NEW YORK (Sept. 7, 2016) – Real estate technology provider Yardi is part of the first-ever Forbes 2016 Cloud 100, the definitive list of the top 100 private cloud companies in the world, developed in partnership with Bessemer Venture Partners. To view the list, please visit www.forbes.com/cloud100. The list will appear in the October 4, 2016 issue of Forbes magazine. “We’re honored that Forbes chose to recognize our efforts to provide industry-leading cloud solutions for our clients,” said Anant Yardi, founder and president of Yardi. “This is a tremendous acknowledgement of the work we have done over the last decade to transition our products and clients to the cloud.” “Cloud companies are revolutionizing how businesses reach their customers today from digitizing painful old processes to allowing them more time to focus on what they really care about—what makes their products unique,” said Forbes editor of the Cloud 100 list Alex Konrad. “Inclusion in the Forbes 2016 Cloud 100 list recognizes a company for its financial growth and excellence as recognized by customers and peers.” “These are the companies to watch!” said Byron Deeter, a leading cloud investor and partner at Bessemer Venture Partners. “The Forbes Cloud 100 companies represent the very best private companies in cloud computing. We will see category killers emerge from this list as the cloud computing continues to propel the trillion-dollar software industry.” The first-ever Forbes 2016 Cloud 100 list profiles the world’s top-tier private companies leading the cloud technology revolution, plus twenty rising stars within the field. With advancements in software, cloud security, or platform development, these companies are redefining the future for all industries and sectors. Yardi is No. 27 on the list, which includes companies like Slack, SurveyMonkey, MailChimp and Squarespace. Forbes, in partnership with Bessemer Venture...

If you think cybersecurity is “just an IT issue,” better think again. Experts agree that cyber risk in the multifamily industry is largely underestimated, given the volume of personal and financial data multifamily companies collect and maintain about their prospects, residents and employees. And the fact that many real estate organizations rely on third-party service providers to collect and protect data further increases exposure to damaging cyber incidents. What are some of the common risk factors? Using disparate software solutions and multiple vendors with various interfaces and logins elevates exposure to breaches. To further complicate matters, information security programs in the multifamily industry tend to be relatively less sophisticated compared to more heavily regulated sectors such as banking and retail. Since cyber criminals will always take the path of least resistance, this poses a major threat to the industry as a whole, which maintains information about tens of millions of Americans. And after a well-publicized breach in 2014, the multifamily industry is — or should be — on high alert. To not only reduce risk but also to increase operational efficiencies, many companies have made the move to a single platform — and now consider it a best practice to consolidate core property management and accounting along with ancillary products in one database supported by a single vendor. And while no business can expect to achieve perfect security, in the current cyber threat landscape with so much at stake a comprehensive plan — and one point of contact for software and services — can mean a direct line to better peace of mind. At the NMHC 2016 spring board meeting, panelists emphasized that cybersecurity is not simply an IT problem, but rather an enterprise risk management issue. Developing a strong cybersecurity program is not...

Applied Property Management Co. takes pride in spreading fast, convenient service across a portfolio that consists of thousands of apartment units which include market rate, subsidized housing and commercial spaces in New Jersey. Making life easier for residents and staff lies at the heart of Applied Property Management’s mission.  “Our company practices a paperless approach, starting at the very beginning—applying to live here,” says Raymond Lucena, a Yardi® specialist with Applied Property Management, the property management arm of Hoboken, N.J. developer Ironstate.  The company’s residential leasing process is 100% online, from marketing, applying and screening through lease signing and payments.  “It’s a user-friendly experience, which is a lot different than relying on paper as we did previously.  If you search our properties through Google, for example, you’ll go directly to our property websites via RentCafe®.  Our lead conversion rate is higher in the four years we’ve been using RentCafe because applications can be completed almost instantly.” Applied Property Management’s philosophy of paperless convenience extends to residential service.  “About 92% of our market-rate residents pay rent online; we expect that to reach 99%,” Lucena says.  “Eventually we want to duplicate this degree of participation in our commercial space.  We want all residents, vendors, and retail managers to manage work orders, ledgers, payments and everything else electronically.” Applied Property Management went mobile as well as paperless in the search for greater efficiency.  “We equipped our leasing agents with tablets and mobile devices.  When they’re showing a unit, they can launch the application, screen the prospect through Yardi Resident Screening™, and sign the lease on the spot, without waiting for paper documents to come through,” Lucena says. Staff technicians can receive, prioritize and document maintenance and inspections in the field with the mobile-enabled Yardi Maintenance™ and Yardi...

Two Europe-based grocery chain companies have recently completed their $28 billion merger—a marriage that will have a big impact on the U.S. retail market. Royal Ahold, based in Zaandam, the Netherlands, operates Stop & Shop, Giant, and Martin’s stores in the U.S., while Brussels-based Delhaize operates in the U.S. under the Food Lion and Hannaford brands, the Richmond Times-Dispatch reports. The two companies have joined forces to become the fourth-largest supermarket operator in the country, following in the footsteps of Walmart, Kroger and Albertsons. The new company will operate under the Ahold Delhaize name and will be headquartered in the Netherlands. Plans for the merger first surfaced in June 2015. In order for the deal to move forward, the Federal Trade Commission has required that 81 overlapping stores be divested by the two companies to competitors. As a result, Florida-based Publix is set to acquire 10 Richmond-area Martin’s stores; Weis Markets will take over 38 stores in Delaware, Maryland and Virginia; Big Y Foods will grab seven stores in Massachusetts; New Albertsons will grab one Maryland store; Saubel’s Market will acquire one Pennsylvania store; Tops Markets will buy six stores in Massachusetts and New York; and Supervalu will land 18 stores in Maryland, Pennsylvania, Virginia and West Virginia. The FTC imposed the condition in order to avoid the merger from eliminating direct supermarket competition, which could harm consumers. It is not yet clear whether Martin’s will become Food Lion or vice versa following the merger. However, experts predict that the two brands will continue to operate under the same name. Martin’s is reportedly the number one grocery store in terms of sales in the Richmond area, while Food Lion is one of the region’s largest employers. According to Food Trade News, both Martin’s and...

Aditya Shah, director of Middle East operations at Yardi, writes on the rise of Cloud-based technology in FM activities. Tenants and residents within both, the com­mercial and residen­tial real estate sectors continue to have ris­ing expectations for technology – most notably about how it will impact service levels and enhance their cus­tomer experience and occupancy. From a management perspective, a com­petitive environment breeds the need for fast­er customer-focused services that are highly efficient to streamline operations and reduce costs, while also improving overall returns. While technology has played a role in the field of FM for a number of years, the advent of the smart apps and an ever-increasing drive towards mobility has seen some seriously sig­nificant developments – ones that offer this particular section of the real estate industry much more than just improved productivity. The Cloud is here – it has been for some time – and more and more businesses are adopting cloud-based solutions as the cor­nerstone to enhance numerous aspects of their operations. Mobility undoubtedly of­fers managers a far greater level of flexibility than ever thought before, and with all these technologies working in synergy, a facili­ties manager is now no longer reactive, but can manage their day-to-day operations for properties, entire portfolios, and tenants and residents with proactive foresight. The solutions that are born out of this ever-evolving environment can boost cus­tomer loyalty by improving speed of re­sponse, driving down the cost of processes and procedures, and delivering a degree of flexibility and scalability to suit a wide range of business models. While adoption was previously slow, the sector is embracing these opportunities. Managers and engineers can engage in workflows that improve productivity and time management – be that for scheduling preventative maintenance, allocating prox­imity-related tasks, recording evidence, or...

Advances in technology are giving the retail property sector a helping hand to define compelling offerings through the use of big data. Developing financially successful retail centres is challenging. In fact, it’s widely regarded that real estate companies, invested in retail assets, are among the leading pioneers of strategic real estate management. Successful strategies are born out of understanding the best approach to engage shoppers with the right tenant mix to suit regional trends as demographics change and are impacted by regional economic, cultural and political circumstances. Adapting a retail offering and providing new ways of engaging retailers and consumers while delivering services that enhance relationships, drive down costs and deliver value for owners are undoubtedly key. However, at the very heart of any successful strategy is one, mission-critical element – data. With the retail sector generating more data in a single month than many other vertical real estate markets, the use of simple tools and spreadsheets is redundant as firms struggle to gain valuable insights into retail operations and trends. Business technology is undoubtedly a major driver. Helping provide a solid, error-free foundation to house data is one thing, but the power comes from delivering a seamless, real-time framework that enables employees to analyse the data in such a way to deliver sound retail strategies. In an industry that is so invested in defining compelling offerings through the use of data, has the technology sector risen to the challenge? The most successful retail real estate companies are now embracing the latest technology to support their strategies and the leading software providers are raising the bar. Cloud-based offerings now enable companies to host their data in a single secure database, providing a risk-free environment that delivers real-time access to strategy-shaping analysis to desktops and...

Being always connected has become a necessity, especially in the fast-paced business world. Reliable internet connectivity is now indispensable for the commercial real estate industry, as it helps landlords and brokers maintain a constantly open line of communication with both current and potential clients. Most businesses today are using a variety of web-based tools, apps and platforms to market their services or products and increase productivity, and such tools require fast and reliable internet connectivity at all times. This is exactly what WiredScore is attempting to achieve. The Wired certification program rates and recognizes commercial office buildings that feature best-in-class internet connectivity, similar in concept to LEED certification for energy efficiency and environmental sustainability. Launched back in 2013 by Mayor Bloomberg and the New York City Economic Development Corp., the program examines the number and quality of internet service providers, bandwidth capabilities and connection reliability and awards buildings a coveted Wired Certification. So far, WiredScore has awarded the certification to more than 650 buildings around the world, totaling a quarter of a billion square feet of office space. Some of the world’s most recognizable buildings have sought and achieved the certification, including the Empire State Building in New York, the Chicago Board of Trade Building, Miami’s Southeast Financial Center, One California Plaza in L.A. and the Leadenhall Building in London. We spoke to Arie Barendrecht, co-founder & CEO of WiredScore, about the importance of the program in today’s business environment. Why has fast and reliable connectivity become so important to office property owners? Barendrecht: What’s important to tenants is important to property owners. In a survey that WiredScore performed on approximately 450 businesses in NYC, high-quality connectivity was identified as the third most important attribute of an office space (after price and location), and...

While international markets reel in the aftermath of the Brexit vote, U.S. REITs and senior housing providers are well poised to not only survive, but thrive. It will be months before the international markets begin to feel the effects of the Brexit vote, and probably years before any real assessments can be made on the economic and political impacts of Britain’s decision to exit the European Union. With uncertainty and fear looming, Senior Housing News (SHN) presents a mostly reassuring profile explaining how the U.S. senior housing market can weather the storm. The bottom line: U.S. senior living providers will not only survive, but perhaps even thrive thanks to a mix of strong portfolios, stable property values, and domestic insularity. Evolving Circumstances There’s plenty to worry about in terms of Britain’s separation from the E.U. Many predicted complete economic Armageddon and while the U.S. stock market did experience a round of sell-offs and tanking stock values, overall international markets seem to be holding steady. Additionally, some REITS with senior housing in their portfolio actually performed quite well, with both Ventas and HCP ending the day on an upswing. Although a weakened British pound may introduce another layer of caution, slower expansion does not necessarily translate to catastrophe. In fact, many U.S. REITS may capitalize on the opportunity presented by a more favorable exchange rate by increasing property acquisitions in the U.K. “[Brexit] will give them more of the field to themselves because the levered investors are going to find debt financing somewhat difficult in the next couple of quarters,”  Keith Harris, London-based executive director for specialist markets at CBRE Limited, tells SHN. “…I think the international investor who can take a long view on currency hedging is going to be fine. If anything, the...

Paul Fiorilla, Yardi Matrix’s Associate Director of Research, recently sat down with Tom Flexner, Citigroup’s Global Head of Real Estate, to discuss the global economy, the state of the commercial real estate market and new regulations that are impacting the sector. The interview was published in CRE Finance World, which is published by the Washington, DC-based trade group CRE Finance Council. Fiorilla serves as volunteer Editor in Chief of the magazine. Some highlights are below, and the entire interview can be accessed here. Flexner on the economy: It just feels to me that we’re in the midst of adjusting to some sort of overarching longer-term secular change marked by continued tepid growth, low interest rates, low oil prices, forced deleveraging by foreign sovereigns and so on … So we have a whole bunch of things working against us, and frankly it’s hard to identify a single reason to be terribly optimistic about the world’s growth trajectory. Other than somehow it always seems to work out at the end. But, you know, up until the financial crisis we had a global economy supported by huge credit expansion — consumers, governments, companies. It lifted growth beyond what would have happened had credit not expanded at such a vigorous pace. Today, we still have a significant amount of leverage, particularly at the sovereign level, but also in the banking systems in China, Japan and Europe; plus regulatory initiatives which will serve to constrain credit creation going forward. And this kind of countervailing pressure — deleveraging — will possibly hinder growth, as credit creation will not be the tailwind it once was. And so I think the twin impacts of globalization and technology are showing they also have downsides. Technological advances used to amplify human muscle or human...

LONDON – Industrial property has emerged as one of the strongest performing asset classes this year, apparently brushing off the threat of Brexit as consumers shop – or rather, click – until they drop. The rise of e-commerce means tenant demand is robust, with record rents being achieved in tightly-constrained urban areas where logistics space is competing with residential. However, occupiers are having to invest heavily in technology. In a continuing series of think tanks, Yardi brought together a panel of experts to discuss these issues in the European real estate market. Panelists: Claer Barrett, Financial Times – Chair Alan Holland, Business Unit Director, Greater London – Segro Richard Croft, Chief Executive – M7 Real Estate Mark Bowden, Partner – Caisson Investment Management Michael Williams, Investment Manager – M&G Real Estate Kevin Mofid, Research Director – Savills CB: The good news is that we’re seeing healthy yields and rental growth on industrial space, particularly in the Greater London area – but is this mainly because so much of it has vanished in the past decade? AH: The pressure on land for industrial and urban logistics is immense, particularly in areas of population concentration where developers like Segro are competing with house builders. According to the GLA, around 700 ha of industrial land has been lost in Greater London as places like Nine Elms, Old Oak Common and the Olympic Park ha ve become residential areas. That’s the equivalent of seven times the size of Regent’s Park – it’s gone and it won’t be replaced. KM: Since 2009, Savills research shows the supply of existing warehousing stock has decreased by 70 per cent. But at the same time, take-up has risen from a long-running average of 18m sq ft per year to 22m sq ft in the...

I just got back from last week’s National Apartment Association Education Conference in San Francisco. It was really well attended with almost 10,000 people at the exposition, trade show and classes. I was amazed at all of the exhibits and t-shirt wearing professionals professing their love for Apple products. At least until a really big security guard (by San Francisco standards) politely tapped my shoulder and asked to see my badge. After explaining I was looking for the NAA meeting, he smiled and explained there are two sections of the Moscone convention center, and I was clearly in the wrong one. I must admit, I was offended. To be told I wasn’t nerdy enough to be at an Apple convention wasn’t how I wanted to start my day. I didn’t even get to buy a nerdy t-shirt, or try the apple-sickle dessert specialty. I left feeling that I had been thrown out of better places and after two light cycles (you really have to pay attention in San Francisco) I made it across the street into the correct part of Moscone Center. A building I renamed ‘the sequel.’ I had been to a number of NAA meetings before, but this one was special. It featured some events I had never seen, the first of which was the Alcatraz fun run. Immediately after checking in and seeing just one session, several thousand (could be a few hundred, hard to tell) got out of their seats, jammed the escalator and walked resolutely toward the Alcatraz pick up point. The proof was in the plethora of photo embossed t-shirts with their faces adorned as if escaping from Al Capone’s, both an Italian restaurant and night club but also a prison cell of some distinction. Having been to...

Christie’s International Real Estate Report lists Canada and Norway as the sites of the three fastest growing luxury markets.  The wealthiest home shoppers in the world are investing in these unexpected locales. For years, Hong Kong, London, and New York have led the world in luxury real estate. To qualify, these cities possess a robust inventory of properties well above the world average of $2.2 million. These markets rank at the top of the pack, driving the 8 percent growth that the global luxury home market saw last year: London tops the list for the most luxurious, prime properties. It is home to the highest quantity of luxury listings as well as some of the most costly. One of the most recent luxury sales includes a $141 million estate. Hong Kong leads the group in terms of average luxury home price per square foot. Buyers easily exchange $3,000 per square foot of livable space. The sale of a 5,706-square-foot mansion at 28 Barker Road for $194 million was the crowning glory of 2015. London and New York vie for second place, both averaging about $2,000 per square foot. The three cities’ dominance in the market could be short lived. Luxury homes in these cities linger on the market longer than before. Hong Kong and London saw an increase in average days on the market in 2015. London, for example, saw an increase from 165 days to 270 days from 2014-2015. Yet worldwide, luxury homes experienced a 23 percent decrease in days on the market It seems that buyers have become increasingly interested in what other affluent cities have to offer. Auckland is the hottest city to watch, posting growth of 63 percent in 2015. A notable recent sale includes the $24 million cliff-top house...

Coldwell Banker Real Estate, a U.S. real estate franchise with offices in over 43 countries, teamed up with 20th Century Fox, and managed to pull of one of the most genuine marketing campaigns of 2016. The real estate giant listed the X-Mansion, a fictional mansion featured in the upcoming summer movie, X-Men: Apocalypse. While this property may not be real, this film-themed effort enabled Coldwell Banker to discuss lifestyle aspects of real estate and make an emotional connection with consumers. The X-Mansion, listed for over $75 million, is highlighted on Coldwell Banker’s homepage, and featured as the brand’s “Home of the Week” property. Professor Xavier’s School for Gifted Youngsters, the infamous home of the X-Men, has its own property page, with all the details and amenities the mansion includes. The mock-listing also allows enthusiasts to browse photos and view videos, and read an in-depth description of the iconic landmark. Coldwell also showcased the mansion and its grounds in a video which features Brand Engagement Manager Victoria Keichinger. The 77,000-square-foot single-family estate, built in the mid-1700s, is located at the fictional 1407 Graymalkin Lane, Salem Center, NY 10560 address, supposedly 40 miles outside of New York, and features 24+ bedrooms and baths and 5+ garages. According to the listing, property amenities include fireplaces, Olympic sized pool, gourmet kitchen, attic greenhouse, basketball court and a luxury health spa. More ‘sophisticated’ features include a private jet hangar, a word class medical bay and treatment facility and a state of the art training facility. The mansion is also equipped with top-of-the-line security and in-home technology systems. Chief Marketing Officer Sean Blankenship of Coldwell Banker Real Estate LLC stated: “Over the last several years, one of our core marketing strategies has been to develop meaningful relationships with new audiences...

Virtual Reality is on everywhere these days—videogames, engineering, healthcare, entertainment—are just a few of the industries fuelings its evolution. More recently, VR entered the real estate market too. Allured by its many advantages, developers turn to virtual reality and enable buyers to tour units, “walking” around mock layouts and peering out windows to envision the view they might wake up to every morning (this is where drones step in to capture accurate floor-by-floor perspectives). Instead of the full-sized models of one of the units, they can now use smaller sales centers equipped with a VR headset. No more selling off blueprints. “Our whole business exists to work on spaces that don’t exist.” Jamie Fleming, CEO of Studio216 Such a development that used the VR technology to drive sales is Luma, a 24-story condominium development in Seattle. The sales team opted for an Oculus Rift headset and started offering tours of the property a little after the project had just broken ground. Studio216 of San Francisco is the digital production agency that created the simulated space for the Luma development and one of the firms currently involved in developing industry-specific application for the technology. The virtual reality market is expected to explode over the next decade. According to a Goldman Sachs research, VR will be an $80 billion industry by 2025—the size of the current desktop PC market. The forthcoming consumer release of Oculus Rift headsets to the public might rapidly improve consumer adoption. However, real estate technology is far behind where it should be. A good exemplification is that there are still real estate firms still using Internet Explorer (sorry, Microsoft) as their main browser. Using VR headsets to tour your future home, office or vacation rental is pretty straight forward: the agent connects...

U.S. News & World Report recently analyzed 100 of the most populous metropolitan areas to identify the best places to live. Of the results, seven of the top ten U.S. cities are home to Yardi offices. To create the list, analysts compiled data from sources such as the Unites States Census Bureau, the Federal Bureau of Investigation, the Department of Labor and proprietary internal resources. Analysts then scored cities according to five key indexes: Job market, 20 percent Value, 25 percent Quality of Life, 30 percent Desirability, 15 percent Net Migration, 10 percent The weight of each index was determined by public survey. People throughout the U.S. voted to create the hierarchy of desirable features. The resulting list of 100 cities serves as a guide for some of the best-rounded metropolitans in the nation. These cities offer opportunity, quality, and value to residents. We are proud to announce that Yardi has offices in seven of the ten top places to live, indicated in bold. Denver, CO Austin, TX Fayetteville, AR Raleigh/ Durham, NC Colorado Springs, CO Boise, ID Seattle, WA Washington, D.C. San Francisco, CA San Jose, CA Yardi selected these amazing cities as our homes long before they made such top ten lists. And we’re not just saying that to gain cool points. Employee satisfaction and wellbeing are top priorities. We want employees to live well. We don’t simply pull resources and amenities from these top-ranking locales, either. We believe in giving back. Corporate philanthropy is a huge part of who we are and what we do. In addition to sponsoring nonprofits as an organization, we regularly roll up our sleeves to help out on an individual level. If you are looking for a place to call your professional and personal home, Yardi...

“Mortgage-backed securities; sub-prime loans, tranches; it’s pretty confusing right?” Ryan Gosling asks the audience early on in The Big Short. “Well, it’s supposed to be. Wall Street loves to use confusing terms to make you think only they can do what they do… So here’s Margot Robbie in a bubble bath to explain.” At once, the film cuts to Ms. Robbie as she sips champagne while quickly and easily – with just a smidgen of profanity – details the intricacies of mortgage bonds and subprime lending. The Big Short, based on the nonfiction book by Michael Lewis, has grabbed a handful of Oscar nominations, including best film. The Oscar nods put the final shine on a year’s worth of accolades, from the Golden Globes to BAFTA to a seemingly endless array of critics’ choice acknowledgements and guild awards. With dashes of wit, energy, and unexpected humor, The Big Short manages to distill and illuminate the causes and outcome of one of the largest financial catastrophes in US history. In doing so, the film also manages to shine a lite on the intricate, sometimes confounding, world of real estate development and financing. While The Big Short does a commendable job of pulling the viewer into the nuts and bolts behind Wall Street’s disastrous interlude with B-paper loans and unmonitored trading, the film is not the first cinematic foray the subprime calamity. In preparation of Sunday’s Academy Award telecast, here is our list of the top five award-winning films – from documentaries to thrillers – that highlight the winners, losers and puppet-masters behind the mortgage default catastrophe. 99 Homes (2015) Overshadowed by The Big Short when it debuted in 2015, critics immediately hailed 99 Homes for its harrowing depiction of the impact the housing debacle had...

Commercial real estate has seen a remarkable run-up in values in recent years, driven by steady job growth and robust fundamentals. The strong performance coincides with the economic recovery in the U.S., but even so, the outsized increases are well more than would normally be expected given moderate GDP growth in the 2% range during that time. Overall, property values in the U.S. are up 17.7% from the last peak in December 2007 and 66.1% above the trough in January 2010, according to the Moody’s/Real Capital Analytics Commercial Property Price Index (CPPI). Major markets and apartments are doing even better. RCA’s core six markets (New York, Boston, Washington DC, Los Angeles, Chicago and San Francisco) are 39.2% above the last peak and 126% above the last trough, according to the CPPI. Meanwhile, apartments are 60.7% above the 2007 peak and 111.3% above the 2010 trough. So what is driving the rate of increase? Simply put, there is a lot more capital looking to buy commercial properties than owners that want to sell. Commercial real estate is increasingly popular with a wide range of institutional investors, for a number of reasons. As noted, the sector has performed extremely well, which always drives capital, but it is more than that. Commercial real estate produces a regular dividend that is very attractive. The average yield for core real estate is roughly 5.5% and for public REITs it is about 4%. Compared to other fixed-income products (say sovereign debt) that is extremely attractive, not to mention that the debt is secured by properties. Another attraction for foreign investors is to hold assets in American dollars. Whether Americans are satisfied with the level of growth in the economy, compared to other parts of the world the U.S. is seen...

Editor’s note: The following interview with Aditya Shah, Yardi’s Director for Middle East Operations, recently appeared in Gulf Property magazine and is reprinted here with permission. Yardi Systems, a US-based large asset management and property management software solutions provider, now has more than 1,000 commercial properties, 50 shopping malls and 50,000 residential units using its software in the Middle East. “We have grown 30 percent in the last ten months alone,” says Aditya Shah, Director for Middle East Operations at Yardi Systems, told Gulf Property in an exclusive interview. The company has signed up with Mall of Qatar last month to automate the mall’s property management and accounting system with Yardi Voyager 7S, the company’s new mobile-enabled, label-compatible software as a service property management and accounting platform. Mall of Qatar will have over 5.4 million square feet of built up area, more than 500 retail units, over 100 dining operations, a 5-star hotel and more than 7,000 car parking spots when its construction is complete in the third quarter of 2016. It will host an estimated 20 million visitors in its first year. Since its founding, Yardi has set the standard for real estate software solutions with a combination of responsiveness and technical innovation. In an interview with Gulf Property, Shah detailed Yardi’s activities in the region. Gulf Property: Could you share with us the number of Middle East properties that are currently under management using Yardi’s solutions? AS: Yardi has a broad range of clients that manage a cross section of asset classes that include, but are not limited to, residential office, and retail. There are approximately 50 retail malls, 1,000 commercial properties and over 50,000 residential units that are currently managed on Yardi solutions across the Middle East. These include some of...

It’s the perfect combination: a boost in local jobs, diminishing office supply, and rising rents. The three have positioned the Atlanta office market for a record-breaking year. With a conservative lens, JLL lists the Atlanta office space vacancy rating at 17.5 percent and average rents of $22.54 per square foot. Transwestern confidently states a 15.9 percent vacancy rate and average rates closer to $25. In both scenarios, this quarter marks one of the highest asking rents in nearly 30 years. There is still room to grow. Conditions suggest that asking rents could approach $30 per square foot: PM Realty Group estimates that Atlanta broke its 2000 occupancy gain record. The market totaled almost 3.7 million square feet of office space absorption for 2015. The resulting 14.2 percent vacancy rate for Class A properties broke a 15-year low, according to Transwestern. Atlanta’s Class A direct occupancy rates broke a 14-year record, increasing by 300 basis points to 86.7% over the prior 12 months. Class B office space accounted for 29.7% of the total net absorption for 2015. Just three years ago, Class B office product saw negative absorption in Atlanta. Demand for quality office space in Atlanta continues to grow. BisNow reports that Metro Atlanta is expected to add 60,000 jobs per year for the next few years. Nearly 25 percent will be “premium” jobs that require office space—yet only 885,000 square feet of office space is under construction for the year. If 885,000 square feet doesn’t sound like a game-changing amount of space to you, you’re not alone. It’s barely a drop in the preverbal bucket. With the exception of residential, many investors still see real estate as a risky investment. Funding for new construction remains scarce, which means that existing Class A properties...

The American Pet Products Association estimates that approximately 60 percent of all Americans own at least one pet, with nearly 80 million dogs and 96 million cats as part of that lofty figure. “That’s a significant amount of prospective renters,” said Gina Bertagnolli Slater, regional property manager for Pinnacle, Las Vegas. “For our pet owners their furry friends are family. Our ability to provide an extraordinary experience for the entire family is paramount in fulfilling our mission of consistently exceeding our customers’ expectations—and that includes their pets.” The rental housing market adapted to the fact that people consider their pets as family members, and property owners are focusing more and more each year on pet-friendly amenities and services to attract and retain residents with pets. It’s a view shared by many in the multifamily business today, with developers doing all they can to attract people (especially Millennials) with pets, and companies adding a host of pet-friendly services and amenities to their communities. Features like pet parks, pet spas, pet concierge services, and even pet welcome gifts are becoming more common for people moving into apartments. Plus, with the number of Millennials moving into urban cores where there are fewer opportunities to care for a pet, it makes it even more vital to cater to the pet lover. “In most growing and developed urban markets around the United States, pets, specifically dogs, are the children of condominium and multifamily building residents,” said Scott Leventhal, president & CEO of The Trillist Companies. “Failing to cater to the needs of the full extension of someone’s family provides a shortfall in services. That is why we see the importance to provide those services to our residents.” That’s why the Trillist Companies installed Pet Respite into its buildings, which provides pet grooming...

For the past several years, the southeastern United States has been slammed with ice storms in the first quarter. You can’t stop the ice from forming, but there are several steps that you can take to keep your leasing office staff as safe as possible. While weather forecasts are known to issue false alarms, ignoring a warning can lead to dangerous repercussions: impassable roads leave employees stranded at work and their kids stranded at school; fallen trees can cut power supplies. The weather warnings are not always accurate, but the cost of ignoring them may outweigh the benefits. Use these tips to guide your staff safely through ice storm season in the southeast. Ensure that snow and ice removal equipment is ready for action. Check that property management, vendors or maintenance staff have properly prepared for the season. This is especially important if the equipment needed is kept onsite and rarely used. Jack Drobny, Senior Product Marketing Manager at Troy-Bilt, offers maintenance tips for dormant machines. “If you try to start a snow thrower after it has sat for a while, it might not start,” he says frankly. “The first thing that you’ll want to do is remove the smart plug boot, ground it to the engine block, and clear away any external engine debris,” he says. Drobny then suggests adjusting the skid shoes and shave plate, which are particularly important for breaking up ice. Once those items are secured, Drobny recommends inspecting the belts for signs of damage, checking the oil and adding fresh fuel as needed. “By taking care of those things early, you won’t be left out in the cold.” Keep additional fuel, spare batteries, and chemical ice-melting products onsite when possible. Such supplies can make parking lots and sidewalks safer...

The ancient Arabian port of Jeddah sits along the Red Sea, waiting patiently for barges and cruise ships. Meanwhile, just a few miles north, desert dust rises up in bursts as new Jeddah City rises up from the amber dunes spread out along the Arabian Peninsula. While the new Jeddah City’s horizon may currently play host to construction cranes and scaffolding, in just under five years a modern oasis will shine amongst the desert sands, greeting tourists, international businessmen and pilgrims on their way to Mecca. In an effort to revitalize this important entry point into Saudi Arabia, the Kingdom City, Jeddah project will include 5.3 million square feet of shops, restaurants, offices, residential apartments unfurling at the base of Jeddah Tower, a 1-kilometer edifice set to seize the mantle of “tallest building in the world.” Previously known as Kingdom Tower and initially designed to be one-mile high, the revamped and slightly scaled-down Jeddah Tower will house a 200-room Four Seasons Hotel, over 300 apartments, and the world’s highest observatory platform jutting out 200 feet above the mouth the city’s man-made harbor. The sleek, futuristic, minaret with a completion date of 2020, will also include several viewing decks and a 250-meter spire striking out into the clouds. The tower is expected to cost about $1billion, with the entire project estimated to sit somewhere in the ballpark of $20 billion. Indoor environment will be controlled via design and technology. Large notches along the exterior will allow for shaded terraces. Cool air at the tower’s peak will enable natural cooling, and the tower’s orientation guarantees no significant surface area will directly face the sun. The structure will also be energy and water efficient, with low-conductivity glass controlling cooling costs and thermal loads, and air conditioning condensate...

Though seven-figure listings may have dominated this year’s luxury real estate, some mega-homes were forced to downgrade their expectations and their list price. At the same time, other properties and projects still in development held out high hopes for wealthy buyers willing to pay any price for their very own slice of paradise. Palaces, manors and landmarks – they were all up for grabs this year! Say Hello to El Fueridis In Brian De Palma’s 1983 film, Scarface, gangster Tony Montana builds a cocaine-fueled empire that soon lands him in a Miami mansion littered with the flotsam and jetsam of his lavish life of crime. With a beautiful wife, a pet tiger, and more illicit drugs than he can apparently handle, Tony eventually become a victim of his own hubris, uttering his famous last words before tumbling off his ornate balcony into a fountain inscribed with the words, “The World Is Yours.” Though the film was set in Florida, the house is actually located on the opposite coast. The 100-year old haunt, known as El Fueridis to friends and neighbors, was designed by LA Public Library architect Bertram Goodhue and has always been hip to the Hollywood scene. Its “Persian-style” gardens and 24-carat gold ceilings once hosted the wedding of Charlie Chaplin and Oona O’Neil. More recently, the 10,000-square-foot mansion has languished on the market for over a year, its ten acres and innumerable fountains unable to coax potential buyers to fulfill the $35 million asking price. A thirty-percent discount seems to have done the trick: the property finally sold for $12.26 million earlier this year. The Largest Log Cabin on Earth Beyond Abe Lincoln’s wildest dreams, this expansive – and expensive – Granot Loma is technically a “log cabin,” but it’s aspirations are...