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Coworking Spaces: What They Are, and How To Manage Them

November 9, 2022

In case you were unaware, Covid changed a lot of things. It is unlikely that we will ever again experience such a sudden change to the way that we conduct business or live our lives. However, new innovations and adaptations have been forced into the forefront of commercial real estate as the result of new worker demands. Of particular note has been the growth in popularity of coworking spaces. The Rise of Coworking SpacesCoworking spaces aren’t a new phenomenon. They actually date back to the mid-2000s as technological advancements offered the potential for new lifestyles, like the digital nomad. Through the pandemic, workers around the world were forced to adapt to remote operations, and as work preferences have changed, more and more offices have closed completely. For some, this new standard is welcome, but others have missed the camaraderie and social stimulation that comes from working in an office. It has been with these conditions in place that coworking spaces have seen a renaissance. But what exactly is a coworking space? In coworking spaces, workers pay for memberships to work alongside other independent members, usually from different fields (eg. freelancers, entrepreneurs, artists, etc.). Coworking spaces are similar to offices in

How To Be Proactive With Property Maintenance

November 2, 2022

There are many things to worry about when managing a successful commercial real estate property. You have to find great tenants that will improve your property’s overall draw, while also figuring out how to retain those high-value tenants through updated amenities or through competitive rental prices. It is understandable that some things can fall to the wayside. Oftentimes, the thing that gets shorted is maintenance. Keeping your property clean and functional is, of course, vital to successful business, but too often, property managers and owners only resort to significant moves after it is too late. Something critical breaks down, or even an injury to a tenant are sometimes the only thing that prompts owners to make meaningful changes. Investing into a solid maintenance plan foregoes these disastrous scenarios, and the best type of maintenance plan, is one that is proactive. What is Proactive Maintenance?Proactive Maintenance Plans are strategies that property managers and owners employ to avert costly maintenance issues before things deteriorate beyond salvageability. The opposite of this strategy would be a Reactive Maintenance Plan, or maintenance techniques that only prompt action after a feature of a commercial property becomes unusable, requiring either major repairs or complete replacement. With proactive

What to Know About Office-to-Residential Conversions

October 26, 2022

Low performing, older office buildings are falling out of favor as work-from-home opportunities expand. In 2020, the coronavirus pandemic forced business owners to change how they looked at managing their employees. To keep running, everyone had to learn how to operate remotely, and two years (and counting) later, it seems as though the workplace may never return to “normal.” Many workers have become accustomed to their newfound flexibility and freedom, and to remain competitive, companies are offering more diverse workplace opportunities. As the world adjusts to new standards, property owners have to adjust as well. Addressing the growing issue of their empty offices has been a difficult task. One potential answer to office owners’ woes has been residential conversions, but how feasible is this option? When do the finances make sense? And what types of buildings are ideal candidates? Here, we look to provide some clarity on this post-pandemic trend. Setting the TableWhile office space investments have been struggling, one form of commercial real estate that has been consistently performing are multi-family properties. Converting a property from a riskier class to something more stable is enticing, but not every case makes sense for this sort of investment. For the past

7 Commercial Real Estate Podcasts That Are Worth Your Time

October 19, 2022

We’re living in the information age. For any given topic, there might be a half dozen articles, a documentary, and a Netflix original series in development to be found. It can be difficult to sift through the content to find what is worthwhile. For entertainment and for news, podcasts have become a great way to learn while multitasking, and for real estate investors, there’s a wealth of professionals in CRE that have dipped their toes into the medium. Whether your tastes are geared towards short and focused content, or towards more casual, entertaining overviews, here are a few Commercial Real Estate podcasts that are worth your time: 1. America’s Commercial Real Estate ShowHosted by Michael Bull, this podcast is the gold standard when it comes to CRE podcasts. Focused on Commercial Real Estate news, Bull has the goal of being informative while analyzing overall trends in the industry. This podcast uses industry specific language that may cause some confusion to inexperienced listeners, but the overall product is extremely digestible. Great for hobbyists and professionals, Michael Bull is clearly confident in what he knows, and his interests make him a natural in the podcast format. “America’s Commercial Real Estate Show” is

4 Ways to Win the Office Leasing Game with Amenities

October 12, 2022

The world has changed quickly in a few short years, and although the newfound flexibility in work spaces has been a boon to workers, office property owners have doubtlessly noticed a difference. Now, lessors not only have to compete with other office spaces, but they also have to compete with workers’ own homes. According to a Pew research poll, 61 percent of work-from-home employees work at home by choice, rather than due to work space closure. Amenities have always been a major consideration when standing out from the crowd, and in the current CRE landscape, they are more important than ever. But what does the modern worker actually want? What really moves the needle when it comes to securing that dream tenant? Today, we cover the amenities that make a difference in filling your empty office spaces. 1. Social SpaceAn inherent advantage in office properties is that they provide direct access to fellow co-workers. In that same Pew poll, although 64 percent of teleworkers reported that they found it easier to balance work and personal life, 60 percent felt that they were less connected to co-workers. Take advantage of this discrepancy by diversifying shared spaces. Aside from conference spaces and

Why Strip Malls are Succeeding after COVID

October 5, 2022

From coast to coast, the latest shopping fixation might come as a surprise. That’s right, strip malls are here to stay! As the economy has had its fair share of speed bumps (and continued hardships are projected to be on their way), strip malls have been a consistent performer in the world of commercial real estate. Of particular note, their performance has been impressive regardless of geographic region. So long as there is a populace residential area in the vicinity, strip malls have become a reliable staple trusted to meet the basic supply needs of consumers. VersatilityThe draw of strip malls in commercial real estate has always been their versatility (and some people have even made it their personal moniker). With these adaptable properties, larger locations can be renovated to fit the needs of multiple tenants that do not require much space. As the market changes, the inherent modularity of these locations affords property owners the room to adjust to market trends. A careful selection of tenants is key when looking to manage a successful strip mall location. The location and clientele should always drive the decisions when selecting quality core tenants, of course. However, as a quick tip, incorporating

Why Draw Inspections Are a Must for Your New Development Project

July 27, 2022

If you’re new to the world of real estate and commercial property management, you may want to consider adding draw inspections to your business platform. By definition, a draw inspection is an inspection completed to evaluate the current progression of a commercial or residential project against what is being reported as complete by the contractor. These inspections are typically requested by lenders who hope to keep building projects on schedule and would like a third-party, unbiased assessment of how the work is going. Draw inspections have grown in popularity as many engineering firms, architects, and banks nationwide need inspectors to perform this under-utilized service for new and refurbished properties. Draw Inspection Requirements To schedule a draw inspection, you just need to provide your local NPI inspector with a checklist of items to examine while on assignment. After receiving your checklist, your NPI inspector will be required to take pictures of items listed on the inspection list and make notations of what is there versus what is being reported by the construction company or lender. Advantages of Draw Inspections for Different Industries 1. Real Estate AgentsIf you’re a real estate agent, you may not be using draw inspections to your full

What It Means to Inspect: Differing Views for Different Industries

July 20, 2022

In the inspection industry, we work in close relation with those in the insurance industry, property management companies, real estate agents, and of course, property owners. Although these trades may align in some areas, a point where they all differ is in the definition of what it means to have an inspection performed. While you might assume that the definition of a property inspection would bear the same weight across the board, you may be surprised at the fact that it actually doesn’t. For clarification’s sake, we’re going to examine the idea of what inspections mean for different industries and how our scope of work may change depending on the needs of our unique client types. Inspection Basics The definition of what an inspection entails for an inspector is very different from what the average consumer, property management company, or insurance agents would assume. According to the International Association of Certified Home Inspectors (InterNACHI), the definition of inspection is: “To examine readily accessible systems and components safely, using normal operating controls, and accessing readily accessible areas, in accordance with the Standards of Practice.” This basically means that everything that one can see or operate within reason are fair game for

Should You Invest in a Multi-Family Property?

July 13, 2022

While today’s market may prove challenging to find a suitable multi-family property to accommodate your needs, it’s definitely an investment worth your time.

Caring for the Paint of Your Commercial Property

July 7, 2022

Whether you’re leasing, selling, or renting a commercial property, it’s essential to know proper upkeep techniques for the paint on both your interior and exterior walls. The painting of your property is not just important to the aesthetics of your commercial space, but for the overall improvement of the physical condition of your business front. While curb appeal is an important selling point, interior walls are just as significant. While the underlying reasons to care for the paint on the inside and outside of your development are parallel, the process of doing so differs vastly in technique. This is due to the difference of daily environmental hazards each surface faces. However, for both indoor and outdoor spaces the process of house washing is a must. House washing is a term that refers to the maintenance of the painted structures of your home and commercial properties. This technique can be implemented on various materials and paint types. House washing protects the outer barrier of buildings from attracting unwanted erosion, rust, and debris. On inside surfaces, house washing acts as a protectant of high gloss paints, preserving the integrity of the wood while upholding the overall appearance of the paint. Although inside,