Congress to Resume Negotiations on Tax Extenders

House and Senate tax writers and their staff will resume negotiations this week over legislation to extend expired temporary provisions of the tax code important to business. The House of Representatives returns from a weeklong recess with new chairman Kevin Brady (R-TX) at the helm of the Ways and Means Committee, replacing Paul Ryan (R-WI), who became Speaker of the House.

Brady has made passage of “tax extenders” legislation his immediate priority. This legislation includes provisions important to the commercial real estate industry which are reflected in NAIOP’s legislative agenda. The negotiations are complicated because the House has passed several measures to make permanent some of these temporary provisions. The Senate Finance Committee, in contrast, passed a bill in July to extend the expired tax provisions through the end of 2016. If the House insists on making some provisions permanent, then Senate Democrats will insist on making permanent other temporary provisions they support, such as the earned income tax credit and the child tax credit, according to Senator Ron Wyden (D-OR), ranking Democrat on the Senate Finance Committee.

The House and Senate also have to determine the appropriate legislative vehicle for moving a tax extenders bill. There are a limited number of legislative days available before the end of the year, with bills on reauthorization of expiring transportation programs as well as funding for continued government operations needing immediate action. The transportation and highway programs will expire by November 20 unless reauthorized, and funding for government operations will end December 11 unless Congress agrees on a year-end, omnibus funding measure. A tax extenders bill could be joined to such a larger funding bill in mid-December.

Rising Construction Activity and Higher Yields Attract Greater Investment

Fundamentals are expected to continue to improve in every property sector this year, even with the faster pace of development, as the tailwind of healthy economic growth bodes well for net operating income growth and investment performance, says an article for Development magazine by Lydia Tan and Martin Standiford, senior vice presidents for development in the Western and Eastern U.S., respectively, at Bentall Kennedy (U.S.).

This upbeat news has investors considering new development opportunities and is leading to higher construction levels across industrial, retail, office and apartment.

Naturally, the pace of growth differs by geography, and build-to-suit development has outweighed speculative in recent years. Trends in square footage per employee, e-commerce strategies and industrial infill are having an impact, and the old adage of “location, location, location” remains the key to successful development.

Read about vacancy rates and demand, market conditions, and outlooks for office, industrial, apartments and retail in the fall issue of Development magazine.

From November 17, 2015 NAIOP Source – Click here to view article.

Boost Recruitment Practices with the Diversity Resource Center

Companies with high levels of diversity are 45 percent more likely to report growth in market share over the previous year. Enhance your recruitment with NAIOP’s online Diversity Resource Center featuring in-depth best practices from NAIOP chapters and companies including Colliers International and ForestCity Washington, links to online resources, NAIOP member views on diversity, and more.

NAIOP is championing diversity in commercial real estate as part of our strategic initiatives. If your company or chapter is offering unique initiatives in diversity, please contact Courtney Bulger, vice president for membership and chapter relations so we can share your story.

From November 17, 2015 NAIOP Source – Click here to view article.

Craft Beer Taps Commercial Real Estate

As craft beer soars in popularity – the American craft beer market is a $19.6 billion industry, reports CraftBeer.com – craft breweries from Chicago to Denver are turning to commercial real estate for space to house their growing operations. Many craft breweries are drawn to the character and advantages of industrial space while others establish their new base of operations in more unusual locations, including a former elementary school and a working hazelnut farm.

From November 17, 2015 NAIOP Source – Click here to view article.

SWAC to Hear Proposal Increasing Storm Water Fees for Commercial Property Owners

On Thursday, November 19th, at 4:30 pm, the Storm Water Advisory Committee (SWAC) will consider a proposal brought forward by Charlotte-Mecklenburg Storm Water Services that would increase storm water fees for hundreds of commercial property owners in Charlotte and some surrounding towns.

City and County staff is proposing capping existing storm water fee credits at 71% which is similar to a plan offered in 2012 that would have capped the credits at 75%. You can view more information about the proposal here. They contend that newly built basins established under newer ordinances are currently not given credit for the extra flood control and surface water quality benefits they provide when compared to older basins and that this creates fee disparity. The City estimates that roughly 350 properties will be impacted through lower fee credits, resulting in higher annual storm water fees for those property owners and their tenants.

If you own commercial property in the Charlotte area, we strongly encourage you to attend the hearing and speak before the SWAC about any concerns you may have. You may reserve your spot by contacting the clerk atVivian.Love@mecklenburgcountync.gov.

For additional information, please contact Rob Nanfelt with REBIC at (720)771-3825.

Making London’s Streets Less Sticky

Hot pink receptacles dubbed “Gumdrops” are helping to keep London’s streets free of discarded chewing gum — and saving the city on cleaning costs. The Gumdrops are made of recycled gum, forming what designer Anna Bullus describes as the world’s first closed-loop recycling system for chewing gum. “When the Gumdrop is full, it’s sent back to the company (via UPS’s carbon-neutral shipping service), where the recycled gum is then processed and used to make more Gumdrops, which are subsequently deployed to collect more gum,” Vanhoenacker notes.

The company’s first commercial contract was with Legoland theme park west of London in 2012. More British property owners and government authorities have signed on since then. Gumdrop Ltd. has begun expanding into continental Europe and hopes to reach the U.S. soon.

From November 10, 2015 NAIOP Source – Click here to view article

First WELL-certified City District to Be Built in Tampa

Delos, originator of the WELL Building Standard, and Strategic Property Partners recently announced a partnership to create the world’s first WELL-certified city district in Tampa. The plan calls for the development of a $2 billion, 40-acre urban mixed-use development.

Delos’ WELL Building Standard, which sets performance requirements in seven categories relevant to occupant health in the built environment, has already enrolled nearly 20 million square feet of building projects in 12 countries in the program. Building on that experience, this new commitment tackles the broader challenge of creating city-scale developments built for health and wellness. Like the WELL Standard for buildings, it will be third-party certified by Green Business Certification Inc.

All buildings within the district — including a hotel, a 650,000-square-foot office tower, the University of South Florida Morsani College of Medicine and Heart Institute and about 200,000 square feet of retail, restaurant and entertainment space — will also pursue WELL certification.

The district will feature a variety of wellness-oriented design and technology strategies, including enhanced walkability, abundant green space with low-pollen trees, sound barriers to support acoustic comfort, access to healthy foods, green infrastructure, daily air quality monitoring and reporting, and access to urban waterfront amenities.

From November 10, 2015 NAIOP Source – Click here to view article