Archives - Page 9 of 66 - Viewpoints - Coldwell Banker Commercial

Aug 9, 2023

Beyond the Brick & Mortar: Leadership Lessons from CBC Board of Advisors Member, Molly Hamrick

Welcome to our “Beyond the Bricks and Mortar” series. We will explore global real estate and leadership concepts with local experts from our network to better understand trends, opportunities, and the psychology of CRE.

Aug 8, 2023

In Case You Missed It: July Recap

In the July ICYMI we highlight a new partnership with Compstak, celebrate our recent CRE Win Graduates and share details on the next semester, discuss our involvement with the upcoming C5 & CCIM conference, new marketing releases and more!

Aug 7, 2023

Coldwell Banker Island Properties Launches New Commercial Real Estate Division

Kihei, HI – August 3, 2023 - Coldwell Banker Island Properties, a renowned leader in Hawaii's residential real estate sector, is thrilled to announce the launch of its new commercial real estate division. With this expansion, the company broadens its services to include commercial real estate sales and commercial property management.This move underscores Coldwell Banker Island Properties' commitment to holistic real estate solutions, effectively serving the needs of clients across both residential and commercial spheres. The new commercial division will provide comprehensive services, helping clients to buy, sell, lease, and manage commercial properties throughout the Hawaiian Islands."Coldwell Banker Island Properties has always been committed to providing unmatched real estate services in the Hawaiian region," said Steve Houle, President of Coldwell Banker Island Properties. "This new expansion into commercial real estate will allow us to serve our clients' diverse needs even more effectively. Whether it's a local business seeking new premises, an investor looking for commercial opportunities, or a property owner in need of reliable management services, our new division is poised to deliver exceptional service."The commercial division's team will leverage its vast knowledge and experience to assist clients in navigating the complexities of commercial real estate, providing valuable insights on market trends and opportunities. The new division is led by commercial real estate veterans Brian Yano and Chris Millen who both joined Coldwell Banker Island Properties from JLL.As Vice President and Managing Director, Yano has been instrumental in the launch of the commercial division. In this role, he will lead property, project, and facilities management services statewide. Previously Yano held positions with JLL, A&B Properties, CBRE, Colliers, and Maui Memorial Medical Center.Leading commercial sales and leasing will be Chris Millen, CCIM, who serves as Vice President. In this position, Chris will oversee commercial sales and leasing across the Hawaiian Islands. Chris's notable career highlights include significant investment sales and projects such as 505 Front Street, Kukui Mall, Coco Palms Resort, Fairway Shops, and Napili Plaza, which reflect his strong command of the Hawaiian commercial real estate market.With the launch of its commercial division, Coldwell Banker Island Properties completes a key component in its robust real estate ecosystem which already includes residential sales, property management, and vacation rental management. By offering a seamless experience in all aspects of real estate, clients continue to benefit from the company’s reputation for integrity, customer service, and deep local knowledge."We look forward to the new opportunities that our commercial division will bring," said Steve Houle. "With our innovative approach, vast network, and commitment to excellence, we will continue to shape the future of the Hawaiian real estate market." About Coldwell Banker Island PropertiesSince 1995, Coldwell Banker Island Properties has provided our clients with exceptional real estate services from start to finish. This commitment to excellence has propelled us to become the #1 real estate brokerage across Maui, Hawaii Island, and Kauai. Backed by an international reach, integrated marketing, and the latest market data, we strive to help our lifelong clients make the most informed real estate decisions possible. The brokerage is comprised of nearly 600 agents in 14 offices across Hawaii. In 2022, the brokerage closed 2,359 transactions totaling $2.3 billion.###

Aug 2, 2023

June Rental Activity: Midwest States are In-Demand

As home prices soar and the rental season reaches its peak, the desire to rent has become increasingly prominent, reflected in a surge in demand for apartments. According to RentCafe's research, certain cities are experiencing a significant uptick in listing activity and attracting considerable attention from prospective apartment hunters. June experienced a shift in popularity among renters, with the Midwest emerging as the most sought-after region, closely followed by the South. Notably, the South secures the highest number of spots in the June ranking, with a total of 12 cities. The Midwest closely trails with 10 cities, dominating the top four positions. Atlanta maintains its status as the highest-ranking city in the South for the third consecutive month, securing the seventh spot overall.Among these cities, Kansas City, MO, retains its position as the most desired city by renters in June, maintaining the top spot from the previous month. Overland Park, KS, located nearby, claims the second position, while Minneapolis ranks third. These cities experienced the highest engagement on RentCafe.com, as evidenced by the significant number of rental properties saved to favorites, personalized searches, limited availability of units, and overall high listing views.Nearly half of June's most sought-after top 30 cities are located in the South after six new locations in the region entered RentCafe's ranking. For example, North Carolina tech hub Charlotte made it to the 20th spot, while neighboring college town Greensboro is this month’s 30th most in-demand city for renters. Kansas City Takes the No. 1 Spot for JuneKansas City maintains a consistent reputation as a top-tier destination for living in the United States. This distinction is substantiated by various factors, including its expanding population, an abundance of employment opportunities, affordable cost of living, and a plethora of enjoyable activities to partake in. Additionally, residing in Kansas City grants convenient access to arguably the finest barbecue culinary experiences available. Additionally, Overland Park, the largest suburb of Kansas City, achieved a remarkable ascent in this month's rankings, climbing an impressive 78 spots to secure the second position. In June, Overland Park maintained a similar number of available apartments compared to the previous year. However, renters displayed a significant increase in engagement, with a 27% rise in listing views and a substantial 63% increase in saved personalized searches. Notably, the number of favorited apartments in the city experienced an astonishing nine-fold surge in comparison. For commercial real estate investors, this presents an opportunity to explore investment prospects in Kansas City and Overland Park's rental markets The significant climb in rankings and increased renter interest highlight the potential for strong returns on investment. Furthermore, the stable availability of apartments in the area, combined with the heightened renter engagement, suggests a healthy market with a strong demand-supply dynamic.

Jul 26, 2023

Coldwell Banker Commercial Lewis Realty Group Closes Sale Of 93-Plus-Acre C4-Zoned Property In El Paso, Texas

EL PASO, TEXAS (July 25, 2023) – Coldwell Banker Commercial Lewis Realty Group is pleased to announce that it recently completed the sale of a 93.308-acre property located at the southeast corner of Zaragoza Rd. and Montana Ave. in El Paso, Texas. The listing price of the property was $24,386,000. “It was a pleasure to represent the seller, River Oaks Properties, Ltd., and the buyer, Wagner Equipment Company, in the sale of this prime property in a desirable location of El Paso,” said Tommy Lewis, principal of Coldwell Banker Commercial Lewis Realty Group. The 93-plus acre parcel is zoned C4 for commercial development. The buyer, Wagner Equipment Company, is headquartered in Aurora, Colorado. About Coldwell Banker Commercial AffiliatesColdwell Banker Commercial Lewis Realty Group, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com. Media Contact:Kevin Guhl, kevin.guhl@cbhomeoffice.com 973-407-5916

Jul 26, 2023

Coldwell Banker Commercial Realty Represented Both Sides Of $3.25m Mixed-Use Sturcke Building Sale In Westfield, N.J.

WESTFIELD, N.J. (July 25, 2023) – Coldwell Banker Commercial Realty is pleased to announce that it represented both the buyer and the seller in the $3.25 million sale of the Sturcke building, a 14,630 square-foot, mixed-use structure offering five retail units and 13 second-floor offices. The building is located at 107-115 Quimby Street in downtown Westfield. Douglas Feigel, broker associate with Coldwell Banker Commercial Realty, represented the buyer, Ralph Rapuano, Jr., a local investor who plans to continue the legacy of the building and its use as income-producing, tenanted commercial units. The seller is undisclosed. The one-year listing was under contract in 11 months. “I was happy to work with trusted clients on both sides of the transaction,” said Feigel. “The original property owners constructed and then operated the Sturcke building for decades, followed by the latest seller who were hands-on landlords for more than three decades. Most of the tenants are local to the area and look forward to meeting the new owner. Ralph takes pride in knowing the deal is complete and expects to be hands-on like the previous ownership for many years into the future.” About Coldwell Banker Commercial AffiliatesColdwell Banker Commercial Realty, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com. Media Contact: Kevin Guhl, kevin.guhl@cbhomeoffice.com973-407-5916

Jul 25, 2023

Here's Why Airbnb is Dominating Tourism and Hospitality

Airbnb has made a significant impact on the hospitality and tourism industry since its inception in 2008. However, due to the pandemic, global tourism experienced an unprecedented decline of 70 percent, leading to a significant transformation in the patterns and preferences in travel overall. As individuals gained greater freedom and adaptability once Covid restrictions lifted, their travel habits shifted, allowing for more flexible schedules, diverse destinations, and extended stays. Though many individuals returned to urban areas and popular international destinations following the pandemic, there is an enduring prevalence of distributed travel trends, which refers to a travel pattern or trend where tourists and travelers disperse themselves across a wider range of destinations rather than concentrating in a few popular or mainstream locations. Instead of flocking to major tourist hotspots, distributed travel encourages exploring lesser-known or off-the-beaten-path destinations, including smaller cities, small towns, and unique urban neighborhoods. It emphasizes a more diverse and balanced distribution of visitors, benefiting a broader range of destinations and fostering tourism growth beyond traditional hubs.Recently, Airbnb published data showcasing how their platform contributes to fostering sustainable, affordable, and immersive travel experiences. They achieve this by distributing guests and benefits not only within cities but also extending beyond overcrowded tourist hotspots. The focus is on emerging communities that are gaining popularity and may have limited or no hotel options available. Because Airbnb hosts are the primary- if not the only- providers of local accommodation and drivers of local tourism, they were able to provide housing for more than 44 million guests in areas where there are no hotels, which generated more than $10.5 billion in Host earnings. Thus, influencing guests to spend time and money in local bars, restaurants, tours, museums, and attractions in these smaller cities and towns. Based on Airbnb's data, roughly 65 percent of US Census tracts had Airbnb listings in 2022 but lacked any hotel presence. This indicates that guests have a significantly broader range of travel options when utilizing Airbnb, as compared to hotels, which are typically concentrated in more popular and heavily visited areas.It’s clear that one of Airbnb’s goals is to help support small cities and towns that may have flown under the radar when guests are booking trips. Airbnb firmly believes that their initiatives, resulting in guest expenditures within these areas, contribute to the development of significant microeconomies. Notably, since the onset of the pandemic, more than 2,100 cities and towns across the United States have welcomed their first Airbnb bookings. The report shows the “Top-booked US cities and towns with their first Airbnb booking in Q1 2023”, which include:

Coldwell Banker Commercial and Compstak Partnership

Jul 18, 2023

Coldwell Banker Commercial and CompStak Form Strategic Partnership to Empower Brokers with Comprehensive Commercial Real Estate Data

Madison, N.J. (July 18, 2023) - Coldwell Banker Commercial®, a renowned name in the commercial real estate industry and Anywhere brand (NYSE: HOUS) is pleased to announce its strategic partnership with CompStak, the leading provider of commercial real estate lease and sales comp data. This collaboration brings together two powerhouses in the field, aiming to enable brokers to access accurate, reliable, and up-to-date CRE data. As brokers navigate the dynamic landscape of commercial real estate, having access to granular and vetted data is essential for making informed decisions and driving successful transactions. The partnership between Coldwell Banker Commercial and CompStak aims to address this critical need by leveraging the strengths of both companies' wide-sweeping networks of CRE professionals across the US. CompStak has established itself as a leading provider of CRE data, amassing a vast and diverse database of crowd-sourced commercial property information. Their proprietary technology and robust platform aggregate and authenticate data from a large network of 35,000+ professionals at brokerages and appraisal firms, ensuring accuracy and completeness. With millions of data points on lease comparables, sales comparables, and property information, CompStak has become an indispensable resource for brokers seeking reliable insights. Coldwell Banker Commercial, a highly respected brand with a rich history in the commercial real estate industry, brings its extensive network of brokers and market expertise to the partnership. With a presence across the United States and internationally, Coldwell Banker Commercial is well-positioned to leverage CompStak's data to benefit its brokers and clients. Through this partnership, brokers affiliated with the Coldwell Banker Commercial brand will gain access to CompStak's comprehensive data platform, giving them a competitive edge in the marketplace. Brokerage professionals can now access rental rates, terms, concessions, property details, and other essential data points quickly and conveniently, enabling them to make data-driven decisions and deliver exceptional value to their clients. "We are thrilled to partner with Coldwell Banker Commercial," said Michael Mandel, Co-Founder & CEO of CompStak. "We've had a longstanding friendship with CBC's leadership and its brokers throughout the country who have found tremendous value in our data and analytics platform for years. We're very excited to formalize that relationship and build for the future." "We are excited to join forces with CompStak," said Dan Spiegel, SVP and Managing Director of Coldwell Banker Commercial. "Their dedication to data accuracy and innovation aligns perfectly with our commitment to delivering exceptional service to our brokers and clients. By providing our brokers with access to CompStak's platform, we are further enhancing our ability to meet the evolving needs of the commercial real estate market." This partnership reflects the shared commitment of CompStak and Coldwell Banker Commercial to provide brokers with the resources necessary to thrive in an increasingly data-driven industry. Equipping brokers with accurate and quality data can enhance their market expertise, build stronger relationships with clients, close deals quicker and more efficiently, and thrive in today's ever-changing marketplace. About CompStakCompStak is the leading platform for reliable and accurate CRE lease and sales comp data. Our data is crowdsourced from a large network of 35,000+ professionals at brokerages and appraisal firms and then rigorously verified by our team of real estate data experts. We are trusted by real estate investors, lenders, asset managers, brokers, and appraisers who rely on our data to drive their business forward. About Coldwell Banker CommercialThe Coldwell Banker Commercial® brand provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial system comprises almost 200 offices and more than 3,000 affiliated professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.

Jul 18, 2023

Record-Breaking Number of New Build-to-Rent Homes Are Hitting the Market

The effects of inflation are being felt across the country – especially by those wanting to buy a home. With consumer prices rising, home prices soaring, and rising interest rates, saving money to buy a home and being able to afford one is becoming increasingly challenging. Additionally, economic uncertainty and the turmoil in the real estate market are making consumers hesitant to make such significant financial commitments. Therefore, build-to-rent homes present an excellent choice for individuals who value the flexibility of renting, as it eliminates the responsibilities and expenses associated with maintenance while providing the comfort and privacy typically found in a house. According to data by RentCafe, developers are building new single-family rentals at a rapid rate. 2022 witnessed a remarkable milestone in the housing sector, with a record-breaking completion of 14,541 new homes, marking a substantial 47% increase compared to 2021. The surge in the build-to-rent (BTR) trend can be attributed to the lasting impacts of the pandemic, such as the adoption of social distancing measures and remote work models. With 44,700 new BTR homes under construction across the nation, a staggering 97% occupancy level, (which is even higher than the 95% occupancy for apartments), it’s clear that this trend will only continue to rise in popularity. As explained by RentCafe, cities like Phoenix and Dallas have emerged as key hubs for rental homes, while Charlotte, NC; Atlanta, and Little Rock, AR, have experienced significant growth in single-family rentals over the past five years. In 2022, the construction of single-family homes for rent reached an unprecedented milestone, with over 14,500 completed houses, making it the strongest year on record. Additionally, in eight out of the top ten metropolitan areas for build-to-rent, the number of newly opened rental homes in 2022 reached its highest level in a decade. Notably, over the past two years, the scale and density of projects increased, with an average of approximately 130 units per property. Furthermore, the average size of each home also experienced growth, measuring 1,361 square feet in 2022, a 2.6% increase compared to the previous year.As demonstrated in the graph above, Dallas emerged as the leading metropolitan area in terms of the highest number of completed single-family rentals in 2022, with nearly 2,800 homes. This figure represents a remarkable 10-year peak in the city. Notably, the number of build-to-rent homes that became available in the Dallas metro last year was more than five times greater than the 500 units completed just a year prior. Following Dallas, Phoenix takes the second spot on the list, with over 1,500 build-to-rent homes being completed in 2022. This number represents a 9% decrease compared to the previous year. Atlanta secures the third position, with over 800 single-family homes for rent completed in 2022, marking a significant milestone that hasn't been reached in the past decade.As the popularity of build-to-rent (BTR) homes continues to soar, it will be fascinating to observe which cities seize the opportunity to construct and expand new single-family rental properties, considering the surging demand. Notably, prominent figures such as Elon Musk and Jeff Bezos have recognized the potential and are investing in single-family homes, as their value is expected to appreciate over time due to the increasing popularity and necessity of such properties. The attraction of single-family build-to-rent (BTR) communities for institutional investors is due to the housing shortage and the fact that these communities function similarly to multifamily properties. Investors find them appealing due to their remarkable lease renewal rates and the broad appeal they hold for a diverse range of renters. Additionally, consumers favor these communities as they often feature high-quality properties that provide a single-family residence experience.

Jul 18, 2023

Why Involvement in CRE Associations is Imperative

On this episode, we are joined by two commercial real estate brokers that are passionate about their industry and believe that involvement in trade, advocacy, and industry associations to influence policy is important to them, but should also be important to you.