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Friday, June 19th, 2020

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Posted by: | Posted on: June 19, 2020

New Buildings Don’t Always Perform as Designed

Matthew Ganser, EVP Engineering and Technology, Carbon Lighthouse, says there is a misconception about new buildings.

“Just because you have modern building materials and maybe a more modern building management system or control system, it doesn’t necessarily mean you have a more efficiently run asset,” Ganser says.  “There are a lot of reasons for that.

One of the primary reasons is that buildings don’t always perform as designed. “The way they’re commissioned is a little bit different than the way they’re actually run as a building with the actual loads the building experiences and when the building experiences those loads,” Ganser says. 

Even if two buildings have similar control systems, performance can be dramatically different.

“Often, to make a building really hum and be a lot more efficient, you have to finetune and adapt the controls of that specific building,” Ganser says. “It’s not just a copy and paste from

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Posted by: | Posted on: June 19, 2020

CREFC, NYU Launch Diversity Endowment Collaboration

The Commercial Real Estate Finance Council and the Schack Institute of Real Estate at the New York University School of Professional Studies have announced the creation of the CREFC Center for Real Estate Finance at the Schack Institute. 

An endowment gift from CREFC to NYU supports the venture. It was shared at the association’s January 2020 conference. 

“The idea came from CREFC’s board about a year and a half ago,” says Lisa Pendergast, executive director of the CREFC. “The board was very focused on expanding CREFC as a resource for the entire commercial and multifamily real estate industry. While many amazing universities and colleges were considered, the association’s decision was based on NYU’s razor focus on commercial real estate finance, its robust ties to the industry and its location in the heart of New York City, where many of our members are based.”  

CREFC says the center will serve as

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Posted by: | Posted on: June 19, 2020

COVID-19 Hits Self-Storage, But Market Is ‘Resilient’

The coronavirus pandemic has depressed rental activity in the $39 billion self-storage space and some tenants could vacate units, Cushman & Wakefield said in a midyear national report published this week.

The market analysis predicted “near-term shocks” to net operating income, “including flattening or declining rental rates for the remainder of the year.”

“The increase in delinquency rates in April were not as pronounced as the market feared with the true impact to surface in May and June,” according to the Cushman & Wakefield report, whose authors included vice chairman Michael Mele; Luke Elliott, executive managing director; and Chris Owen, director of Florida research. “COVID-19 related declines in traffic and leasing, as well as a rise in collections will have an immediate impact.”

The authors predicted “move in rental rates to drop for the remainder of 2020 and overall NOI to remain flat or slightly down on stabilized same

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Posted by: | Posted on: June 19, 2020

‘Iconic’ $49.5M La Solana in Palm Beach Is the Week’s Most Expensive New Listing

A lavish estate in posh Palm Beach that harkens back to a bygone era, has come on the market. At $49.5 million, it’s this week’s priciest property.


A lavish estate in posh Palm Beach that harkens back to a bygone era has landed on the market with a price that reflects today’s realities. Offered for $49.5 million, the property is this week’s most expensive new listing on realtor.com®.

Dubbed La Solana, the “iconic” home was originally built in 1926 by the Palm Beach architect Marion Sims Wyeth.

According to the listing details, the current owner has completely updated the Mediterranean villa over the last 30 years.

The most recent renovation of the western portion of the home finished in 2016.

“Rarely does one

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Posted by: | Posted on: June 19, 2020

Will New Pandemic Changes Be Permanent?

The pandemic has been the catalyst for a bevy of changes in real estate. While there have been a lot of predictions as to how long the pandemic will last and the long-term impact, some changes are certainly here to stay. Property managers are busy weighing the long-term changes, and a recent survey from Appfolio shows that many are prepared for these new norms to be permanent.

“The changes property management is facing due to the pandemic are both temporary and permanent,” Stacy Holden, industry principal and director at AppFolio, tells GlobeSt.com. “While it is impossible to predict which technologies will be adopted long-term, our survey respondents did have some thoughts on that topic. For example, 62% of respondents think virtual showings are here to stay. Eighty-seven percent of respondents think bulk email/text messaging is here for the long term, and 84% think this is true for mobile data

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