Recent years brought new stresses on the construction industry – COVID-19 shutdowns, supply chain woes, labor shortages and bank failures have slowed projects or put them entirely on hold. At the same time, the cost of capital has risen considerably.
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The groundbreaking ceremony for a new building signifies the physical start of a construction project. In most cases, however, months or even years have already been spent preparing the land for future growth, as planners and developers work behind the scenes to make the property “shovel ready.” Attempting to market a property that is not shovel ready can be a significant barrier to making a commercial property sale. But what does it mean to have a shovel-ready property, and why is it so important?
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America faces a multipronged real estate crisis. We have a stubborn residential housing shortage, high office vacancy rates, and flight from many downtown hubs that is killing off businesses servicing those areas. Converting office towers into housing could solve multiple problems at once.
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With Federal Reserve Chair Jerome Powell indicating that the Fed will continue to raise interest rates through the end of the year and into 2023, traditional capital providers with strained balance sheets are pulling back on lending. And given the current economic outlook, many senior warehouse line lenders may also look to pull back on financing, opening the door for a more direct asset-by-asset approach. As a result, borrowers need to seek out alternative lenders that creatively finance their projects – enter nontraditional lenders and loan-on-loan financing partners.
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With all signs pointing to an economic recession – presumably arriving midyear or Q3 – how can the commercial real estate community best plan for this event, which asset classes will be particularly hard hit, and what silver linings and opportunities will be available to savvy investors and progressive companies? Offering their insights and perspectives on this topic are Anirban Basu, chairman and CEO of Sage Policy Group and Jennifer LeFurgy, Ph.D., vice president of knowledge and research for NAIOP.
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As the calendar turns to 2023, what’s ahead for the commercial real estate field? We talked to several NAIOP Distinguished Fellows and Research Foundation Governors to get their forecasts for the next 12 months.
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CommercialEdge’s October office report explains that office starts slumped in gateway markets, but advanced in the Sunbelt.
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There are times when the advantages of property technology are crystal clear. PropTech can sometimes help commercial real estate professionals identify and seize opportunities in a matter of days, whereas an older tool may have required weeks or months – at which point the opportunity may […]
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Technology continues to drive rapid change across project and asset lifecycles. On a tour of the Oracle Industries Innovation Lab in Deerfield, Illinois, as part of CRE.Converge 2022, attendees were able to explore some of the latest advances in autonomous equipment, augmented reality, artificial intelligence, machine […]
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While some economic indicators, including employment numbers, consumer confidence and inflation appear to be trending positively, the commercial real estate market is still contending with the challenges of the past two years. The once-booming office sector in Chicago and the surrounding suburbs was hit particularly hard; […]
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