Originally published on May 22, 2020 by Jennifer LeFurgy, Ph.D.

Economist Douglas Holtz-Eakin Gives his Take on the U.S. Economy and the Government’s Unparalleled Response

Originally published on May 20, 2020 by Alex Ford

As states begin to slowly reopen their economies, governments, businesses and the public as a whole are contemplating what a post-coronavirus America will look like. Some aspects of this “new normal” – such as limited capacity requirements in public spaces and stricter sanitation mandates, to name a few – are already taking shape. But with a cure potentially months or years away, who bears responsibility if a customer or employee contracts the virus? The question is yet another example of the unprecedented times in which we are living, and has emerged as a key wedge issue among various stakeholders.

Social distancing hasn’t stopped NAIOP Charlotte members from getting together (virtually) to continue to engage, learn, and socialize. Below are highlights from several recent member only events. A special thank you to our 2020 Cornerstone Sponsors. With their support, NAIOP Charlotte has been able to keep the conversations and information flowing during our time of social distancing.

March LWAL: Our first virtual Lunch with a Leader featured Taiwo Jaiyeoba and Alyson Craig from the City of Charlotte. Jaiyeobe and Craig shared how the city is adjusting to COVID-19 and keeping commercial development moving forward to maintain a healthy region.  If you were not able to participate in the webinar and would like to listen, click here to access the recording.

Last Friday, the House of Representatives passed by a vote of 208-199 a Democratic-backed coronavirus economic recovery bill, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. House Democratic leadership drafted the legislation without Republican input and unveiled it earlier in the week, leading Republican leadership to dismiss it as a partisan exercise.

While the HEROES Act will not be taken up by the Senate, the bill serves as an important opening salvo by House Speaker Nancy Pelosi as negotiations continue between the House, Senate and the Trump administration on a “Phase IV” economic stimulus bill.

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Originally published on May 14, 2020 by Daniel Levison.

In this crazy pandemic world, do you feel comfortable that your business is operating efficiently? If not, and most of us don’t, the question we should ask ourselves is: How do we prepare our business to operate at maximum efficiency when another catastrophic event occurs or our economy is shut down again due to a shelter in place order?

Originally published on May 13, 2020 by Stephanie Friese, Christine Norstadt and Jennifer Garner for the National Real Estate Investor

The jury is still out for May income as landlords and property managers are still assessing the impact from their tenants’ payments. Office, industrial, and multifamily landlords will likely receive most, albeit with some shortfall, of rents because tenants in these sectors have not been affected as much as in the retail sector, where we are hearing reports that as many as 40-50 percent of retail tenants will not re-open.

Originally published on May 18, 2020 by Elizabeth Brink and Arnold Levin

At Gensler, we’ve been thinking hard about how to help our clients through these extraordinary times. As we’ve adjusted to the strange reality of the global work-from-home experiment, our clients have begun to ask what the future of work holds post-pandemic.

Originally published on March 2020 by Maria Sicola, Charles Warren, Ph.D., and Megan Weiner, CityStream Solutions, LLC.

Professionals commonly analyze and compare individual U.S. commercial real estate markets by dividing them into ranked tiers based on their investment potential or growth characteristics. Although the methodologies they use to create these rankings are broadly similar from one report to the next, each is slightly different. As a result, cities are ranked differently in different reports. This can sometimes lead to confusion as industry participants sort out which markets are the best candidates for new investment. Adding to the potential for confusion, different analysts use different terms (e.g., “Tier 1,” “Primary,” “24-hour,” “Gateway”) to describe which markets they think are the top markets in the industry.

House Speaker Nancy Pelosi and top Democratic leaders are working on a bill that could spend as much as $2 trillion more on coronavirus relief. A significant portion of that will be directed toward states and local governments, which are suffering a loss of tax revenues because of ongoing shutdowns.

Other priorities include an expansion of unemployment insurance and additional funding for the U.S. Postal Service. The bill could also include spending on infrastructure.

Originally published by Phil Jelsma for Commerical Property Executive

The coronavirus outbreak has prompted multiple deadline extensions by the Internal Revenue Service, many of which have major implications for commercial real estate investors.

The COVID-19 pandemic is changing many aspects of how we live, move about our cities, and get essential physical activity. The City of Charlotte is launching Charlotte Shared Streets to support social distancing and pedestrian/bicycle safety amidst this new way of life. Shared Streets is intended to support outdoor exercise; create a safer environment for people walking, wheelchair rolling, biking, skateboarding, and rollerblading; and promote physical distancing of at least 6 feet by identifying low-speed neighborhood streets as “Shared Streets.”

Shared Streets are streets that are temporarily designated and signed as streets for walking, wheelchair rolling, biking, skateboarding, and rollerblading. Through traffic will not be permitted, but emergency vehicles, delivery vehicles, and residents who live on those streets will still be able to access the roads by motor vehicle. Residents should understand that the SHARED streets do not present an opportunity for residents to congregate and that they should continue following social distancing guidelines. Shared Streets are meant to foster solo physical activity and to connect people to destinations. This is a time to bring out the longboard, not the hammock.

The CLT Development Center continues to maintain plan review, permitting, and field inspections as allowed by the stay-at-home order. For the last weeks, we continue to make modifications to the ways we deliver services to protect customers, staff, and the community. 

Requests and scheduling for virtual meetings for urban and commercial pre-submittals continue to be offered. Please contact Nan Peterson, Business Relation Manager, [email protected], or 980-264-9580 with questions or inquiries. 

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Last week, the White House issued an outline containing a three-phase approach for states to follow as they move to restart activities following the coronavirus pandemic. Before a state moves forward, the administration said it should be seeing a downward trajectory of influenza-like illnesses and COVID-like syndromic cases reported over two weeks.

As states reopen, the plan recommends they have plans to:

• Protect the health and safety of workers in critical industries.
• Protect the health and safety of those living and working in high-risk facilities (e.g., senior care facilities).
• Protect employees and users of mass transit.
• Advise citizens regarding protocols for social distancing and face coverings.
• Monitor conditions and immediately take steps to limit and mitigate any rebounds or outbreaks by restarting a phase or returning to an earlier phase, depending on severity.

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NAIOP is proud to honor up-and-coming commercial real estate professionals, 35 years of age and under, for their valued contributions and commitment to the industry with the annual Developing Leaders Award. The award is presented to those who have shown exemplary achievements and demonstrated outstanding professional accomplishments in the commercial real estate industry.

Nominations are now being accepted for the 2020 NAIOP Developing Leaders Award.
Deadline: June 26, 2020

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Originally published in the Spring 2020 Issue by Trey Barrineau

Surging demand for e-commerce grocery deliveries could spark more construction of refrigerated facilities.

In October 2019, Amazon announced that it will begin offering free two-hour grocery delivery to Amazon Prime members. The move could have a dramatic impact on demand for cold storage facilities, which were already poised for strong growth amid changing consumer preferences.

Originally published on May 5, 2020 by Rich Tucker 

At the beginning of the year, nobody predicted the economic slowdown caused by the coronavirus pandemic. On March 1, the economy seemed to be thriving with record-low unemployment and a booming stock market. Two months later, the economy is in a deep freeze, and everyone wonders how quickly, and how thoroughly, it can thaw out.

Originally published on April 28, 2020 by Mecklenburg County

Mecklenburg County, the City of Charlotte and the six county towns, have agreed to follow the State of North Carolina's Stay at Home Order starting April 30.

Mecklenburg County Manager Dena R. Diorio announced the agreement to the Board of County Commissioners at its public policy meeting Tuesday afternoon, one day before the county's current order was set to expire.

"The unified coalition of the County, the City, and the towns that began working together when this crisis started will stay together," said Diorio. "We have agreed to proceed like the rest of the state as the phased reopening proceeds."

Mecklenburg's Stay at Home Order began March 26 and is more restrictive than the state order regarding certain businesses—including car dealerships, landscaping services, real estate brokerage, and other businesses not considered essential.

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Originally published on April 14, 2020 by Marc Rapport for MillionAcres.com 

The coronavirus pandemic has wreaked havoc on Americans' health and on their businesses. April 1 marked the first major due date for rent for millions of enterprises large and small, and reports from around the nation show that many simply couldn't make do.