| In This Issue: Monday, November 14, 2005 | |||||
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INDUSTRY NEWS AND EVENTS |
NAR to Launch Leading Index for Commercial Real Estate Market |
| At the 2005 Conference and Expo in San Francisco NAR announced the development of a new leading indicator for the commercial real estate market, the first of its kind. The launch of the new index is scheduled for early in 2006. David Lereah, NAR’s chief economist, said the Commercial Real Estate Leading Indicator will incorporate data from a variety of indicators proven to affect commercial real estate activity. “Modeling a relationship between economic and commercial market indicators, as well as market trends and sentiment, will provide us with a new tool in assessing market behavior in the major commercial real estate sectors,” he said. “It is being designed as an index to provide early signals of turning points between expansions and slowdowns in commercial real estate activity.” To read the press release on the Commercial Real Estate Leading Index, Click Here . |
Industry Experts Featured in Inaugural T&I Briefing Audio CD |
| The Technology & Intelligence (T&I) Briefing audio CD, included with the Fall RCA Report, is the first in a series of quarterly releases featuring interviews with innovative commercial practitioners and industry experts. Play the CD on your computer at work, in your car, or on your stereo at home to hear Peter Pike of the PikeNet Dispatch give his industry forecast as well as a list of his new favorite web sites and technology trends. Whitney Peyton, Senior Managing Director at CB Richard Ellis, shares his preferred information management tools and weighs in with some of his picks for customer management software. David Lereah, NAR’s senior Vice President and Chief Economist, gives his inflation outlook and comments on the impact of pension funds and other institutional investors on the commercial market. To review highlights and for streaming audio and the downloadable file, Click Here. The RCA Report and T&I Briefing Audio CD are sent to all commercial members quarterly. If you did not receive them please contact us at rca@realtors.org. |
New Commercial Component on WorldProperties.com |
| A two-phase process is underway to introduce commercial properties to http://www.worldproperties.com. The first phase which primarily consists of links to existing commercial property ads, already on member association sites, was implemented in September. The second phase set to roll out in 2006 will feature an aggregated commercial property database where visitors can post commercial property ads to maximize their global exposure. The International Consortium of Real Estate Associations (ICREA) also has plans to add commercial business practice information for practitioners to familiarize themselves with country-specific industry practices before they begin to market a property or work with a buyer, seller or identified professional from another country. There will be no limitations on a NAR member’s ability to individually use the service. Visit http://www.worldproperties.com/Commercial.aspx. |
Presentations from 2005 Annual Conference for Commercial Practitioners |
| Review and download presentations from the RCA meetings held during the 2005 Annual Conference and Expo in San Francisco held October 27-31. Go over NAR Chief Economist and Senior Vice President David Lereah’s presentation on the Changing Commercial Brokerage Industry. Read case studies on initiatives from CIEs from around the country, including an initiative from North Texas Commercial Association of REALTORS® on their office and industrial leasing guide in the presentation Anatomy of a CIE from the Commercial Leadership Forum Chairman, Cindy Chandler, CCIM, CRE. All this and more is available on the new area of our web page called “Resources for Staff”. Read more from Annual. |
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PUBLIC POLICY UPDATES |
House Passes Bill to Restrict Eminent Domain |
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The U.S. House of Representatives passed legislation on Nov. 3 on a vote of 376-38 to withhold federal economic development funds for two years from state and local governments that seize private property for commercial use. The bill, H.R. 4128, was a reaction to the recent Supreme Court decision in Kelo v. New London that affirmed the use of eminent domain for economic development. The bill now moves to the Senate, where there is a companion bill. NAR's new policy on eminent domain would restrict the federal government's involvement in eminent domain issues, and emphasizes that any government taking of property should be for a real public use. CONTACTS: Russell Riggs 202-383-1259, Samuel Whitfield 202-383-1131. |
NAR Action Center for Commercial Interests |
| NAR needs your help urging Congress to pass legislation that benefits commercial real estate professionals. The Action Center run by NAR’s Government Affairs Staff and the RCA have created a special section for commercial interests. Keep up to date on key issues and their progress with the Commercial Issues Tracker. Register to be part of the Action Center for commercial members and receive specific information on issues that impact your commercial real estate business. The Action Center makes it easy to communicate on matters vital to your business and to our nation’s policymakers. Visit the Commercial Issues Tracker. |
RESEARCH, RESOURCES, LEGAL |
NEW Hot Topic Series – Answers to Current Business Issues from the RCA |
| The RCA has a new publication called Hot Topics, a quarterly educational series that includes guidelines on targeted issues that impact your business with a focus on providing information for practical application. The first 8-page issue features the emerging topic of Tenant-in-Common interests. Future content for Hot Topics will be drawn from commercial real estate business, banking, legal, and public policy issues featuring research and analysis from NAR field experts. Hot Topics will prepare you to address timely issues that impact your business and alert you to potential opportunities. The first issue of Hot Topics on Tenant-in-Common Interests; The Parties, the Risks, the Rewards, What Every Real Estate Licensee Needs to Know will be sent to all commercial members in the next few weeks. To read it now, download the ready-to-print pdf from the RCA home page. |
Procuring Cause Not Needed for Commission Claim |
| A trial court improperly cited a state requirement that a brokerage show procuring cause before it can claim a commission for a commercial lease transaction, the U.S. Court of Appeals for the Sixth Circuit ruled. The court sent the case back to the trial court for a determination of whether the brokerage had a contractual right to recover its commission. For a summary of the case in the Letter of the Law, NAR's online legal newsletter, Click Here |
Latest Version of Legal Scan Now Available at no Cost |
| The Legal Scan is a research project first commissioned by NAR Legal Affairs in 1996, and every two years after that. The objective of the Legal Scan project is to systematically collect information on over 92 issues involving the legal liability of real estate brokers, agents and managers. The Scan is a valuable tool because it tracks the legal pitfalls real estate professionals face, predicts hot issues and trends, and helps managers and associations determine where additional training is needed. The research underlying the Scan includes the surveying of key leaders in the real estate industry, as well as traditional legal research, including judicial decisions, and newly enacted and amended statutes and regulations. Extensive information of value to property managers, Click Here to read or download the Legal Scan. |
RERC / CCIM Investment Trend Quarterly Sponsored by RCA |
| The RERC (Real Estate Research Corporation) /CCIM Investment Trends Quarterly offers RERC’s analysis of the economy and investment environment for commercial real estate on a national, regional and metro level. The over 100 page online report also provides space market data; vacancy rates, inventory rates and rent index along with transaction information and investment criteria. The report is a valuable tool for investors as well as the commercial real estate generalist who will benefit from market reports, overviews and statistics that give a big picture of commercial real estate dynamics. As a sponsor RCA will provide the expertise and insight from NAR economists. As a RCA member you receive special pricing; $189.00 for an annual subscription. The first RCA sponsored issue will be available online in 2006. To read more or order the current report, Click Here. |
Free Investor Reports |
| REALTORS® working with U.S. investors wanting to expand their portfolio to include foreign property holding can provide current market overview reports for a range of global markets (cities, regions and countries). NAI Global, a provider of commercial real estate services, prepares an annual Global Market Report which includes comprehensive data on vacancy rates, property rents, space absorption, construction activity, markets attracting corporate relocations and more. The report is available for purchase ($695 per copy), but brokers and sales agents seeking a "snapshot" of market information can enjoy free downloads of property reports for the U.S., Canada, Europe/Middle East/Africa, Latin America & The Caribbean, and the Asia Pacific regions. Reports include data on commercial market conditions, forecasts, investment structure and activity, acquisition and tenant costs, landlord and tenant constructs and more. |
AFFILIATE NEWS |
November is REALTORŪ Designation Awareness Month |
| NAR encourages its commercial members to continue their REALTOR® education and has dedicated the month of November to spreading the word. By pursuing an official NAR-endorsed commercial designation program through one of its five commercial affiliates (CCIM Institute, CRE, IREM, RLI, and SIOR), REALTORS® can improve their proficiency, skills, marketability and incomes. "Keep It In The Family" by starting, completing or continuing an official NAR-endorsed designation program. Find out how you can benefit. |
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. |
