Vacant Storefronts Can be Repurposed into Retail Incubators

Retail incubator

Vacant Storefronts Can be Repurposed into Retail Incubators

They can provide an immediate boost in shopping districts and grow future businesses into long-term tenants.

  • Written by Ilana Preuss, Development Magazine

The COVID-19 pandemic has left America’s retail districts pockmarked with empty storefronts, but there is a creative solution. These vacant spaces, which often can be purchased or rented at reduced prices, are prime targets for conversion into retail incubators.

Retail incubators, like business incubators, nurture new or small-scale entrepreneurs during the startup phase. They mitigate some of the challenges of opening a business by providing financial and technical assistance, such as the basics of marketing and business plans. Tenants typically share space, ideas and operating expenses in locations that they could not otherwise afford. Many spaces have flexible or temporary lease terms. Some allow for small-scale manufacturing and hold community events, such as product demonstrations, fashion shows and art openings.

In addition to real estate, retail incubators provide fledgling businesses with valuable resources such as technical and financial assistance.  

According to the U.S. Chamber of Commerce, new business applications in the United States set an all-time record of 5.1 million in 2021. At the same time, the pandemic has led to consolidation of space and locations by major retail brands, which reduced the prospect of attracting businesses. The challenge for small businesses is they can’t immediately fill the footprints of major store closings. However, they can make temporary use of retail space to establish their businesses, and occupying formerly abandoned stores can help energize struggling downtowns.

Read More

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.

Read More

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.


Read More

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. 

Read More

Class A Buildings Push Office Market Stabilization

Office market vacancy rates kept surging for the 10th straight quarter to start 2022, according to the NAIOP Research Foundation. The group recently published its Office Space Demand Forecast for Q2 2022. You can read the full report here
Office building
The group boasted that Class A buildings are key in many parts of the country, bolstering net absorption rates in areas like the Sun Belt. These work spaces are key in brining in skilled employees. The group said "suburban markets and life sciences hubs are recovering better than the national average as more employers embrace a return to the office and the pandemic eases."

Other key takeaways mentioned 

  • Leasing activity is up year over year, which signals that firms are more comfortable making longer-term commitments to office space. Property owners have been willing to offer greater tenant improvements to encourage signing, indicating that tenants still have the upper hand in lease negotiations. These signals indicate a move toward a more stable equilibrium as the office market finds its balance.
     
  • Given these trends and signs of a slowing – but still growing – economy, net office space absorption in the remaining three quarters of 2022 is forecast to be 46.9 million square feet, essentially unchanged from the previous forecast for these quarters (46.6 million square feet).
     
  • Total net absorption in 2023 is forecast to be 47.3 million square feet, with an additional 6.5 million square feet absorbed in the first quarter of 2024.

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.


Read More

A Conversation with the 2022 NAIOP Chair

 

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

Leadership Compass

In the Spring issue of Development magazine, I shared some of my views on NAIOP’s value to our members and what I’m looking forward to as the 2022 Chair. As I wrote that column, I found I had much more to say than space allowed! So, I’m sharing a bit more of the conversation with our Market Share blog readers. If you already haven’t, I’d invite you to read the At Closing column in the Spring issue of the magazine.

Read the Full Article

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.

Read More

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.

Read More

A Compelling Argument for More Solar in CRE

 

originally published by BRIELLE SCOTT for NAIOP National with permission to share

Solar

Environmental, Social, and Governance mandates (ESG) are becoming a reality not only in large enterprise businesses but also in their entire supply chains. Forces from upstream as well as downstream, combined with pressure from stockholders, stakeholders, employees, and customers, are ushering in a new era where ESG practices are no longer considered optional.

Read More

Commercial Real Estate’s Opportunity to Design a New Era of Human Experience

 

originally published by JANET POGUE MCLAURIN, AIA, FIIDA, NCIDQ, LEED AP  for NAIOP National with permission to share:

Office

 

Read More

Ports to Trucks: Overcoming Supply Chain Challenges

 

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

Supply Chain

 

Read More

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.

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. 

Read More

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.

Read More

Cold Storage: Demand, Design and Drivers

 

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

Cold Storage

The need for cold storage facilities has exploded as e-commerce sales and grocery delivery demands multiplied during the last few years. Most cold storage facilities primarily handle food preparation or transit as products move toward consumers, but they can also be used for pharmaceutical, floral and chemical needs, among others, and frequently require varying temperature zones all under one roof.

Read More

The Drive for Transportation Electrification

 

originally published by TOBY BURKE for NAIOP National with permission to repost. 

Electric Cars

Governments at every level are considering polices to reduce greenhouse gas emissions from both stationary and mobile sources as part of efforts to address climate change. Some of these efforts have centered on initiatives to lowering domestic use on fossil fuels, such as coal, petroleum, natural gas and oil, by moving towards electric vehicles within our transportation system. According to the U.S. Environmental Protection Agency, the transportation sector is one of the highest sources of greenhouse gas emissions (29%) followed by electricity (25%).

Read More

Charlotte Future 2040 Policy Map - RECOMMENDED FINAL DRAFT

 

originally published by City of Charlotte and shared with NAIOP. 

2040 Pic

Dear Charlotte Future 2040 Partners,

Read More

NAIOP I.CON Preview: What’s Ahead for the Industrial Market?

 

originally published by Connect CRE and shared with NAIOP National

The COVID-19 pandemic changed all our worlds two years ago this month when full-scale shutdowns weighed heavily on the economy and Americans recalibrated their approaches to work and life. Since then, industrial real estate has continued to shine as commercial real estate’s darling – fueled by soaring demand, rising rental rates, and record levels of investment and development activity.

Industrial real estate professionals from across North America will gather in Long Beach, California, on March 23-24, for NAIOP’s industrial conference. Keynote session panelist Dwight Merriman, Partner and Head of Industrial in the Real Estate Group of Ares Management Corporation, sat down with Connect CRE to preview his keynote session: an executive outlook on the future of industrial real estate.

Read the Full Article