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See the original post here Many people think of tenant representative brokers as an unnecessary expense when searching for an office space to rent; however, that belief is mistaken. First of all, tenant rep brokers don't add costs to the search process, as their fees are paid for by the landlord. Plus, the assistance of a tenant representative can prove invaluable during every stage of the search and negotiating process. Here are some reasons why you need one by your side:   1. You May Not Fully Recognize Your Needs Often, companies move into offices believing that the location is ideal and the amount of space they ...
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Size matters when it comes to commercial office space. After all, you want to ensure that your team has enough room to comfortably move through their work days but also don't want to end up with tons of empty floor space. Plus, the size will determine how much you pay for your monthly rent. When you're considering the cost of occupying a particular office, it's important to understand that your lease will establish two different sizes: usable and rentable square footage. Understanding what these terms mean is vital to comparing various offices and negotiating a fair deal.   Usable Square Footage Defined The usable square footage of an office ...
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With the arrival of June, we've reached the halfway point in the year and now have a clearer picture of what the commercial real estate market looks like in 2019. Read on to learn more about the state of the market and how it will likely continue to impact companies who lease office, retail and industrial space for the rest of the year.   1. Vacancies Are Shrinking but New Construction Awaits During the first quarter of 2019, vacancies across the United States shrunk by 20 basis points with 14.7 percent of all available office space in the country being classified as vacant and ready to lease. At the same time, there was 110.4 million square feet of ...
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It struck me this weekend that there is very little being said – at least publicly – about the Carolina Panthers moving their headquarters to Rock Hill. And when I say not much being said, I mean from north of the NC/SC state line. Read more here:  http://cardinal-partners.com/blog/2019/05/when-good-incentives-create-bad-decisions
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There’s something that’s dramatically changed about social media in the past six months. Old folks are now all over it – using social media for researching properties, finding out who people are, and learning about the market. Good ‘ol boys and gals who avoided getting an email account for years are using LinkedIn and Facebook as their CRM and their primary way of reaching out to people. And they are starting to boldly go into discussion groups online. Read more here: http://cardinal-partners.com/blog/2019/05/watch-out-old-guys-are-on-social-media/
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I’ve been asked by a lot of people about property tax values. Many people tell me they are shocked at the increases they are seeing both in their residential property and commercial property. They’ve asked me to share my thoughts on whether they should do anything about these higher numbers. Read more here:  http://cardinal-partners.com/blog/2019/04/property-taxes-on-the-rise
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Dear El Cardinale’, I see from your Twitter feed that you are in Washington, DC for the SIOR Spring Global Conference. I wish I could have gone. What’s the most interesting thing you’ve seen? – Wishing I Was in Washington Dear Wishing, Industry meetings like this are always a great opportunity to catch up with old friends, meet new ones, and learn new info. I heard a very interesting presentation by Dr. Joe Coughlin who leads the Massachusetts Institute of Technology AgeLab. He spoke on the “longevity economy,” and you’ll hear about this in a future newsletter. However, one of the most interesting things I’ve seen on this trip was the massive ...
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I’m often asked by colleagues what I look for when I’m evaluating a building I think I might want to acquire. They know I’m keen on having good procedures in place to keep things running smoothly. I’m also a big fan of T he Checklist Manifesto by Atul Gawande. As a guy who deals in complexity, I need all the help I can get to keep things simple, and a checklist can help one stay focused and accomplish amazing things in a chaotic world. Read more here:  http://cardinal-partners.com/blog/2019/04/my-checklist-for-evaluating-a-property/
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Dear El Cardinale’, Summer’s getting close and I’m wondering about hiring some interns to help out at my firm. What’s the best way to find good candidates? And how much training or oversight will I need to provide? Or is having interns a waste of my time? – The Practical Practicum Dear Practical Practicum, A good summer internship can be great for everyone involved. You will find that interns have passion for the opportunity that is contagious for your team. Not only do interns bring new energy to the team, often they bring new ideas and leadership on projects that have been messes no one else has taken ownership of. As you know, the job market ...
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Recently I was in rural South Carolina to meet a man about some land. It was pouring rain, and I was pretty sure the meeting was going to be a bust. This guy had called me out of the blue wanting to talk about a piece of property he had. It was a nice recreational tract in the path of progress – about 300 acres on the Catawba River and full of deer, turkeys, and foxes. The owner and I had had multiple talks in 2008 about this property, which his family had owned since the Civil War. At that time, I was assembling 3,000 acres for Newland Communities, and his property would have made a logical acquisition for Newland. Best I could tell, he rarely ventured beyond ...
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I have been wanting to write this piece, but it took me a while to get around to it. Here’s why. In my opinion, procrastination gets a bad rap. Procrastination is viewed by society as being all wrong. People never talk about procrastination positively. Instead, people view it as a weakness in self-control. Read more here:  http://cardinal-partners.com/blog/2019/03/why-procrastinating-is-a-good-thing
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Dear El Cardinale’, I’ve been talking to other executives whose companies lease space in the same building where I do. From what I’m hearing, I’m paying cheap rent compared to others. That’s great news, isn’t it? Or is there something I don’t know that I should be worried about? – Sitting in the Catbird Seat Dear Catbird Seater, Congrats, for now. It might feel like you are in an enviable place, but my friend, I’m here to tell you, that one day things won’t be feeling so pretty. Read more here:  http://cardinal-partners.com/blog/2019/03/my-rent-is-low-thats-great-news-or-is-i
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There are amenities that corporate tenants should look for before leasing office space. Before you lease office space, you should go on a property tour (usually multiple buildings); not only will you be able to know if the building offers the ambiance for your business activities, you will also be able to check if the office building has all the essential amenities needed for the success of a business.   1. Fast and Reliable Wi-Fi No matter the nature of your business, you will require modern tech tools to stay on top of your business practices.   If your office building lacks Wi-Fi , you may be at a disadvantage. This is especially true if call ...
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Recent current events have reminded me of the Mark Twain observation: “A lie can get halfway around the world before the truth can even get its boots on.” The power of a “sticky” sound bite or story can be very effective when trying to attract attention to an idea, and it works when selling real estate. I’ve sold some very challenging, complex real estate assets ranging from a coal mine to a sports coliseum to large land tracts. One property even had an underground fire raging. Putting the right spin on the potential strengths and obstacles that these properties possessed is an art form that my team was uniquely adept at. Read more here:  http://cardinal-partners.com/blog/2019/02/why-some-properties-sell-and-others-do-not/
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Traveling to Backwoods Quail Club in Reams, S.C. the other day for my annual quail hunt with my father-in-law and son, the travel app Waze sent us on a new path. In the past, Waze has always given me the same directions, but this time it told me to drive out Independence Boulevard. I’m pleased to see that the Monroe connector is the fastest way to get to the Georgetown area of South Carolina. I served two terms on the N.C . Turnpike Authority in early 2000, and I remember leaving this exact hunt trip to attend a board meeting in Raleigh. I also remember thinking at that time that we’d never get the “Monroe Connector” toll road built, so it was a joy as ...
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We just finished a big negotiation with Charter Communications for an awesome, new 61,151 SF operations center that is the largest office deal in Charlotte for 2018. The building is located at Forest Park, where I developed a number of buildings while at Trammell Crow. I’ve leased this building several times over during the years, and recently worked out a deal with Charter Communications ( Spectrum  – the cable folks). This is going to be a powerful, new asset for Charter and its more than 500 rockstar employees who will work there. Read more here: http://cardinal-partners.com/blog/2019/01/lease-negotiations-take-the-gloves-off-to-win-big
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At the end of each year, the senior team at Brennan Investment Group gathers to look forward to the upcoming year. This year, we spent a weekend with our spouses at the Waldorf Astoria in Chicago. I gathered with the other senior managers in a hotel conference room where we discussed the economy and our strategic initiatives for the upcoming year. I heard some interesting thoughts, which can be summarized as follows: There will be   a bull market in everything this year , with everything being expensive and returns running low. Here’s a recap of our two-hour meeting and market update from Mike Brennan, one the smartest guys in the business I know. Money, ...
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The UNC Charlotte Childress Klein Center for Real Estate has a cool investment fund that I have been surprised to learn that not many professionals are aware of. It’s a student-managed real estate investment fund, and it is struggling with a unique challenge : The fund’s managers are having a hard time finding good investment opportunities. While there are a lot of great real estate schools across the country, few have national investment funds directed by the students. It’s a really unique opportunity for those studying at UNCC. Read more here:  http://cardinal-partners.com/blog/2018/12/heres-a-twist-students-giving-you-money
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This time of year I attend a lot of conferences. A lot. I’ve written about the SIOR annual conference in Denver and the Counselors of Real Estate meeting in Charleston. I’m proud of the alphabet soup behind my name as these acronyms – CCIM, ULI, SIOR, CRE, etc. – are important. A benefit of earning these designations and accreditations is you get to attend conferences, catch up with colleagues, and stay on the pulse of what’s happening in your market. All that said, sometimes you have to miss one. I recently was disappointed to miss the ULI Fall Symposium in Boston. But I was lucky enough to get a recap of the best hits from the conference from some valued ...
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I really enjoyed listening to Robert Hitt III speak in Charleston at the Counselors of Real Estate’s (CRE) annual meeting last month. Robert, or Bobby as he introduced himself, is Secretary of Economic Development for South Carolina. He’s a professional who lays it all out there, unabashedly, to tell you like it is. It was very refreshing. Not only has he held various economic development roles, but he’s also worked and been hugely successful in private industry, including serving as manager of Corporate Affairs at the BMW Manufacturing Company in Spartanburg County and spent 17 years as managing editor of The State and Columbia Record newspapers. He’s funny ...
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