originally posted by REBIC for Two for Tuesday with permission to repost
Starting 15 February 2022, Land Development application permits submitted will have to comply with NCIFC 507.1 and 507.5.1. for hydrant spacing. Hydrant spacing to sprinkler system FDC, (both NFPA 13 and 13R) will have to be within 200’ of truck travel to the respected fire hydrant.
For more information on the new advisory boards, please visit: https://charlottenc.gov/CityClerk/Pages/BoardsandCommissions.aspx
originally published by REBIC with permission to repost through NAIOP Charlotte
The North Carolina General Assembly released their long-awaited conference budget report on Monday. The budget, once approved by both chambers, will then be sent to the Governor. Today, Governor Cooper indicated he would sign the budget proposal.
The budget includes massive infrastructure investments.
Originally published for NAIOP's Development Magazine Summer 2021 Issue by Trey Barrineau.
Women and minorities have made some progress in reaching the C-suite in commercial real estate investment management firms during the past few years, but the 2021 NAREIM Diversity & Inclusion Survey shows that there is still a lot of work to do.
“Material, sustained changes will take time to show through in the data,” said Zoe Hughes, CEO of NAREIM, in a release. “But what is clear is that there is a mandate and momentum for DEI (diversity, equity and inclusion) to be a priority within the real estate investment management industry.”
The survey, conducted by NAREIM and executive recruitment firm Ferguson Partners, reveals that the real estate investment management industry as a whole is mostly male and white. Men, who are 49.2% of the U.S. population according to the U.S. Census, comprise 60% of full-time employees in the real estate investment management, and non-Hispanic whites, who are 62.8% of the U.S. population, represent 73% of workers. (Blacks make up 6% of the industry, while Asians and Hispanics each represent 10% of CRE investment-management staffing.)
Demand for industrial real estate continues to be strong as the long-term trend toward e-commerce (and away from in-store sales) continues with no end in sight. With nearly 100 million new square feet delivered nationally since the beginning of the year, 450 million square feet currently under construction and another 450 million planned, the demand for industrial real estate still outpaces supply.1
Because of this, authors Dr. Hany Guirguis and Dr. Michael Seiler forecast that the total net absorption in the second half of 2021 will be 162.6 million square feet with a quarterly average of 81.3 million square feet. In 2022, the projected net absorption is 334.6 million square feet with a quarterly average of 83.6 million square feet. An improvement in the outlook for the economy in 2021 and 2022 is behind the upward revision of the 2022 forecast. For example, the real GDP growth rate is now forecast to be 7% in 2021, above the previous forecast of 5% growth. As economic growth is projected to revert toward long-term growth rates in 2023, net absorption in the first half of the year is forecast to be 160.5 million square feet, for a quarterly average of 80.2 million square feet.
Originally published by Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary in August 2021
Demand for industrial real estate continues to be strong as the long-term trend toward e-commerce (and away from in-store sales) continues with no end in sight. With nearly 100 million new square feet delivered nationally since the beginning of the year, 450 million square feet currently under construction, and another 450 million planned, the demand for industrial real estate still outpaces supply.1
Because of this, authors Dr. Hany Guirguis and Dr. Michael Seiler forecast that the total net absorption in the second half of 2021 will be 162.6 million square feet with a quarterly average of 81.3 million square feet. In 2022, the projected net absorption is 334.6 million square feet with a quarterly average of 83.6 million square feet. An improvement in the outlook for the economy in 2021 and 2022 is behind the upward revision of the 2022 forecast. For example, the real GDP growth rate is now forecast to be 7% in 2021, above the previous forecast of 5% growth. As economic growth is projected to revert toward long-term growth rates in 2023, net absorption in the first half of the year is forecast to be 160.5 million square feet, for a quarterly average of 80.2 million square feet.
Originally published on May 2021 by Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary and the University of Cambridge.
The U.S. economy is experiencing a strong rebound from the COVID-19-induced recession, resulting in job growth in office-using sectors. However, tenant-safety concerns remain a drag on office leasing. The U.S. office market posted continued declines in net absorption in the fourth quarter of 2020 (-26.7 million square feet) and the first quarter of 2021 (-34.8 million square feet). Nonetheless, as coronavirus safety concerns abate and the economy continues to expand, negative net absorption is forecast to moderate over the next two quarters, with a return to positive absorption in the fourth quarter of this year (Figure 1). Quarterly net absorption in 2022 is expected to average 11.7 million square feet, in line with the 2015-2019 quarterly average of 11.6 million square feet.
At the time of this writing, more than half of eligible Americans have received at least one dose of the COVID-19 vaccination, and more than one-third are fully vaccinated. As vaccination rates increase and new coronavirus cases decline, more employers are re-opening their offices. However, a widespread return to the office will likely depend on the return of K-12 schools to in-person instruction. Many schools currently rely on a full- or part-time remote schedule, requiring parents of young children to either stay home or seek alternative childcare arrangements. With vaccination rates on the rise, most schools are now planning to resume full in-person instruction in the fall. As safety concerns about returning to the office recede and schools reopen, office absorption should begin to respond to the current upswing in economic growth.
Learn more about the Charlotte Future 2040 Comprehensive Plan from Assistant City Manager, Taiwo Jaiyeoba.
Charlotte has been one of the fastest-growing cities in the country in recent years. This growth has established Charlotte as a vibrant and desirable city. However, this rapid development has also contributed to and highlighted, many challenges that have faced our community for decades. The Charlotte Future 2040 comprehensive plan outlines how we address these challenges and guide our growth and development over the next 20 years. This plan is a living document that provides a policy framework that will guide our city’s decision-making and investment in both the near- and long-term. The community-driven planning process has been guided by a focus on equitable growth and Charlotte's residents coming together to prioritize what is most important to us (housing, jobs, environment, livability, etc. The plan seeks to address the inequities of the past and unite the city around a shared set of goals for our future.
The recommended draft of the Charlotte Future 2040 Comprehensive Plan is now available online at cltfuture2040.com. The City of Charlotte is hosting a virtual Planning Community Conversation about the recommended draft on Thursday, May 27, from 5:30-6:30 p.m.
Anyone interested in participating must complete the community conversation sign-up form to speak during the meeting and submit questions or comments through the WebEx virtual meeting platform. The meeting will also be live on the City of Charlotte’s YouTube and Facebook pages, and staff will take questions submitted through the video comments.
The City will be hosting a press conference at 3:30 today to discuss the new draft.
Our analysis will be released in the coming days, once we have had adequate time to review the changes.
The CLT Development Center would like your opinion about their services and processes. Please click the link below to provide your input:
Share your perceptions of City services; please DO NOT evaluate Mecklenburg County as a part of this research.
Charlotte-based Customer Service Solutions, Inc. (CSS) is conducting this survey on behalf of the City of Charlotte. If you encounter any problems in completing this survey, please contact CSS at [email protected].
Thank you for your time in taking this survey and helping the City of Charlotte to continuously improve its programs and services!
Originally published on May 7, 2021, by the Building Design + Construction Network
Construction employment was unchanged from March to April as nonresidential contractors and home builders alike struggled to obtain materials and find enough workers, according to an analysis by the Associated General Contractors of America of government data released today. Association officials said the industry’s recovery was being hampered by problems getting stable prices and reliable deliveries of key materials, while the pandemic and federal policies were making it harder for firms to find workers to hire.
“Contractors are experiencing unprecedented intensity and range of cost increases, supply-chain disruptions, and worker shortages that have kept firms from increasing their workforces,” said Ken Simonson, the association’s chief economist. “These challenges will make it difficult for contractors to rebound as the pandemic appears to wane.”
Construction employment in April totaled 7,452,000, matching the March total but amounting to 196,000 employees or 2.6% below the most recent peak in February 2020. The number of former construction workers who were unemployed in April, 768,000, dropped by half from a year ago and the sector’s unemployment rate fell from 16.6% in April 2020 to 7.7% last month.
Originally published on April 26, 2021 by Linda Strowbridge for NAIOP E-Newsletter.
Despite its traditional roots, construction has started to transform into a digital industry. Building information modeling, geospatial technologies, prefabrication and modular construction, drone services, augmented-reality wearables and other technologies are increasingly becoming a larger and more crucial part of successful, efficient, profitable construction projects.
“An Overview of Emerging Construction Technologies,” a NAIOP Research Foundation report, details the recent advances and new horizons in construction technology. Authors Andrew McCoy, Ph.D., a professor in the Department of Building Construction at Virginia Tech, and Armin Yeganeh, Ph.D., a postdoctoral fellow at Virginia Tech, talked to NAIOP about what these technology advances mean for construction firms and commercial real estate companies.
Originally published on April 20, 2021, by Erin Goff for NAIOP.
Colorado legislators are poised to introduce what is being referred to by proponents as the “Energy Performance in Buildings Act of 2021.” The draft bill, which mandates energy benchmarking and performance standards, requires owners of most commercial, multifamily and public buildings over 50,000 square feet to collect and report the building’s energy use to the Colorado Energy Office (CEO). The building will then be given an Energy Star score compared to other buildings. By 2026, owners of buildings that do not meet a certain score must make improvements that lead to a 15-point Energy Star score increase, a 15% energy use intensity reduction, or other options. Failure to reach energy reduction mandates will result in hefty civil penalties for commercial and multifamily building owners. Buildings exempt from the penalty provision include buildings owned by the state, municipalities, counties, special districts, school districts and state institutions of higher education.
Originally published by Marta Soncodi for NAIOP's Spring 2021 Issue.
Investing in smart building technology may not be seen as a priority after commercial real estate investments were hit especially hard in 2020. However, if improving tenant experience was being considered before the pandemic, it’s now an imperative.
Why should commercial real estate owners consider investing in smart building technology upgrades? Based on research and industry analysis, fully integrated smart systems can increase building efficiency, optimize facility operations, improve occupant safety, security and wellbeing, and enhance end-user preferences. And, in light of the pandemic, stakeholders — commercial real estate companies, building owners, managers, and tenants — should examine the competitive advantages of smart building technology.
Originally published on April 9, 2021 by Brielle Scott for NAIOP Blog.
The disruption caused by COVID-19 has accelerated the blending of brick-and-mortar retail and logistics real estate. This has resulted in the emergence of a new hybrid store model – one that takes omnichannel strategies to the next level and promises to revolutionize the retail, industrial and logistics industries.
In a recent NAIOP webinar, John Morris, head of industrial and retail, CBRE, and Andres Rodriquez, senior research analyst, CBRE, shared their vision for a hybrid store that preserves the store experience for physical shopping while leveraging logistics capabilities for the fulfillment of online sales.
Rodriquez started the discussion by sharing some historical data. According to data between 2010-2019, prior to the COVID-19 pandemic, online retail sales were growing about 16% per year, while in-store retail sales were growing about 3% per year. In response to that, retailers had been focusing heavily on rolling out their online platforms to meet consumer demand.
Thank you to our many members who showed up to speak at the virtual public hearing on the draft Charlotte Future 2040 Plan. Mayor Lyles announced that the vote will be pushed to June 28,2021 to allow for more public input. We look forward to continuing to work with members of City Council and planning staff to assist in completion of the plan.
As part of the continued request for public input, the City of Charlotte has scheduled the first three virtual town halls.
Thursday, April 8 at 5:30 PM – Hosted by Council Member Malcolm Graham
Topic: Anti-Displacement in Vulnerable Neighborhoods (Creating Great Neighborhoods)
Originally published by Andrew McCoy, Ph.D., and Amin Yeganeh, Ph.D. in March 2021 for NAIOP's Research Foundation.
The construction industry has historically been slow to develop or adopt new technologies, resulting in productivity growth that has lagged other sectors. However, protracted labor shortages have increased demand for labor and time-saving technologies, and recent advances have given rise to a new generation of more efficient, flexible and adaptive construction technologies. Successfully adopting these new technologies will require that firms evaluate their costs, benefits and risks and update construction practices as needed.
The NAIOP Research Foundation commissioned this report to explore emerging construction technologies and their implications for the construction and real estate development industries. The authors draw from interviews with researchers and industry practitioners to evaluate the current benefits and limitations of new technologies. This report:
Originally published by Andrew McCoy, Ph.D., and Amin Yeganeh, Ph.D. in March 2021 for NAIOP's Research Foundation.
The construction industry has historically been slow to develop or adopt new technologies, resulting in productivity growth that has lagged other sectors. However, protracted labor shortages have increased demand for labor and time-saving technologies, and recent advances have given rise to a new generation of more efficient, flexible and adaptive construction technologies. Successfully adopting these new technologies will require that firms evaluate their costs, benefits and risks and update construction practices as needed.
The NAIOP Research Foundation commissioned this report to explore emerging construction technologies and their implications for the construction and real estate development industries. The authors draw from interviews with researchers and industry practitioners to evaluate the current benefits and limitations of new technologies. This report:
We need your voice!
Over the past few months, NAIOP Charlotte, in conjunction with REBIC and other real estate associations, has spent considerable time and energy reviewing the proposed 2040 Comprehensive Plan from the City of Charlotte (the Comp Plan).
It is a hefty document coming in at 320 pages and is a visionary document for how Charlotte will grow and develop over the next 20 years. Charlotte Planning created the document with considerable community input, and it will be used as the guide for creating the Unified Development Ordinance (a replacement for our existing zoning code), so there is a lot riding on the proper execution of the Comp Plan.
The Comp Plan rightfully addresses many concerns the community has, especially around equity and inclusivity We fully support these goals, yet we want to be able to include goals to create a thriving community into the plan as well. It is hard to distill such a large document into a few points, but the following are highlights of our concerns with the plan and the process to create it:
Originally published by NAIOP Research Foundation on February 22, 2021.
Strong Growth in Demand for Industrial Space
The NAIOP Research Foundation has published the NAIOP Industrial Space Demand Forecast or Q1 2021.
Key Takeaways
CREW Charlotte is excited to host its first in-person luncheon in over a year! Space is limited so do not delay.