This year, we decided to take a look at what was once called the finest hotel south of St. Louis, located in a place the locals proudly claim to be one of the most haunted cities in America.
Commercial properties require frequent inspections for many different reasons. From new acquisitions, to lease renewals, to recurring maintenance checks, commercial inspections are a standard part of every business’ annual expenses. From a property inspector’s perspective, these jobs are great due to the more professional, less emotionally charged approach in comparison to residential inspections. Plus, commercial properties offer an opportunity to examine bigger, more complex systems in pretty much every category. Investors and property owners may find themselves wondering just how the costs for commercial inspections are determined. Even if you’re newer to the commercial inspection process, you’ve likely seen firsthand that pricing is rarely just a flat rate and that it differs significantly from residential inspection costs. Just as commercial properties serve a wide variety of purposes and come in all shapes and sizes, commercial inspectors know that they have an equally wide variety of inspection needs. While this might make the cost of a commercial inspection tougher to predict in advance, a commercial inspector who factors in all of the unique qualities of the property in their proposal is more likely to deliver a product worth the cost! So, if you’d like more insight on how pricing is determined
Over the past hundred years or so, human life has changed radically. From the farms to the city, from simple dugout homes in the prairies to towering high-rise skyscrapers in bustling downtowns, there are many aspects of the modern world that would leave the architects and engineers of yesteryear amazed. Still, that hasn’t stopped many from imagining what our future cities might look like, not to mention guessing at how we might solve the problems we face today. According to the President and Designated Expert of the Council on Tall Buildings and Urban Habitat (CTBUH), one feature that may grow in prominence within cities around the world is the skybridge. In the CTBUH Journal, Wood writes: “For more than a century, architects and urban visionaries have foretold of three-dimensional cities, with tall buildings linked by skybridges forming a new kind of urban fabric. Rapid urbanization and new technological advances have converged to reignite the potential of such constructions at the urban scale.” Antony Wood’s 2020 comments carried an excited vision for skybridges moving into the future, but have these predictions become a reality, or are we still waiting to see their full potential? What is a Skybridge?For the uninitiated, skybridges
Maintaining a commercial property involves overseeing various complex systems, but none are perhaps as crucial for occupant comfort and health as a well-functioning HVAC system. For property managers or owners unfamiliar with the intricacies of commercial HVAC, this guide provides essential information and helpful tips. Understanding Commercial vs. Residential HVACHomeowners accustomed to their residential HVAC unit might underestimate the power needed to cool a commercial space. While several factors differentiate residential and commercial units, size is the most striking. Due to larger areas, commercial properties often require units up to ten times heavier than residential ones. These units use more powerful components and often work in tandem to handle the demands of large buildings. Unlike residential systems, which often utilize “packaged” all-in-one units for both heating and cooling, commercial systems typically divide these functions among various units. These units, usually located on rooftops for noise reduction and space optimization, generally fall into three categories: Common Issues and PreventionCommercial HVAC systems, regardless of the type, are generally larger and more powerful than their residential counterparts. Here are some common issues and their causes to facilitate early detection: By understanding the unique needs of commercial HVAC systems and implementing preventive measures, property
Since international lockdowns during the pandemic caused millions to delay or cancel vacation plans, people have flocked to airports. A trend known colloquially as “revenge travel” has resulted in a surge of people reconnecting with family and friends, seeking out adventure, and pursuing “payback” for lost opportunities. This fad has proven to be a boon to the recovering post-pandemic hospitality and travel industries, but as time goes on, many are beginning to wonder if the benefits of revenge travel may be coming to an end. So, let’s look at the facts and factors at play. Is 2024 the year we finally say goodbye to revenge travel, or is there evidence to suggest a new normal in travel and hospitality? Factors Putting Revenge Travel to BedWhile the term “revenge travel” was born on social media, the impact felt by hotels and airlines everywhere has been very real and tangible. According to a recent Deloitte study, the percentage of Americans who planned to stay in paid lodging during summer travels increased for the third straight year, and the average number of trips increased in 2023: from 2.3 trips in 2022 to 3.1 in 2023. The steady climb of vacationing since 2021 may
Location: Tonopah, NevadaArchitectural Style: Renaissance RevivalBuilt: 1907 One of the best things about investigating the paranormal is the opportunity to take a deeper look into the past. For our first entry of 2023, we take a brief look into the old West, the mining boom of the late 19th century, and a little town with a big history. Grab your trusty steed and saddle up! This week, we visit Tonopah, Nevada’s Mizpah Hotel. The TownWhile admiring the Mojave Desert, it’s hard to imagine why anyone would want to put down their roots in a place so inhospitable. Yet in the mid-1800s, a movement was pulling people to just these sorts of places. The promises of riches, a new life, and freedom seemed out there for the taking. And so people were flooding en masse out West for the treasures hidden in the hills of the coast. Dotted across California and Nevada, small towns cropped up to support the efforts of hard-working miners. One such settlement that cropped up in this way was the town of Tonopah. A Shoshone word, meaning something along the lines of “greasewood water,” Tonopah began with the discovery of a silver-rich ore vein after prospector Jim
On October 1st, the student loan pause that stretched back to early 2020 will come to its climactic end, leaving many economic analysts as well as borrowers anxious about the future. An extra few hundred dollars of costs affecting the budgets of roughly 44 million Americans is sure to send ripples throughout many industries. And for commercial property investors, staying up to date on the latest speculation tends to have its value. Looking forward, here’s how the end to The Pause might impact a few key real estate sectors. Forecasting the Effect on Multi-Family PropertiesAs we’ve discussed, property owners are getting creative with ways to add to multi-family property inventory as other sectors have been negatively impacted by inflation. While it’s true that most still consider multi-family properties a smart add to any investor’s portfolio, recent conversion strategies and new builds have prioritized higher-end units, which doesn’t balance well with student loan payment continuation. Those impacted by student loans are likely to look for ways to save, which may mean downgrading their living situations by moving from Class-A locations to Class-B, or from Class-B to Class-C. Millennials and younger renters who have opted to rent alone may also choose to
Comfort and familiarity are things that people cling onto for comfort. While most are willing to venture out to a new restaurant or clothing store from time to time to “mix it up,” wider lifestyle changes are generally met with major push-back. In the realm of real estate, this fact is perhaps the most clear in instances of new construction near residential communities. Often, residents of existing communities fight to preserve the familiar feel of their neighborhoods through protesting affordable housing developments, new high-rises, or any unwanted businesses. These conflicts are natural issues for developers and property investment groups, and while these residents may not realize it immediately, derailing growth often comes back to harm their communities beyond what they expected. Change can be tough, but many cities formerly resistant to developments (notably wealthy enclaves) are starting to shift their views to their benefit. What is NIMBY?NIMBY, also sometimes known as nimbyism, is a term used in reference to groups in a community that fight in an organized manner against new developments that threaten their way of life in some manner. Standing for “Not In My Back Yard,” NIMBY started mostly to defend against environmental and public contamination in the
It’s no secret that the hospitality industry has battled through a tough season in recent years. With economic strain right on the back of lockdowns, hotels have made their long climb back to stability as people slowly became comfortable with traveling again, then looked to make up for lost time. Despite an expected downturn this year, Forbes points toward a recent study where 49% of Americans still plan to travel even more in 2023. Things are looking up in hospitality. Still, hotels are finding that experimenting and innovating are a necessity – and a foothold for future success just might be found in taking advantage of another commercial property sector that’s been rocked by recent CRE shifts. As workers are moving out of the office and into their homes (or anywhere else), the hospitality industry has discovered an opportunity. How Are People Working Today?Companies everywhere have had to adapt quickly in order to operate virtually. Now, changing preferences and demands from workers mean that the traditional full-time, in-office working experience isn’t a reasonable expectation anymore. As office property managers fight for a return to in-person work (along with many company managers and owners), other properties are coming up with flexible
In early January, China officially announced that they were lifting many long-standing restrictions connected to the coronavirus pandemic. For many in the commercial real estate industry, this news was received with much enthusiasm, as it meant the world’s second largest economy might finally be re-entering international trade en masse. From a tourist perspective alone, China has long been the world’s premier spender in international travel. As journalists at Quartz report, prior to the pandemic, Chinese tourists spent an eye-popping 36 billion dollars in the United States alone. Investment in commercial real estate has always seen considerable activity both ways, as investors from the world’s two largest economies continually search for opportunities in either nation. When China closed its borders in response to the pandemic, the impact stretched across industries. The Wall Street Journal reports the staggering drop from 170 million trips inbound and outbound from China in 2019 to only 8.8 million in 2021. Investors in both China and the US have been limited in their foreign investment opportunities since then, being unable to physically visit survey opportunities in regions where they were previously active. With this news, hotel owners and commercial property investors are wondering how their assets might
This year, we decided to take a look at what was once called the finest hotel south of St. Louis, located in a place the locals proudly claim to be one of the most haunted cities in America.
Commercial properties require frequent inspections for many different reasons. From new acquisitions, to lease renewals, to recurring maintenance checks, commercial inspections are a standard part of every business’ annual expenses. From a property inspector’s perspective, these jobs are great due to the more professional, less emotionally charged approach in comparison to residential inspections. Plus, commercial properties offer an opportunity to examine bigger, more complex systems in pretty much every category. Investors and property owners may find themselves wondering just how the costs for commercial inspections are determined. Even if you’re newer to the commercial inspection process, you’ve likely seen firsthand that pricing is rarely just a flat rate and that it differs significantly from residential inspection costs. Just as commercial properties serve a wide variety of purposes and come in all shapes and sizes, commercial inspectors know that they have an equally wide variety of inspection needs. While this might make the cost of a commercial inspection tougher to predict in advance, a commercial inspector who factors in all of the unique qualities of the property in their proposal is more likely to deliver a product worth the cost! So, if you’d like more insight on how pricing is determined
Over the past hundred years or so, human life has changed radically. From the farms to the city, from simple dugout homes in the prairies to towering high-rise skyscrapers in bustling downtowns, there are many aspects of the modern world that would leave the architects and engineers of yesteryear amazed. Still, that hasn’t stopped many from imagining what our future cities might look like, not to mention guessing at how we might solve the problems we face today. According to the President and Designated Expert of the Council on Tall Buildings and Urban Habitat (CTBUH), one feature that may grow in prominence within cities around the world is the skybridge. In the CTBUH Journal, Wood writes: “For more than a century, architects and urban visionaries have foretold of three-dimensional cities, with tall buildings linked by skybridges forming a new kind of urban fabric. Rapid urbanization and new technological advances have converged to reignite the potential of such constructions at the urban scale.” Antony Wood’s 2020 comments carried an excited vision for skybridges moving into the future, but have these predictions become a reality, or are we still waiting to see their full potential? What is a Skybridge?For the uninitiated, skybridges
Maintaining a commercial property involves overseeing various complex systems, but none are perhaps as crucial for occupant comfort and health as a well-functioning HVAC system. For property managers or owners unfamiliar with the intricacies of commercial HVAC, this guide provides essential information and helpful tips. Understanding Commercial vs. Residential HVACHomeowners accustomed to their residential HVAC unit might underestimate the power needed to cool a commercial space. While several factors differentiate residential and commercial units, size is the most striking. Due to larger areas, commercial properties often require units up to ten times heavier than residential ones. These units use more powerful components and often work in tandem to handle the demands of large buildings. Unlike residential systems, which often utilize “packaged” all-in-one units for both heating and cooling, commercial systems typically divide these functions among various units. These units, usually located on rooftops for noise reduction and space optimization, generally fall into three categories: Common Issues and PreventionCommercial HVAC systems, regardless of the type, are generally larger and more powerful than their residential counterparts. Here are some common issues and their causes to facilitate early detection: By understanding the unique needs of commercial HVAC systems and implementing preventive measures, property
Since international lockdowns during the pandemic caused millions to delay or cancel vacation plans, people have flocked to airports. A trend known colloquially as “revenge travel” has resulted in a surge of people reconnecting with family and friends, seeking out adventure, and pursuing “payback” for lost opportunities. This fad has proven to be a boon to the recovering post-pandemic hospitality and travel industries, but as time goes on, many are beginning to wonder if the benefits of revenge travel may be coming to an end. So, let’s look at the facts and factors at play. Is 2024 the year we finally say goodbye to revenge travel, or is there evidence to suggest a new normal in travel and hospitality? Factors Putting Revenge Travel to BedWhile the term “revenge travel” was born on social media, the impact felt by hotels and airlines everywhere has been very real and tangible. According to a recent Deloitte study, the percentage of Americans who planned to stay in paid lodging during summer travels increased for the third straight year, and the average number of trips increased in 2023: from 2.3 trips in 2022 to 3.1 in 2023. The steady climb of vacationing since 2021 may
Location: Tonopah, NevadaArchitectural Style: Renaissance RevivalBuilt: 1907 One of the best things about investigating the paranormal is the opportunity to take a deeper look into the past. For our first entry of 2023, we take a brief look into the old West, the mining boom of the late 19th century, and a little town with a big history. Grab your trusty steed and saddle up! This week, we visit Tonopah, Nevada’s Mizpah Hotel. The TownWhile admiring the Mojave Desert, it’s hard to imagine why anyone would want to put down their roots in a place so inhospitable. Yet in the mid-1800s, a movement was pulling people to just these sorts of places. The promises of riches, a new life, and freedom seemed out there for the taking. And so people were flooding en masse out West for the treasures hidden in the hills of the coast. Dotted across California and Nevada, small towns cropped up to support the efforts of hard-working miners. One such settlement that cropped up in this way was the town of Tonopah. A Shoshone word, meaning something along the lines of “greasewood water,” Tonopah began with the discovery of a silver-rich ore vein after prospector Jim
On October 1st, the student loan pause that stretched back to early 2020 will come to its climactic end, leaving many economic analysts as well as borrowers anxious about the future. An extra few hundred dollars of costs affecting the budgets of roughly 44 million Americans is sure to send ripples throughout many industries. And for commercial property investors, staying up to date on the latest speculation tends to have its value. Looking forward, here’s how the end to The Pause might impact a few key real estate sectors. Forecasting the Effect on Multi-Family PropertiesAs we’ve discussed, property owners are getting creative with ways to add to multi-family property inventory as other sectors have been negatively impacted by inflation. While it’s true that most still consider multi-family properties a smart add to any investor’s portfolio, recent conversion strategies and new builds have prioritized higher-end units, which doesn’t balance well with student loan payment continuation. Those impacted by student loans are likely to look for ways to save, which may mean downgrading their living situations by moving from Class-A locations to Class-B, or from Class-B to Class-C. Millennials and younger renters who have opted to rent alone may also choose to
Comfort and familiarity are things that people cling onto for comfort. While most are willing to venture out to a new restaurant or clothing store from time to time to “mix it up,” wider lifestyle changes are generally met with major push-back. In the realm of real estate, this fact is perhaps the most clear in instances of new construction near residential communities. Often, residents of existing communities fight to preserve the familiar feel of their neighborhoods through protesting affordable housing developments, new high-rises, or any unwanted businesses. These conflicts are natural issues for developers and property investment groups, and while these residents may not realize it immediately, derailing growth often comes back to harm their communities beyond what they expected. Change can be tough, but many cities formerly resistant to developments (notably wealthy enclaves) are starting to shift their views to their benefit. What is NIMBY?NIMBY, also sometimes known as nimbyism, is a term used in reference to groups in a community that fight in an organized manner against new developments that threaten their way of life in some manner. Standing for “Not In My Back Yard,” NIMBY started mostly to defend against environmental and public contamination in the
It’s no secret that the hospitality industry has battled through a tough season in recent years. With economic strain right on the back of lockdowns, hotels have made their long climb back to stability as people slowly became comfortable with traveling again, then looked to make up for lost time. Despite an expected downturn this year, Forbes points toward a recent study where 49% of Americans still plan to travel even more in 2023. Things are looking up in hospitality. Still, hotels are finding that experimenting and innovating are a necessity – and a foothold for future success just might be found in taking advantage of another commercial property sector that’s been rocked by recent CRE shifts. As workers are moving out of the office and into their homes (or anywhere else), the hospitality industry has discovered an opportunity. How Are People Working Today?Companies everywhere have had to adapt quickly in order to operate virtually. Now, changing preferences and demands from workers mean that the traditional full-time, in-office working experience isn’t a reasonable expectation anymore. As office property managers fight for a return to in-person work (along with many company managers and owners), other properties are coming up with flexible
In early January, China officially announced that they were lifting many long-standing restrictions connected to the coronavirus pandemic. For many in the commercial real estate industry, this news was received with much enthusiasm, as it meant the world’s second largest economy might finally be re-entering international trade en masse. From a tourist perspective alone, China has long been the world’s premier spender in international travel. As journalists at Quartz report, prior to the pandemic, Chinese tourists spent an eye-popping 36 billion dollars in the United States alone. Investment in commercial real estate has always seen considerable activity both ways, as investors from the world’s two largest economies continually search for opportunities in either nation. When China closed its borders in response to the pandemic, the impact stretched across industries. The Wall Street Journal reports the staggering drop from 170 million trips inbound and outbound from China in 2019 to only 8.8 million in 2021. Investors in both China and the US have been limited in their foreign investment opportunities since then, being unable to physically visit survey opportunities in regions where they were previously active. With this news, hotel owners and commercial property investors are wondering how their assets might
