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Top Five US Metros for Life Sciences In 2022

Life sciences

TOP FIVE US METROS FOR LIFE SCIENCES IN 2022

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Growth in the life sciences sector has driven demand in recent years for both commercial real estate space and labor to accommodate this specialized sector. A new study by commercial real estate platform CommercialCafe set out to identify the best metros for life science companies in 2022 and assessed more than 40 metropolitan statistical areas (MSAs) in terms of regional talent pool and workforce; accessibility of local office markets; the degree of availability of existing dedicated property; as well as the state of the local pipeline aiming to expand local life sciences capacity.

Boston took the number one spot on the list, with San Francisco in second place, then San Diego third, New York fourth, and Washington, D.C., rounding out the top five.

A longtime “flagship market” for life sciences, the Boston metropolitan area remains a leader in the sector. The MSA stood out for several key indices scored in the ranking: Boston boasts the largest labor pool among the metros analyzed, as well as the largest life sciences real estate market — nearly 25 million square feet of existing dedicated property, of which just under 14 million square feet was LEED-certified space. What’s more, with an additional 23.8 million square feet of new life sciences developments in the pipeline — under construction, as well as in the planned and prospective stages — Boston seems firmly placed at number one for the foreseeable future.

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NAIOP on Carried Interest and Update on Senate Passage of Reconciliation Bill

Last week, the U.S. Senate passed the Inflation Reduction Act of 2022, a $740 billion budget reconciliation measure with provisions to address climate change and energy security, extend federal healthcare subsidies, and allow Medicare to negotiate prescription drug prices. As we informed you last week, the bill, which had been negotiated by Senate Majority Leader Charles Schumer (D-NY) and Senator Joe Manchin (D-WV), contained a proposal changing the taxation of carried interests that would have harmed the commercial real estate industry and real estate entrepreneurs.

When the Schumer-Manchin agreement was announced, NAIOP and NAIOP Arizona, along with our national real estate allies, mobilized to support Senator Kyrsten Sinema (D-AZ) in her efforts to oppose the proposed changes to carried interest. In order to ensure her vote, the proposal was dropped from the bill before the legislation was brought up for floor debate.

We are gratified that the concerns of NAIOP and the real estate industry were considered on this very important issue. For more than a decade, NAIOP has successfully opposed various proposals to alter the tax treatment of carried interests, or “promotes” as they are known in real estate. While characterized in the media as affecting Wall Street hedge fund managers, these tax increases would have had a much broader economic impact, impacting real estate partnerships, the venture capital industry and others. We have been engaged with policymakers long before this latest proposal was introduced, and our members’ support has been extremely helpful.

Senator Sinema promised to continue working with Senator Mark Warner (D-VA) to develop legislation reforming carried interest taxation. I want to assure every NAIOP member that, on this and the other important issues affecting commercial real estate, we and our NAIOP chapters will continue our strong advocacy on behalf of you and our industry.

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UDO Meeting Set For July 11; CLT Water Plan Review Back On

REBIC's Rob Nenfelt and his team put together this week's Two For Tuesday and UDO takes center stage early next week.

UDO - Public Hearing Scheduled for Monday

The Charlotte City Council has scheduled a public hearing on the proposed Unified Development Ordinance (UDO) for Monday, July 11. The Council Action Review begins at 5:00 pm followed by the Public Forum/Business meeting at 6:30 pm. An agenda should be available here by Friday afternoon. Click here to sign up to speakRebic Logo

Also, Planning Staff has just released responses to public comments submitted prior to last Thursday's deadline. Additional changes will be reflected in the next and likely final draft when it is released which will occur prior to the expected vote on adoption in late August. Here's a link to the page containing the Second Draft Public Comments - With Staff Responses.

For additional UDO resources, please visit Charlotte's Unified Development Ordinance (UDO) - (charlotteudo.org).

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2040 Planning Academy Starting Tuesday, June 21

2040 Planning Academy

2040 Planning Academy Starting Tuesday, June 21

Do you have questions about all the development you see in CLT? Do you want to know more about how CLT plans for its future? Are you interested in influencing the future of your neighborhood?

The 2040 Planning Academy, formerly the Community Planning Academy, is a free 5-class program aimed at helping residents better understand the role planning plays in building communities. Through group discussions, presentations, and interactive activities, participants will learn when and how they can be involved in planning processes and help influence the future of their community.

The application window is open starting today, Tuesday, June 21, 2022, and will close on Sunday, July 17, 2022, at midnight.

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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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NAIOP Charlotte visits Raleigh for Legislative Day

NAIOP three

As part of an annual visit, NAIOP members visited elected North Carolina's elected officials today in Raleigh. Representing the commercial real estate industry’s perspective is critical to cultivate future relationships when challenges arise in the state legislature. 

NAIOP two

 

Construction Sites Build a Circular Economy

Genesis Marina

 Phase 3 Real Estate Partners’ Genesis Marina, a 550,000-square-foot life science development south of San Francisco, is the nation’s first precertified TRUE zero-waste project. Photo courtesy of Phase 3 Real Estate Partners

 

By NAIOP Development writer Alice Devine

 

Zero-waste efforts attract greater attention, including a new certification program. 

New buildings can create architecturally pleasing skylines and yet leave construction debris in their wakes. In fact, the U.S. Environmental Protection Agency estimates that construction and demolition debris accounts for more than twice the amount of generated municipal solid waste in the U.S. 

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Employers Continue Return-to-office Plans, Resulting in a 1.2% Increase in Office Listing Rates Year-Over-Year

 

originally published by IRINA LUPA for NAIOP National with permission to share:

Office Covid

Now that pandemic regulations have expired across the U.S., many companies are calling employees back to work. In the meantime, return-to-office techniques have changed dramatically in the last year, thereby ushering in a new era for the sector. In particular, the emergence of hybrid work arrangements has contributed to an increase in demand for high-quality office assets and has already widened the rate difference across classes in several markets.

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Reimagining the Post-pandemic Office

 

originally published by KATHRYN HAMILTON, CAE for NAIOP National with permission to share:

Office Pic

How we think about work and the workplace going forward has changed, explains Kristin Jensen, AIA, principal, and co-managing director, Gensler, in a new video. “Work” and “place” have been decoupled, and work can happen anywhere. Cubicle rows and private offices are replaced by open spaces and shared workstations used by different employees depending on the day of the week.

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A 1980s-Era Office Park is Reborn as Multifamily Housing

 

originally published by Mark Rivers for NAIOP National

Buildings

The future was bleak for Park Center, a 566,000-square-foot, three-building Class B- office park in Alexandria, Virginia, when it came to market in 2016. The property consisted of two 14-story office towers and one four-story building, half of which was occupied by a full-service fitness center. 

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NAIOP Insights: Future-proof Workplace in a Post-pandemic World

 

originally published for NAIOP National

NAIOP Insights

The challenges of the pandemic are changing how we think about work and the workplace going forward. "Work" and "place" have been decoupled, and work can happen anywhere.

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Medical Office Buildings Remain Resilient Amid National Vacancy Trends

 

originally published by IRINA LUPA for NAIOP National with permission to repost

Medical Office pic.

As two tumultuous years closed for the office sector and return-to-office plans were upended by new variants and case surges, millions of workers remained in remote or mostly remote setups. And, while the average office vacancy rate climbed across top U.S. markets, one segment continues to show resiliency: medical office buildings (MOBs).

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New Uses for Office Buildings: Life Science, Medical and Multifamily Conversions

 

 

originally published by Emil Malizia, Ph.D., CRE for NAIOP Research Foundation

NAIOP Research Pic

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Six Ways to Reduce Risk on Office Construction Projects

 

originally published by MICHAEL CASOLO for NAIOP National with permission to repost.

Construction Pic

The right design may be the key to achieving the flexible, experiential physical workplace of the future – but it’s only half the battle. Even the most flawless blueprint requires seamless construction delivery to unlock its maximum potential.

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Could Your Building Help Meet the Soaring Demand for Lab Space?

 

originally published by JEFF JANICEK AND JASON UTAH for NAIOP National with permission to repost. 

Lab Pic

Lab sciences are one of the most talked-about sectors in real estate right now – but how can a traditional office building owner court these companies as tenants? By understanding what lab sciences leaders look for in potential lab and office space, commercial real estate owners can determine whether their buildings might be prime candidates for this dynamic market.

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Flex Space Emerging as Long-term Office Market Trend While Transactions Overtake 2020 Sales Volume

 

originally published by IRINA LUPA  for NAIOP National with permission to repost.

Flex Office

While the past two years have been marked by considerable speculation around the future of office-based and remote work, there is no uncertainty around the fact that companies will still need physical spaces for training, collaboration, and culture building. Considering the changing nature of these activities, a trend has been gaining ground to keep up with demands: flex space.

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Designing the Experiential Workplace of the Future

 

originally published by MICHAEL CASOLO for NAIOP National

Office Pic

COVID-19 revealed to the world that work is no longer a place we go – it is an experience we shape. Returning to the office as it used to be may seem pleasantly simple, but that would leave a historic opportunity on the table. Far deeper value lies in designing the office anew – this time, with the human experience front and center.

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Forecast Office Absorption Surges to Positive Gains

 

originally published by NAIOP Research Foundation with permission to repost for NAIOP Charlotte

The NAIOP Office Space Demand Forecast

Forecast Absorption Surges to Positive Gains in Q4 and Beyond

The NAIOP Research Foundation has published the NAIOP Office Space Demand Forecast for Q4 2021.

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Hybrid Goals? Reinventing the Office, Faster and Better Than Before

 

originally published by MICHAEL CASOLO for NAIOP National

Hybrid Office Pic

Workplace changes resulting from the COVID-19 pandemic are sweeping us forward into an era of hybrid work, giving businesses a historic opportunity to rewrite the workplace rulebook.

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Vacancy Rates at Less Than 15% and a Rise in Average U.S. Office Listing Rates

 

originally published by COMMERCIALEDGE TEAM for NAIOP National

Office Pic

The Delta variant of COVID-19 has continued to delay the return-to-work plans of many companies. Still, rising vaccination rates and declining case numbers have provided hope for many companies. Anyone worried about the future of office work can look at the continual investment of big tech into the industry to feel confident that offices are far from a thing of the past.

Read the Full Article Here!