| In This Issue: Monday, March 13, 2006 | |||||
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INDUSTRY NEWS AND EVENTS |
Realcomm Next Gen Tour to Asia |
| Realcomm not only holds the industry conference on commercial real estate and technology they also sponsor best practice tours. This year the tour is going to visit five cities and 15 sites in Tokyo, Seoul, Shanghai, Singapore and Hong Kong from May 5-16th. Each city will include an extensive market overview and a featured speaker. All details are attended to by the Realcomm staff. To learn more about this trip and view an itinerary, look here. The trip is an opportunity to observe how technology has been integrated into building practices and the impact it creates on the way we live and work as citizens of the global community. You’ll return from the trip with ideas, concepts and contacts that will provide you with the vision to keep your organization competitive in a changing environment.. |
NAR Partners with U.S. Consulate in Hong Kong |
| NAR has agreed to partner with the U.S. Consulate in Hong Kong to participate in the “American Real Estate and Services” (AREAS) pavilion at the MIPIM-Asia property marketing show in Hong Kong in September. This new initiative is supported by the U.S. Commercial Services area of the Commerce Department. The Consulate in Hong Kong is encouraging U.S. states and territories to have an exhibit presence at MIPIM in the AREAS pavilion. The pavilion is organized to promote specific commercial, industrial, and residential real estate portfolios as well as highlight services available to support real estate transactions (including the brokerage business). The Commercial Services group is actively working to attract Asian investors interested in the U.S. market. For links to more information about MIPIM-Asia and the AREAS pavilion, visit the International Meetings page at Realtor.org/International. |
New National Building Information Model Standards Set |
| The National Institute of Building Standards (NIBS) through its Facility Information Council (FIC) has formed a committee to create the National Building Information Model Standard (NBIMS). The Standard is considered to be a critical element in reforming business practices in the capital facilities industry and recapturing at least $15B annually lost due to inefficiencies. The NBIMS team is actively soliciting participation from public and private organizations and individuals and, to date, 26 organizations representing most aspects of the facility lifecycle and many types of associated businesses have signed the Committee charter and over 80 individuals, overseen by an executive committee, are actively participating on NBIM working groups. Click here, for more information on the program and how you can participate. |
PUBLIC POLICY UPDATES |
Urge Congress to Investigate OCC's Real Estate Development Decisions |
| The presidents of the Institute of Real Estate Management, CCIM and the REALTORSŪ Land Institute sent letters the chairmen and the ranking members of the House Financial Services Committee, the House Government Reform Committee, the House Energy and Commerce Committee and the Senate Banking Committee urging them to investigate the recent OCC decisions to allow banks to develop real estate. The letters make clear that the OCC's actions blur the line between banking and commerce, and that a similar blurring of the separation between banking and commerce in the late 1980's lead to the savings and loan crisis. Tom Heinemann 202-383-1090, Jeff Lischer 202-383-1117, Julia Gustafson 202 383-1037 Gather the facts you need from this page. Send a message directly to your member of Congress via the NAR Action Center. |
NUpdates on Commercial Issues in Congress |
| Read updates on current issues before Congress that impact commercial real estate from NAR Regulatory and Industry Relations in the Commercial Issues Tracker. The February issue includes updates on NAR’s efforts in finalizing a response to the SEC that will layout the process by which real estate professionals may advise on the real estate aspects of securitized TIC interests and earn a commission without violating SEC rules. The Commercial Issues Tracker can be found on the NAR Action Center for commercial real estate interests. Visit the NAR Action Center for Commercial Real Estate. |
Senate Committee to Vote on Small Business Health Plan Legislation |
| On March 8, S. 1955, the Health Insurance Marketplace Modernization and Affordability Act (HIMMA) of 2006, will be voted on by the Senate Health, Education, Labor and Pensions (HELP) Committee. S. 1955 authorizes the creation of fully-insured small business health plans by trade associations. The revised version of S. 1955 to be considered by the Committee is the result of five months of discussions between Committee members’ staffs and the major stakeholder groups to refine the bill as introduced. In preparation for the Committee vote, NAR conducted a fly-in of Federal Political Coordinators for Senators serving on the HELP Committee and issued a targeted Call for Action to REALTORŪ members in those states represented by Senators on the HELP Committee the week of February 27th. In addition, state association leaders visiting Senate offices in DC this month were also asked to solicit their Senators' support for the amended bill. CONTACTS: Marcia Salkin 202-383-1092, Jamie Gregory 202-383-1027. |
RESEARCH, RESOURCES, LEGAL |
Understanding the New Commercial Leading Indicator |
| NAR has developed a Commercial Leading Indicator (CLI) to help our members predict where the commercial real estate market is headed. Indicators for economic activity, such as the unemployment rate or inflation rate show how well the economy is doing and how well the economy is going to do in the future. Leading economic indicators, such as stock prices, change before the general economic activity, and allow predictions of future performance – stock market usually begins to decline before the economy declines and improves before the economy begins to pull out of a recession. Therefore, leading economic indicators are very important to help predict the future of the economy. The CLI is designed to provide early signals of peaks and troughs in commercial real estate activity. To read more information and download a detailed description, background and methodology, visit here. |
2006 a Time to Return to Fundamentals, RERC/CCIM Reports |
| Survey data released in the First Quarter 2006 RERC/CCIM Investment Trends Quarterly revealed apartments garnered 24 percent of the sales volume and 26.8 percent of the transaction volume when 2005 national property type data was compiled, putting the sector in second place behind office, the perennial investment heavyweight. Multi-family sector is among few bright spots in flat investment market, according to the Q1 ITQ report. The continued conversion of multi-family to condominiums and declining vacancy rates contributed to a solid year-end performance for the apartment market. For a national perspective of the industry and analysis of activity in the Top 40 U.S. markets view a sample report, here. To subscribe at the special NAR member rate of $189.00 for the annual subscription, click here. |
New Field Guide to Condo-Hotels |
| Condo-hotels are the latest trend in lodging and a fairly new concept. Mixed-use luxury properties in destination city centers and resort markets have taken off with developers and investors. These complexes typically include a hotel, residential units, office space and retail stores. Why have they become so hot? For starters, developers can sell off hotel units prior to construction; enabling them to obtain construction debt and equity more easily than if they were building a traditional hotel. Developers can add condos to four-star hotel brands to target an upscale client who is willing to pay a premium for the benefits of hotel living, but were previously out of the market. Buyers of the units find appeal not only in the location, but as an investment value in that the condo will be rented as a hotel room when not in use by the owner. NAR information central has put together a comprehensive guide for you to explore this development du jour. Read more in the Field Guide to Condo-Hotels. |
AFFILIATE NEWS |
Exceptional Leadership and Business Development Sessions from IREM |
| Challenge yourself, advance your business and make valuable business connections at the IREM Executive Exchange on May 17-19 at the Courtyard Marriott Hotel in Chicago. Two exciting back-to-back sessions — “Leadership for Today’s Real Estate Manager” and “Maximizing Profit: Growth Strategies for Real Estate Management Companies”—will help you expand your business. While the seminars highlight real estate management applications, the principles of leadership and business growth are universal and can benefit all commercial real estate practitioners. Network opportunities throughout the Executive Exchange will generate fresh ideas and solutions. Additional information and online registration are available at www.irem.org/PDS in Chicago or call 800-837-0706, Ext. 4650. |
Report compiled by Carolyn Schwaar, cschwaar@realtors.org, 312/329-8874. |
| QUESTIONS on this report? Visit the INS FAQ and online feedback area on REALTOR.org. CLICK HERE. |
