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Confessions of a Recovering Landlord
33 minutes | Jul 29, 2022
#0088 - Objectives for New Office Space
In today's episode Bob & Jan discuss what CEOs and business owners highest rated desires are for new space for their companies to occupy and they include: Space image is consistent with image and values the company wants project to clients, investors and employees Health consciousness Scale of opulence vs frugality Ease of access Attract and retain employees Location relative to clients, employees and operations Encourage and support productivity Consistent with value proposition of the company Civic responsibility - in a certain city, opportunity zone, congressional district, etc
27 minutes | Jun 23, 2022
#0087 - Increasing Cost of Buildings and Affect of Tenant's Share of Taxes
Buildings are more in demand than ever. Short supply, big demand and where are prices to go. That's right....up! How does that affect the taxes of said building and how are tenant's pro rata share of expenses treated? Listen to Bob & Jan discuss all things CRE buildings, prices, taxes, and expenses. Cost of buildings Class of buildings Taxes How are they calculated Appraisal districts Tenant expenses Protecting your client
38 minutes | May 31, 2022
#0086 - When To Begin The Renewal/Relocation Process
When to begin renewal/relocation discussions with a client? Several factors to consider: Is the organization changing rapidly and not sure how much space they will need? Company is unsure of the right location for their client base and employees. There is a chance the organization will be acquired or might be acquiring themselves. Company is confident the economy will experience a downturn bringing lower rental rates OR an upturn bringing higher rates. Client has a renewal option which must be exercised by a certain date. Missing a renewal option date could allow the landlord to lease the space out to another tenant, forcing client to move whether they intended to or not. The client wants to shrink the size of their space and are willing to sign a longer term lease to accomplish that. Client might consider buying a building instead of leasing. Client is doing a 5-year or longer forecast and wants to know what to assume for future occupancy costs. They want to consider changing their office culture in order to attract the right employees. Occupancy costs are generally the second highest expense behind payroll/benefits and should be managed proactively. The average project from the start of the search to the signature on the lease is six months. Purchases generally take even longer. If the tenant decides they are better off relocating and the new location requires interior construction, that could add two to six months to the project timeline. Why use a tenant rep broker? A tenant rep broker will almost always save you money (whether through face rate rental price, expenses, tenant improvements, etc). The rental rate already includes a fee for the tenant's agent which the landlord pays. If the tenant doesn't use an advisor, it's like paying for a service without getting the benefit. Using an advisor provides professional distance from the negotiation for the CEO. This allows all items to be considered collectively instead of sequentially. An advisor negotiates many leases a year and is an expert on industry trends, terms and practices. That knowledge is used on behalf of the tenant and levels the playing field with the landlord. An advisor is a fiduciary to the tenant and must put the tenant's interests above his own. Loyalty is critical. The advisor saves the CEO time that he would otherwise have to invest himself in dealing with every aspect of the search (if there is one) and negotiations.
28 minutes | May 3, 2022
#0085 - Conflict of Interest....Just Cost Somebody $800K
JLL can't collect an $800K commission due to improper disclosure of dual representation D.C. Brokerage Act Judge Florence Pan Disclosure must be large and in charge! Spaces Regus S.C. Herman Amazon and the supply chain
30 minutes | Apr 6, 2022
#0084 - Feels Like The New Retail?
Older offices High-cost cities Migration patterns High-cost markets Sun Belt Remote work Class-A Office buildings Class-B Office buildings Class-C Office Buildings Deed in lieu of foreclosure Traditional gateway cities Texas Triangle - Dallas, Houston & Austin Amenity rich buildings Luring employees back to the office Location, location, amenities Virgin Hyperloop Freight transportation Battery-powered pods ELF?
26 minutes | Mar 16, 2022
#0083 - Inflation, Interest Rates and Your Company's Office
Fed raised interest rates today a quarter point. How does that affect CRE? How will it affect the general economy? How does this affect the space companies occupy for their businesses? Will demand for space slow? Will rental rates come down?
20 minutes | Mar 10, 2022
#0082 - Companies Pressuring Russia Over the Ukraine Invasion
Major brokerages pulling out of Russia - CBRE, Knight Frank, Savills Major oil companies pulling out of Russia - BP, Shell, Exxon Mobile Tech firms suspend sales - Apple, Dell Shipping companies pulling out of Russia - UPS, FedEx, Maersk Impact to data centers in Russia - Oracle has stopped providing cloud services Russian cloud provider Yandex near bankruptcy after being delisted on Nasdaq Cogent Communications terminating service in Russia
24 minutes | Feb 22, 2022
#0081 - $64,000 Question - Just How Much Office Space Do You Need?
How much space do you need for your office? Who do you need on your team in order to decide how much space you need? Are rents up or down? Landlords have representation, do you? Is subleased space the way to go? How much can you save by taking sublease space? Why are some companies expanding and others retracting? Are employers planning on employees returning to the office? Flex space and how is it being used? Where is the growth occurring?
49 minutes | Feb 10, 2022
#0080 - Interview with David George, CEO & Founder of CRUX - Corporate Real Estate User Experience
Bob & Jan get to grill their new friend, David George, regarding what trends he is seeing regarding employees returning to the office and how those decisions get made. What purpose should the office serve? What's the narrative companies need to develop to identify benefits to both employees and the business of the new way of working - recognizing that there are constraints for both? What does the change journey look like? Will the pandemic cause a lasting impact on real estate needs and the design of the office/workplace?
27 minutes | Jan 12, 2022
#0079 - 9 Predictions of What CRE Can Expect In 2022
Bob weighs in with his opinions on the following predictions for 2022: The U.S. won't see tangible changes to the supply chain this year, but companies will be better equipped to handle delays and shortages. Industrial developers will target large office campuses as new sources of industrial development opportunities. Hotels will capture record sales prices in 2022. The omicron variant, and others that may follow, will prompt employers to delay return-to-office plans and maintain flexibility with employees. The infrastructure bill will not have a meaningful impact on the CRE industry in 2022. The passing of social spending bills, like Build Back Better, may pose headwinds to CRE demand. Rising inflation will compound rising construction costs, resulting in a slowdown or cancellation of some developments. Office landlords will invest in hospitality-focused office renovations to lure employees back to the office. As residents continue to work from home in 2022, property managers will invest more heavily in technology, specifically in amenity spaces.
32 minutes | Dec 20, 2021
#0078 - CRE 2021 Predictions-Were They Accurate; Trends We Saw; High-Paying Jobs Going Remote; What Do Workers Want in Returning to the Office?
CRE experts were mostly correct for the 2021 predictions but they definitely whiffed on some. Trends that popped up in 2021 that were surprising. High-paying ($80k+) jobs going remote? Hold on to your hat. How will small towns adapt to growing remote work force? When workers go back to the office, what will they care about?
23 minutes | Dec 9, 2021
#0077 - Industrial Tenants Face Huge Rent Hikes; What Elevator Usage Tells Us About Omnicron; Ground Leases - Popular Finance Tool
Industrial tenants are most likely to incur huge rent hikes when renewing their expiring leases - an average of 25% Elevator usage tells us info about Omnicron and the workplace - Kone elevator Ground leases becoming a popular finance tool and big players are taking advantage
29 minutes | Nov 30, 2021
#0076 - Office Gaining Momentum, Sublease Availability Falling, WeWork's New Tiers, Industrial & Supply Chain
Office gaining momentum for big return in 2022, NAIOP predicts Pandemic subleasing trend declines as available square footage falls in Q3 New office demand retreated in September (but doesn't it always?) WeWork adapting to new hybrid office environs with two levels: WeWork On Demand and WeWork All Access Industrial building off the charts Supply chain is getting better....albeit slowly
24 minutes | Nov 10, 2021
#0075 - Are post Covid plans for commercial office space turning out as predicted??
No, Jan, was not drunk during the taping of this show! Where was the spoke moved from the hub-and-spoke model? Who let the dogs out....in the office? Companies are NOT establishing hybrid workplans Jobs report Workers quitting at record numbers Class AAA buildings being built
34 minutes | Oct 27, 2021
#0074 - Sublease Markets Contracting; Workers Back to Office; 3/2; Shadow Inflation; Libor Going Away; City of Dallas Permits, and more
Sublease markets are contracting...but barely Workers are back to the office at a higher rate than since the pandemic began What is shadow inflation What will take Libor's place Permitting in the City of Dallas...what a headache NAIOP sentiment index rising
31 minutes | Oct 20, 2021
#0073 - Last Mile Logistics and The Digital Revolution - Creating New Real Estate Sectors?
Pandemic highlighted just how important e-commerce is Top 500 retailers have generated a 45.3% increase in 2020 from previous year Huge need for last mile logistics in commercial real estate Property type has to center around supply chain Golden Triangle - Great Lakes → Texas → Florida Infrastructure bill in congress Food delivery (ghost kitchens) Netflix (film studios) Data centers JLL Short Stays = AirBNB for CRE?
45 minutes | Oct 13, 2021
#0072 - Reducing Footprints; Employer Survey; Signs of Life & Market Conditions Update
Two large companies (PwC & Glaxo/Smith/Kline) reducing their footprints - sizably WeWork update What happens to office buildings Employer survey CBRE new measure looking for signs of life Market conditions update Landlords slow to provide proposals
32 minutes | Oct 6, 2021
#0071 - Office Leasing Rebounding? Office Leasing Reducing?
Dallas-Fort Worth office leasing approaching a rebound? Chicago law firm drastically reduces it's footprint upon renewal. What Kastle System shows is actually happening in offices. Logistics system - help!
9 minutes | Sep 22, 2021
#0070 - The Great Resignation of 2021
I recently read an article in the online magazine D CRE and it was commenting about the supposition that 30% of workers will quit their current job and either go elsewhere or leave their industries all together. I've actually heard a higher figure than that. Microsoft had a survey stating that 41% of the global workforce was contemplating a resignation. In April, according to that same article, 4 million US workers quit their jobs. How can employers retain their employees? According to the Worth.com article leaders need to focus on employee experience, heightened communication, and relationship leadership where bonds are created beyond just the work being done and employee's place in the hierarchy. The D CRE article had some suggested solutions: Recommended employees stay put. Stay in your geographic market (this helps to build your brand and relationships) - this can build your network net worth. Stay in your chosen career field. Stay with your current employer. Stay in your profession by studying it even further. Stay calm and focused on the 3 F 's - faith, family and friends.
6 minutes | Sep 15, 2021
#0069 - Stalking Your Employees?
Should you stalk your employees? Provocative question, right? In today's episode of the podcast we discuss why that is actually important to the overall health of the company. What we recommend is that clients plot the home addresses of every employee on a map when considering where to put the office. And just to be clear, I'm not suggesting we invade anyone's privacy. We always ask the employers to just forward addresses - no names. We're just concerned with location - not surveilling anyone! Smart, but realistically don't we just care about where the CEO lives? OK, now, that's old school thinking, but remarkably accurate for a long time. It still is in many cases. True, but more than ever, employers are: Paying attention to the needs of employees. Wooing them back to the office. Minimizing employee commutes - make them more bearable, especially with WFH. Sometimes, the results of the mapping are surprising. It can be eye opening. Mapping can also show a business owner if they should open a second office or provide a coworking membership if a lot of employees are clustered together. Also, to be considered, where do the company's clients office/live? And, who wins? The employees or the customers?
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