14C —April 23 - May 20, 2021 — Spring Preview — M id A tlantic Real Estate Journal
S pring P review
Retai l construction emerges as a key . . .
Demand in industrial RE leads a rebound in 2021 CORFACmembers reflect on 2020, but focus on 2021
competition to attract and retain the best and brightest scientists, and with the added influence of more sophisti- cated investors and develop- ers, there is more focus on implementing quality design characteristics into Life Sci - ence centers. Companies are realizing that creating an en- ergized hub of activity through thoughtful, attractive and creative placemaking is the best way to stand out amongst the competition. Choosing the right design team allows your project to be on time, within budget and a comfortable and collaborative environment to foster important scientific discoveries. Frank Angelini is the National Science & Tech- nology Practice Leader at AKF Group. Jamie Doran, AIA is a Partner at JacobsWyper Architects and Chair of the firm’s Science & Technology Practice. MARE curbside services. Q: Looking ahead, how do you see retail construction changing in a post-COV- ID-19 world? Harding: As in most indus - tries, there will be a need for increased flexibility and adapt - ability, some of which we are already seeing. We always try to help tenants where it makes sense and where we can; today that could mean early lease ex- tensions, which enable tenants with forward-looking vision to reinvest in and redesign their store interiors to align with trends in the post-pandemic retail environment. On a prop- erty scale, many landlords are taking a step back and focusing on what needs to be done to best position their properties for the next chapter – rather than just filling vacant space. Transfor - mation is nothing new in the retail real estate industry. As new concepts come online while others reach their end, it is cre- ating an ideal environment for repositioning and reinventing assets, which most likely will involve a renovation element. With the continued momen- tum of “live, work, shop, play” environments, adaptive reuse projects may also become part of the conversation and drive shopping center construction activity. Levin Management Cor- poration (LMC) is head- quartered in North Plain- field, NJ. MAREJ
continued from page 8C done buildouts ranging from pad sites for large national ten- ants to less complicated fit-outs for local retailers. Tenants have greater confidence knowing their store will be built and de- livered on time by someone that has done it for them, or their peers, currently or in the past. Our project managers are in the field to oversee the process. Q: What are landlords doing to maintain curb appeal and create efficiencies at a time when renovation budgets are tighter than in the past? Harding: As always, shop - ping centers with a strong tenant mix and curb appeal continue to draw retailers, consumers and investors. Ar - guably, achieving or upholding an environment that is both attractive and provides a safe and convenient shopping expe- rience is more important today than ever. Efforts toward this goal can range from simple landscaping updates to much larger-scale improvements, when necessary, as well as ensuring the center is operat- ing efficiently. Since the start of the COVID-19 pandemic, our construction department also has worked alongside our property management team to ensure we are providing an environment where our tenants can be creative and succeed. This has included incorporating signage and/or creating new pickup areas to accommodate Designing for speed and flexibility is an approach well- served by project delivery methods that are more collab- orative in nature and include a construction team at the initial design phases. Life Science facilities have more significant HVAC and electrical demands, and equipment like air han- dling units and emergency generators carry high price tags and long lead times. These are items that can be sized, calculated, documented in ear- ly-release packages and pre- purchased before the balance of design is completed. These collaborative project delivery methods work perfectly for Life Science projects because the overall project can typically be expedited, and speed is key for Life Science. As the regional Life Science market expands, there has also been an increased aware- ness in the importance of well thought out design. With more
ORFAC International, the premier network f o r i ndependen t l y owned commercial real estate firms, asked brokers and own - ers from its member firms to reflect on 2020 in its first member outlook survey. The findings reveal that – after a tumultuous year caused by the pandemic and related economic downturn – CORFAC brokers have adapted their business practices, sought out new areas of opportunity, and entered 2021 with measured optimism about the year ahead. “It’s no surprise that like ev- ery industry, commercial real estate has been profoundly im- pacted by the events of 2020, and yet, CORFAC members have found ways to change and grow their business, serving existing and new clients dur- ing a time of great stress and change,” said Joseph Latin a, 2021 president of CORFAC International and Principal of Patterson-Woods Commercial Properties/CORFAC Interna - tional, Wilmington, Delaware. Industrial Mini-Boom and Other Opportunities Heightened demand in in- dustrial real estate is leading a rebound in 2021 for CORFAC professionals. Nearly three- quarters of respondents said that the industrial and manu- facturing sector was the biggest C
CORFACmembers are plan - ning ahead. When asked what factors they expect to have the greatest impact on their busi- nesses in the next six months, the top answers were the gen- eral economy/ recession (72%) and vaccine rollout (60%). CORFAC members also brought up issues such as the uncertain return to the work- place, adaptive reuse of vacant or underused buildings, and lack of product in high-de- mand markets and categories as areas of concern as well as potential for rebounding from the pandemic. In the months ahead, CORFAC brokers will be charged with counseling clients who are re-evaluating their space needs or seeking investment properties in this opportunistic environment. What’s Next for CORFAC Member Firms Have we entered the post- pandemic marketplace? Per - haps not quite, but we are getting there. Some CORFAC members have already seen deal volumes stabilize, but the vast majority expect it will be the third quarter (31%) or fourth quarter (31%) of 2021 when they do. As we emerge from this uncertain period, CORFAC members are poised to support their clients with a unique relationship network and cus- tomized market insights. MAREJ
driver of business for their firms in the last six months of 2020. One survey respondent noted a “rapid increase in de- mand for high-bay warehouse space, particularly for ecom- merce related companies.” That fits the bigger picture for the industrial real estate market in the U.S., which experienced a record 90 million square feet of net occupancy growth in the last quarter of 2020. Where are new business opportunities coming from? Members reported it’s a mix of current clients who are ex- panding (63% of respondents experienced this in the last six months of 2020) and current clients who are downsizing (51%), as well as new clients relocating to the market (51%). How CORFAC Firms Met the Moment and What Concerns Lie Ahead CORFAC firms proved their adaptability in 2020. About 70% of responding firms in - vested or implemented new technology platforms, such as 3D tours or drone photogra- phy, to address the challenges of the pandemic. Nearly 40% said they expanded services offered to clients as well.
continued from page 13C Designing for life sciences with speed, flexibility and the right . . .
Flood Elevation Certificates The What? The Why? The How?
Stout & Caldwell is a li- censed and insured profession- al engineers, land surveyors, and providers of Flood Eleva- tion Certificates in New Jersey and Pennsylvania, we receive calls daily from individuals who ask “What is a flood eleva - tion certificate?” and “Why do I need one?” But it isn’t only homeowners; businesses can also be impacted. Commercial realtors are often faced with these same questions. Here are just a few of the FAQs. What is a Flood Zone? A Flood Zone is an area that the government has determined has a high, medium, or low probability that a flood will oc - cur based upon severe weather conditions. The Federal Emer- gency Management Agency (FEMA) uses the results of extensive flood studies to deter -
mine such zones and publishes “Flood Insurance Rate Maps” (FIRM) on the FEMA Map website. What is a Flood Eleva- tion Certificate and where do I get one? The National Flood Insurance Program uses Flood Elevation Certificates to certify the base flood elevation of residential and commercial buildings. A state-licensed land surveying firm completes the certification. Does getting a Flood El- evation Certificate guaran - tee my flood insurance rate will be decreased? Although there are no guarantees, a lower premiummay be possible yet only the insurance company can determine this based on the Flood Elevation Certificate. If the structure is recorded at an elevation above the level at
which FEMA has determined for probably flooding, the insur - ance company has the ability to lower rates. Who is LOMA? LOMA is an acronym that stands for Letter Of Map Amendment. If your Flood Elevation Certificate places your home or business out of the flood zone and the government agrees, you can submit a LOMA request form. Upon review and agreement with the information, the gov- ernment will issue a Letter of map amendment for your property however your insur- ance company may still require you to carry flood insurance. If this is the case, you may want to talk to your neighbors to see what their situation is; perhaps their carrier would be bet t er suited to insure your home. MAREJ
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