Commercial Building – Able Property Inspections http://ablepropertyinspections.com/ Tue, 22 Nov 2022 14:20:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://ablepropertyinspections.com/wp-content/uploads/2021/06/icon-1.png Commercial Building – Able Property Inspections http://ablepropertyinspections.com/ 32 32 Commercial real estate investment plunges over summer, but better times may come http://ablepropertyinspections.com/commercial-real-estate-investment-plunges-over-summer-but-better-times-may-come/ Tue, 22 Nov 2022 14:20:46 +0000 http://ablepropertyinspections.com/commercial-real-estate-investment-plunges-over-summer-but-better-times-may-come/ Company Investment in Scottish commercial property plunged in the third quarter amid economic uncertainty, although sentiment is expected to improve at the start of the new year. By Scott Reid There are 3 minutes Publishing its latest Scotland snapshot, property adviser Colliers pointed to a “significant slowdown” over the summer months, with just £200m trading […]]]>

Investment in Scottish commercial property plunged in the third quarter amid economic uncertainty, although sentiment is expected to improve at the start of the new year.

Publishing its latest Scotland snapshot, property adviser Colliers pointed to a “significant slowdown” over the summer months, with just £200m trading between the start of July and the end of September. He noted that in the half Scottish investment volumes reached £1.5bn, with the £200m traded in the third quarter bringing the total to £1.7bn for the period to at the end of the third trimester. However, this is around 15% more than the corresponding 2021 figure.

Cross-border capital accounted for half of all activity by value in the nine-month period, which is above the 2021 average of 42%. PonteGadea Immobiliaria, Heimstaden Bostad and Ares Management were the top overseas buyers. most acquired in value so far this year.

Elliot Cassels, head of the national capital markets team at Colliers Scotland, said: “Investor sentiment cooled at the start of the summer, affecting prices. The fall in sentiment and prices was much more pronounced after the “mini-budget” when gilt and debt rates rose significantly. While some investors have pulled out of the deals, there are still a few in the process of being renegotiated.

Investment in Scottish commercial property saw a significant slowdown in the third quarter of 2022, according to Colliers, who also noted that cross-border capital accounted for half of all activity by value year-to-date. Photo: Jon Savage

“There is no doubt that prices have changed, but we have seen little evidence being created. We expect sentiment to improve and more trades to take place when there is more certainty in the debt market.

The retail sector saw a total of £70 million invested in the third quarter, with the acquisition of Glasgow’s West End Retail Park and Cumbernauld Retail Park for £34.5 million and 24 million respectively. £5 million. The industrials sector had a quiet quarter with just over £20m traded across three deals.

Oliver Kolodseike, Research Director at Colliers, said: “Scotland is not immune to the wider economic challenges sweeping the UK and as such we see the property market Scottish commercial amid new pricing. By the end of the year, we expect to see significant outward movements in yields across the board, especially given the low volumes traded in the third quarter.

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Spending cuts trigger office space decisions http://ablepropertyinspections.com/spending-cuts-trigger-office-space-decisions/ Sat, 19 Nov 2022 13:00:47 +0000 http://ablepropertyinspections.com/spending-cuts-trigger-office-space-decisions/ Some companies have reduced their real estate footprint to reflect a need for fewer or smaller offices. More employees working remotely sparked the first wave of this. But now, that’s not the only reason organizations are abandoning spaces. Macroeconomic forces, including inflation, have pushed reluctant management teams to make decisions about reducing office space. The […]]]>

Some companies have reduced their real estate footprint to reflect a need for fewer or smaller offices. More employees working remotely sparked the first wave of this. But now, that’s not the only reason organizations are abandoning spaces. Macroeconomic forces, including inflation, have pushed reluctant management teams to make decisions about reducing office space.

The shift to remote working cannot be ignored. Two and a half years after the start of the pandemic, remote work seems to be continuing. EY’s Future Workplace Index survey released this week found that more than 70% of employees are working from home at least two to three days a week.

In addition, the number of office workers could plateau: data from Kastle Systems, a provider of building access swipe cards, shows that swipes at offices in the 10 largest cities averaged 47% at 48 % of pre-pandemic levels in the past. month. This is only a few percentage points above the occupancy level last March. (Before the pandemic, according to Fitch Ratings, office utilization was probably around 70%.)

Not surprisingly, many organizations are backtracking on their view of long-term space needs. In the spring of 2021, according to global real estate firm CBRE, 26% of companies surveyed expected their office space needs to remain the same over the long term. But a year later, that share fell to 9%.

CBRE’s Office Tenant Sentiment Survey of 175 corporate real estate executives also showed that only 19% of companies expect to be entirely office-based in the future. Nearly three-quarters (73%) are expected to have a hybrid system that combines remote and office work.

GE Headquarters in Fort Point

More than half (54%) of respondents to a global CoreNet Global survey of corporate real estate decision makers released in September plan to consolidate offices and 42% are reducing the size of the leases they sign.

The list of companies that have removed, consolidated and reduced offices include:

  • KPMG – moving to a smaller space in New York

  • General Electric – leaving its Fort Point, Boston headquarters in 2023, among other actions

  • Moody’s – restructuring of overall real estate footprint but expansion of “lower cost operating centers”, with up to $60 million in savings

  • Tyson Foods – reuniting company team members by closing offices in Chicago, Downers Grove, Illinois and South Dakota

  • Prudential Financial – halving office footprint, projected annual savings to $50 million

  • Lyft – shrinking office footprint, halving real estate costs after laying off 13% of staff

Cost reduction needs

However, not all of this can be attributed to letting employees work fully or partially remotely.

Higher costs due to inflation, including wage pressures, and the possibility of a recession have caused some of these organizations to cut operating expenses. They must preserve their margins or slow down the use of cash, and real estate leases of underutilized space are a prime target.

In the CoreNet Global survey, 62% of respondents said the current rate of inflation has an impact on real estate decisions. About 40% said they were looking for “more profitable buildings and lower rents”.

Office downsizing is increasingly market-driven as part of broader general and administrative expense reduction plans. For example, Roomba vacuum maker iRobot hopes to save $30 million by downsizing its global headquarters amid falling sales and a takeover by Amazon, pending regulatory approval.

The layoffs also paved the way for office downsizing. Gene technology company Invitae laid off 1,000 employees over the summer. The medical laboratory company subsequently consolidated its office space and footprint, including reducing underutilized office space. These measures reduced cash burn by 35% over two quarters, according to Invitee’s third-quarter earnings call.

Other forces affecting office real estate include venture capital pouring less money into startups. Commercial real estate firm JLL (formerly Jones Lang LaSalle) noted in its third-quarter office outlook that “a slowing venture capital environment has dampened leasing momentum in innovative industries. including technology and life sciences. JLL also noted that industries that had driven post-pandemic growth had “significantly slowed expansion plans.”

Not a bottom

The market for commercial office space has started to slow down, but it will be a long time before the full effect is felt. CFOs trying to time a market bottom have a long wait.

The office vacancy rate in the United States stood at 15.4% at the end of the third quarter, an increase of 10 basis points compared to the second quarter, according to real estate adviser Colliers on September 30. However, the vacancy is still “comfortably below” the record high. 16.3% at the height of the global financial crisis, according to the company’s third-quarter outlook.

It is only when large corporate leases are renewed that the market will begin to reflect the influences initiated by the pandemic. — Drew Suszko, BHDP Architecture

In Manhattan, rental activity in October fell 40% from September, Colliers said Nov. 2, the lowest monthly rental total since May 2021. Renewal rates are “decreasing significantly,” a declared JLL.

But any bigger drop in vacancy rates is still 12 to 18 months away, Colliers said. Indeed, corporate real estate lease cycles are long – terms are often 5 to 10 years, BHDP Architecture’s Drew Suszko pointed out in a CoreNet Global blog. And companies “typically make investments in their workspaces in coordination with expiring or renewing leases.” Terminating leases can be prohibitively expensive if it results in significant restructuring or lease abandonment costs.

“It is not until large corporate leases are renewed that the market will begin to reflect the influences initiated by the pandemic,” Suszko wrote.

Organizations under lease can sublet to another company, but according to Colliers, there is a huge supply of such space – 218 million square feet of sublease space is available in the United States. The previous peak was 143 million square feet in the second quarter of 2009.

Luckily, businesses still unfamiliar with post-COVID real estate needs can cut office space costs without being locked into a long-term deal.

“Subletting [office] space will remain a competitively priced near-term option until the business and economic direction is clearer,” Colliers noted.

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Gladstone woman convicted in arson-for-hire scheme http://ablepropertyinspections.com/gladstone-woman-convicted-in-arson-for-hire-scheme/ Tue, 15 Nov 2022 23:24:00 +0000 http://ablepropertyinspections.com/gladstone-woman-convicted-in-arson-for-hire-scheme/ ]]>

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Mia Jamison was sentenced to three years in federal prison for paying an undercover officer to burn down her commercial building in 2019.

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A 70-year-old Gladstone woman was sentenced in federal court on Tuesday after allegedly hiring an undercover officer to burn down a commercial building in Kansas City, according to federal prosecutors.

Mia Lee Jamison was sentenced by U.S. District Judge Gary A. Fenner to three years in federal prison without parole, followed by three years of supervised release.

Secret encounters with an arsonist

Jamison, who owned Mia Plaza near the corner of 39th Street and Bell Street, previously admitted to hiring an undercover officer from the Bureau of Alcohol, Tobacco, Firearms and Explosives to commit arson. She met the officer at her home several times in April 2019, offering to give her $150,000 to burn down her building, which then housed three businesses.

Bob Wasabi Kitchen, 39th World of Spirits and Sahara Sheesha Lounge all operated out of Jamison’s building.

Federal investigators recorded audio and video of the encounters between Jamison and the officer, prosecutors say.

According to a statement from the U.S. Attorney’s Office, Jamison told the officer that she would lose ownership of the building in a civil lawsuit and that it was to be burned down by April 29, 2019. She allegedly told the agent that she had $1.5 million. insurance policy on the building, though prosecutors say the policy was actually worth $2 million.

The 70-year-old then handed the officer $3,500 bond and told him she wanted the fire to look like it was accidental. The agent undertook to set the fire between 3 a.m. and 5 a.m. to limit potential nuisance to tenants.

On April 28, 2019, Jamison and the officer met once again and she told him that she had removed all surveillance cameras around the building in preparation for the event.

Then, at 4 a.m. the next morning, investigators met Jamison at her home. When asked if she burned down the building or hired someone to do so, she denied the allegations. After the confrontation, Jamison learned that her apartment building had not been burned down and she was arrested.

On June 2, 2022, Jamison pleaded guilty to two counts: soliciting a crime of violence and making a false statement to Bureau of Alcohol, Tobacco, Firearms and Explosives investigators.

“This building was his baby”

In an earlier interview with The Star, Jamison’s ex-husband, attorney Kevin L. Jamison, said the idea of ​​Jamison paying someone to burn down his building seems unexpected.

“This building was his baby,” Kevin Jamison said. “It surprised me a bit; it was like setting your child on fire. This thing was the start of his business venture in America.

Jamison moved from Korea to the United States when she and Kevin Jamison married in 1977. Proceeds from the store helped Kevin Jamison continue his law studies.

Jamison bought World of Spirits in 1981 and quickly made it a success by catering to a clientele that included young doctors from the nearby medical center.

The building caught fire in 1990 and left eight people homeless. Kevin Jamison said the fire was caused by a man in one of the buildings who was making dentures and drawing too much electricity through a set of electrical wires. The building was insured.

Kevin and Mia Jamison were married about 20 years before the couple divorced in 1996, Kevin Jamison has said.

“She was (a) hell of a businesswoman,” he said. “But his mental state may explain the deterioration of his activities.”

The Star’s Glenn E. Rice and Luke Nozicka contributed reporting for this story.

This story was originally published November 15, 2022 5:24 p.m.

Kansas City Star Related Stories

Jenna Thompson covers breaking news for The Kansas City Star. A native of Lincoln, Nebraska, she previously worked for the Lincoln Journal Star and is a graduate of the University of Nebraska-Lincoln, where she studied journalism and English.

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APAC office supply fell 45% in third quarter, says MSCI http://ablepropertyinspections.com/apac-office-supply-fell-45-in-third-quarter-says-msci/ Sun, 13 Nov 2022 10:24:09 +0000 http://ablepropertyinspections.com/apac-office-supply-fell-45-in-third-quarter-says-msci/ Hulic’s resale of the Minato Mirai Center Building to M&G was the largest pending transaction of the quarter Fears of an economic slowdown and rising interest rates stifled sales of income-generating real estate assets in Asia-Pacific during the third quarter of 2022, with office property exchanges plunging 45 % year-over-year to $14.9 billion, according to […]]]>

Hulic’s resale of the Minato Mirai Center Building to M&G was the largest pending transaction of the quarter

Fears of an economic slowdown and rising interest rates stifled sales of income-generating real estate assets in Asia-Pacific during the third quarter of 2022, with office property exchanges plunging 45 % year-over-year to $14.9 billion, according to MSCI Real Assets.

The retail sector slowed even faster, with transactions for malls and high street stores falling 54% to $4.2 billion from the same period last year, said the data provider in its Capital Trends report published last week.

Even the smaller 24% decline in industrial property trading, to $8.7 billion, was buoyed by a single transaction: JD.com’s acquisition of China Logistics Properties and its portfolio of 42 properties, valued nearly $3 billion. Without the mega-deal, logistics investment would have had its quietest quarter in five years, MSCI said.

“Rapid changes in the macroeconomic environment are now weighing heavily on the commercial real estate market and the slowdown deepened in the third quarter,” said Benjamin Chow, head of Asia real estate asset research at MSCI. “Not only is new deal activity declining, but deals are also failing, which is a negative signal for the quarters to come.”

Completed transactions

Overall investment volume in the region totaled $32.6 billion in the third quarter, marking a 38% drop from the year-ago period and widening from a 16% year-on-year fall annually in the second quarter.

Benjamin Chow, Head of Real Estate Research, Asia, MSCI

Benjamin Chow, Head of Asia Property Research for MSCI

Trade in commercial properties, which MSCI defines as including office, industrial and retail assets, fell 42% year-on-year in the quarter to $27.8 billion, bringing the sum to 111, $4 billion since 2022, down 20%.

MSCI’s biggest office deal in the third quarter was the $879 million sale of the Goldin Financial Global Center in Hong Kong, although media reports say the deal later fell through amid legal wrangling.

Not counting the failed deal with Goldin Financial Global Center, the amount of deals completed in the quarter, including the collapse of Mirae’s $3 billion purchase of IFC Seoul from Brookfield, has totaled $6 billion, or nearly 20% of global trading volume, MSCI said.

The second-biggest office deal in the third quarter was Hulic’s resale of the Minato Mirai Center Building in Yokohama to M&G Real Estate in a deal valued at $849 million by MSCI. Japanese builder Hulic had purchased the 21-story office building from Goldman Sachs’ asset management division for $835 million in the previous quarter.

Other significant office deals in the July-September period include Lendlease’s acquisition of a 49% stake in a joint venture with Singtel for $582 million to redevelop Comcentre’s headquarters in the Singapore’s Orchard area, as well as sovereign investor GIC’s purchase of a half stake in a $568 million Melbourne office development at 555 Collins Street from Charter Hall.

The hotels are holding up

The hotel sector fared better than the others in the third quarter, with volume down just 8% year-on-year to $2.4 billion. It was the only segment in which the pipeline remained constant from the same point in 2021, with more than $1 billion worth of properties trading in Japan in the third quarter alone, although many properties purchased may not stay in the hotel business.

“The decline in the hotel sector has been mild, but part of dealing in this sector is repositioning hotels as different types of properties,” said David Green-Morgan, global head of real assets research at MSCI. .

An example of such conversions is the $115 million purchase by Angelo Gordon and Weave Living of the Grand City Hotel in Hong Kong Island’s Western District to turn it into a co-housing project, one of many acquisitions hotels by Weave over the past few months.

For the apartment sector, which saw investment fall 13% year-on-year to $1.6 billion, Japan continued to be a hub of activity in the third quarter. The biggest buyer was French fund manager AXA IM Real Assets, which acquired two multi-family and student housing portfolios in Greater Tokyo and Osaka for a total value of $418 million.

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Morningstar signs lease renewal after considering Loop move http://ablepropertyinspections.com/morningstar-signs-lease-renewal-after-considering-loop-move/ Thu, 10 Nov 2022 17:18:55 +0000 http://ablepropertyinspections.com/morningstar-signs-lease-renewal-after-considering-loop-move/ The renewal came despite Morningstar nearly reaching a deal earlier this year to move its offices one block to 24 E. Washington St., the redeveloped upper floors above the flagship Macy’s State Street store. Inking that lease as remote work drives office vacancy to an all-time high would have landed a mammoth win for Toronto […]]]>

The renewal came despite Morningstar nearly reaching a deal earlier this year to move its offices one block to 24 E. Washington St., the redeveloped upper floors above the flagship Macy’s State Street store. Inking that lease as remote work drives office vacancy to an all-time high would have landed a mammoth win for Toronto developer Brookfield Properties, which has turned space in the iconic building into office space. modern.

Morningstar has been one of the city’s biggest and best-known tenants looking for a new office amid the COVID-19 pandemic, making its decision on where to go – and the space it needs – watched closely by downtown office owners struggling with sluggish demand.

It’s unclear what prompted Morningstar to stay put, but a company spokeswoman said in a statement the decision came after “a rigorous, data-driven evaluation of our options moving forward.” .

“After a very thorough and thoughtful evaluation of our options in Chicago, we have decided to remain at 22 W Washington for an additional five years, Renée Morin, Morningstar’s head of global facilities and business continuity, said in the statement. . “Our investment in design here has generated a positive experience for our employees and customers.”

Still, the relatively short-term lease renewal signals the reluctance of many large companies to make a long-term commitment to the workspace in the wake of the pandemic. Although the effects of the public health crisis have eased considerably, questions remain about how often employees will use the workspace in the future.

Many downtown businesses signed leases to move to newer or more recently updated buildings during the pandemic to take advantage of market weakness and help compel workers to show up. But an economic downturn this year and soaring construction costs could also deter tenants from building a new office from scratch.

Morningstar’s recommitment to the Block 37 building it has called home since 2008 is working well for Newark, NJ-based PGIM Real Estate, which owns the office building. PGIM was even preparing for Morningstar’s potential departure earlier this year, marketing the company’s space as available to new users after its lease expires at the end of 2023.

Losing a tenant who leases more than half of the 472,000 square foot building could have been a devastating blow for PGIM, which paid $182 million for the building in 2011. It would also have been the first major test of ownership of 16 floors. never had to backfill a large office block.

“We view this (renewal) as a very, very positive sign for a corporate office to recommit to not just staying in Chicago, but maintaining a very large footprint,” said Michael Lirtzman, director of Colliers International. , which oversees leasing in the building. “This is a very positive sign for the future of office space in Chicago.”

Morningstar has grown its workforce significantly since it first moved into 22 W. Washington, though much of its expansion under CEO Kunal Kapoor — who took over from founder Joe Mansueto in the role in 2017 – was made in other markets through business acquisitions. A company spokeswoman said Morningstar has more than 1,600 permanent full-time employees in its Chicago office.

For Brookfield, the lawsuit continues to lease its 650,000 square foot office block in the historic Marshall Field building. After paying more than $30 million for floors 8 through 14 of the full-block property, the developer set out to transform the space’s massive floor plates into workspace. But the project was completed just as the pandemic took hold, making it difficult to find tenants.

Tenants who have moved into or signed leases in the building so far include consumer information firm Numerator, online ticket marketplace headquarters Vivid Seats and candy maker Ferrero, which is set to open a new 45,000 square foot confectionery research center on the eighth and ninth floors. New York-based Industrious also operates a coworking space in the building.

Office space at 24 E. Washington is about 45% leased, according to CoStar. A spokeswoman for the building declined to comment.

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Professional office building at 275 Branford Road listed for $430,000 http://ablepropertyinspections.com/professional-office-building-at-275-branford-road-listed-for-430000/ Mon, 07 Nov 2022 22:45:29 +0000 http://ablepropertyinspections.com/professional-office-building-at-275-branford-road-listed-for-430000/ NORTH BRANFORD, CT – Listed by Renee Stevens of Press/Cuozzo Realtors for $429,900, is a professional office building located at 275 Branford Road, North Branford. Conveniently located and with ample on-site parking, the building sits on 0.39 acres. High visibility signage opportunity with 110′ on Branford Road. Former law firm with unique layout to allow […]]]>

NORTH BRANFORD, CT – Listed by Renee Stevens of Press/Cuozzo Realtors for $429,900, is a professional office building located at 275 Branford Road, North Branford. Conveniently located and with ample on-site parking, the building sits on 0.39 acres.

High visibility signage opportunity with 110′ on Branford Road. Former law firm with unique layout to allow for many uses. 8 private offices in total with large conference room, reception, break area, full basement and 3 shower rooms.

Potential residential use; the seller will cooperate with the buyer if a change of zone is necessary.

Listed By: Renee Stevens, Press/Cuozzo Realtors

For more information, click here. See more photos from the list below, courtesy of Press/Cuozzo Realtors:

For more real estate news, follow Patch on Facebook

Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors
Listed By: Renee Stevens, Press/Cuozzo Realtors

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Gilson Gray appoints commercial real estate partner Stephen Dick http://ablepropertyinspections.com/gilson-gray-appoints-commercial-real-estate-partner-stephen-dick/ Fri, 04 Nov 2022 10:41:18 +0000 http://ablepropertyinspections.com/gilson-gray-appoints-commercial-real-estate-partner-stephen-dick/ Pictured (LR): Stephen Dick and Murray Stewart Stephen Dick joined Gilson Gray as a partner. Mr. Dick has over two decades of experience in the real estate industry and joins Gilson Gray of DLA Piper, where his clientele included a range of high profile investors, developers, landlords and occupiers. He also spent six years working […]]]>

Pictured (LR): Stephen Dick and Murray Stewart

Stephen Dick joined Gilson Gray as a partner.

Mr. Dick has over two decades of experience in the real estate industry and joins Gilson Gray of DLA Piper, where his clientele included a range of high profile investors, developers, landlords and occupiers. He also spent six years working at Semple Fraser.

More recently, he has been involved in some of Scotland’s largest commercial property transactions, including the sale of Edinburgh’s Haymarket development site to M&G Real Estate; advising Artisan on its New Waverley mixed-use development in Edinburgh; and acting on the disposal of Glasgow’s St Enoch shopping centre.

Based in Edinburgh but acting for clients across Scotland, Mr Dick will work with Gilson Gray’s commercial property team on a range of investments, disposals, development and leases.

He said: “In a relatively short period of time, Gilson Gray has developed its reputation as one of Scotland’s leading law firms and I am delighted to join the team. The full-service approach sets itself apart from the competition, especially in commercial property, and it’s great to see clients supported by a wide range of specialists.

Murray Stewart, Partner and Head of Commercial Real Estate at Gilson Gray, added: “Stephen has extensive real estate experience and will be an invaluable addition to the team, further strengthening our real estate offering. We have ambitious development plans, with growth supported by our desire to attract the best talent. Despite the high profile challenges of the past two years, the Scottish commercial property market has remained resilient, and our growing team are well placed to advise clients on all property assets.

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Pawel Kentaro Grendys advises on how to sell commercial real estate http://ablepropertyinspections.com/pawel-kentaro-grendys-advises-on-how-to-sell-commercial-real-estate/ Tue, 01 Nov 2022 22:08:00 +0000 http://ablepropertyinspections.com/pawel-kentaro-grendys-advises-on-how-to-sell-commercial-real-estate/ Pawel Kentaro Grendys, a Latin American real estate expert, offers valuable insights on how to market a property to achieve a quick sale. To be able to sell the commercial premises in the best conditions, having the help of a professional real estate service specialized in real estate mediation can be the best. —Pawel Kentaro […]]]>

Pawel Kentaro Grendys, a Latin American real estate expert, offers valuable insights on how to market a property to achieve a quick sale.

To be able to sell the commercial premises in the best conditions, having the help of a professional real estate service specialized in real estate mediation can be the best.

—Pawel Kentaro

MEXICO, Nov. 1, 2022 /EINPresswire.com/ — New real estate market prices are rising at an enviable pace after the crash they suffered during the economic crisis. This means that a favorable scenario has been created in order to be able to sell commercial premises quickly. Pawel Kentaro Grendys, a Latin American real estate expert, explains how to sell commercial real estate fast with better marketing.

Real estate is now being revalued, especially if it is located in large cities. However, there are people who prefer to keep waiting to see how the real estate revaluation progresses and, thus, sell at the top. However, this usually means more risk being taken.

Setting the price is undoubtedly one of the first decisions that sellers must make before putting a commercial property up for sale. To do this, it is necessary to check what the price level is in the area and to be able to compare our premises with others with similar characteristics.

If this is the cheapest option, another possibility is to ask an appraiser to make an estimate. Adds Grendys, “To be able to sell the commercial premises in the best conditions, having the help of a professional real estate service specializing in real estate mediation can be the best.”

Unfortunately, there are a number of legal requirements for selling commercial space. One of them is the need to provide the buyer with the information necessary to prove that we own the premises through a copy of the deed or a simple note, which can be requested from the register. property also electronically.

Having a plan is particularly important when selling commercial premises, as the distribution of the premises will depend on the use that can be given to them. Thus, it would be advisable to go to a technician to make some plans for the distribution of the premises.

It is essential to have them in order to know if there is a prohibited activity or if the commercial premises you want to sell have some kind of limitation. Therefore, it is important to request the statutes of the community from the administrator of the property or the land registry.

If the commercial space you want to sell is leased, chances are the buyer will ask you for a copy of the lease agreement. In addition, it is important to note whether the contract confers on the lessee a right of first refusal.

Another thing to consider are licenses or taxes. Business premises must be up to date with payments by the time you decide to sell them, and understanding all responsibilities is imperative before signing a contract.

It is essential that the places are clean and collected in order to favor its sale and that during the visits it generates a good image. For this reason, reforms, even minimal ones, can sometimes greatly increase the selling price of commercial premises.

Be ready and respond quickly to requests from potential buyers, no matter the time of day or night. Keep track of all communications with potential sellers by saving their contact details and email addresses for future correspondence. This will help the process go smoothly.

A feature could be anything from a cozy fireplace in the hall to a fully equipped kitchen ideal for starting new businesses. A unique feature will help attract more buyers, especially those looking for something different.

Finally, when listing your property, include photos of the interior and exterior of the property. Specific interior details, such as how many restrooms or parking spaces are available in your building, will help paint a clearer picture for buyers.

Grendys concludes, “Use bullet points rather than long paragraphs. It’s easier for buyers to decide quickly if all relevant information is provided in a more understandable way. Don’t forget to attach documents, photos and floor plans. floor to emails.”

About Pawel Kentaro

Pawel Kentaro Grendys is a leading expert in Latin American real estate. His background includes experience in the residential and commercial sectors, and he offers in-depth knowledge of local investment laws and building codes. In addition to offering leading brokerage services for high-end commercial, industrial and residential real estate investments in the region, he is also a leading real estate marketer. When he’s not helping clients find the right property to meet their goals, he enjoys spending time outdoors with his family.

Pawel Kentaro Grendys
pawelkentaro.com
info@pawelkentaro.com
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Maine Commercial Building Owners Receive New Tool to Fight Climate Change http://ablepropertyinspections.com/maine-commercial-building-owners-receive-new-tool-to-fight-climate-change/ Sun, 30 Oct 2022 10:15:22 +0000 http://ablepropertyinspections.com/maine-commercial-building-owners-receive-new-tool-to-fight-climate-change/ Maine is finalizing rules for a program that will soon allow commercial homeowners to pay for clean energy upgrades through their property tax bills. Loans known as C-PACE – or Commercial Property Rated Clean Energy – eliminate down payments and spread the cost of solar, energy efficiency and other projects over longer terms than loans. […]]]>

Maine is finalizing rules for a program that will soon allow commercial homeowners to pay for clean energy upgrades through their property tax bills.

Loans known as C-PACE – or Commercial Property Rated Clean Energy – eliminate down payments and spread the cost of solar, energy efficiency and other projects over longer terms than loans. conventional bank loans. When a property is sold, the responsibility for repayment is transferred to the buyer, allowing owners to invest without worrying about whether they will own for long enough to fully recoup the savings.

“It’s a financing tool that lowers the upfront cost barrier to renewable energy and energy efficiency measures for commercial properties,” said Robert Wood, director of government relations and climate policy at Nature’s Maine chapter. Conservancy. “He has a clearly successful and growing track record in a number of other states.”

Connecticut became the first state to approve a C-PACE program in 2012. Adoption picked up from there and today more than 20 states and the District of Columbia have active programs in place. Maine passed legislation (LD 340) last year to establish a program administered by Efficiency Maine Trust.

Maine has made an ambitious effort to reduce its greenhouse gas emissions since 2019, when Governor Janet Mills took office and declared climate issues a priority for her administration. In 2020, the state released a comprehensive climate change plan, Maine Won’t Wait, which includes a goal to reduce greenhouse gas emissions by 80% by 2050.

One of the key strategies in the document is to modernize buildings in Maine. Commercial building heating, cooling and lighting are responsible for about 11% of the state’s emissions. C-PACE is seen as a tool to address this segment.

How C-PACE works

The program works by leveraging systems already in place to assess and collect property taxes. A building owner wanting to add solar panels or new insulation borrows the entire amount needed from a private lender, but payments on the loan are rolled into his semi-annual property tax bills. The local tax collector makes the payments to the lender.

The approach offers a few advantages, proponents said. Although there are already lenders who will finance renewable energy or energy efficiency projects, they generally offer loan terms of five to ten years. With C-PACE, however, loan terms can be as long as the expected useful life of the system or financed upgrade. And longer terms mean lower payments.

“If you extend it to 15 or 20 years, that significantly lowers your monthly costs, said Michael Stoddard, executive director of Efficiency Maine Trust.

At the same time, tying payments to the property tax bill gives lenders more confidence that they will be reimbursed. Legally, property taxes take priority over other debts if a borrower is in financial difficulty. This same priority attaches to the payment of a C-PACE loan. If the building is sold, the loan payment is passed on to the buyer, who ends up with a higher property tax bill, but a more efficient and potentially more valuable building.

“The idea is that you create a secure investment tool by taking advantage of the municipal property tax structure,” Wood said.

In some cases, the financed improvements save so much money that the additional property assessment is less than the savings, providing homeowners with positive cash flow upfront.

Small print is expected soon

Efficiency Maine is nearing the end of the program’s regulatory process. Stoddard expects to publish draft regulations for public comment soon and finalize the regulations by the end of the year. Once this framework is in place, individual cities will need to join the program by passing a municipal ordinance authorizing their participation. Several municipalities, including Portland and South Portland, have already expressed interest in adopting the program.

The money for the loans will come from private lenders who decide it is worth participating in the newly created market. The mix could include local and national banks, as well as niche private lenders that focus on the C-PACE market, Stoddard said.

Some in the banking industry are unconvinced by the program. Although the program is “well-intentioned,” it may not have a significant impact, said Josh Steirman, director of government relations at the Maine Bankers Association.

Before a loan can be granted, the city or town must have opted in to the program, and then the borrower must obtain consent from any other lender who holds a mortgage on the property. These extra steps can hinder adoption, Steirman said.

“We’re curious to see how market adoption of this program evolves,” Steirman said. “However, the use of this program may be somewhat limited, and therefore less impactful than expected.”

Other states with active C-PACE programs have seen a significant impact, however, enabling some $2 billion in private investment, according to the US Department of Energy.

In Connecticut, the program has been a resounding success, said Mackey Dykes, vice president of financing programs at Connecticut Green Bank, the agent that administers the C-PACE program in the state. Since its launch in 2013, the program has funded 370 projects there for a total of $231.7 million. These investments generated $312.6 million in savings and prevented nearly 927,000 tonnes of carbon dioxide from entering the atmosphere, the equivalent of taking 185,000 cars off the road.

The steps involved in the program have not been a deterrent in Connecticut, Dykes said. Each municipality only needs to join the program once, and once banks are familiar with the program, obtaining their consent for an additional loan becomes a quick and easy process.

“Once you’ve completed that initial work and created the ecosystem that includes programs and benefits, you’re set for success,” Dykes said.

This article originally appeared in Energy Information Network, and has been republished with permission.

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RICS: Commercial property outlook in Scotland dims as demand for occupancy and investment declines http://ablepropertyinspections.com/rics-commercial-property-outlook-in-scotland-dims-as-demand-for-occupancy-and-investment-declines/ Thu, 27 Oct 2022 11:10:18 +0000 http://ablepropertyinspections.com/rics-commercial-property-outlook-in-scotland-dims-as-demand-for-occupancy-and-investment-declines/ On the occupier side, overall tenant demand in Scotland fell to a net balance of -10% of respondents Occupant and investor demand for commercial properties in Scotland has fallen further, according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Monitor. The survey points to a weaker market, with the prospect of further […]]]>

On the occupier side, overall tenant demand in Scotland fell to a net balance of -10% of respondents

Occupant and investor demand for commercial properties in Scotland has fallen further, according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Monitor.

The survey points to a weaker market, with the prospect of further interest rate hikes weighing heavily on the outlook for the year ahead.

On the occupier side, overall tenant demand in Scotland fell to a net balance of -10% of respondents, the lowest figure since the first quarter of 2021. There has been a downward trend in occupier demand for offices and retail (net balances of -5% and -46% respectively). However, tenant demand for industrial real estate increased in the third quarter, with a net balance of +25% of respondents reporting an increase.



Respondents’ net retail demand balance has now been negative for 26 consecutive quarters. Meanwhile, net industrial demand has been strongly positive since the mid-2020 quarters, when there was a covid-related decline.

Overall rental expectations in Scotland are broadly stable for the next three months (versus +8% previously), but there is a large variation between industrial on the one hand and retail on the other. A net balance of +41% was recorded for industrial rental expectations and -52% for retail. But both figures were lower than in Q2.

In the investment market, a net balance of -28% of respondents in Scotland cited a drop in inquiries during the third quarter. This represents the weakest return for this measure since the third quarter of 2020. A decline was seen across all three sectors, with the industry turning slightly negative for the first time since the third quarter of 2020. And respondents said they saw a sharp drop in interest from foreign investors. The net balance of foreign investment applications was -35%, one of the biggest declines since the start of the series.

The outlook changed markedly in the third quarter for capital stocks. Projections for the value of office space in Scotland turned negative, with the net balance falling to -23% from +23% in the previous quarter. For retail, the already negative projections have been revised down further, with a net balance of -54% from Scottish contributors anticipating lower retail values ​​in the coming three months.



Alasdair Humphery of JLL in Edinburgh said: ‘World events, added to the rising cost of debt, rising dormitory rate and rising building costs are a soup of epic challenges, but all these and other factors do not apply in the same way in different sectors and sub-sectors of real estate, etc. for some, opportunities will arise but there will be a concerted flight to quality and green buildings.

Euan Ryan, Senior Public Affairs Officer, RICS, added: “The commercial property sector has a vital role to play in ensuring the economic and social success of local communities across Scotland. As the Scottish Government stated in its retail strategy earlier this year, a “strong, thriving and vibrant retail sector is essential to the vision of a wellbeing economy”. With new initiatives aimed at attracting foreign investment, reforming business rates to drive improvements, and ongoing work to decarbonize non-residential buildings, the sector can make a significant contribution to the just transition and creation agenda. places in Scotland, despite difficult economic conditions.

Tarrant Parsons, RICS Economist, commented: “Deteriorating conditions in the UK economy are having an increasingly noticeable influence on the UK commercial property market, with higher interest rates and the prospect of more to come, now clearly weighing on investor demand.

“The weakness in survey returns is particularly evident in the retail sector, as the cost of living crisis and falling consumer confidence weigh on household spending. Likewise, the office sector has also seen a further decline in demand, with the ongoing structural changes in work patterns brought about by the pandemic further exacerbating the broader cyclical downturn in the economy.


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