Greg Pelton

CREtech - FREE for end-users/corporate occupiers!!! I’m looking forward to seeing many of my peers and meeting many others while I and some of my team explore the halls for the latest tech solutions. Also excited to share my thoughts on what’s on the minds of tenants as part of the MainStage panel on Wednesday morning and the peer-to-peer learning session immediately afterwards. Will you join me? #Cretech #CRE #Realestateinsights

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The value of distressed assets in the #CRE marketplace continued to grow in the U.S. into Q3'24. Still, the ramp up is not as rapid as that seen following the GFC as there are different forces at play in the current market. Read more about the source of distress and a chart on comparisons to the GFC by my colleague Alexis Maltin here: http://ms.spr.ly/6049WR4GN MSCI Real Assets

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Join us Nov 13-14, 2024 at the Javits Center for CREtech NYC! Explore how RealPage® Investment Management can streamline your real estate investment strategies from data collection to portfolio optimization. Don't miss out! #RealPageInvestmentManagement

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AI Impact Great reading how AI is impacting the market in San Fran: AI Firms Have Leased 1.7M sf of offices in San Francisco (therealdeal.com) The most recent Knight Frank Life Sciences Insight report confirms that the sector is likely to be a driver of demand and London in particular will benefit..one to watch. It's coming.. 👀

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In addition to the incredible energy at #NY ICSC and Placer.ai #Discover last week, here’s one more reason to be bullish on #retail: Business Applications in Retail Trade Have Surged Since 2020 While other sectors (manufacturing, transportation, and total NAICS) show moderate growth, the retail trade sector has experienced notable spikes, maintaining elevated levels well above pre-pandemic trends. Positive Impact on Demand for Retail Space: - The surge in retail trade business applications indicates strong entrepreneurial activity and growing optimism in the sector. - This upward trend will likely translate into increased demand for physical retail spaces as new businesses seek locations for operations. - Shopping centers and landlords can capitalize on this trend by targeting emerging retailers and offering flexible leasing solutions to accommodate the influx of new tenants. - Additionally, the rise in business activity suggests renewed economic vitality, which further supports brick-and-mortar retail leasing opportunities. Michael Puline Daniel J. Radek Daniel Taub Erica Aylward, MBA Jay Norris Meghann Martindale Bryan G Chandler, MSc Barrie Scardina David Bitner Robert Young Mike Houghton Marcin Pokorski Christine Mastandrea Brandon Isner

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In Q3 2024, multi-housing transaction volume in New York City fell by +/- 30% quarter-over-quarter, but is on track to match or exceed last year’s activity ($5B) by end of year. Despite this temporary decrease, quarterly transaction activity in Brooklyn and Queens has more than doubled year-over-year, from $133M in Q3 2023 to $275M in Q3 2024. Additionally, year-to-date investment volume in Manhattan has reached $3B – an 18% increase compared to this time last year. Click the link below to access the most recent JLL NYC Multi-Housing quarterly report: https://lnkd.in/eFRw64GG Contact a member of the team to learn more:   JLL NYC Institutional Investment Sales Multi-Housing Team: Jeffrey Julien Rob Hinckley Steven Rutman Jonathan Faxon Devon Warren Jamie Short Shireen Sakhai Cristin Brady JLL NYC Leadership Team: Andrew Scandalios Michael Gigliotti Christopher Peck JLL NYC Agency Team: Michael Shmuely Michael T. Zaremski John Flynn

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Connect with the Dealpath team at Realcomm to learn how you can maximize investment performance in the age of AI:

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🌟 Reflections from Day One CRETech New York 2024 🌟 An excellent first day at CREtech New York. All the discussions were incredibly enlightening and well moderated by Emily Wright Key takeaways: 1. Flexibility is Still Key: The need for flexible workspaces was a recurring theme. Whether it's lease terms, space design, or the ability to adapt to different working styles, flexibility is crucial for meeting the diverse needs of employees. 2. Quality Redefined: The definition of quality in office spaces is expanding. It's not just about aesthetics or location anymore; it's about creating environments that promote health, safety, and overall well-being. The emphasis on mental health and community engagement is more significant than ever. 3. Sustainability and ESG: Tenants are prioritising sustainability and environmental, social, and governance (ESG) factors. From LEED certifications to energy-efficient buildings, the focus is on creating spaces that are not only functional but also environmentally responsible. 4. Technology Integration: The role of technology in enhancing office spaces cannot be overstated. From seamless conference room bookings to advanced WiFi hotspots, the goal is to create a tech-enabled environment that supports productivity and innovation. 5. Purpose of the Office: The purpose of the office is evolving. It's no longer just a place to work; it's a space for collaboration, innovation, and community building. The office must offer a return on commute, making it worthwhile for employees to come in and engage with their colleagues. The event was a fantastic opportunity to learn from industry leaders like Frank L. Cuevas from McKesson John Bullen from Comcast, Elaine Schultz from Salesforce Gerry Lifrieri from Interrepublic Group of Companies, and Laurie S. Rothenberg from PFIZER INC. Their insights have given me a lot to think about as we continue to navigate the future of work. #CRETech #FutureOfWork #OfficeSpaces #Sustainability #Flexibility #Technology

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This is worth noting... #returntooffice #sfcre #officespace #office #tenants Data storage company Snowflake has signed the largest office lease in the Bay Area since before the pandemic, agreeing to take over 773K SF in Menlo Park previously occupied by Meta. Snowflake will occupy four buildings at 124-135 Constitution Drive and 100-150 Independence Drive in the Menlo Gateway project, the San Francisco Chronicle reported. The deal brings Snowflake’s total office leasing volume this year to more than 1M SF.

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This is a great example of how firms can gain insights that allow them to dispel misconceptions and focus on the most promising opportunities by partnering with #CRE data providers like CoStar US. Give it a read and would love to hear if you’ve had a major “Aha!” moment like this. 

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Hey #multifamily Check out the 2024 Snappt State of Applicant Fraud Report. See what your peers in the industry are saying/experiencing around the operational impact of renter fraud on bad debt, delinquency, evictions, and leasing. For a tiny snippet, check out PR Newswire's article on the research study we did (in comments) And to see more content like this, check out our blog (linked below).

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Donald Davidoff wrote an outstanding piece on Multifamily Insiders about CAPs. “It's Time for a Multifamily Connected Analytics Platform (CAP)” “This is the idea that data sourced across multiple transactional software applications and shared across multiple company functional areas transforms decision-making in all facets of operations and asset management. It realizes the goal of “Better decisions, faster.” “But to get the full value of connected analytics, it’s not enough to just have a business intelligence application. It’s also about what to do with the data once you have it. That’s where predictive analytics comes in; and that’s why we need a platform, not a point solution.” His article is a must-read for anyone who owns or manages multi-family properties. Data is everything in our world and I think he’s right, there is a definite need for more quality data usage in multi-family housing. https://lnkd.in/efr-DpVB Take a look and let me know what you think. #RealEstate #RentalMarket #HousingTrends #multifamily https://lnkd.in/egVkuRfa

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"A double-dip deal that included an Upper West Side co-op once owned by actress Glenn Close topped Manhattan’s luxury market last week 👯 The two apartments at 211 Central Park West, asking $19.5 million together, were the priciest homes in the borough to find a buyer between June 17 and June 23, according to Olshan Realty Inc.’s weekly report 🏆 In total, 30 properties asking $4 million or more land signed contracts, one fewer than the previous period. Last week marked the seventh this year to notch 30 or more luxury contracts, compared to 13 weeks in the same period in 2023 🤔 Of the 30 properties to find buyers, 20 were condos, eight were co-ops and two were townhouses 💡 The homes’ combined asking price was $231 million, which works out to an average of $7.7 million and a median of $6.3 million. The typical home spent 464 days on the market and received an 8 percent discount." ⏳✂ Sheridan Wall, The Real Deal #newyork #manhattan #luxury #realestate #sales #market #data #trends

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Time to nerd out on some tech for a minute 🤓 CoStar Group, a real estate analytics provider and owner of online real estate marketplaces like LoopNet, Homes.com and Apartments.com, has reached an agreement to acquire Matterport, a global leader in immersive 3D capture solutions. Their devices are capable of capturing high-precision indoor and outdoor photographs that can be tied together for 3D virtual tours. Their devices also provide detail property dimensions, room layouts, and more. Matterport's 3D technology is utilized in nearly every sector of real estate. LoopNet's Diamond and Platinum Signature Marketing Campaigns come with these 3D tours, which are helpful in having tenants and their reps familiarize themselves with a listing before adding it to a shortlist. Advertisers on CoStar's marketplaces see the value of these immersive tours. In March of 2024, CoStar reported there were over 7.4 million views of Matterport tours, with consumers spending 20% more time viewing a listing when 3D tours were available. Do you have a listing that you would like 20% more activity on? If so, reach out. This is one of many benefits that comes with our Signature Marketing Campaign options. The transaction is expected to be completed this year. As someone that geeks out on tech, it's exciting to see CoStar leaning into this revolutionary technology. #Matterport #CoStar #LoopNet #Homes #Apartments #CoStarGroup #Marketing #Tech #RealEstate #CRE https://lnkd.in/gkQZHfAB

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Substack has quickly become one of my favorite platforms for great commercial real estate & urbanism content. Along with a healthy diet of NYT, WSJ, & Bloomberg, and your staple research reports, Substack provides some really insightful, longer-form pieces from industry vets and insiders.   Some of my favorites - which I've written about here before - include Brad Hargreaves' excellent Thesis Driven and Aziz Sunderji's Home Economics. This week, I was pleased to see Clint Myers writing again on the platform, this time on the what makes real estate assets resilient, or in Nassim Taleb's words "anti-fragile." The concept dovetails nicely with my affinity for long-term real estate investment. The cliffnotes version: properties that are anti-fragile hold up to the stressors of time; they retain value over time; they're properties for which time is a friend.   And what, according to Clint, are the characteristics of an anti-fragile real estate asset?   --- Diversity: of market, of asset use, of tenant base --- Organic, bottoms-up design: a la Jane Jacobs (as opposed to, say, the top-down approach of Robert Moses) --- Modest leverage: so as to be less exposed to capital market fluctuations, and positioned to take advantage when the highly-levered get out over their skis --- Optionality: the ability to adapt a property to fit changing trends --- Asymmetry: as in, a high potential for future upside   In what is perhaps a contrarian view, the conclusion here is that anti-fragile assets look more like an old strip mall or class B multifamily asset in an emerging neighborhood than a brand new life sciences building in the CBD.   The post is surely worth a read in its entirety (linked below). It might inspire you - as it has me - to pick up Taleb's 'Antifragile' next. #commercialrealestate #longterminvesting

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Stumbled across this article on AI from McKinsey while prepping for Realcomm Events in Tampa this week. The real estate industry stands at an exciting crossroads, thanks to the maturation of generative AI (gen AI), which offers a fresh chance for transformation. Let’s explore how AI can revolutionize commercial real estate: --Customer Engagement: Imagine chatbots answering questions and enhancing customer experiences. These conversational tools streamline interactions. --Creative Content Creation: Gen AI generates text and images. For high-stakes moments—like commercial lease negotiations—it crafts negotiation transcripts based on tenant, property, and market information --Efficient Decision-Making: AI analyzes data to identify investment opportunities, optimize building design, and create marketing materials. It accelerates decision-making. --Automation in Property Management: AI streamlines tasks, from maintenance scheduling to tenant communication. It ensures operational efficiency. Embrace gen AI strategically—it’s not just about deploying models; it’s about organizational readiness. Looking forward to hearing from peers and clients on how they're leveraging AI. If you're curious how Yardi is thinking about AI in CRE, shoot me a note and I'm happy to chat about our new Virtuoso AI tools! Or, if your coming to Realcomm in Tampa, stop by booth #400 #yardicommercial #yardi #realcomm #CRE

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How tech can optimize multifamily operations Cut costs, save time: Learn about proptech innovation, centralization, labor optimization and effective data use at multifamily properties. By Richard Patapoff Head of Proptech Solutions, Commercial Banking While multifamily properties have performed well, they face rising operations, labor and maintenance costs. To help reduce operating costs and drive efficiencies, operators can implement cost-cutting measures, including smart building technology, labor optimization, centralization and effective data use. How smart buildings can help reduce operating costs “Embracing technology unlocks efficiency and sustainability across all industries, particularly in the multifamily space,” said Witness Yi, Central Region Treasury Services Manager for Commercial Term Lending. “In today’s world of growing competition, operational bottlenecks and rising costs, leveraging technology not only keeps our clients’ costs in check but differentiates them from their peers.” Smart buildings use advanced technologies to monitor, control and optimize building systems, which can help achieve operational savings by: Reducing utilities consumption: Integrated water management and monitoring solutions can provide consumption analytics and alerts to help operators manage consumption and reduce water waste. Likewise, smart HVAC systems provide precise control of temperature and air quality based on real-time environmental data and occupancy patterns, which can can increase energy efficiency and residents’ comfort. Increasing operational efficiencies: Automated controls may reduce the need for manual inspections and adjustments, so operators have more time to focus on complex issues. Lowering repair and maintenance costs: Predictive maintenance and early leak detection can prevent major disruptions, minimize the risk of major repairs and optimize system performance to extend lifespan and efficiency.  Implementing smart building technology Once operators identify the problem they want to solve, there are two layers to implement and manage: Device layer: This is the foundational layer for optimizing building performance and reducing operational costs. These devices—the physical hardware and sensors integrated into a building's infrastructure—gather data on environmental conditions, utilities consumption and occupancy patterns. Software layer: The software layer is composed of digital platforms and algorithms that aggregate, process, analyze and act on the data the device layer collects. Software is crucial for property managers because it translates raw data into actionable intelligence, so they can make decisions more strategically. The software layer can also improve energy efficiency, help predict maintenance needs and increase resident satisfaction for smarter, more proactive building management. https://lnkd.in/ghT2YyUa

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