The total operating expenses include all expenses necessary to operate an office property including maintenance, repairs, utilities, cleaning, roads and grounds, administration and security. Let’s take a look at the office markets that boast the largest operating expenses according to Building Owners and Managers Association (BOMA). #1 New York New York tops the list with the highest operating expenses. Cleaning: $3.46/SF Repairs/Maintenance: $3.52/SF Utility: $3.34/SF Security: $1.14/SF Total Operating Expenses: $12.95 Fixed Expenses: $14.98 #2 San Francisco Cleaning: $2.91 Repairs/Maintenance: $3.01 Utility: $2.71 Security: $1.14 Total Operating Expenses: $11.65 Fixed…

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As the commercial real estate zip line comes to a slowdown, investors are still looking for investment opportunities that will result in healthy ROI. The student housing sector has remained in the eyes of investors as unscathed and recession-proof attracting many to this investment opportunity. Let’s look at a few reasons why student housing is the recession-resistant investment play. Student Housing Performs Better in Downturns Industry experts believe that the student housing sector performs exceptionally during a downturn. When the economy heads south, college enrollment increases. According to the National…

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In August of 2018, mayors of 19 major metropolises around the globe, including 8 cities in the United States pledged to be net-zero carbon standard by 2030. These cities signed the “Net-Zero Carbon Building Declaration” in preparation for the Global Climate Action Summit, which took place in San Francisco, California this past September. This declaration pledged that any and all new buildings in these cities will operate at net-zero carbon by 2030. Moreover, by 2050 all buildings, new, old and in between will also meet the net-zero carbon standard. The…

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Artificial intelligence, A.I.— these terms may sound like something out of an episode of Black Mirror or The Twilight Zone. However, artificial intelligence is a part of our everyday lives. (Think Siri or your Roomba.) Yet, as artificial intelligence continues to evolve, how will this technology impact the multifamily industry from tenant amenities to the way property managers do business? Smarter Units Many homes are equipped with artificial intelligence that helps connect their homes to peak connectivity. Imagine a building where all units had built in “Alexa” style connections. Now…

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Happy residents and tenants are at the heart of a prosperous multifamily property, and what better way to ensure your tenants are getting exactly what they want than by asking them directly? Getting resident feedback and appropriately analyzing and implementing the results allows for a successfully run property. Some think that asking for feedback can encourage residents to create problems or issues, however, this is not the case. It will make tenants feel more comfortable in sharing concerns openly, and make them feel that their concerns are valid and appreciated.…

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As we ring in the new year and look ahead for what 2019 has to offer, many real estate professionals, investors, property managers and others who like to keep up with the market may be wondering what trends will we see this year. When it comes to property management, as our culture evolves, so do trends in the property management market. Let’s look at the various trends we will be keeping an eye out for in 2019, and how they can amp up your success in the new year. 1.    …

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The retail industry has gone through some major changes over the past few years. With the inception and subsequent explosive popularity of e-commerce, retail has been forced to adapt and overcome. However, that hasn’t stopped the sector from hearing about the menacing “retail apocalypse.” With reports of ghost town malls and bankrupt big-box stores, some real estate professionals, landlords, and investors are left to get creative when filling vacant retail space. Though this may seem disheartening, as finding permanent successful tenants can often take months, don’t fret. There are options…

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Sustainable building and design is something we have been hearing a lot about this past year. With topics such as climate change trending in multiple facets like politics, collegiate lectures, or even just break-room talks, how has sustainability made its way into commercial real estate? Not only is an effort to become more sustainable seen favorably by tenants, but also by many investors, developers, and landlords. Sustainability has proven to not only benefit the environment, but also lower operating costs. So, let’s look at 5 ways sustainable design is making…

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With today’s technology that seems to be evolving at the speed of light, combined with new generations of younger employees, diverse and differing business models, and market competition that is ever changing, how can a commercial real estate building not just stay afloat, but actually thrive in this age of continuous change? Whether you are just acquiring your first commercial building, or you are a true veteran in the industry, there’s no denying that there are some new challenges that are headed your way, in order for your building to…

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