CREATE Podcast Pro Atlanta's Michael Bull loves to talk commercial real estate - National Association of REALTORS
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CREATE
WINTER 2023
FOR COMMERCIAL PRACTITIONERS.
POWERED BY REALTOR® MAGAZINE.
WWW.NAR.REALTOR/CREATE
Podcast Pro
Atlanta’s Michael Bull loves
to talk commercial real estate.
WINTER 2023
CREATE
Create, powered by REALTOR® Magazine, advances best
practices in commercial real estate and brings expert insights
on business trends, strategies and purchases.
Editorial Offices
430 N. Michigan Ave., Chicago, IL 60611–4087
500 New Jersey Ave. N.W., Washington, DC 20001–2020
commercial@nar.realtor; 800-874-6500
REALTOR® and Staff Leadership
President
Kenny Parcell, ahwd, c2ex, abr, crs
Commercial Committee Liaison
Gregory P. Martin, ccim, gri, awhd, c2ex
Commercial Committee Chair
Mike M. Vachati, abr, cips
Commercial Federal Policy Committee Chair
Andrea Frymire, ccim, c2ex
CEOBob Goldberg, epro
AdvocacyShannon McGahn
Finance & Internal Operations John Pierpoint
Contents
Legal Affairs & Member ExperienceKatie Johnson
Marketing, Communications & EventsVictoria Gillespie
Member DevelopmentMarc Gould
ResearchLawrence Yun
Strategic Business Innovation & Technology
Mark Birschbach
10 Straight Talk on Sales Take This Talent Development & ResourcesDonna Gland
Atlanta broker Michael Bull shows the path 04 News, Tips and Trends Director, Commercial EngagementJohnny Noon
Director, Commercial Policy & OversightErin Stackley
to commercial real estate success with his Kudos
popular, long-running podcast. 07 Commercial Awards Content & Creative
Vice President, Creative & Content StrategySusan Welter
48 real estate pros recognized Director, Content StrategyJen Hajigeorgiou
Executive Editor, PublicationsStacey Moncrieff
Research Executive Editor, DigitalGraham Wood
18 Inflation, War Take Toll Copy EditorBob Soron
Product ManagerErica Christoffer
Third quarter points to softening in
Production ManagerWilma Veal
some sectors Contributing EditorsLynn Ettinger, Catherine Mesick
National Sales ManagerPaula Fauth
Technology Advertising ManagerAlvin Pulley
19 Broker Tools The YGS Group
Art DirectorMegan Hacker
These innovations are just for you
Senior AccountManager Ellen Hoover
Your NAR Ad Sales RepresentativesNatalie Matter Bellis, Zack
Buchanan, Heather Macaluso (nar@theYGSgroup.com)
20 Powerful Partnership
14 High Times, Low Times RPR Integrates CompStak
The representations, information, advice, and opinions
Real estate professionals who specialize Advocacy presented by CREATE authors, sponsors, or advertisers are
in working with cannabis businesses say 21 Making Buildings Convertible solely their responsibility. Find the full disclaimer policy at
magazine.realtor/disclaimer.
the THC industry could benefit from a The case for a federal adaptive reuse
little government TLC. tax credit The National Association of REALTORS® is
certified a 2021-22 Great Place to Work. Staff
Groundbreaking of NAR operate according to six core values:
members first, leading change, respect,
22 A Ringing Success collaboration, communication, and diversity
Bell Works builds on an illustrious past and inclusion.
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On the Web race or color, national origin, religion, sex, familial
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of sexual orientation and gender identity.
Early Innovation Hub Gains New Life
On page 22, we spotlight Bell Works, the reincarnation of the
storied Bell Labs building in Holmdel, N.J. Online, see more
photos and learn more about how the developer, Inspired by
Somerset Development, brought a neglected behemoth back to Copyright ©2023 by the National Association of
life, then traveled to the Windy City to do it again. REALTORS®. All rights reserved. Create, powered by
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2 www.nar.realtor/create • winter 2023
TAKE THIS
COMMERCIALRE NEWS, TIPS AND TRENDS
Insurance
Quick Takes on Hurricane Ian’s Impact
Hurricane Ian caused an estimated $22 billion–$32 billion in damage to residential and commer-
cial property. Storm surges destroyed another $6 billion–$15 billion in real estate assets, according
to CoreLogic. Representatives from three insurance organizations recently weighed in on the
implications for commercial property owners.
Gallagher—Insurers Hub International—In Insurance Information
1 won’t be turning a blind 2 general, insureds need 3 Institute—Potential
eye to incomplete underwrit- to show underwriters why insurance premium increases
ing or underreported values their assets are best in class will depend on businesses’
anymore. Understanding the with evidence such as physical structures and
risks that pertain to their hurricane and water mitigation contents. Retail and restau-
assets—flood elevations, age programs and checklists. rants are probably the most
of roofs, general conditions Well-written business continu- vulnerable but may not be the
of the asset—is the first step ity plans will help demonstrate most expensive. A business
© GETTY IMAGES / WARREN FAIDLEY/ CORBIS
in controlling the premiums. proactive risk management to that has manufacturing
Insurers may look for in- the insurance marketplace. equipment could be much
creased minimum deductibles Any loss history presented more expensive to replace.
for larger Tier 1 exposed with the underwriting submis-
portfolios, and they will sion should include a narrative
certainly focus more positively discussing the loss, mitigating
on the better protected assets. strategies, and any post-loss
corrective action.
Adapted from “Hurricane Ian’s Impact on CRE Insurance Rates,” written by Jordana Rothberg and
published in the Oct. 4, 2022, edition of Commercial Property Executive.
Hospitality Comeback Prompts Big Changes
Hotels adapt to guest preferences to make stays more efficient and pleasant. Construction costs, up
With hospitality recovering across all pro-
perty types and markets, hotels are adapt-
Communal spaces gain ground. Travelers
want gathering spots: Business guests working
25% to 35%,
ing to shifting consumer needs and wants. remotely want public areas that are accom- have reduced the
Professional services company Colliers modating and spacious. Leisure travelers want
International shares insights into the changes clean, cozy spaces where they can chat with supply of new hotel
and their expected longevity. friends or family.
The apps have it. Downloading an app Business destinations still recovering.
properties. Some
to check in, using your phone as a room key, Leisure travel areas are outperforming those projects were
and ordering services through a hotel brand’s that depend on convention and corporate
app all improve customer experience. Such business. Savannah, Ga., for example, had supposed to start
improvements accelerated in the aftermath of higher occupancy in 2021 than it did in
COVID-19 and are here to stay. pre-pandemic years. But for some primary
but never did, in
Travel patterns evolve. People are business markets, recovery to 2019 levels isn’t part because of
combining work and leisure travel to a expected until 2026 or 2027.
greater extent than in the past. People who costs and in part
travel for work are asking, “Why don’t I just Adapted from “Southern Hospitality,” an inter-
stay here for the weekend?” Most used to view with Helen Zaver published in the CCIM because of a pullback
travel on a Friday or Saturday and leave on Institute’s CIRE magazine, Summer 2022. in the availability of
a Sunday. They now are more likely to check Zaver is a senior vice president at Colliers
in on a Thursday and stay into the next week, International and a member of its National financing.
changes that are likely permanent. Hospitality Group.
4 www.nar.realtor/create • winter 2023
Booming
Supply Chain Silver Lining:
Industrial Windfall
Demand for warehouse and distribution space
in 2022 was unprecedented.
Problems in the logistics ecosystem have been compound-
ed by the shift from a just-in-time inventory model to a just-
in-case strategy, which aims to cut the odds that a product
will sell out of stock. One benefit has been an unprece- Relocation
dented demand for warehouse and distribution space.
More than 400 million square feet of industrial space was Cities Most Likely
expected to be absorbed in 2022, according to the NAIOP
Research Foundation.
to Be Hot Spots for
That has created an enormous windfall for investors and Graduating Gen Zers
owners of warehouse and distribution facilities—and for the Top locations are concentrated in the Northwest,
commercial real estate industry. Average rents nationally for Midwest and Southeast.
industrial properties soared to $8.82 per square foot in 2021’s
fourth quarter and were expected to keep rising, according to Generation Zers—those born after 1996, according
Newmark research. to Pew Research—are graduating and starting their
careers. Commercial real estate information services
SHORTAGES FEED CONSTRUCTION BOOM provider CommercialCafe ranked cities with the most
With increased demand and vacancy hovering around 4% na- potential to attract Generation Z job seekers. Commer-
tionally—half that in many markets—construction of industrial cialCafe included the 45 biggest U.S. cities in its ranking,
assets was at record levels across the U.S., Newmark reported. which are based on eight indicators: cost of living index,
Evidence of the boom: percentage of Gen Zers, school enrollment, unemploy-
ment rate, internet speed, recreational establishments,
▶ Shipping container traffic is being rerouted from the West green commuting, and parks per 10,000 residents.
Coast to the East Coast, where warehouse construction in port
cities like Savannah, Ga., and Charleston, S.C., is exploding.
▶ Inland markets like Las Vegas are seeing construction surges. Youth Magnets
In Southern Nevada, development is underway for 6 million
square feet of new industrial space, mostly warehouse.
▶ Overwhelmed port terminals are ramping up collection of 7
charges related to failure to load or discharge ships in the
time agreed upon. Companies are redirecting the freight 2 3
to other ports, hiring third-party logistics, putting freight in 10
containers, or leaving it in trailer yards in rural areas. 6
Adapted from “Supply Chain Challenges Help Spur Industrial 5
Construction Boom,” by Michael Hoban, published in the Summer
2022 issue of SIOR Report. Hoban is founder of Boston-based 4 1
9 8
Hoban Communications.
blog.sior.com/supply-chain-challenges
1. Atlanta 6. Columbus, Ohio
“We’ve never had a vacancy rate this 2. Minneapolis 7. Seattle
low, and we’ve never built so much.” 3. Boston 8. Austin, Texas
4. Tucson, Ariz. 9. El Paso, Texas
16-year veteran Amy Ogden, sior, executive vice president,
5. Raleigh, N.C. 10. New York
Logic Commercial Real Estate, Las Vegas
San Jose and Fresno, Calif., and Mesa, Ariz., were excluded because
the composite cost of living index for these locations was unavailable.
Indianapolis was excluded because park data was unavailable.
winter 2023 • www.nar.realtor/create 5
TAKE THIS
COMMERCIALRE NEWS, TIPS AND TRENDS
Multifamily
5 Wellness Lessons for Apartment Managers
BY BARBARA BALLINGER
At the peak of COVID-19, owners and Lesson 2: Tailor classes. When shared
managers of multifamily housing took amenity facilities closed, many buildings
steps for residents to socially distance offered Zoom sessions focused on a
without feeling isolated. These five lessons mix of interests. Not all remote efforts
will help residents feel less anxious if an- were successful. Residents at Casper’s
other variant or health challenge emerges. warm-weather properties favored
in-person outdoor classes. Wood Partners’ Lesson 4: Make cleaning visible. At the
Lesson 1: Communicate protocols. fitness classes in California didn’t do well height of the pandemic, posting signage or
Managers learned the importance of shar- since many preferred going to a beach, but stocking PPE supplies wasn’t enough. “Resi-
ing details about what they were doing residents were keen on mixology classes. In dents wanted to see staff cleaning,” he says.
to ensure healthfulness. Atlanta-based Portland, Ore., there was a big turnout for Property management firm RKW Residential
developer Wood Partners relayed mes- art classes. The Klotz Group saw demand had staffers record cleaning steps taken dai-
sages daily, then weekly, then monthly as for cooking classes. Blue Onyx found fami- ly. Wood Partners learned the value of hiring
information fatigue set in, says Managing lies enjoyed beginner fitness classes. third-party experts, including an industrial
Director Steve Hallsey. Florida-based The hygienist, and that different size buildings
Klotz Group learned that information on Lesson 3: Expand work-from-home dictated different cleaning protocols.
resident portals appealed most, since options. In response to residents’ needs
signing on was voluntary versus residents for dedicated remote workspace, man- Lesson 5: Program outdoor living. The
being bombarded with emails, says CEO agers converted open lounges and other trend now is to program rooftops, courtyards
Jeff Klotz. Clifton, N.J.–based Blue Onyx amenity spaces to cubicles. Sands Cos. and lawns for interaction, says Holly Casper,
Cos., which develops and manages is now offering bigger in-unit floor plans Sands’ director of asset management. Blue
mostly workforce housing, hopes its digital with work areas. The Klotz Group is also Onyx constructed an urban beach with
services platform will help curtail isolation ramping up square footage, adding study 500,000 tons of Jersey Shore sand (pictured
and create a greater sense of community, spaces and specifying indoor and outdoor above) and partners with an operator that
says CEO Levi Kelman. cowork stations. brings in food trucks and orchestrates events.
Investing
Why Farmland Should Be Part of Asset Allocation
This asset class is resistant to inflation and historically yields positive returns.
Investors are searching for inflation-resistant asset Timberland—This type of investment generally
classes to add to their portfolios. Farmland is sometimes
3 has the longest hold period of the three types,
overlooked as an investment, but it’s a hard asset that has but it also has some flexibility on harvest. There’s a
historically produced consistently positive returns with saying that timber value can be “stored on the stump,”
lower volatility and a strong correlation to inflation. meaning less favorable market conditions can often be
Investors should consider three farm types: waited out. Historical returns for direct timber invest-
ments have been strong. The National Council of Real
Row crop farms—These may provide a return
1 over a comparatively shorter hold period—say,
Estate Investment Fiduciaries claims annualized total
returns of 10.74% for its Timberland Index from 1987
three to five years. They tend to generate moderate, through the end of 2021.
stable cash flows from annual rents, with land appreci-
Allocating assets into different crop types in dif-
ation playing a major role in total returns.
ferent regions with diverse time horizons can further
Permanent crop farms—These generally have a insulate an agriculture portfolio.
2 longer hold period and are more volatile than
Adapted from “Farmland and Asset Allocation to Hedge
row crop farms. But generally they offer higher returns
Inflation,” written by Rachel Bevill-Cottrell and pub-
since they aren’t replanted annually. This farm type
lished by the REALTORS® Land Institute. Bevill-Cottrell
offers diversification since permanent crops require
owns a small hobby farm and ranch business.
different growing conditions from row crops.
6 www.nar.realtor/create • winter 2023
AWARD WINNERS
2022 National Connecticut Iowa
Commercial Awards Louis Proto Matt Adams
Congratulations to these real estate professionals, Principal Land Broker
The Proto Group LLC Peoples Company
recognized for excellence in the past year by their New Haven Middle- Des Moines Area Asso-
commercial, local or state association of REALTORS®. sex Association of ciation of REALTORS®
REALTORS®
Steve Bruere
Alabama President
Florida Peoples Company
Clint Flowers, ALC Des Moines Area Asso-
Partner and Managing Bill Eshenbaugh, ALC,
ciation of REALTORS®
Broker CCIM
National Land Realty Broker
Mobile Area Associa- Eshenbaugh Land Co.
Florida Gulfcoast Adam Crist
tion of REALTORS®
Commercial Association Agent
Robert King of REALTORS® Peoples Company
Land Agent REALTORS® Associa-
Southeastern Land Anthony Gambardella, tion of South Central
Group EPRO Wisconsin
Lee County Association Broker
Coldwell Banker Par- Troy Louwagie, ALC
of REALTORS®
adise Broker
Broward Palm Beaches Hertz Real Estate
& St. Lucie REALTORS® Services
Cedar Rapids Area Asso-
Arkansas Jon Kohler ciation of REALTORS®
Jeramy Stephens, ALC Broker and Partner
Partner and Broker Kohler & Associates
National Land Realty Tallahassee Board of
Southeast Arkansas REALTORS® Idaho
Board of REALTORS®
Austin Callison
Regional Manager
Stephen R. Rigl, CCIM,
Callison Group Real
SIOR, C2EX
Estate
California Broker
Boise Regional
Stephen R. Rigl, PA
Dan Kevorkian, ALC REALTORS®
Miami REALTORS®
Senior Vice President,
Skye Root, ALC
Ag Division
Broker
Pearson Realty
Ryan Sampson, ALC, Root Realty
Fresno Association of
CCIM Boise Regional
REALTORS®
Managing Principal REALTORS®
Todd Renfrew, ALC Eshenbaugh Land Co.
Broker Florida Gulfcoast Com-
California Outdoor mercial Association of
Properties REALTORS® Illinois
Northern Solano
Dean Saunders, ALC, Ahmed Badat, CIPS,
County Association of
CCIM AHWD, EPRO
REALTORS®
Founder and Managing Broker-owner
Director AMB Realty &
SVN Saunders Ralston Investment
Dantzler Northern Illinois
Colorado Lakeland Association of Commercial Association
Dan Murphy, ALC REALTORS® of REALTORS®
Broker
Trevor Williams
M4 Ranch Group LLC
Land Specialist
Gunnison-Crested
Maury Carter &
Butte Association of
Associates
REALTORS®
Florida Gulfcoast
Commercial Association
of REALTORS®
winter 2023 • www.nar.realtor/create 7
AWARD WINNERS
William Holman,
AHWD
Indiana Commercial Director Ohio
SVN Holman Norden
Randy Scheidt, CCIM, Robert Long
St. Charles County As-
GREEN, GRI President
sociation of REALTORS®
Founder Vision One Real Estate
Scheidt Commercial Advisors
Realty LLC Columbus Association
MIBOR REALTOR® of REALTORS®
Association
Mississippi
Tommy Payne, CCIM
Broker Associate
Payne Realty Oklahoma
Louisiana Mississippi Commercial
Drew Ary, ALC
Association of
David Vercher, CCIM Co-Founder and Team
REALTORS®
Director Leader
Keller Williams Keller Williams
Commercial Advantage
Greater Baton Rouge Greater Tulsa Associa-
Association of
Montana tion of REALTORS®
REALTORS® Gregory Fay
Andrea Frymire, CCIM,
Broker
C2EX
Fay Ranches
Broker-Owner
Gallatin Association of
Massachusetts REALTORS®
Oklahoma Investment
Realty Inc.
Charity B. Edwards, Midwest City Del City
C2EX, EPRO Moore Association of
Broker Associate REALTORS®
Barrett Sotheby’s Inter-
North Carolina
national Realty Charles S. Neil, CCIM
REALTORS® Commer- Principal and Broker
cial Alliance of Massa- Divaris Real Estate Oregon
chusetts Charlotte Region
Mark Skillman, ALC
Commercial Board of
Vice President Real
REALTORS®
Estate
Maine American Forest Man-
agement
Peter Harrington Rogue Valley Associa-
Associate Broker
New Mexico tion of REALTORS®
Malone Commercial Clay Azar, CCIM
Brokers Broker
Maine Commercial As- KW Commercial
sociation of REALTORS® Commercial Association South Carolina
of REALTORS® New
Ashley Jackrel, CCIM,
Mexico
AHWD, C2EX
Michigan Vice President, Office
and Investment Services
Chris Prins, SIOR Avison Young–South
Partner, Industrial
New York Carolina
Specialist Richard Ferro, CCIM* Charleston Trident Asso-
NAI Wisinski of West Broker ciation of REALTORS®
Michigan Berkshire Hathaway
Commercial Alliance of Elyse Welch, CCIM
Blake
REALTORS® Partner
New York State Com-
Carolina Retail Experts
mercial Association of
Charleston Trident
REALTORS®
Association of
Missouri REALTORS®
*Condolences to the family and colleagues of
James Delgado
Richard Ferro, who passed away in February
Vice President
2022, the same month he was named 2021
Cozad Commercial RE
REALTOR® of the Year by the New York State
Group
Commercial Association of REALTORS®.
St. Louis Association of
REALTORS®
8 www.nar.realtor/create • winter 2023
Brian Workman, Andy Flack, ALC
CCIM, CPM, GRI, Broker and Principal
Tennessee C2EX Homeland Properties
Broker-Owner Tall Pines Association of
Will Sliger, AHWD, Bender Realty REALTORS®
C2EX River Counties Associ-
Broker ation of REALTORS®
LeBel Commercial
Realty Rusty Lowe, ALC
Lakeway Area Associa- Sales Associate
Century 21 Harvey
tion of REALTORS® Texas Properties
W. Preston Thomas Jr., Wayne Burgdorf, Paris Board of
SIOR CCIM REALTORS®
Senior Vice President Broker
and Principal SVN Trinity Advisors
Colliers International Greater Fort Worth
Memphis Area Associa- Association of Washington
tion of REALTORS® REALTORS® Flo Sayre, ABR, ALC
Kevin Tipton Cesar Cepeda, CCIM, Managing Broker
Broker CIPS, AHWD, SFR Land and Wildlife LLC
SVN Wood Properties Broker Associate Tri City Association of
Knoxville Area Associa- RE/MAX Associates REALTORS®
tion of REALTORS® Texas REALTORS®
Accreditation
DIAMOND LEVEL
For Serving Commercial Texas Association of REALTORS®, Bay East Association of
Members, They’re Tops REALTORS®, Broward, Palm Beaches & St. Lucie REALTORS®,
Central Oregon Association of REALTORS®, Charleston Trident
Twenty-four associations are recognized
Association of REALTORS®, Commercial Alliance of REALTORS®,
with new accreditation.
Commercial Association of REALTORS® Wisconsin, Greater Baton
Rouge Association of REALTORS®, Greater San Diego Association
The National Association of REALTORS® of REALTORS®, Miami Association of REALTORS®, Orlando
has unveiled a new Commercial REALTORS®, St. Louis Association of REALTORS®
Services Accreditation, replacing a
system pioneered in 2008, to ac-
knowledge local and state REALTOR®
associations for their commitment to
providing commercial services and PLATINUM LEVEL
engaging commercial members. Arcadia Association of REALTORS®, Greater Harrisburg Association
Associations are rated annually of REALTORS®, San Antonio Board of REALTORS®, Scottsdale Area
based on meeting benchmarks in Association of REALTORS®, Space Coast Association of REALTORS®
commercial representation within
their governance; commercial com-
munication, education, advocacy,
and technology; and involvement
in national and state association
GOLD LEVEL
initiatives. Congratulations to these Charlotte Region Commercial Board of REALTORS®, Memphis Area
associations, which received Dia- Association of REALTORS®, MetroTex Association of REALTORS®,
mond, Platinum, or Gold Commercial North San Diego County Association of REALTORS®, South Shore
Services Accreditation in 2022. REALTORS®, Southland Regional Association of REALTORS®,
Winston-Salem Association of REALTORS®
winter 2023 • www.nar.realtor/create 9
Michael Bull has been
recording and sharing
his conversations with
commercial real estate
©JAY THOMAS
thought leaders for more
than a decade.
10 www.nar.realtor/create • winter 2023S traight Talk
on Sales Success
Who’s the best person to speak on a given
topic? That’s who Atlanta broker Michael
Bull goes after for his long-running podcast,
which both serves his business and helps
other brokers and agents improve theirs.
BY CATHERINE MESICK
I f you think about business development—there’s sales, which is listening
and speaking with the intent to convince. Most brokers are pretty good at
that,” said Ken Ashley, executive director at Cushman & Wakefield on a
recent episode of the podcast “America’s Commercial Real Estate Show.”
“Then there’s marketing. And that’s what they think about you before you
walk in the room. And, you know, if you get business at your country club, that’s
terrific. More power to you. But for a lot of folks in a post-pandemic world, in a
Zoom culture, we’re going to have to market ourselves differently.”
winter 2023 • www.nar.realtor/create 11Michael Bull, ccim, left, in his studio with guest Brian Bailey, ccim, cre, a senior financial policy analyst with the Federal Reserve Bank of Atlanta.
Ashley and host Michael Bull, ccim, CEO of Bull
Realty in Atlanta, were discussing the importance of an
online presence for commercial agents and brokers. Bull
Perspectives agreed, dubbing commercial real estate “half marketing,
half consulting.”
On creativity: “Everybody thinks when it’s time for creativity, we need “An analogy could be preparing food,” continued Ashley.
to invent something new. We need to just take advantage of things “I may think I’m a pretty good cook, but if I compare myself
that are already out there. I think that’s what this market calls for: to a chef, I got nothing. Just because you get the chicken
People who will take risks, do things differently. If you’re willing to do cooked, doesn’t mean it’s the best chicken in the world. The
something differently, you’re probably going to get a better outcome.” way we are talking and the way we are reaching each other
–Mitch Roschelle, founding partner of Macro Trends Advisors, a is changing. The tools are changing. The apps are changing.
real estate investment firm based in Delray Beach, Fla., from the That keeps it exciting.”
Nov. 22 episode Ashley counseled those looking to up their social media
game to learn from their more media-savvy peers. Brokers can
On opportunity: “I’m bullish on the secondary markets in the cooperate as well as compete. “I want everyone here to be suc-
suburbs. The secondary markets are on fire, and if you look at Toyota, cessful for their family, for their community,” he said. “And
Mazda, VinFast—all the automobile manufacturers—they’re going to there is a lot of business out there that can be had. We’ve just
secondary markets. They need the workforce, and it’s affordable. I got to put our heads together and go to work.”
think this is as much a watershed event as when the GIs came home Guest Margarita Parkerson, regional advertising sales exec-
from World War II.” utive at CoStar, concurred, adding that an online presence for
–KC Conway, ccim, cre, co-founder of Red Shoe Economics and chief the properties a broker represents is equally important since
economist at CCIM Institute, from the Nov. 16 episode prospective tenants are less inclined to drive around looking
at buildings these days.
“You want to provide the best customer experience for
your tenants that are searching,” said Parkerson. “You want to
showcase your property in the best light, using some elevated
12 www.nar.realtor/create • winter 2023options with Matterports,” a platform for creating 3D models
of spaces. “Really give them a clear picture of what their em-
ployees are going to experience, or what their clients are going
to experience, when they come into your building.”
A Gift to You
Seamless Transition From Radio
Every year around the holidays, Michael Bull records an
This analysis of commercial real estate marketing appears in
the Sept. 20 episode of “America’s Commercial Real Estate episode he calls his “gift” to commercial agents and bro-
Show,” which Bull launched in 2010. Bull, who has brokered kers—an episode that focuses exclusively on commercial
$8 billion in sales across multiple commercial sectors in his entrepreneurs and salespeople. In his 2022 show, released
35-year career, initially planned and operated the show as a last January, his number one tip for 2022 was to treat
local Saturday morning radio call-in show. It became a re- everyone fairly. “Our goal when we’re working on transac-
corded program through a twist of fate. When the broadcast-
tions is to treat everyone the way we’d want to be treated,”
ing company, Salem Media, began renovating its studios, the
show couldn’t be done live—it had to be recorded. Rather said Bull. “And that can help you make the right decisions.”
than simply answering callers’ questions, Bull had to plan The show isn’t the only place where agents can learn
content and guests for each episode. The new format was from Bull’s experience. At commercialagentsuccess.com,
significantly more work, but after the first recorded show on
Bull provides strategies for agents to be successful in any
commercial loan workouts, Bull knew he had created some-
thing special: “I stood in the parking lot and thought, ‘Wow, market. For example, in his video “Closing the Bid-Ask Gap,”
this show could be really helpful for a lot of people.’ ” Bull recommends never asking potential sellers what they
Bull got to work, recruiting the best and brightest in CRE want for their property. It’s the wrong question since it’s po-
for the show, along with top economists and real estate ana- tentially not tied to value. You may be placing a chip on their
lysts. “I ask myself, ‘Who is the best person in this particular shoulder you have to knock off later. Rather than asking
area?’ ” says Bull. “And that’s who we reach out to.”
what they want, ask if they have had a “recent analysis with
Listeners loved the show, and it was picked up by 47
stations nationwide. It was also produced as a podcast from comps and underwriting to see what the property might
the very beginning—a decision that seems prescient now. As bring if properly marketed.”
the audience for radio declined, Bull transitioned the show
to a podcast-exclusive format that now includes video filmed What will be Bull’s 2023 gift? Find out by subscribing to the
in Bull’s own studio. There are new episodes every week that podcast or the show’s newsletter at commercialrealestateshow.com.
can be found on YouTube, Apple Podcasts, Spotify and the
show’s own website. Over the last year, the podcast has been
downloaded over 600,000 times.
Seeing the Bigger Picture
“America’s Commercial Real Estate Show” features market
intel, forecasts and business strategies geared toward com- “I stood in the parking lot and
mercial property owners, managers, brokers and agents.
There are sector-specific episodes, covering large sectors thought, ‘Wow! This show could
like office, retail and multifamily and smaller ones like
senior housing and self-storage. be helpful for a lot of people.’ ”
In an Aug. 8 episode on the office sector, Bull spoke with
Doug Ressler, director of business intelligence at Yardi-
Matrix. The two agreed there are reasons for optimism, agent you know a lot,” he says. “But the experts can show
despite the current uncertainty. More workers will return us the bigger picture.”
to the office once the job market slows, Bull said. Ressler Based on guests’ comments and his own observations,
added, the office sector presents a wealth of opportunities as Bull says the slowdown in transactions and sales volume
office buildings diversify, offering retail, housing and even that started in 2022 will carry over into 2023. However,
e-commerce options. For investors, Ressler said, “mixed-use he sees this slower pace as an opportunity. “I’ve been
gives a better return.” through a down market before—and I’ve succeeded,” says
Bull credits the show with adding to his credibility as Bull. “A slower market is the time to work on training,
a commercial real estate professional. But an even bigger prospecting, business development, negotiating. It’s the
benefit, he says, is what he learns from his guests. “As an time to hone your skills.”
winter 2023 • www.nar.realtor/create 1314 www.nar.realtor/create • winter 2023
HIGH TIMES,
LOW TIMES
LOW TIMES Brokers say the THC industry could benefit
from state and federal government TLC.
BY PAULA HESS
T
he cannabis industry seems to be Mathews in Portland. “Some building tours to originate in cannabis. WeCann, a full-
riding a groundswell of support. were 20 people deep. It was chaos.” service cannabis consulting firm that handles
At last count, 37 states had legal- One property owner went on a buying spree entitlements and licensing, has brokered nearly
ized medicinal cannabis use and from 2016 to 2020 and purchased vacant ware- 100 deals valued at $150 million in the last
21 had legalized recreational use. houses near the Portland airport. “We did 15 to five-and-a-half years and recently merged with
However, the industry faces significant head- 20 deals and had buildings in escrow at double CREC, a firm that has nearly an equal number
winds, including a lack of access to banking market rent before sales even closed,” Francis says. of transactions. “We got our deals [in Costa
and an uneven and lengthy licensing and Stephen A. Madigan initially represent- Mesa] done early and negotiated a 50% pre-
permitting process. These dynamics, veteran ed clients in the cannabis manufacturing, mium on leases,” Piazza says. “By the time the
commercial brokers report, have resulted in extraction, distribution and laboratory testing application period opened, tenants and buyers
the most complicated and protracted deals sectors. When Costa Mesa, Calif., passed an were paying 100-plus-percent premium.”
of their careers. ordinance in 2021 legalizing cannabis sales and WeCann was hired as the exclusive leasing
delivery, “we jumped in and began representing agent for an old Barstow, Calif., outlet mall,
Green Rush for Properties dispensary tenants and owners,” says Madigan, with 23 buildings, 350,000 square feet, park-
With state or municipal law changes can come senior vice president of Kidder Mathews in ing and a food court. Piazza describes the vibe
a mad rush by prospective tenants. That’s nearby Irvine. “There was competition for as a ghost town or a set from the TV series
because most states require prospective cannabis spaces and lease rates were driven up … and the “The Walking Dead.” “We had a vision for
operators to obtain a business address before cannabis tenants kept coming.” our client: ‘Let’s create a cannabis-centric mall
applying for licenses and permits based on type “If you’re looking to acquire real estate for with cannabis dispensaries, hemp clothing
of operation—cultivation, retail, and so on. a dispensary, there will be bidding wars,” retailers, head shops, a cannabis museum.’ ”
After Oregon voters greenlighted recre- says Jason Piazza, director of real estate with Several letters of intent were fully executed,
ational marijuana sales in 2017, “We were WeCann in Santa Ana, Calif. Cities generally and WeCann was ready to do leases when a
inundated with hundreds of calls,” says Zach limit the number of dispensaries they will last-minute cannabis tenant leased the entire
Francis, executive vice president of Kidder license, and this is the most sought-after license campus, says Piazza.
winter 2023 • www.nar.realtor/create 15What If the Federal
Government Legalizes to sell directly to the consumer and
realize better margins.
impacted by the war on drugs. Deals
stalled. Many would-be tenants hesitated
Cannabis? Burning Through Time,
to pursue properties until the lawsuit was
dropped in 2021, Zimmerman says.
Kidder Mathews’ Zach Francis speculates that federal
legalization of cannabis would make the price plum-
Money, Patience Even without legal challenges, get-
met (“a disaster”), and current tenants who are paying Still, finding a suitable property isn’t ting a cannabis business off the ground
premium lease rates would have few options to rene- easy—and earning a commission on a takes time. Operators need the correct
gotiate. On the other hand, federal legalization would cannabis sale or lease can require time zoning, enough water and power for
allow interstate commerce, and states like Oregon and patience. cultivation, and local permits. Indoor
and California with a five- to 10-year jump-start would The majority of property owners still cannabis facilities require considerable
“have a leg up” on other states. Christopher Stefan at won’t consider a cannabis tenant, says capital outlays and power upgrades,
Desarollo Real Estate and Cannabis Capital Advisors Francis. For those that will, you must be usually at the tenant’s expense. Typical-
says federal reforms will increase the cash flow of the familiar with state and local restrictions. ly, Francis says, it takes a year to become
businesses and improve their ability to pay rent and Oregon, for instance, doesn’t allow operational and another six months to
their cap rates, multiple value and sale value.
manufacturing and retail operations at start making money. Consequently, ten-
WeCann’s Jason Piazza favors legalization but
the same address and limits the number ants are signing long-term leases.
believes descheduling cannabis from a Schedule I drug
to a Schedule III drug would have more immediate of plants and canopy size at grow sites. The process can burn through a
benefits. “That would open up banking and interstate Costa Mesa’s ordinance includes a prospective operator’s capital. So
commerce and do away with the 280E IRS tax code,” 1,000-foot buffer zone for sensitive commercial brokers would be wise
which he says hamstrings the industry and squeezes uses, such as day care centers, homeless to vet potential tenants to ensure
operators. As written, IRS 280E states, “No deduction shelters, playgrounds and K-12 schools. they have the financial wherewithal,
or credit shall be allowed for any amount paid or in- In fact, most cities want cannabis in a says Christopher Stefan, principal at
curred during the taxable year in carrying on any trade zone, Piazza notes, which skews valua- Desarollo Real Estate in Vail, Colo.,
or business if such trade or business (or the activities tions throughout the commercial real and Cannabis Capital Advisors. Stefan,
which comprise such trade or business) consists of estate sector. who negotiates the sale of cannabis
trafficking in controlled substances … .” The regulation
Illinois legalized medicinal marijuana business licenses and originates equities,
“prevents any business involved in Schedule I and II
in 2014 and recreational use in 2020. says commercial brokers should seek
from writing off business expenses after cost of goods
sold,” says Piazza. A simple carve-out of 280E for legal Some Illinois communities quickly qualified legal advice to ensure a tenant
operators would create profitability, he says. “We also embraced cannabis; others rejected the is both financially worthy and not
need to incentivize the gray market operators to move concept. Communities and building engaged in illegal activity. Otherwise,
into the legal market, and we need to get rid of the owners think a dispensary “is a head “you might force [a deal] that hurts
excise taxes and let mom-and-pop operators make shop” and will invite crime, says Deena your landlord in the long run.”
money on the investment they made into legal canna- Zimmerman, vice president with SVN And then there’s the matter of
bis. As it stands, the states and the federal government Chicago Commercial, who has repre- getting paid. Piazza reports waiting
are punishing these people who are just trying to do sented the medical dispensary space four years to receive a commission on
the right thing.” since 2014. “My job is to dispel their early cannabis deals; he now negotiates
misconceptions,” she says. Neighbor- commission payment terms into all
hoods are won over by “upscale security deals. He lays blame at the city level—
Another WeCann premier listing, and aesthetics,” which Zimmerman cities don’t hire enough staff to process
PowerPlant Park in Richmond, Calif., compares to that of an Apple Store. applications or evaluate manufacturing
is an 18.8-acre cannabis campus, ver- Landlords are realizing a dispensary plans. “The licensing process for canna-
tically integrated from seed to sale for is a great solution to backfill a space. bis is a joke,” he says. “They have made
cultivators or retailers. The megasite is Former banks and restaurants align this process so difficult and lengthy that
slated to open in early 2023. WeCann with tenants’ need for 3,000 to 6,000 deals just die.”
has signed 18 leases and sales, using square feet. “This is no different than None of Zimmerman’s
tenant-investor and tenant-grower a Starbucks in terms of site selection,” recreational-use clients have opened a
models. This hybrid indoor mixed- Zimmerman says. retail dispensary yet as they are still in
light greenhouse model represents the Recreational sales in the state were various stages of the required process.
future, says Piazza, where high-quality brisk until a Michigan cannabis culti- But she hasn’t let the bureaucratic hur-
cannabis—containing 25% to 35% vator filed a lawsuit challenging Illinois’ dles get her down. Her clients include
THC—can be purchased through lottery-style licensing process, which Blounts & Moore, a group of Black
drive-thru windows, allowing growers awarded social equity licenses for groups professional women featured in Rolling
16 www.nar.realtor/create • winter 2023Marijuana Terms
Stone magazine in 2021 for their vision costs about $700 to $800 per pound Cannabis (Marijuana): Dried leaves, flowers, stems
and seeds from the cannabis sativa or cannabis indica
of being the first Black-owned cannabis to grow. The margins are worse for
plant.
business operating in multiple states. outdoor-grown cannabis, says Piazza.
Zimmerman says she’s “thrilled” to have “Farms are failing, and nobody will Cannabidiol (CBD): Nonaddictive active ingredient
advised and assisted the group with site buy.” Again, Piazza says government is in the hemp plant; does not cause a high. Available as
selection for two years. the problem. “The consumer is being oils, extracts, capsules, patches, vapes and topical skin
preparations.
forced into the illegal cannabis market,
Excess Supply, High Tax because of inflation and state and local Dispensary: A store that can legally sell cannabis
Despite the activity that follows canna- excise taxes,” he says. For example, the products—either medical, recreational or both.
bis legalization, brokers who specialize 7% excise tax in Costa Mesa plus state Hemp: This variety of cannabis is grown for its seeds
in this market say they’ve seen a marked sales and excise taxes amount to a 30% and fiber and contains minute amounts of THC.
slowdown in business as cannabis busi- levy for purchasers. Schedule I drug: Drugs, substances or chemicals that
nesses struggle to make a profit. Desarollo Real Estate’s Stefan the federal government deems to have no currently
During the pandemic, cultivator- observes that in states without license accepted medical use and to have a high potential for
operators were considered essential work- caps—California, Colorado, Oregon abuse. Schedule I drugs include peyote, heroin, LSD,
ers, says Madigan. “I thought it would and Oklahoma, to name a few—“inev- marijuana (cannabis) and ecstasy.
jump-start the industry.” Instead, he itably it’ll lead to oversupply and THC: Psychoactive compound in marijuana that caus-
observes, there’s an oversupply of product, business and tenant failures.” California es a “high.”
which cannot be sold across state lines, has issued more than 12,000 cannabis
Sources: National Environmental Health Association
and “the price has plummeted.” Some licenses; facilities are issued noncon- and the Drug Enforcement Administration
growers have resorted to burning their veyable licenses, and individuals then
harvest in the state. “Demand is there,” obtain a license to operate at a site,
Madigan says, but he believes “people are resulting in rent payments on vacant
buying it black market,” which is a market buildings. Cap rates—typically in the months. All this raises the specter of
undertow in California. mid-teens but as high as 20—are indic- how a broker re-tenants a C1D1 lab-
“We have a massive oversupply of ative of the risk in the sector. oratory built out to make edibles and
cannabis flower as it relates to legal All this can spells trouble for property extraction products, upgrades that are
shelf space,” agrees Piazza, “because investors hoping to cash in on legal- useless to a conventional tenant. Stefan re-
cities haven’t embraced retail, but allow ization. One property owner recently ports seeing an increase in distressed sales
unlimited cultivation, manufacturing, reached out to Madigan for advice on of businesses or tenants walking away, and
distribution. … It doesn’t work.” how to collect late fees. Another buyer new tenants simply signing a lease with
Cannabis produced indoors sells of a leased investment told Madigan he the [owner] without paying for the license
for $700 to $1,200 per pound, but hadn’t received rent for three or four or assets. “It’s becoming more frequent.”
Zimmerman praises what she calls
“Illinois’ thoughtful approach” to
licensing. The state has granted fewer
SAFE Banking Act than 200 retail dispensary licenses
and allots 25 percent of cannabis tax
At press time, Congress was considering action on the Secure and Fair
revenues to communities harmed by
Enforcement Banking Act. The bill would make it possible for cannabis
disparate enforcement of drug policy.
businesses to work with federally insured financial institutions by prohibiting
federal banking regulators from penalizing those financial institutions that The industry generated a $1.5 billion
serve legitimate cannabis-related business. Because current law prohibits the windfall in tax revenue from adult-use
possession, distribution and sale of cannabis, holding monies in a federally sales in fiscal year 2022.
insured institution that can be traced back to a state marijuana operation could She is confident the SAFE Banking
be considered aiding and abetting a federal crime and money laundering. The Act will pass (see sidebar) and remains
National Association of REALTORS® supports passage of the SAFE Bank- optimistic about the cannabis sector.
ing Act. “Denying these businesses and the businesses that provide them Cannabis legalization, she says, “has
with goods and services, including real estate professionals and property been really good for the state.”
managers with cannabis business clients, access to national banks presents
significant challenges both to the businesses and the communities they are
Paula Hess is a Los Angeles–based
in,” says Erin Stackley, NAR director of commercial and policy oversight.
freelance writer and former editor of
California Real Estate Magazine.
winter 2023 • www.nar.realtor/create 17RESEARCH
Vacancies, Rent Growth by Sector
Inflation, War Vacancy rate
Q3 2021
4.7%
Q3 2022
5.4%
Take Their Toll Multifamily
12-mo. rent growth 10.4% 5.7%
Pressures on the market drove down third-quarter
activity. BY NADIA EVANGELOU Vacancy rate 4.5% 4.0%
Industrial
A
12-mo. rent growth 8.3% 11.8%
fter the strong economic rebound
in 2021, growth in the U.S. has Vacancy rate 12.1% 12.4%
slowed in the face of rising infla-
Office
tion, the household income squeeze, 12-mo. rent growth 0.2% 1.1%
and geopolitical events. In commercial
real estate, third-quarter 2022 data Vacancy rate 4.8% 4.3%
showed slowdowns in the apartment Retail
and office sectors, while industrial and 12-mo. rent growth 2.7% 4.4%
retail retained strength.
SOURCE: NAR ANALYSIS OF COSTAR DATA
Multifamily
Multifamily absorption and rent
growth decelerated in 2022 with Retail With such strong demand, rent growth
absorption in the 60,000–70,000-unit Although spending slowed this fall, it continues at historic highs, rising 12%
range. That’s below pre-pandemic remained strong in Q3 2022, driving year over year in Q3 2022. Rents are
© GETTY IMAGES / FRANCESCO ZERILLI/ZERILLIMEDIA/SCIENCE PHOTO LIBRARY/ SCIENCE PHOTO LIBRARY
levels. In the meantime, rents rose year growth in demand for retail spaces for rising even faster for logistics space, at
over year, but at a slower pace than a the seventh straight quarter. Retail sales, 13.5% year over year.
year ago. However, multifamily housing excluding gas, auto, and non-store retail-
demand remains strong. Given rising ers, advanced to $383 billion in August, Evangelou is senior economist and
mortgage rates and home prices, people a 19% increase from August 2019. As a director of real estate research for the
may be forced to rent for longer due to result, net absorption increased to 23.3 National Association of REALTORS®.
decreasing affordability. million square feet in Q3 2022, a 22%
Office
increase from the second quarter. Neigh-
borhood retail that offers in-person
Why don’t
As the country navigates hybrid work, services continues to advance even private and
the office sector continues to struggle.
In Q3 2022, about 1.34 million more
faster. Net absorption for neighborhood
centers rose by 35 percentage points
government
square feet of office space were vacant compared to the year’s second quarter. rent data align?
and placed on the market than was Government data, as
leased. Although more people returned Industrial reported in the Consumer
to their offices, after four quarters with Demand for industrial property Price Index, draws from the
Consumer Expenditure Sur-
positive net absorption, demand for remains robust. Net absorption was
vey. In that survey, renters are
office space dropped. As a result, the nearly 425 million square feet in the 12 likely to report rental rates
market’s net demand for office spaces months ending in Q3 2022. Although locked in earlier. Changes
decreased relative to supply, and the demand may have tapered, the volume may take months to show
national vacancy rate rose to 12.4% in of industrial space absorbed continues up in government data. In
Q3 2022 from 12.3% in the previous to be double that of pre-pandemic contrast, the private sector
quarter. The office sector has the high- times. As a result, this sector had the publishes listed rents—
est vacancy rate across all sectors. lowest vacancy rate in Q3 2022, at 4%. current rent prices.
18 www.nar.realtor/create • winter 2023TECHNOLOGY
Giving Brokers
© GETTY IMAGES / VM / E+
A Better Experience
These founders transformed their frustrations into
impactful solutions for commercial brokers and their
clients. BY STACEY MONCRIEFF
L
easeUp founder and CEO Kurt a modern product experience. The site assets that frees up tenants’ cash while
Chisholm was working as a tenant uses a flexible data model that enables protecting owners’ investments. They
rep at a commercial real estate users to easily customize and reorder saw similar products in the multifamily
advisory firm in Boston, searching for a information based on client interest arena, but the underwriting process was
more efficient and elegant way to share and create up-to-the-minute, branded slow, Limsiaco says. “We asked our-
property data with clients and manage reports in a fraction of the time. selves, ‘How do we underwrite fast but
the lease process. Otso co-founder and “A big thing for us was to allow accurately?’ ” They did it by connecting
President Marissa Limsiaco and her in- brokers to collaborate and commu- directly to bank accounts using Plaid,
vestment partners were unhappy with the nicate with clients and partnering the technology behind apps like Chime
shortcomings of the old-school security brokerages,” Chisholm says. Using and Venmo.
deposit system, which tied up tenants’ LeaseUp’s chat function and client Otso launched in 2019, working
money without giving property owners activity tracker, brokers can avoid with smaller investors, owners with one
adequate protection against potential having to sift through email to track to 10 properties. During the pandemic,
losses. Chisholm and Limsiaco thought down communications, ultimately Limsiaco says, property owners were
there had to be a better way—so they moving deals forward faster. looking for innovative solutions and
invented it. Their technology solutions LeaseUp entered the market in adoption took off.
are now filling a gap for many commer- November 2020 as a tool for tenant In 2021, Limsiaco and co-founders
cial real estate professionals. reps but has gained traction as a sales Josh Feinberg and Frank Rogers got
tool, too. There are free trials, and plans the backing of Accelerant, an AM
Data + Workflow start at $100 per user per month, with Best Rated A– insurer. Not only did
“We wanted to create enterprise plans available for larger that help them sleep better, she says,
something that organizations looking to connect their but it also raised the stakes. Now,
would enable agents tech stack to LeaseUp. Otso is talking with institutional in-
and brokers to turn Chisholm predicts, “2024 is going to vestors, issuing bonds for leases with
their own data into be the year of the API. Brokers will be able a range of $1,000 to $5 million in
actionable insights,” to operate from a single tech stack. The security deposits. “Automated tenant
Kurt Chisholm says Chisholm. market’s not there yet, but it’s coming.” underwriting will be a new standard
Many platforms offer aggregated in our industry in the coming years,”
property data and broker reports, says Win-win for Tenants, Owners Limsiaco predicts. “We’re already get-
Chisholm, but when brokers want to “We were frustrated ting high demand from institutional
use their own data and produce custom with the exposure we investors. The recessionary environ-
property surveys for clients, they often felt in every deal,” ment will put pressure on owners to
use technologies such as Microsoft says Limsiaco. She make this process faster and easier.”
PowerPoint and Excel and Adobe and her investment Otso and LeaseUp were part of
PDFs. Those are great products, but the partners would the REACH Commercial program,
result is static information that needs to Marissa Limsiaco collect the standard Otso in 2021 and LeaseUp in 2022.
be updated whenever there’s a change one-month security deposit but were REACH is a technology accelerator
in status on a property. putting many times more than that into launched in 2019 by Second Century
Enter LeaseUp, which provides a properties to get tenants to sign leases. Venture, the strategic investment
suite of tools that allows brokers to go Their solution: a lease insurance arm of the National Association
from survey and tour to signature with solution for office, retail and industrial of REALTORS®.
winter 2023 • www.nar.realtor/create 19YOUR NAR
MEMBER BENEFITS AT A GLANCE
Sale and Lease Data
CompStak Integrated into RPR®
© GETTY IMAGES / AF-STUDIO/ DIGITAL VISION VECTORS
For the past four years, Michael timewise and in cost savings—for me
Hinton, ccim, has been using a data and all NAR commercial members,”
platform called CompStak that com- Hinton says.
bines crowdsourced commercial lease Jeff Young, RPR®’s COO and general
and sale transaction data and property manager, says the CompStak integra-
Kenny Parcell at the 2022 C5 Summit
information with AI-driven analytics. tion advances NAR’s goal of being a
“CompStak has been a great source vital business partners to REALTORS®
PRESIDENT’S MESSAGE for detailed leasing and sales informa- who practice commercial real estate.
tion for commercial properties,” says “We are thrilled to partner with
Hinton, Miami REALTORS® 2022 CompStak to deliver a unique tool
RIDING TOGETHER
People who think of the National Association of
commercial president and a senior
associate at Apex Capital Realty. “The
service has certainly helped me win
that provides valuable information for
clients and helps brokers close more
transactions,” Young says.
REALTORS® as “primarily residential” are sur- more than a few listings by allowing “One of our goals in this collabora-
prised to learn that our membership includes one me to provide quality information to tion is to provide NAR’s commercial
of the nation’s largest groups of commercial real my new clients.” members with quick access to accurate
estate pros. At C5 Summit in New York City last The CompStak platform handles and transparent data,” says CompStak
August, I was impressed by the strong commu- millions of data points each week to CEO Michael Mandel. “We are excited
nity of commercial practitioners who are “Riding create a comprehensive commercial about CompStak’s integration into
with the Brand.” That’s our theme for 2023. It
real estate data set. RPR®, which will provide REALTORS®
speaks to the Old West tradition of a cowboy
Now, as a member of the National with a competitive edge and lead to
signing on with a ranch and committing to the
mission of the ranch owner. REALTORS® are Association of REALTORS®, you better, faster deals for everyone.”
riding with the brand because we are the brand; have access to CompStak Exchange,
the commitment to protect it comes from us. an analyst-reviewed comp data and How to redeem this benefit: At any
Our profession is stronger when we’re united. analytics platform. In October, NAR commercial property page on RPR,
Our advocacy on commercial issues, from announced the integration of Comp- scroll down to “Additional Resourc-
preserving the 1031 exchange to ending the Stak Exchange into Realtors Property es.” Click on CompStak to access
COVID-19 eviction moratorium, benefits our Resource®. NAR members also receive the CompStak sign-up page. Already
profession and consumers. Please join us for the exclusive promotional credits that have a CompStak account? Email
next C5 Summit later this year. And come to they can use to discover timely comps your name and email address to nar@
one of our Riding with the Brand events to see
in their market. compstak.com.
just how powerful it is when we ride together
“Using RPR and CompStak
with the REALTOR® brand. – Kenny Parcell
together will be a huge benefit—both narrpr.com
Riding with the Brand is
touring the U.S in 2023.
Learn more at nar.realtor/
riding. Commercial is Global
NAR hosts the USA Pavilion at the MIPIM conference in Cannes, France,
March 14–17. Learn more about NAR’s effort to bring investment capital
into the U.S at nar.realtor/mipim.
20 www.nar.realtor/create • winter 2023You can also read
