Commercial Real Estate News Brief: April 2013

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania. 

The CRE Industry Goes Green, Spotlights Sustainability

JLL_Feb-NBThroughout April, in acknowledgement of Earth Day, commercial real estate experts worked to increase sustainability within the industry specifically through green leases (like KeyCorps’ new lease) and by offering advice to greener routines.

Real Estate Bisnow contributed to the trend in a recent article, Hot Topic: Green Leases, providing insight into specific details and terms that should be included within a sustainable agreement. For example, the article states “site selection is key,” encouraging those in the market to seek a location that is in close proximity to a train, bus station or other type of public transportation. This will make it easier for tenants to build environmentally friendly habits.

Real Estate Bisnow also touched on conditions to include when drafting the lease. This includes space efficiency (like renewable energy sources), as well as benchmarking key data to measure whether the conditions are making an impact.

JLL’s Executive VP of Sustainable Strategy, Michael Jordan, noted that green leases are the “future of commercial real estate,” in a recent article from Arizona Commercial Real Estate.  Typical benefits of a green lease include:

  • Cost savings from cuts in utility use
  • Improved tenant / landlord relations
  • Improved corporate image

Read the full article to read all ten advantages.

In case you missed it, we also shared a post featuring Corporate Sustainability on Earth Day. Check out the post to see why you may want to consider a green lease.

CRE Experts Get Social on Multiple Channels

The commercial real estate industry lagged behind when it came to social media marketing; however, it is now catching up, and maybe, exceeding other industries.

A recent article from CoStar Group reports that commercial real estate experts are now using social media strategically to enhance marketing and sales initiatives. CoStar said:

And as more of us are quickly learning the ins and outs of new tech tools, the most adept have also shifted beyond merely information gathering and putting a corporate or personal presence “out there” to implement strategies to become more nimble in their online interactions and generate interest by producing   fresh content on an ongoing basis.

CRE experts are active on Facebook, Twitter and LinkedIn. But, they are now also utilizing newer, specialized platforms, like CREvine. CREVine.com is a “collaborative community” open to all trade professionals.  Experts are able to join the community and share knowledge via blog posts.

Secondary Markets See More Startups, Increased Potential for Growth

What began in Silicon Valley—dubbed “the template of academic institutions and companies feeding off of each other to create first-rate ecosystem for tech startups and innovation”—is now occurring in secondary markets, according to a recent article in Fresh Water.

Fresh Water reports that smaller, regional cities like Pittsburgh, Cleveland and Detroit are now seeing an increase in startups, impacting the local economy.

Pittsburgh, in particular, is deemed the “language tech hub.” The city has an abundance of engineers thanks to Carnegie Mellon University, which lends to Pittsburgh up and coming tech culture. Fresh Water adds that the affordability of Pittsburgh, as it compares to bigger cities, is hard to pass up.

Cleveland is also called out as “Where the Technology Is.” Fresh Water attributes some of the success to the local Philips Center, which has remained influential within the area.

For more on how the technology industry is expanding beyond the expected hubs and impacting commercial real estate across the U.S., see JLL’s High Tech Office Highlights for Spring 2013.

News Wrap Up In Our Region

Cincinnati 

Cleveland

Columbus 

Detroit

Pittsburgh

Please feel free to add any relevant industry news we might have missed in the comment section below.

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Newspaper image via NS Newsflash

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