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Congress Begins Lame Duck Session After Surprise Midterms

Members of Congress returned this week after midterm elections delivered results surprising both political parties. With President Joe Biden’s approval ratings hovering in the mid-40% range and inflation as the top issue for a plurality of voters, there was widespread expectation that the Republican party would easily regain the majority in the House of Representatives and possibly the Senate.

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IRS and Treasury Introduce Regulatory Plan

Originally published on November 8, 2022, by the NAIOP E-Newsletter. 

While most of the political establishment in the nation’s capital is focused on the midterm congressional elections, federal agency staff are still moving forward on developing regulations from legislation enacted this year. The U.S. Department of the Treasury and the Internal Revenue Service last Friday issued their Priority Guidance Plan for 2022-2023, detailing their top regulatory priorities for the next year.

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Real Estate Industry Weighs in on Property Conversion Legislation

Originally published on October 18, 2022, by NAIOP.

NAIOP and its real estate industry allies last week provided suggestions on the Revitalizing Downtowns Act, legislation that would create a new tax credit to facilitate the conversion of older office buildings into multifamily housing structures. The bill would provide a 20% tax credit for expenses in converting a building that is at least 25 years old to multifamily housing, provided that at least 20% of the units are reserved for affordable housing. In a coalition letter to sponsors of the legislation, the real estate groups suggest expanding the category of properties eligible for the credit and ensuring real estate investment trusts can utilize the incentive, among other things.

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Congress Extends Government Funding

Originally published on October 4, 2022, by NAIOP.

Last Friday, the House passed a stopgap funding bill – sending it for President Joe Biden’s signature only hours before a government shutdown would have taken effect – before lawmakers left to campaign for the November midterm elections. The Senate had passed the Continuing Resolution (CR) days prior, after Senator Joe Manchin (D-WV) agreed to remove controversial energy project permitting legislation that had been part of his agreement with Senate Majority Leader Chuck Schumer (D-NY) to get his support for passage of the Inflation Reduction Act passed in August.

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House Republicans Outline Post-election Policy Agenda

Originally published on September 27, 2022 by NAIOP Source E-Newslettter.

Last Friday in Pittsburgh, House Republicans, led by House Minority Leader Kevin McCarthy (R-CA), presented their “Commitment to America,” a broad outline of the direction House Republicans would take if they regained the majority in the House of Representatives after the November congressional midterm elections. The outline reflects more detailed proposals made by various policy task forces established by McCarthy to produce a policy agenda in advance of the midterms.

 

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State and Local Governments Play Key Role in Achieving Federal Policy Objectives

Originally published on September 21, 2022, by Toby Burke for NAIOP Blog.

The federal government in the United States is responsible for establishing national policies and objectives that are often not achievable without the active participation of state and local governments in our federalist system of government. Federal funds are usually included as part of these efforts to assist state and local governments in following federal guidelines and procedures to implement these policies. This reliance on the involvement of state and local governments places significant importance on strong intergovernmental relationships. 

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November Bonds Ahead for Charlotte, Gastonia; CLT Groups Form From 2040 Plan

Bonds on November Ballot For Charlotte, Gastonia

On Nov. 8, Gastonia residents will vote on a $75 million Transportation General Obligation Bond Referendum. The City Council approved the bond referendum at its Aug. 2 meeting.  

Proposed projects include:

  • Street and road repairs
  • Pedestrian walkways (sidewalks)
  • Street resurfacing
  • Utility relocations
  • Street intersection improvements
  • Street light improvements

For more information, visit this link.       

Charlotte voters will also have the opportunity to vote on a $226 million bond package that will upgrade and enhance streets, build housing for low-to moderate-income individuals and families, and improve infrastructure in the city's older neighborhoods and emerging high-growth areas. 

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Industrial Space Demand Forecast, Third Quarter 2022

NAIOP research

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary

Amid lower pressure on global supply chains, increasing inventory carrying costs, a cooling economy and a decrease in the rate of e-commerce expansion, retailers and logistics firms have slowed the rate at which they acquired additional industrial space this year. Net absorption of industrial space in the first two quarters of 2022 was 151.2 million square feet, down sharply from 2021’s record pace but still notably higher than in prior years (see Figure 2). The authors expect the still-hot industrial market to cool, and they forecast that the net absorption rate will continue to decline until it returns to the pre-pandemic trend. Total net absorption of industrial space in the second half of 2022 is forecast to be 112.4 million square feet, and full-year absorption in 2023 is forecast to be 209.4 million square feet (see Figure 1 for quarterly projections).

The Industrial Market

Supply chain congestion eased during the first half of 2022, as illustrated by the decline in the Federal Reserve Bank of New York’s Global Supply Chain Pressure Index from 4.35 in December 2021 to 2.41 in June 2022. As a result, retailers and logistics firms have shown less interest in leasing or buying industrial space before it is needed, a trend that contributed to higher absorption in 2021. Amazon’s decision to substantially scale back its expansion plans is the most prominent example of this shift in demand for industrial space. Nonetheless, smaller e-commerce firms, and even traditional retailers, continue to lease more distribution space despite slowing e-commerce growth as more consumers return to shopping at bricks-and-mortar retail. Industrial vacancy rates remain historically low as the ability to supply new space continues to face physical and political limitations in land-constrained markets. These low vacancy rates continue to cause asking rents, and ultimately transaction prices, to increase. Premium prices are being paid for properties with soon-to-expire leases and even vacancies as they allow owners to lease out more space at record-high market rates.

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City Council Members Meet with NAIOP Charlotte for LWAL

Last week, NAIOP members met with City Council Candidates Dimple Ajmera and Marjorie Molina to discuss important issues impacting Charlotte’s CRE industry.

LWAL two

The Lunch with a Leader series provides NAIOP Charlotte members an exclusive opportunity to meet and interact with key leaders in our community. Look for upcoming NAIOP Charlotte fall events here.

LWAL one

Permit Reform Legislation Advances Following NAIOP’s N.C. Advocacy Day

BY TOBY BURKE,   

Members from NAIOP’s three chapters in North Carolina traveled to Raleigh last week to advance the priorities of the commercial real estate development industry in meetings with state lawmakers. The top priority for NAIOP of North Carolina, the state alliance of NAIOP chapters, is the passage and enactment of House Bill 291, permit reform legislation sponsored by State Representative Jeff Zenger.

Local building permits are an essential and fundamental requirement for the development and improvement of commercial and residential properties. However, the processes for obtaining these permits can vary by city and county in North Carolina. These variations lead to uncertainties and delays in projects moving forward, which can impact the costs, financing and contractional relationships with contractors and providers of construction equipment and materials.

The enactment of House Bill 291 would bring reforms to the permitting process similar to those advocated by our local chapter in Georgia which were ultimately enacted into law in that state. These reforms to the local permitting process bring more predictability and accountability, reducing uncertainty and unnecessary delays. Core elements of the bill include:

  • A local permitting entity has 21 days in which review the plans.
  • During the 21 days, the local entity shall resolve issues associated with the application and may seek additional information from the applicant.
  • If additional information is needed or the application must be resubmitted, the permitting entity has 15 days from receipt of the additional information to issue a permit.
  • If the local permitting entity is unable to meet the time parameters, the applicant or inspections department may seek approval from a certified third-party (engineer) or the Department of Insurance.

The North Carolina House of Representatives passed House Bill 291 in May of 2021 on bipartisan vote of 79-33, sending the bill to the state Senate. The legislation was eventually sent to the commerce and insurance committee in March for their consideration. Our meetings last week focused on urging Senate leadership and the committee chairs to move this important legislation forward before adjourning for the year as early as the end of June. NAIOP of North Carolina’s advocacy played a key role in HB 291 being scheduled the following day for a hearing before the insurance committee the subsequent week.


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Strategic Mobility Plan Out Thursday


UDO graphic

Thursday will mark the release of the Strategic Mobility Plan (SMP) draft. The public can access the May 19 meeting at this link.

The SMP’s goal is to shape the mobility future for the City of Charlotte and expand on the “Safe and Equitable Mobility” goal of the Charlotte Future 2040 Comprehensive Plan (2040 Plan). The SMP dives deeper into the mobility policies of 2040 Plan to achieve a safe, connected, equitable, sustainable, prosperous, and innovative mobility vision for Charlotte. To learn more, follow this link to the Strategic Mobility Plan homepage.

SMP Virtual Engagement Sessions will be live on Thursday, May 26 (6 p.m.) and Tuesday, May 31 (noon). Meeting links will be available by visiting charlottenc.gov/smp.

Additionally, you can sign up to share input during the public comment portion of the City Council Business Meeting on Monday, June 13, at 6 p.m.

UDO – Updates

On Wednesday, there will be a presentation on the findings related to the Economic Analysis of the draft UDO.


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Raleigh UDO: Lessons Learned | Panel Discussion

 

As Charlotte strives for a UDO, what can we learn from Raleigh? Hear a discussion with public and private perspectives about the process, transition and implementation.

Reminder of Upcoming Election Schedule

 

originally published by REBIC with permission to prepost

Vote

Primary Elections are just around the corner! The time is now to do your research and get involved. As a reminder, the Election schedule is as follows:

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Election Update

 

originally published by REBIC with permission to repost

Two for Tuesday - REBIC

Important reminder that the comment period for the first draft of Charlotte’s proposed Unified Development Ordinance (UDO) closes at the end of the day on Friday, March 18th. We anticipate the next draft being released sometime in May and have encouraged a number of changes aimed at providing greater certainty with reduced timelines, more flexibility for challenging projects, and the ability to develop and produce additional housing stock to meet existing and future demands. We hope you will take the time to share your concerns with Planning Staff through the available online comment portal.

Congress Rushing to Reach Spending Deal

 

originally published for NAIOP National

Authorization for continued government spending will expire on Friday, March 11, unless Congress agrees on an omnibus fiscal 2022 appropriations bill or passes another short-term funding extension. The time frame for action is shorter, however, because the House of Representatives is scheduled to recess Wednesday, with Democrats going to Philadelphia for their policy retreat.

House Democrats had planned to pass the omnibus spending bill by Wednesday, but negotiations have been complicated by a White House request for an additional $22.5 billion for COVID-19 relief funding, and the need for supplemental funding for humanitarian, military and economic aid for Ukraine. 

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New District Maps Passed Friday

 

Policy Maps Pic

NC lawmakers pass new political maps, this time with…

North Carolina lawmakers have now passed new political districts for themselves and the state’s 14 seats in the U.S. House of Representatives – but it’s not the final decision, since the court system will still have a say in the matter next week. …

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www.newsobserver.com

Link Up with the Legislative Listserv

 

Last year, the NAIOP Charlotte Legislative E-List was created with the purpose of allowing members in good standing a platform to stay up to date and connected to the many legislative activities going on in Charlotte and the industry as well as participate in ongoing conversations relevant to the commercial real estate development community. Between the 2040 Comp Plan, UDO, Policy Maps, just to name a few, this is a fantastic tool to stay in the know. This list can be managed through your member profile. Follow these steps to sign up today.

Charlotte UDO Updates

 

2040 Policy Map
Charlotte’s 2040 Policy Map, currently undergoing its third iteration, is scheduled to be released next Monday, February 21st with a public hearing to follow on February 28th. We hope the new map will incorporate many of our recommendations, including encouraging higher densities where appropriate and letting the market guide potential future land use options. 

Election Update
The General Assembly is scheduled to vote Wednesday and Thursday of this week on newly drawn Congressional and State House and Senate Districts. Many involved in the process are hoping to reach some sort of compromise so the elections may proceed. Candidate filing is scheduled to recommence on February 24th. If things haven’t been settled by then, look for election dates to be pushed back yet again.


 

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Key Races and Predictions for the 2022 Midterms and Beyond

 

originally published by KATHRYN HAMILTON, CAE for NAIOP National with permission to repost. 

Election Results Pic

Five primary factors will shape this November’s midterm elections. Each has varying degrees of importance, but all solidly affect President Joe Biden’s approval ratings, which influences how people will vote, said Larry Sabato, Ph.D., political prognosticator, professor of politics at the University of Virginia, and founder and director of the University of Virginia Center for Politics, during an exclusive NAIOP members-only webinar this week.

Read the Full Article!

New Charlotte Policy Maps

 

originally published by REBIC with permission to repost

2040 Policy Map Pic

Last summer the City of Charlotte Planning, Design & Development Department kicked-off the Charlotte Future 2040 Policy Map process as a first step in putting the Charlotte Future 2040 Comprehensive Plan into action. Thank you to those of you who have participated in engagement in this effort to date.

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