What's ahead for commercial real estate in 2021? Seattle will have another wide-open mayoral election, Olympia will battle huge shifts in revenues related to COVID-19, NAIOPWA's seeing movement on initiatives on the Eastside, and much more is on the table. Click here to continue reading this post (login required).
Ann Bishop has been with Wallace Properties for nearly 25 years and a NAIOP member for just as long. Her impressive tenure in commercial real estate makes her an expert voice on industry topics and trends, and her passion for NAIOP is clear from her continued involvement at all levels of our organization. Bishop serves on our chapter’s Board of Directors as Secretary, works with the Government Affairs committee on numerous legislative and policy efforts, and regularly volunteers with the Developing Leaders’ Mentorship Program each year.
When she joined over 20 years ago, she felt that NAIOP was an inclusive space for her, but with few contacts in the organization it was important to lean in early to carve out a place for herself. “If I [had] sat back and waited to be invited… I wouldn’t [have been] there. So you just pick up and go… You join in.”
Yesterday’s press conference with Governor Jay Inslee, medical professionals, and other leaders from our region brought a message none of us wanted to hear, and that we can’t afford to ignore: COVID cases are on an exponential increase curve. November 15 was the most dangerous public health day in over 100 years in our state, according to the governor, with no signs of today being any better. In Seattle, 20% of all COVID cases have occurred in the past 2 weeks, said Mayor Jenny Durkan. And the numbers aren’t better elsewhere in the state or across the country.
Honorees showcase the best regional commercial real estate development in 2020 with an emphasis on creative multifamily mixed-use, sustainability and last-mile delivery
SEATTLE – At today’s first-ever virtual NAIOPWA Night of the Stars, the commercial real estate community honored the year’s most innovative, creative and inspiring CRE projects in Washington state. Completed between July 1, 2019, and August 1, 2020, these projects particularly demonstrate the flexibility and strength of the local CRE industry in the face of a global pandemic.
The 2020 winners and finalists reflect major shifts in our region toward affordable, multifamily housing that creatively supports communities, as well as the rapid increase in industrial real estate supporting last-mile delivery. This year, as always, judges used a rubric to evaluate and score projects according to defined criteria and made category adjustments reflecting the unique nature of projects, such as dividing industrial projects into those built on spec and those built to suit. This year, too, the full immersion of sustainable practices in the region’s development projects lead to multiple honorees in different market categories.
NAIOPWA's Night of the Stars identifies outstanding real estate developments and activities in a variety of market types and the individuals who made the projects happen. The awards aim to honor the teams who build our landscape in this annual celebration of the industry. Each finalist project was evaluated for impact on the community, market adaptability, ingenuity and local contributions.
What does it mean to go first? In celebration of NAIOPWA’s Night of the Stars inaugural “Sustainable Development of the Year” category, here is a closer look at the two nominees, each of whom elected to be on the front edge of sustainable real estate development. Read below to learn more about these two industry-leading endeavors.
What is the first thing many developers or investors think when they hear the words “sustainable” or “green” as their architects describe their building design? For decades the common perception has been that it is difficult (if not impossible) to make a deeply green building pencil financially. However, by definition “sustainability” is the nexus of environmental, social and economic progress. We interviewed key participants representing both Watershed and Inspire at the Russell W. Young Building to learn how they overcame perception to create these very special properties.
Fourth Annual People’s Choice Award with Daily Voting 9/16 – 10/6
SEATTLE – Announced today, category finalists for NAIOP Washington State’s 2020 Night of the Stars Awards showcase the best commercial real estate development projects in Washington State completed between July 1, 2019, and August 1, 2020—a period in which we have faced a global pandemic, as well as the effects of new legislation and rapidly evolving municipal planning in our region. The 2020 finalists on the whole reflect major shifts in our region toward affordable, mixed-use housing developments that embody and honor community heritage, as well as the rapid increase in industrial real estate supporting last-mile delivery.
In the moments, days and weeks since the death of George Floyd, many of our members have felt a similar call to action. Leading this charge for our organization is the Diversity and Inclusion committee. They have put together two events: A Candid Discussion about Racial Barriers in Commercial Real Estate, on June 30, and, in partnership with the Programs Committee, our July breakfast on Race and Real Estate, on July 15. Both panels are intended to shed light on the intersections between race and real estate through discussion of the history of real estate laws across the country, and to spark thoughtful dialogue with industry leaders on how to make positive changes to alleviate racial inequities in our communities and the built environment.
NAIOPWA acknowledges the impacts of racism on the built environment and within the commercial real estate industry. We stand with our community in solidarity against systemic racism, unconscious bias and all forms of inequality and injustice, including police brutality, which disproportionately affect people of color and specifically, Black people.
We’ve now reached 2+ months of working from home and have settled—as best as possible—into a new routine that revolves around juggling family, colleagues, and clients, while maintaining our personal health and well-being 24/7. That’s a lot. Some of us may be embracing this new work style while others are still overwhelmed by the daily challenges. But what’s top of mind for us all is what’s looming ahead. What will our new normal look like when our stay-at-home restrictions are lifted and more importantly, what changes can we expect to stick?
There has been much speculation and publication around what we could see when we return to the office. There will undoubtedly be the anticipated ongoing requirements of continuing to practice frequent hand washing and safe distancing. Health screenings for body temperature and the need to wear face masks in public places will become part of our routine. Physical changes to the work environment such as greater space between workstations, one-way traffic flow and limited occupancy of meeting rooms and elevators will also be necessary to maintain a safe space. We are all becoming more familiar with general changes that will certainly be in force on day one. The real question is, which of these changes and other modifications will be part of the workplace going forward, even after the likelihood of contracting COVID-19 has subsided?
SEATTLE - On April 16 and 17, NAIOPWA circulated our first “flash poll” to the region’s commercial real estate community, including members and the community at large. Over two days, 54 professionals representing property owners and developers responded to the survey, providing 119 total responses across seven asset types: office, industrial, retail, multifamily, hospitality, mixed-use, and healthcare.
Poll results represent a snapshot of the current state of the industry, which relies on a diverse business environment that abruptly narrowed in early March. As we might expect, rent/lease payments were down in April and are expected to drop further next month. But regional CRE owners and property managers are clearly united in creative and proactive solutions to keep tenants in their properties.
Investing in people could be one of the most inexpensive ways to invest in our businesses.
Beginning April 3, small businesses (fewer than 500 employees) are eligible for forgivable SBA loans under a provision in the CARES Act passed by Congress and signed into law to address the growing COVID-19 crisis. Primarily intended for businesses to retain employees during the crisis, certain provisions in the program would allow for borrowers to use some of the funds to cover monthly expenses like mortgage interest, rent, and utilities to help stay afloat. NAIOP has compiled a list of resources to help small businesses and other stakeholders navigate the program.
NAIOP, along with AGC, requested clarification on Governor Inslee's recent “Stay Home, Stay Safe” executive order as it relates to construction activities. The newly released Construction Guidance Memo is online.
With target dates for code implementation changing quickly, this webinar is a must for NAIOPWA members. Our experts will cover the three new pieces of legislation upping the ante for energy efficiency throughout Washington state for both new construction and retrofits: the Seattle Energy Code, the Washington State Energy Code commercial section, and the state's new Energy Performance Standard for [Existing] Commercial Buildings.
In support of our 1,000+ association members, the commercial real estate business industry and the community at large, NAIOP Washington State has submitted an official request to Governor Jay Inslee and to the State Building Code Council requesting a 6-month delay in implementation of new building codes, to January 1, 2021.
SEATTLE – NAIOP Corporate has honored NAIOP Washington State as Chapter of the Year for its 2019 performance, recognizing the chapter’s advocacy efforts, exceptional diversity and inclusion efforts, member engagement, and organizational growth. NAIOP’s annual merit awards program evaluates chapters on a national basis by chapter size for their education, government affairs involvement, member recruitment and retention, communications, and chapter management.
“NAIOP Washington State is consistently among our best-performing chapters,” said Thomas J. Bisacquino, NAIOP president and CEO. “This year, it was our honor to recognize them as Chapter of the Year for their significant lobbying efforts, their strong membership recruitment and retention strategies, and their successful education and networking events that raise the profile of NAIOP and commercial real estate in the greater Seattle market. Congratulations to the chapter and its leaders for their commitment to and enthusiasm for our industry and association.”
One critical aspect of sustainability is resiliency, or how we bounce back from natural disasters. A little preparation can go a long way—but a lack of forethought can quickly lead to very difficult situations throughout a city or region. Remember the 2015 New Yorker article about the next big Cascadia earthquake? When the article was published, it prompted seemingly endless, yet interesting, discussions about the inevitability of a very large earthquake in the region, as well as dozens of follow-up stories giving advice on how to prepare.
Fast-forward four years to Seattle Snowmaggedon 2019. Did you have a week’s supply of food and water in your home when the snow fell last February? Conditions weren’t anywhere near as bad as the name suggests, but empty grocery store shelves made a deep impression, whether you saw them in person like I did or on social media or the news. Those empty-shelf encounters were a fairly common experience. The takeaway is that there is only a few days’ food supply in our grocery stores, which is quickly exacerbated by disaster-inspired hoarding behavior and the breakdown of efficient but lean supply chains.
