• Cabarrus County Order
• Mecklenburg County Order
• Clarifications for Essential Businesses
• Clarifications for Real Estate
• North Carolina Order

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A key element of the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act may run short of funding as soon as this week. Lawmakers initially allocated $349 billion to the Paycheck Protection Program (PPP) run through the Small Business Administration. In its first week, PPP spent more than $100 billion of that, and could spend the rest by Friday. Treasury Secretary Steven Mnuchin asked Congress to add an additional $250 billion to the fund last week. Democrats blocked that attempt in the Senate; they are demanding additional provisions they said would help hospitals and state and local governments.

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As e-commerce and technology push industries to evolve, businesses are placing greater importance on integrated workspaces. These are places where design, manufacturing, distribution and showroom activities occur within a single building.

At the same time, companies must deal with land supply constraints, increases in space demand, and economic and population growth. These trends are driving new opportunities for industrial lands intensification, such as multilevel developments (sometimes referred to as “vertical” or “stacked”), while challenging old planning regulations.

Industrial properties are no longer single-story buildings located on the urban fringe. New forms of industrial intensification provide more space for companies to expand and boost employment growth within communities.

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Originally published on April 1, 2020, by ED KLIMEK, AIA, NCARB

Commerce had begun to change before the outbreak of COVID-19; from the exponential trajectory of e-commerce to the rise in consumer demand for more immediate goods to the rise of urban industrial development to fulfill last-mile needs. The unknowns of this novel virus have accelerated that change to a tipping point at which the structures of commerce, and the development that supports it, maybe altered for good. This crisis has exposed the strengths and weaknesses of the market, and in doing so proved the necessity of a resilient supply chain. What will new commerce look like and what will be the industrial development response to support it? Some of this answer may lie in examining the world’s largest commercial enterprise, a company that had already set change in motion, and the one company that may have grown the most as a result of demand driven by the impact of COVID-19: Amazon. Through the lens of Amazon’s keys to success, we can see a path forward for industrial development to be part of the resilient supply chain.

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NAIOP commends the U.S. House for today's passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), following the U.S. Senate's passage on Thursday. We expect President Donald Trump to sign it into law shortly.\

The CARES Act will provide critical relief as businesses and individuals strive to manage the economic challenges created by the COVID-19 pandemic. We look forward to continuing our work with elected leaders on next steps, as well as supporting our members and the industry as we weather this crisis and plan for the future. 

Items in the legislation important to NAIOP members and commercial real estate include:

• An aggressive loan program for small businesses, many of which are commercial real estate tenants, that is designed to help them meet their financial obligations and keep their employees on payrolls over the next few months. The loans, which are forgivable, will provide many of our tenants with needed liquidity to keep them operating during the crisis.
   
• A much needed technical correction in the tax code for leasehold improvements, or Qualified Improvement Property (QIP). The Tax cuts and Jobs Act (TCJA) mistakenly made QIP depreciable over 39 years instead of 15, and ineligible for bonus (100% depreciation). The CARES Act fixes that, ensuring that those who made these investments in 2018 and 2019 can file amended returns and recover any overpaid taxes.
   
• Net Operating Loss (NOL) rule changes allow businesses to carry back for 5 years any losses from 2018, 2019 and 2020, and losses carried forward can offset 100% of taxable income.

Additional provisions in the CARES Act and other federal actions already taken will be much-needed help for our economy.

Hello fellow NAIOP members,

We know most of you are working from your new home office and trying to keep life moving forward as normal as possible. While we are in very interesting and ever-changing times, we also want to do all we can to keep the commercial real estate market moving in a positive direction, albeit in a manner that makes sense and keeps people safe and healthy. This is so important to our state and local economies and, more importantly, to the many families that depend on the paychecks that our industry provides.

We have been very fortunate to have our local leadership continue to work keeping things open for business. We ask you to support our leadership, both locally and statewide, as difficult decisions are being made but done so in an effort to best fight the coronavirus. With most of us working from home, hopefully, it will help keep the spread to a minimum thus allowing us to get back to business as usual sooner rather than later. In the meantime, your NAIOP Charlotte leadership is discussing virtual learning opportunities to discuss best practices for dealing with this so that we can all share and learn in order to benefit all of us. This situation is one where we are all in it together and so anything we can share and learn will benefit all of us.

Our NAIOP staff is also working to put together conversations, that will be shared via webinars, within the next week. We see great opportunities to both keep our members informed, learning and connected. We are missing the comradery that we love to share and so, hopefully, any forums or virtual meetings we can have will help to meet some of that connectivity.

Originally published in the Winter 2019/2020 Issue by David Schneider, Herman Lipkis

There are a lot of reasons for developers to embrace these temporary spaces, but due diligence is required.

Pop-ups and short-term uses for commercial property have grown from a trendy concept into a means of monetizing vacant or underused spaces. Moreover, as improved and varied amenities have become a priority for commercial and residential tenants, real estate developers are starting to reframe how they think about existing and future development.

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Currently, all local planning and development offices are open and continuing inspections. The NC Department of Insurance is aware of issues with the register of deeds offices working with a smaller crew and is continuing to stay in communication with local, state and federal officials to ensure construction, permitting, and business can continue as usual as much as possible. For more information, please go to the COVID19 Resource page, where you will find links to local government updates and much more.

It is the direction from the NC Department of Insurance that all inspections and permitting should continue. Click here to read the letter from NCDOI.

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Join NAIOP Charlotte on Tuesday, March 24th at 2-2:30 p.m. ET for The Advantage Series is an exclusive member benefit, delivering expert insights into the latest research to help you make informed business decisions.

Repercussions from the ongoing COVID-19 pandemic are far-reaching and still quite unknown, but one thing is for certain: the impact on commercial real estate will be substantial. A week ago, CRE fundamentals were solid; will that improve our recovery timeline? What do experts see for the potential future of the industry? How do you recognize a deal today, and know whether it’s better to act quickly or hold? The questions are numerous, and NAIOP is here with guidance to support you today and get you thinking ahead for tomorrow. Have a question for our speakers? Submit it now.

Speakers:
Larry Lance, Executive Vice President-Asset Services, EverWest Real Estate Investors, and 2020 NAIOP Chairman
Al Pontius, National Director of Office & Industrial, Marcus & Millichap
John Chang, National Director of Research Services, Marcus & Millichap

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The COVID-19 situation has quickly upended our lives, as companies shift to operating remotely full-time and we adjust how we work and socialize. Of course, our industry and your business remain top of mind as uncertainty in the market abounds.

Rest assured that NAIOP is focused on providing you knowledge that you and your company need right now.

We've launched a website to make it easy to find our resources, with helpful links, and a place to share your thoughts and volunteer to share expertise with our members.

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The building may be closed, but make no mistake – Mecklenburg County Code Enforcement is open for business. Their dedication to serving customers and being a partner in building a thriving community has not wavered. 

Nearly all of the services can be accessed online. Links to all customer portals, staff contact information, and other customer resources are listed on MeckPermit.com. They are also maintaining a list of all modifications we have made and will make in response to the COVID-19 pandemic.

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Senate lawmakers cancelled a planned recess and will instead remain at work in Washington, D.C., this week, where they will take up a bill passed by the House of Representatives last week that seeks to provide immediate economic relief from the effects of the novel coronavirus, COVID-19. 

The House voted overwhelmingly, 363-40, to approve the measure, for which President Donald Trump had signaled support. The Wall Street Journal reported: “The new measure would still provide two weeks of sick leave to a wide swath of workers affected by the pandemic, including those who are in quarantine, caring for family members with Covid-19, and those who have children whose schools or day-care centers have closed.” The bill would also make free testing for the coronavirus available.

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Today, NAIOP President and CEO Thomas Bisacquino shared the following statement with NAIOP members regarding the operating status of the organization during the COVID-19 situation.

The unprecedented COVID-19 situation is affecting every aspect of our businesses and lives. While NAIOP member benefits and services will not be impacted, the NAIOP Corporate office is adjusting our normal business practices to protect the health and well-being of our staff.

Beginning Monday, March 16, NAIOP Corporate will operate on a virtual basis. Staff are completely reachable during regular business hours (8 a.m.-5 p.m. ET) via phone and email, which you can find on our Contact Us page.

You can renew or modify your membership online, and you can communicate with a membership specialist by emailing [email protected].

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Originally published on March 15, 2020, by Dees Stribling at Bisnow National

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Originally on March 04, 2020, by Erika Morphy via GlobeSt.com

Construction costs, which have been on the rise for years, were slated for another increase this year. But there was good news: cost growth was expected to be at a slower pace than previous years, according to the JLL 2020 Construction Outlook. Unfortunately there is also bad news: the coronavirus has just added an element of uncertainty to projections about construction costs.

New research indicates a healthier indoor environment can help attract and retain employees — and make properties more attractive to investors.

When the new hire arrives at Webcor’s San Francisco offices, he hangs his commuter bike on the rack outside reception and ducks into the office’s freshly tiled shower. Later, he passes a living green wall, heads into the light-filled kitchen for a healthy breakfast, and moves to an adjustable standing desk designed for ergonomic comfort.

His employer recently embarked on an office renovation, investing in changes that earned a WELL building certification. The wellness attributes on display speak to the company’s underlying values of sustainability and health — and also to the competition among employers to lure and keep talent. In the evolving world of the wellness movement, both landlords and tenants strive to provide a healthy environment and to gain a market edge.

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As the Democratic candidates for president prepared for the Nevada caucus last weekend, several discussed infrastructure proposals during an event in Las Vegas.

Former Vice President Joe Biden, Sen. Amy Klobuchar, D-Minn., former South Bend Mayor Pete Buttigieg and businessman Tom Steyer all said they want to repair existing roads and bridges, but also invest in next-generation infrastructure projects. That would include high-speed rail and updated water facilities.

“The Democratic candidates proposing infrastructure upgrades said they would pay for them largely by undoing Mr. Trump’s tax cuts for businesses, along with a variety of other steps,” the Wall Street Journal reported. Upgrading American infrastructure is a priority issue for NAIOP this year.

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Originally published on January 15, 2020.

In their own words, our industry’s collective wisdom believes it will be more difficult to compete for deals and talent in 2020 resulting in slower growth. The outlook for 2020 is overwhelmingly positive, but the legacy from the Global Financial Crisis remains, and our industry continues to run lean, preventing the surges in hiring expected in a market this hot. In 2020 this is exacerbated by “too much capital”. Too much capital chasing deals. And, starting in late 2019, for the first time in years, capital chasing talent, adding to the difficulty to compete in this hiring environment. The rise of New Growth Cities, where deals are traditionally done at a slower pace, also factors into the positive prediction for growth, but slower growth. Retail generated the most negative responses, but others believed it is the forefront of evolutionary and historical time in retail with new blood entering the marketplace. A new issue arose: As lawlessness and runaway crime continues not to be enforced, it destroys markets. Another concern: As a finance executive, I am a bit concerned with some of the assumptions driving transitional loans and the significant amount of capital raised for this strategy (especially late in the cycle).

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