Content related to ‘Real Estate’

Colorado Launches Commercial PACE Program

Colorado Launches Commercial PACE Program

Colorado’s New Energy Improvement District has launched a statewide commercial Property Assessed Clean Energy (C-PACE) program – providing commercial property owners a unique mechanism to finance energy efficiency, renewable energy, and water-conservation improvements. The C-PACE program offers commercial property owners the opportunity to spread energy and water project costs over a term of up to 20 years, and repay them through an assessment on their property tax bill, with no upfront capital outlay. “Commercial buildings currently account for about 20% of Colorado’s energy use. Colorado’s commercial PACE program offers a financial tool to help spur energy efficiency and renewable energy investments in our state’s building infrastructure, providing long-term utility savings, while stimulating the economy,” said Paul Scharfenberger, chairman of the New Energy Improvement District board. The program provides financing for a variety of improvements, including new heating or cooling systems, lighting, water pumps, insulation, solar panels and other renewable energy projects. Typical long term C-PACE financing covers 100% of a project’s cost and is repaid, for up to 20 years, in semi-annual payments that are structured as a regular line item on the property tax bill.  When a property is sold the PACE assessment stays with the property and transfers to the new owner who, in turn, enjoys the ongoing utility cost-savings associated with the project. Sustainable Real Estate Solutions (SRS) was competitively selected as the Colorado C-PACE administrator and will oversee an open, competitive lending model that makes it possible for a wide variety of capital providers to participate. All projects will be financed entirely with private funds, allowing local lenders, national banks, and PACE capital providers an opportunity to finance projects. “C-PACE provides commercial and industrial building owners with an attractive way to finance capital intensive building modernization projects. The resulting energy savings typically outweigh the annual assessment payment thereby enabling cash flow positive projects,” said Brian J. McCarter, CEO of SRS, administrator for the Colorado C-PACE program. Eligible properties include office buildings, hotels, retail, agricultural, non-profits, industrial buildings and multi-family properties – with five or more units. Projects must be located in counties that have opted to participate in the program. Boulder County has opted-in, and several other counties around the state already have indicated that they plan to participate. For more information, visit the Colorado C-PACE website. Related articles across the web Other posts by Real Street Tech


Tsinghua University Students Win CoreNet Global’s First Academic Challenge

Tsinghua University Students Win CoreNet Global’s First Academic Challenge

“Orchestra,” a proposed system of coordinating the many facets of corporate real estate (CRE) developed by a team of students from China’s Tsinghua University, has won the first-ever Academic Challenge presented by CoreNet Global.  The student team and the university will each receive $10,000 for winning the challenge. The goal of Orchestra is to close the gap between the speed of real estate and the speed of business, according to the team’s entry. “We are trying to reduce the days, weeks or months between the realization of the existing need of more space (office space, manufacturing space, storage space, and other types) and its final delivery in form of usable area,” according to the team’s application. “The gap between the speed of business and the speed of corporate real estate is a persistent challenge in our profession,” said Dean Jordan, Senior Director of Business Development, University & External Relations. “These students took on that challenge and developed an innovative solution that not only impressed the judges, but also demonstrated the potential to be further developed and applied in real world settings.” Orchestra is a conceptual project extranet software, which would be managed by the CRE department, and operate in real time through the cloud in PC and mobile devices (smartphones and tablets) with several objectives: Store standardized information of the various functions of corporate real estate — to compare their compatibility for any specific project Control the transfer of information among the stakeholders Process the information generated during transactions to provide for more transparent and efficient decisions made by the CRE department Integrate the CRE management of the corporation in any city or region around the world into one central control data base that provides real time information as required by the head managers or shareholders Credit: Tsinghua University In its entry, the student team said that Orchestra closes the gap by reducing the time required to deliver information and share feedback, storing and providing access to project history, allowing global integration with instant access to worldwide corporate portfolios and creating open spaces where managers, consultants and contractors can see each other and make decisions in a more transparent environment. CoreNet Global launched the Academic Challenge, which is sponsored by Cushman & Wakefield, earlier this year. Real estate, human resources and technology typically rank among the top three expenditures of most corporations, and corporate real estate executives manage millions (and sometimes billions) of dollars of assets across the globe. The academic challenge is part of CoreNet Global’s strategic priority of strengthening its… …Read More…


Five New Trends Shaping Commercial Real Estate Development

Five New Trends Shaping Commercial Real Estate Development

Five new trends are shaping commercial real estate development in the United States, according to new research from Prologis, Inc. The latest paper from Prologis Research — “A New Supply Paradigm: Five Trends Shaping Real Estate Development” — identifies the factors that are leading to a more disciplined development cycle compared to past cycles. These factors include: Consolidation and institutionalization: Movement toward larger-scale institutions as key players. Greater aversion to and a measured appetite for risk: Changing attitudes by institutions–both on the equity side and the debt side. New lending constraints: Expanded banking regulations and a preference for relationship lending and institutional borrowers. Tighter talent pool: A shortage of real estate professionals with relevant development expertise. Better access to industry information: The ability to approach opportunities and risks proactively and in real time. “The great recession laid the groundwork for more conservatism on new commercial development in the U.S.,” said Chris Caton, senior vice president, Prologis Research. “Today, key players are more disciplined and are in a better position to respond to shifting market dynamics.” Related articles across the web Other posts by Real Street Tech


Crelow Launches Services To Help CRE Tenants Find The Perfect Space

Crelow Launches Services To Help CRE Tenants Find The Perfect Space

Smaller tenants looking for less than 5,000 square feet represent 80% of the office market, generally take the same amount of a rep’s time, but generate less revenue per deal than larger tenants. To make these tenants more attractive to tenant and landlord reps, Crelow has introduced three new services —Crebates™, Rep Matcher™, and Bid Requests™ — that will help smaller businesses find their perfect space.  The services add to the capabilities of the Crelow Deal Board™, announced earlier this year, the first service in the commercial real estate industry that allows tenants to send out bid requests and have the market come to them. “Crelow has only been in business for about 10 months but we’re excited to introduce three new services we believe will revolutionize the way commercial real estate is done. All three of these new services are available right now in both of our current markets, Minneapolis/St. Paul and Denver,” Jim Simpson, Founder and CEO of Crelow, wrote in his blog. “Though much of what we do and how we do it has been enhanced with the release of these new services, the inspiration behind Crelow itself is unchanged,” he continued. “From the very first whiteboard session more than two years ago, Crelow has been designed from scratch with just one goal in mind: Put tenants in control and help them find the perfect fit in their next office.” Crebates™ Crelow’s new marketplace has changed the way bids are created with a product called the Crebate™. Commissions paid by landlords to tenant reps can add significant cost to a lease deal. Instead, the Crebate helps landlords submit more attractive bids with a flexible tenant cash incentive. This incentive, paid directly to the tenant after lease signing, is created from the commission savings they derive by dealing directly with tenants who have submitted Bid Requests without tenant representation. Rep Matcher™ Rep Matcher solves a problem for both tenant and rep. It gives reps access to prequalified tenants coming to them, and broadens the tenants’ opportunity to find a rep they feel comfortable with. Once they have filled out basic information about the size, style and move-in date of the office space they are seeking, the technology presents the tenant with a “gallery” of reps who specialize in what they are looking for and, with the click of a button, they can request an introduction. The Bid Requester™The Bid Requester™ web-app assists tenants in specifying the size, style, location, price and special requirements for office space that can help them attract and retain the right people. Bid requests are posted to… …Read More…


Facility Professionals Play Key Role In Strategic Workplace Decisions

workplace-decisions

Facility management (FM) and real estate professionals are playing an increasingly important role in high-level strategic workplace decisions, according to a new survey released by IFMA.