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Colleagues, I am looking for advice from anyone that has witnessed a hospital to office conversion.  I have a single story small 40,000sf+ hospital on 10ac that was built in 2004.   Let me know if you have had  a successful transition with this type of asset.   I appreciate your input,
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When I was in my 40s, I participated in the Strategic Coach program. When I turned 50, I pulled out the journaling that I did as a part of the program. It took a week to distill everything down to its essence. I then used this information to inform and guide my actions going forward. There’s a name for this approach. In The Strategic Coach program, this thinking tool is called   The Experience Transformer . The goal is to capture the learning that can occur from both positive and negative experiences. By understanding where things didn’t work, a person can learn and move to higher levels of performance. Last week, I celebrated my birthday and it got me ...
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My family has always been a big supporter of public education. When my dad served on the Charlotte Mecklenburg Board of Education in the early 1970s, he stood for the right for all Charlotteans to have the opportunity to get a quality education. He walked his talk by putting me and my brother and sisters on a public school bus each morning. My mom, who served as Charlotte’s first female planning commission chair, also believed in the power that education can create. She was a “first-gen” college grad. She tells the story of when she walked into the bank for a college loan, the bank President commented that she was “too pretty” to go to college. He told her ...
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It's no secret that Canada enjoys a vast and expansive geography in which cities are widely spread out. Yet, most of our economic activity takes place within 100 miles of the U.S. border. Today, the landscape of the Canadian industrial real estate market is changing—not only is the physical form of traditional industrial space being re-imagined, but the geographic spread of this inventory is shifting as well. For American companies with Canadian operations, making assumptions about the market based on past experience or current U.S. trends can result in lost opportunities and potential value. Read more at  http://www.sior.com/docs/default-source/profreport/canadian-perspective.pdf
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I headed up to Washington, D.C. last week for a new assignment. The trip was for a family office client I have who pulls me in from time to time. For over 20 years I have consulted on wide-ranging topics for them. Everything from warehouse consolidation projects to finding office space on Capitol Hill. I’m not an expert on office space on Capitol Hill. This client doesn’t call me to get my day-to-day opinion on the local market.   This is consulting – I help clients get clarity on their vision for the project.   I ask great questions and help the client remain focused on what’s important to them so that the project gets executed. I manage the details and ...
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Small business is clumpy. My father says that it’s a series of “soaring victories and crushing defeats.” Days are often a mix of loneliness and being super busy. I have a full plate between work, home, social and civic engagements. I have no complaints about this abundance. I learned to be efficient with my time to get everything done and keep a calm head. When I was a boy, my mother, took me to the Joseph O’Connor Foundation in Atlanta for “aptitude testing”. This was part of her project for her Master’s degree in Counseling. Lured there under the guise that we were going to Six Flags, I endured a day of what I now view as mental poking. The result was ...
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I’ve been spending a lot of time lately in Virginia real estate markets. I’m consulting on the sale and redevelopment of a large parcel owned by a Japanese chemical company. I’ve learned a lot not only about this market but also working effectively with a Japanese-owned firm. Read more here:  http://cardinal-partners.com/blog/2019/09/the-kaiteki-approach-to-real-estate-solutions
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I recently got a listing on a landfill located on Tyvola Road at I-77 in Charlotte. I’m in the midst of doing the due diligence and submitting a work plan to the N.C. Department of Environmental Quality. It got me thinking: How do you sell a landfill? It’s not your typical asset. But it is a fun one to work with. As many of you are aware, I thrive on the packaging and selling complicated properties, and I thought I’d share the process in case you ever are in the position of selling a landfill or similarly unique asset. Read more here: http://cardinal-partners.com/blog/2019/07/from-dumpy-to-praise-worthy-in-7-steps
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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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