Cleveland, OH March 27, 2020 – NAI Pleasant Valley, an office of NAI Global, a leading global commercial real estate brokerage firm, announced today the sale of 1550 Enterprise Parkway, Twinsburg Township, OH. An Industrial building totaling 31,480 SF sold on 3/25/20. Buyer- Innovation Food Service is a wholesale producer of contract meals for schools, senior programs, and a co-packer of freshly made products. Jeffrey Calig, CCIM and David Hexter, SIOR represented both buyer and seller.
This sale is the latest of several recent major transactions we’ve represented the buyer on in Northeast Ohio including the purchase of 7 acres for the development of a 12,000 SF daycare facility, New Adventures. The development will be located at the corner of SR. 91 and Summit Commerce Park in Twinsburg.
About NAI Pleasant Valley
NAI Pleasant Valley is the Northern Ohio office of NAI Global, the leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs, locally and globally.
Welcome to the age of e-commerce. The contemporary digitized shopping module is impacting commercial real estate in more areas than just retail and industrial – it’s also having strong impacts on multifamily.
Multifamily tenants rely on massive online realtors, such as Amazon, meaning more packages are coming through the door – and they all need to be processed through the building’s centralized mail circuit.
A few years ago, this wasn’t much of a stressor for management. However, the times have certainly changed and the sheer number of online orders isn’t what it used to be.
According to data from E-Marketer, by 2023 the global e-commerce industry is anticipated to exceed $6.5 billion. This change has happened so quickly it’s left multifamily managers struggling to keep up.
Multifamily property managers are facing an unprecedented volume of package deliveries where both the frequency of deliveries and the number of boxes have been exponentially increased. The heat is on – and, with e-commerce on the rise, it’s only expected to intensify.
It’s time to get the situation under control before it gets out of hand. Use these 4 tips to stay organized:
Let Tech Lend a Hand
At this point, it’s a good time to invest in technologies. Technology is playing a pivotal role in supporting today’s quota of package deliveries.
There are tons of ways tech can be weaved into the package delivery process – be it at the front door for mailmen, through a community app that alerts tenants to their delivery, or a digitally delivered safe code key that needs to be shown to retrieve a package.
Don’t get overwhelmed with the possibilities for tech integration. The options are nearly endless, but focus on what matters most for your community needs. Property managers should take a deeper look at their specific issues and employ tech to their primary pain points.
Consider Expanding the Mail Room
If your property’s mailroom is already feeling cramped, it may be time to invest in a renovation. Expanding the mailroom is a must in order to accommodate packages – which are increasing in both number and size.
Hire More On-Site Team Members
At this point, the package delivery system has gotten so intense that it may be time to start growing your team.
Increasing the number of people on-site can help alleviate the pressures of accomodating for the frequent deliveries happening daily. In fact, some property managers even find it necessary to create a position specifically to handle the influx of e-commerce packages.
Delivery Lockers Assure Safety and Security
No property management team wants to incur the wrath of a tenant who can’t locate their package. Mailroom discrepancies are becoming a big issue for management teams that are struggling to mitigate the organization and security issues that accompany e-commerce deliveries.
In order to avoid these issues, delivery lockers are helping keep packages safe and secure. These unit-specific lockers are a safe house for e-commerce orders until their owners can come down and pick them up. This lock-and-key option is superior to leaving the package sitting out in the open.
These 4 tips are set to help streamline the added load of package deliveries to multifamily properties – mitigating the stress from the management team.
5G is here. Is your building prepared to handle the transition?
The widespread adoption of 5G is impacting more than just connectivity and cell phone signals – it’s also having a massive effect on CRE’s physical spaces. Commercial buildings and the businesses they host need to be prepared if they’re going to make the most of the 5G revolution.
Here are 3 things to look out for as this new wave of wireless develops:
5G Requires a Boost in Tech Infrastructure
In order to keep up with the unprecedented data streaming and wireless capacities that 5G has to offer, buildings need to supply the necessary hardware. 5G needs cables, WiFi, satellites, sensors, and a ton of other digital tools to work at full throttle.
That means that buildings interested in harnessing the latent powers of 5G need to undergo a technological makeover. It’s high time for businesses to invest in boosting their tech infrastructure to prepare for maximized 5G compatibility.
As the industry stands today, many commercial properties aren’t ready to fully adopt 5G LTE. Resultantly, many commercial properties are hurrying to get current with the latest in technology to jump on the 5G trend as soon as possible.
When looking at newer developments, commercial buildings are being designed with the very best of 5G in mind. Newer buildings are being stocked with the cutting-edge of tech infrastructures so that they’ll be ready to take on 5G’s maximized potentials.
The Switch Will Be Gradual
Once your building is stocked full of all the required hardware features and is ready to take on all that 5G has to offer, businesses need to get ready to make the transition over from 4G.
Contrary to popular belief, 4G and 5G are compatible and can be used in tangent. In the past, a new generation of wireless has completely taken over the previous version – but that’s not the case here. The switch to 5G is a quantum leap into the future of technology. Thankfully, the world of tech is able to transition smoothly without too much of a crunch.
For the time being, 5G can be used in tangent with 4G as the system slowly improves to perfect the new module of connection.
All Businesses Can Benefit from Employing 5G
5G isn’t exclusively for global business giants. It’s for everyone.
Smaller businesses shouldn’t feel like they’re cut out of the 5G network or like it doesn’t offer anything for them. Contrarily, everyone can reap the benefits of 5G. It’s superior speed, data transmission, and streaming capacities can enhance anyone’s experience of using the internet.
5G LTE is improving the quality of business calls, video conferences, data storage and transmission, and more.
The experts are saying that 5G is going to provide a competitive advantage for small businesses all around the world as they’ll gain the cutting-edge tech tools that have been confined to the bigger companies around the globe.
Don’t hit ‘snooze’ on 5G. Businesses who take initiative to get a head start on preparing for 5G will be at the forefront of tech’s latest boom.
As we’re approaching the industry’s slow seasons, we all can benefit from adopting some tenant-attracting strategies.
Compared to winter and autumn, the spring and summer months can bring about a slow down for the CRE biz. Property owners who still have vacancies on their hands should step up the game to get tenants – especially when it comes to multifamily properties.
Here are 4 winning ways to lease rental properties within multifamily buildings.
Everybody Loves Incentives
If you’re looking to attract tenants to your multifamily property, you’ve got to sweeten the deal.
Incentives can work wonders in catching the eyes of today’s buyers and renters. Consider offering special offers on the internet, cable, or TV packages. Properties that are located nearby commercial assets such as gyms, vets, or cafes can even partner up with these businesses to provide discounts to renters as a ‘welcome to the neighborhood’ package.
When it comes to incentives, get creative. Zero-in on the tenant experience to get an idea of what renters in your area are looking for.
Consider Lowering the Asking Price
Dropping the price point of your vacant units can be a powerful way to spike the market interest of your property’s listings.
The good news is this actually won’t be hurting your profit margins. Reducing the asking price by a couple of hundred dollars on a unit that’s been unoccupied for a great length of time can save money in the long run.
Having vacant units sitting in your complex is probably costing you more money than you think. Empty apartments are still consuming utilities but not producing positive income – resulting in a negative asset. Long-standing vacancies take a huge hit to annual ROI.
Multifamily property owners should lower the asking rent for properties that have been sitting on the market as we’re entering into the spring and summer.
Don’t Ignore the Power of Curb Appeal
Appearance plays a pivotal role in attracting tenants to your multifamily property. Remember, it’s about more than just choosing a unit in a commercial real estate property. It’s about finding the perfect home, which innately means delivering one’s lifestyle goals.
And, this isn’t only achievable via ultra-luxe amenities. Aesthetics play a powerful role in giving the market what it wants. Today’s buyers and renters are looking for a multifamily property that lives up to their design goals.
Consider sprucing up the exterior of the building with some new landscaping and plant additions. Lobbies are a big point of influence – so don’t forget to focus your efforts there, too.
Work With a Tech-Savvy Team of CRE Pros
As with any commercial real estate endeavor, working with an outstanding team of professionals is the best way to enhance any deal.
Make sure that your choice is actively using technologies to get your listings out to a broader audience and catching the eyes of prospective leads. Including HD video content such as VR touring technologies and overhead neighborhood tours with drones can also enhance your property’s web presence.
Spring and summer are approaching quickly, so use these 4 insider’s tips to fill up your vacant multifamily units.
The boundaries of real estate technologies keep on expanding. Are you up to speed?
When looking at real estate technology trends, it seems like progress will never end. Ground-shaking technological advancements are spearheading the commercial industry by transforming how this business gets done, how tenants interact with properties, and how we view the CRE industry as a whole.
It’s 2020 and the pace is unprecedented. Commercial real estate pros from all around the globe need to keep their eyes on these highly anticipated tech trends.
These are the biggest technology trends in real estate that we can’t afford to ignore:
Expect to See Virtual, Augmented, and Mixed Reality Integrations
When 3D modeling technologies began taking hold within the world of real estate, it marked a major progression of real estate tech. Virtual, augmented, and mixed reality integrations have been completely reimagining the industry at large.
One of the most prominent places we’re seeing VR in real estate is through virtual touring – something that’s already taken off within online leasing arenas and property listing websites. This major progression has helped enliven the market search process. VR tours are making the details clearer, expanding the target influence to remote buyers, and making listings more dynamic than ever.
But, it doesn’t stop there. VR is also helping to expand pre-construction leasing by advertising properties while they’re still in the development stage. Additionally, VR is being used to plan property renovations and buildout projects, too.
Online Investment Marketplaces are Gaining Momentum
Shopping for real estate is going to get a lot more digital. This newly-introduced method of real estate marketing is helping investors from all around the world get in touch with buyers – regardless of their locations. Of course, virtual reality will be included in the marketing module.
Programs including these cutting-edge marketplaces are set to transform the real estate buying and selling process in major ways.
Hello, Big Data
In today’s world, information is the most powerful asset in business. That said, it’s no wonder that Big Data is marking a big presence within real estate. In this industry, Big Data refers to the massive stores of market research, analytics, and prospects that fuel winning real estate strategies.
Real estate pros are harnessing the powers of Big Data to appeal to buyers, explore seller’s motivations, and zero in on the most coveted property features on the market. Don’t ignore the profit-boosting powers of data – especially in 2020 and beyond.
Going Quantum with Automation
Ever get the feeling there’s not enough time in the day? Well, business automation can help with that. Real estate businesses are choosing to harness the powers of automation to alleviate some of the busywork required to stay current in today’s market.
Social media streams, daily operations, client communications, and property upkeep are going through an intensive automation process – helping real estate professionals spend more time on the things that matter most.
No matter what your role is in the real estate industry is, keeping an eye on these trends will keep you ahead of the pack.
In search of greater workspace positivity, enhanced team performance, and professional wellbeing; today’s offices are getting closer to nature.
Outdoor offices are making waves in the world of workspace design. This new trend is expanding the boundaries of the office layout and tons of property developers are eager to hop on board. But, it may be wise to take a deeper look at the situation to see if and how it could be applied to your CRE property.
If you’re thinking about adding an outdoor office to your existing building, you might want to consider these 3 points, first.
Why Bring Business Outside?
The question might be better asked ‘why not bring business outside?’
In the past decade alone, the world of business has taken on a completely new face. As global professional culture continues to adapt, the physical spaces need to keep up, too.
Countless trends have made their mark on workspace design. The open office concept, flexible space, eco-chic, and even modular designs have all pushed the boundaries of the physical spaces where work gets done. But, throughout all of these phases, one factor remains – a connection to the outdoors.
Adding plants and larger windows were on everyone’s ‘list of office improvements’. Today, this demand has taken the forefront as offices are actually moving outside. Contemporary research and analytics prove that connecting with nature and biophilic elements can work wonders in a professional atmosphere.
Motivation, happier moods, and better health are just some of the benefits commonly associated with workspaces integrating more nature. Adding an outdoor work environment as an option for tenants and team members is the latest way that CRE’s office sector is tapping into the perks of natural exposure on the workforce.
Will the Outdoor Office Movement Stay Strong?
Just because the outdoor office is relatively new on the scene doesn’t mean it’s not here to stay. The sudden burst in popularity and interest is likely in response to a need felt by many office tenants and CRE developers – especially those working in temperate climates. The industry has been steadily moving closer to nature and the outdoor office boom represents the next big step.
Whether it’s to build a strong company culture or boost productivity, outdoor offices are a great way to maximize a company’s potential.
3 Tips to Make it Work
While many benefits come along with adopting the outdoor office trend, use these forward-thinking tips to avoid any bumps along the way.
The experts recommend designing specialty areas that accommodate multiple different purposes. Create key areas for desk-like tasks, relaxation, and team discussions. Always choose furnishings that are both ergonomic and business-oriented, and don’t forget to add plenty of tables.
Be sure to incorporate shade-providing umbrellas and heavy paperweights to keep the elements from interfering with users’ workflows.
Choose easy to clean furnishings that can weather out any storms. Look for strong and durable materials that won’t get distressed or degraded easily to avoid having to make hasty replacements.
Apply these 3 tips when expanding your office outdoors.
Commercial real estate is a business that’s all about location. That said, CRE developers and investors always need to keep up with the latest market ratings to fuel success amid the changing tides.
The start of a new decade means that everyone in the industry is busy formulating their new strategies to navigate the markets, and nothing enhances this process like strong analytics. According to data and research conducted by PWC, these are the best commercial markets to watch in 2020.
Make sure that these 5 top-rated cities in the United States for commercial real estate are on your list.
Austin came in first place on PWC’s list of top cities for commercial real estate investments. This Texan hotspot is a highly-rated 18-hour city that’s been gaining the attention of global and national investors. Austin has been rising in esteem lately and it’s improving in all-around CRE prospects.
In the United States and beyond, there’s no place that’s quite like Austin. The local community’s entertainment, art, and metropolitan amenities make it a city to keep an eye one.
Raleigh-Durham, North Carolina
Second place went to Raleigh-Durham, the two cities are some of North Carolina’s most popular locations. The two sectors that have seen the most growth and development in their office and multifamily markets – so CRE pros should pay some extra attention to these thriving arenas.
Raleigh-Durham is renowned for its esteemed and prestigious educational facilities, such as the University of North Carolina and Duke University. Investors are paying a lot of attention to Raleigh-Durham’s developing prospects as a popular tech hub.
The growing number of tech companies calling Raleigh-Durham home are fueling growth in the local office and multifamily markets.
Tennessee’s metropolitan gem, Nashville, made third place on PWC’s list. This marks substantial gains from last year’s rating of fifth place. Nashville is steadily climbing the ladder and elevating the city to top-tier status.
Investment and development can thrive within this 18-hour city, so don’t count Nashville out. Pay special attention to the local retail scene as well as the entertainment industry since Nashville is a renowned destination for both recreation and tourism.
Charlotte, North Carolina
Charlotte was rated 4th in overall commercial real estate prospects. This city is gaining loads of attention from start-ups and companies looking to take their business to the next level. According to the report, Charlotte’s recent economic expansion is attracting manufacturing and technology firms.
The city has experienced two solid decades of growth, so investors should pay special attention to Charlotte’s commercial real estate market.
What Boston lacks in size and population density is made up in quality and experience. Boston’s astounding economic performance has been catching the eyes of commercial real estate investors and developers since 2019.
The real estate market in Boston is fueled by the local area’s vast opportunities for education and business.
Investors and developers should apply these commercial real estate data insights into their 2020 strategies. Commercial real estate professionals need to keep a sharp eye on these 5 cities brimming with investment opportunities.