopping centers, they are using sophisticated new tools and techniques. Astute use of data can lead to better-informed decisions – but how is the impact of this new discipline being felt across the property industry? Yardi brought together a panel of thought leaders in the sector in a round table event in central London. Fiona Hamilton, global head of retail for international brands, BNP Paribas Allan Lockhart, property director, NewRiver REIT Charles Maudsley, executive director, head of retail, British Land Sophie Ross, group head of multichannel, Hammerson Ailish Christian-West, head of portfolio, shopping centers, Landsec Claer Barrett, personal finance editor, Financial Times (chair) How widespread is the use of data becoming within physical retail assets? SR: It’s relatively easy to capture data – it’s much harder to add value. I would say that only around 20 percent of the data gathered by landlords is being used effectively. CM: Data is just the starting point. At British Land we collect and analyze more data than ever before about shopping patterns, demographics and spending. We replay that to retailers. Anonymised mobile phone signals can show us a heat map of where shoppers are in the center, and point to linkages between retailers. For example, our brand profiling shows TK Maxx and Pret a Manger are highly correlated. TK Maxx in Hinckley – would an adjoining Pret boost their sales? We can measure conversion rates – the number of people who pass a store versus the number who actually go in. We can say to a retailer, it’s 30 percent in your shop, but it’s 90 percent elsewhere, so let’s find out why. We can show retailers looking to open a store with us how their...

Earth-orbiting satellites have been part of the fabric of daily life for more than 50 years.  Billions of people depend on them to support fast, accurate execution of communication, weather monitoring, military and intelligence operations, and other activities. In recent years, the property management industry has become a leader in leveraging space systems’ elevated perspective for better-informed decision-making. Sharp Images from Orbit A key connection between satellites and real estate stakeholders is Westminster, Colo.-based DigitalGlobe, owner and operator of five imaging satellites launched between 2007 and 2016.  (Two other satellites launched in 1999 and 2001 were decommissioned, although their imagery remains available.)  Equipped with best-in-class optics and electronics, the satellites—GeoEye-1 and four WorldView-class sensors—crisscross the globe, snapping high-quality pictures from low Earth orbit (300 to 478 miles). Imagery from DigitalGlobe’s satellite constellation, which is capable of covering more than 620 million square miles annually, populates GBDX, a big data digital library and analytics platform.  Investors, insurance companies, environmental managers, urban planners and others involved in buying, developing and occupying properties tap into GBDX.  The high-resolution (about 12 inches) imagery aids site selection and development planning, property value and insurance assessments, solar and wind energy potential, code enforcement and more.  The collection, transmission, processing and dissemination cycle can take as little as two hours, and the data can be used to create 3-D, stereo and digital elevation models. Assessing Risk “If you’re thinking of purchasing property for investment or development, there’s a lot you need to know: what’s a building’s size, shape, configuration and proximity to neighbors?  Is a property flooded, burned or otherwise damaged?  What’s the possibility of fire, floods, wind or hail?  What is the best access route for emergency service providers?  Are there new additions or deletions that could impact value or...

If you’re currently a renter or have ever been one, you’ve probably wondered whether or not your landlord considers your needs for a happier home. A recent survey of thousands of Canadian renters sent a clear message to property managers everywhere: from soundproof walls to high speed internet and online services, renters are expecting more from their apartment living experience. And perhaps not surprisingly, technology tops the list. Sponsored by Yardi, results of this year’s Tenants Preference Survey, the only survey of its kind for the Canadian market, were presented at the Canadian Apartment Investment Conference (CAIC) on September 6, 2017. The CAIC brings together property owners, managers, investors and developers to provide valuable insights into the residential real estate market including how to increase net values. This year, attendees were eager to hear about what renters really want and how to keep them happy. Birth of the Project According to Sarah Segal, director at Informa, the survey was inspired five years ago by a real estate roundtable discussion that raised questions about what renters wanted. Informa delivers over 150 trade and consumer exhibitions annually across the globe including the Canadian Apartment Investment Conference, and engages industry leaders to understand key trends and concerns impacting property owners and managers. With more digital tools to empower its research in 2016, Informa partnered with Rentlogic and worked with founder Yale Fox and Amy Erixon from Avison Young to conduct a small survey of 2,000 renters. Segal said the survey produced some interesting findings, but Informa wanted wider distribution and more targeted questions for the next survey. To accomplish that, the company sought industry support including sponsors and the participation of property managers. Segal commented, “Yardi was immediately onboard with helping us produce an in-depth renter survey and...

Yardi Matrix reports another strong summer for the multifamily real estate sector. The fundamentals were downgraded from “great” to “consistently good” but several factors suggest continued, healthy performance. Even rapid development in some of the nation’s hottest markets has slowed to a more sustainable pace due to construction labor shortages. The shortages may have longer-lasting effects due to disaster recovery efforts throughout the United States. Rents For the last year-and-a-half, rent growth as gently declined as rents inched upward. The rent growth deceleration may be drawing to an end, though, as the supply boom reaches it apex. National average rents increased by 2.4% on a year-over-year basis in August, yet are down from 4.6% at this time last year. Deliveries are not manifesting as quickly as previously anticipated, which should moderate rent increases. The long-term outlook for multifamily seems promising due to favorable fundamentals and demographic trends: Millennials are forming households, wage growth remains solid, and the economy is relatively healthy. Hottest Markets The hottest metros for rent growth are still secondary markets that are lagging on supply. Tacoma (8.1 percent), Sacramento (7.7 percent), Colorado Springs (7.6 percent) and the Inland Empire (4.3 percent) are four of the fastest growing markets yet they’re only estimated to increase stock by 1 percent this year. These markets benefit from their proximity to larger markets such as Seattle, the Bay Area, Denver and Southern California. They enjoy vigorous employment growth and popularity with Millennials. The young renters look forward to the areas’ desirable lifestyles with lower costs. There are always exceptions. Seattle faced 5.9 percent rent growth regardless of the surge in supply.  Analysts are exploring the connection between rents and the city’s increased minimum wage. Minimum wage increased from $9.47 in 2015 to $13. Nashville is...

An eye-catching yet awkward space may soon become Atlanta’s hottest new bar and lounge. The site of Ponce City Market was once home to Sears, Roebuck & Co. headquarters. When it opened in 1926, newspapers heralded the 2.1 million square-foot building as the largest brick structure in the southeastern United States for decades. It remained in operation until 1987. In 2012, the site reopened as a mixed-use hot spot for Atlanta locals and tourists alike. Nearly 85 businesses call Ponce City Market home. Restaurants, clothiers, bars, and artisanal shops share a space the buzzes with energy and young, hip shoppers. Though Ponce City Market has enjoyed success, its iconic tower remained desolate. Shops and restaurants occupied lower levels of the structure but the unique vision for floors 10, 10.5, 11, and 12 lingered unfulfilled. What Now Atlanta reports that operator Slater Hospitality has finally found a suitable use for the challenging 16,172 square-foot space. Plans for RFD Social are in the works. Rumor has it that RFD Social is short for Dinner Bell Radio Farmers’ Democracy, a radio show that once broadcast from the Atlanta Sears Tower in the 1920s. Kevin Slater, owner at Slater Hospitality, has not confirmed or denied this claim. RFD Social will include a multi-level bar and lounge, as well as an events space with a catering kitchen. Adjoining businesses include Skyline Park, Nine Mile Station restaurant, and Rooftop Terrace events space. While locals are excited to see the space put to good use, a few questions remain unanswered since the press release issued in late August. “I want to know if it will be a public space or if it will only be for private events,” said Kimmey Elliot, 26, an Old Fourth Ward resident.  “We don’t need another...

In the wake of Hurricane Harvey, Congress has approved a $15.25 billion disaster aid package for the Federal Emergency Management Agency (FEMA). An additional package for Hurricane Irma recovery is likely under deliberation. The approved funds will contribute to, yet not cover, emergency assistance for regions of Texas and Louisiana overcome by Hurricane Harvey. The total funds needed for recovery may exceed $50 billion, according to analysts. The Gulf Coast of Texas received an unprecedented 50 inches of rain in less than four days. Homeland Security reports the loss of at least 70 lives and the destruction of more than 100,000 homes. Nearly 42 percent of Texans live in areas covered by the disaster proclamation. Beyond the Storm After Hurricane Allison, the 2014 City of Houston drainage study revealed that many of Houston’s poorest communities were inadequately prepared for “even modest storm events.” The National Community Reinvestment Coalition published a statement and map that shows the correlation between high-risk flood zones and communities of color. CNN reports that the city council approved $10 million to reduce drainage issues. Texas Housers and the Texas Organization Project claim that the City of Houston did not take action to protect its residents or mitigate the effects of Hurricane Harvey. Dam releases contributed to the devastation. On Monday, the US Army Corps of Engineers began to release water from the Addicks and Barker dams. The assumption was that the neighborhoods could better manage the water with controlled releases than uncontrolled overflow from the dams. Flood control officials in Harris County estimate that hundreds of properties flooded as a result of the controlled releases. Seeking Shelter Housing is the leading priority for disaster recovery specialists. Red Cross and partner associations opened 240 shelters in Texas and six shelters in Louisiana....

When Hurricane Irma devastated a string of Caribbean islands and loomed off the coast of Florida, it had been less than two weeks since Hurricane Harvey made landfall in southeast Texas, displacing thousands of people from their homes. Irma was the strongest Atlantic basin hurricane ever recorded. It triggered evacuation orders for 5.6 million people and made two landfalls before being downgraded to a tropical storm on Monday, September 11. For a second time this summer, our team members mobilized for a natural disaster response. Having recently created a housing website to help those affected by Harvey find temporary and permanent homes, we used this experience to quickly launch another dedicated housing registry to assist residents displaced by Irma. Leveraging our RENTCafé property marketing and leasing platform, RentCafe.com/HurricaneIrma allows displaced residents to find new housing. It also makes it possible for housing providers with properties in the affected and surrounding areas to quickly and easily list available units, some with special concessions. There is no charge for companies to list their properties on the website or for residents to use it. There is also a toll-free hotline that evacuees can call seeking housing assistance if internet is not available. The hotline can be reached at (844) 363-6317. With many clients in the affected areas, we’re offering disaster response assistance for clients affected by either hurricane, including additional program support and tools to help clients communicate with their residents during the aftermath. Taking care of our clients is a critical part of the Yardi mission statement, and representatives are reaching out now to offer these and other services at no charge. “The best-case scenario for everyone is that our disaster response efforts remain untested, but we have them in place so that we can aid...

Pennsylvania-based Global Sports Ventures plans to introduce eight professional cricket teams to the United States. Each team will have its own stadium complex as part of a three-year initiative to solidify the sport’s presence in the country. To Jay Pandya, chairman of Global Sports Ventures, the U.S. is the next natural frontier for cricket. The sport has a growing and passionate fan base. More than 1 million viewers watched the live broadcast of the 2015 World Cup. That same year, an exhibition series touring Los Angeles, Houston, and New York attracted audiences averaging 28,000 viewers. “We, as Americans, look for new things and grow into different fields. People don’t realize that cricket was partially born in the U.S. The first international game was played between the U.S. and Canada in New York. The 1844 game, played in Bloomingdale Park in Manhattan was one of the earliest international games on record,” Pandya explains in an interview. Possible stadium sites include Atlanta, New York, San Francisco, Chicago, Dallas, Orlando, Washington, D.C. and East Brunswick, New Jersey. These markets were chosen, in part, for their large Asian populations according to an article on Bisnow.com. “When you have people of South Asian descent who really understand cricket, it helps. But after that it will probably go mainstream with Americans. I believe that will be very quick, because, as Americans, we just love sports. [And] it doesn’t matter what kind of sport,” says Pandya. To jump start the plan, Global Sports Ventures entered a $70 million licensing agreement with the USA Cricket Association (USCA).  More than 32,000 cricket players are registered with the USCA and may become members of the future teams.  There are also several smaller organizations throughout the nation that may serve as sources of talent and...

Video continues to rise to the top of the digital marketing playbook. If you’re skeptical about the power of video, consider that almost 50% of internet users look for videos related to a product or service before visiting a store. And four times as many customers would rather watch a video about a product than read about it. Video content can also improve SEO, increase engagement and boost brand loyalty and awareness. Within the realm of real estate, the industry – from retail to residential to student housing – is finding creative ways to leverage video. What’s clear is video isn’t going anywhere, so it’s time to jump in feet first. Facebook Live offers an interactive, free and highly visible way to engage with an audience. The platform now sees 8 billion average daily video views from 500 million users. With help from social media experts, in-depth tutorials and best practice tips, even the most novice user can become a Facebook Live pro.   Here are five tips to rock Facebook Live: Step 1: Ask permission If you plan to live stream other people, ask for permission before you record them. Keep in mind some conferences and venues may have strict no streaming policies. When in doubt, ask. Step 2: Game plan Some questions to inform your live video strategy: Why do you want to do live video? Who are you hoping to reach? What do you want this audience to do? What will you talk about? How long will you go live for? Facebook recommends 10 to 90 minutes, but even 5 minutes is great. Do what feels right for your organization and your viewers. Where will you go live from? Walk the room and consider reserving a spot in front. Minimal background...