These days, it’s easier than ever to get started in investing. There are apps that let you buy and trade stocks while waiting at the gas station. Real estate, especially residential, has always been an accessible investment vehicle. But these days, even commercial real estate is being disrupted and opening up to the masses, with … Continue reading Investing in Commercial Real Estate
2020 is coming to an end but unfortunately not the pandemic (yet). What a rollercoaster of a year it’s been for the entire world. Amid the pandemic, we still had a great year despite being remote most of 2020.Our readership increased again this year AND I enjoyed the numerous conversations many of you sparked throughout … Continue reading Happy Holidays From Coppola-Cheney
We now believe the national office market will likely have negative absorption for 2020 and, depending on how long the pandemic lasts, into 2021. Globe Street has a nice overview in the article below my comments. Here are some of my thoughts on the office sector looking forward into the next year. Why negative absorption … Continue reading Negative Office Absorption in Our Future
I have written about this before, and the elephant in the room is STILL the amount of debt the federal government is taking on AND the pace. See below for a graph showing this trend. There will be a time to pay the penalty for this excess…but no one is talking about it now. The … Continue reading The Elephant in the Room
In my business, I get to tour some pretty incredible buildings and spaces. (Check out the narrative I did on World’s Most Beautiful Offices of 2019). I am always fascinated by the creative thinking and precision that goes into designing and constructing buildings and office space to make the culture within the company actually come to … Continue reading The Creative Process of the Four Pioneers of Modern Architecture
Back in July, I sent out a narrative on one of the coolest buildings I have ever seen being built. The REI headquarters promised to be on-brand and in keeping with their ethos. It blended outdoor and indoor space to create a building that perfectly aligned with the company mission. Well, if you want an … Continue reading REI Headquarters Follow-up
We know Amazon delivers thousands of items right to our house, often within 24 hours. Below is a map showing how they do it—with warehouses all over the US and world. With their push to handle more and more of their own delivery, this number will continue to increase. They are even looking to … Continue reading Amazon Warehouses
We are spending a fair amount of time in this narrative looking at the issues of office space in a post-COVID-19 world. As I write this, we are still in a COVID-19 “sandstorm” without any real clear direction. However, we can look at the various options that are being thrown out as alternatives. One of … Continue reading The Counter Argument to WFH
The sandstorm continues. In Phoenix, we call it a haboob. Uncertainty, again, served as the main theme of the Metro Phoenix Office Market in the third quarter. Vacancy didn’t really rise that much in the past 90 days. Rental rates softened only slightly. Sublease space spiked up again this quarter. We are seeing companies who … Continue reading 1-Minute Phoenix Metro Office Market Update: Q3 2020
It is imperative to know the key points of your lease. This means reading beyond the rent and the expiration date. We prepare lease abstracts for all of our clients as a matter of course. Our unique lease abstract form makes sure we capture all the important lease details and maximize your leverage. Why? Because … Continue reading Lease Abstract
The Counselors of Real Estate (of which Andrew and I are proud members) have released their annual top 10 issues affecting real estate. Please read the whole article below. As you can imagine, COVID-19 is currently leading the way on issues affecting real estate. Big shocker. We have written about the pandemic a ton in previous … Continue reading Top 10 Issues Affecting Real Estate
I’m a third-generation Arizonan, which means I love the sunshine. Below is a cool map that shows sunshine in terms of hours per year. It’s interesting how little sunshine Europe gets. In the USA, we get tons of Vitamin D compared to Europe. And Arizona…forget about it… We get 3,500 hours a year or more. One … Continue reading Sunshine in USA vs. Europe
As an office broker for 35+ years, I have done my share of corporate headquarters relocations and negotiations. If you need office space, I am your man. Part of any negotiation for a sizable relocation can be state and city incentives. The article below from the New York Times talks about companies taking advantage of this … Continue reading Real Estate Tax Breaks and Potential Dangers
In my Workplace 2020 series, I talked about the speed of the market gaining velocity. Millennials now expect an immediate response time. After three decades of closing over 125 deals per year (151 in 2019) each and every year, we have fine-tuned our process to include the fastest response times in our industry. Below is a … Continue reading C2 Velocity of Work
As we come out of the COVID-19 quarantine, the number one question I am being asked (other than questions about rent deferment or abatement) is “what is this going to do to the office building layouts going forward?” There are many prognostications and I have prepared my own presentation that I am giving to our … Continue reading This Trend is Likely Accelerating
Over the past five years, tons of owners have remodeled office buildings. The first place they start is the lobby. Below is an interesting graph for owners as they think about remodeling their lobby. Here are some key ideas that hit me when I saw this: 1—This is a year or more project. If you need to … Continue reading Lobby Renovation Roadmap
The hub and spoke concept for companies using office space is an interesting concept. I am not sure it will work. I personally think it will be too complicated for companies to have 2-3 spoke locations for employees. That said, huge companies seem to have no choice as they search for talent. See Tech Crunch’s … Continue reading Office Hub and Spoke Model
Congratulations, your lease is fully executed. Now what? Most brokerage professionals disappear before the ink on the lease has even dried. Over time, we have found a number of ways we can help our clients as they transition into the next phases of their relocation or renewal. We offer guidance and resources that start at lease execution to occupancy … Continue reading Post Lease Execution Thoughts
The C.D.C. sent out some “suggested” changes for office space users as we head back into the office. I wanted to take these suggestions and roll them into what we are seeing our clients do on a practical basis. Additionally, the Wall Street Journal has a nice article on what we know about getting infected. … Continue reading C.D.C. Recommends Changes to Office Space
Population growth is a key indicator of economic health. So where are the top 10 net population growth areas in the US? See below. –Surprise! Metro Phoenix is #1. This is not really a surprise for those of us who have been following this growth. –The Inland Empire in Southern California is second. This one did … Continue reading Net Population Gains Per Year
Over the past few months of quarantine, the most asked question my team and I have received has been, “Will there even be a need for office space in the future?” Short answer: Yes. Below is a great article from the Wall Street Journal that summarizes some of the critical issues facing companies as we … Continue reading Remote Work Isn’t So Great After All
Not surprisingly, the Metro Phoenix office market Q2 2020 experienced plenty of highs and lows. Office leasing slowed, but it did not stop. Sublease space increased dramatically, but it’s not at an all-time high. Positive COVID cases declined, then spiked here in Arizona, as they did in much of the country. We continue to learn … Continue reading 1-Minute Phoenix Metro Office Market Update: Q2 2020
Last week, I sent a narrative on some new ways we are working with our clients to measure space utilization (click here to read). I got quite a few responses about the topic from Real Estate facilities people (and a CEO) asking why we would incorporate new measurements into their spaces when they have corporate … Continue reading 10 + 1 Reasons to Measure Office Space Utilization
Every day we negotiate office leases. In 2019 alone, our team completed 145 leases. One item we always negotiate is rent per square foot. As we negotiate this for our clients, we also talk to them about how they could, and probably should, be looking at the rent differently than just per SF. Recently, we moved … Continue reading New Ways to Measure Workplace Utilization
Over the years, we have seen a proliferation of amenities and additions to office space that we lease. We assembled a nice overview of what we call The Modern Workplace. In addition to photos, I have added a little overview of the top amenities. Each of these amenities is from one of our listings here … Continue reading The Modern Workplace
I’ve shared some pretty cool buildings with this narrative over the years, and I’m bringing you another one today. As an avid backpacker for 30+ years, I wanted to share REI’s new headquarters. This one may be one of my favorites. REI is a co-op founded in 1938 that sells outdoor gear. I have been … Continue reading The Most Outdoorsy HQ Ever
Below is an incredible graph. States have let their infrastructure go to hell and it is costing consumers a ton of money in car damages. Take a look below to see what your state is costing you.I also pulled cities within the Metro Phoenix market to see what individual cities are costing us. 1—Lack of … Continue reading What is Your State’s Poor Infrastructure Costing You?
I messed up. This is a narrative that edits what I sent over earlier this week. Below is the narrative and orange are my edits. Sorry for sending incorrect information. Craig Over the past several years, one of the trends my team has been tracking is the number of California companies that are moving to … Continue reading Most Expensive U.S. Office Submarkets
Just because it’s simple doesn’t mean it’s easy. Negotiating a renewal seems straightforward, but there’s more to it than meets the eye. Our team has developed a unique, four-step process for our clients looking to renew where possible. This process ensures the most competitive transaction terms with the least amount of time and anxiety. The key step in the … Continue reading The Renewal Process
I know, we have been sending quite a bit of contradictory information about office space post-pandemic. The situation is extremely fluid and changing rapidly. Below is an article from National Geographic on this very topic. The CDC is also sending out new office guidelines (here is another article from the NYT). IF, and this … Continue reading Goodbye to open office spaces?
Tons of articles, surveys and speculation are flying around the world right now about the potential death of the office. There seem to be endless arguments to both sides and I get to talk about them daily with clients and colleagues. The article below explains the true needs for office space better than any article … Continue reading The Chemistry of the Unexpected
I’ve talked in previous narratives about the pros and cons of the current trend towards open office layouts. Work and how it flows has changed dramatically over the past 5 years. 75+ percent of all office spaces we see built out these days are primarily open. Companies are trying to make their culture more collaborative. … Continue reading Work Modalities Chart
Back in May 2016, I wrote a narrative on the first solar road in the world (read here). Looks like I was way ahead of the curve on this technology. It is still coming but solar power inside a road seems to be a long way off. This road has been a total flop. Why? … Continue reading Three Years Later, the French Solar Road Is a Total Flop
The trend of being able to work from home is now here for all of us. The COVID-19 quarantine has forced the issue. And according to a detailed study by Nicholas Bloom of Stanford, it’s good business. Bloom did a two-year study on the effectiveness of working from home. Below is a nice summary from a … Continue reading Working From Home
It was simply a matter of time before all office building tenant amenities would consider going green. Below are some pretty cool ideas for office building owners and tenants wanting be more environmentally-friendly. My favorite is the Margarita—I mean, smoothie—bike. 🙂 See below for the photo. What else is coming? – Balconies and … Continue reading Green/Healthy Tenant Amenities
The last decade (pre-COVID-19) was a lesson in taking the long road. I remember meeting with a couple CEOs of homebuilding companies every year and hearing the same story from 2009-2012: “Last year was bad but this next year is going to be a lot better.” This was the message for four straight years. Multifamily, on … Continue reading A Decade of Home Building
I first commented on this topic back in 2015 (click here to see my narrative and the video). The age of robotics is coming. And last month, it got even closer. Boston Dynamics announced their first commercial robot is going on sale. Yes, it will be expensive and limited, BUT it will be a commercially … Continue reading Robotics are Here!
Below is the US National Debt as a portion of the economy expressed as a graph. Since this graph was created, we have now surpassed World War II levels of debt, pushing debt to over 100% of GDP. You can see the most accurate calculation of national debt, which updates every second as it grows, here: https://www.usdebtclock.org/ The … Continue reading National Debt Growth
When you get a survey result with 50% results, you pay attention. When you see 99% you better stop and make a change. Below is a 2019 report by Buffer on the State of Remote Work. The most important takeaway is that EVERYONE wants to spend some time working remotely — and by everyone, I mean 99%. … Continue reading EVERYONE Wants Time to Work Remotely
We represent tenants looking for office space in metro Phoenix and across the US. Some clients are CRE savvy and others negotiate a lease once every 5 years. One question I hear all the time is, why are rents so high? Or, said another way, how does my rent break down? Below is a cool graphic … Continue reading New Lease vs. Renewal Breakdown
We are all watching and waiting to see what happens with autonomous vehicles (especially those of us who live in Metro Phoenix as we have a number of companies testing AV’s every day). We thought they would never come, then we thought they would be here in 2020, and now… here is an update. Turns out … Continue reading Standoff with a Jaywalker
We know technology is changing our lives. What is astonishing to me is the speed of adoption. The second graph in the below article shows just how fast this is happening with new technology—The lines are almost straight up. Here is why: Today’s consumers want immediate impact in their daily lives. With cell phones and … Continue reading The Speed of Technological Adoption
We are in a really unique time for developers and users of space with regards to parking needs. Planning and building parking today is much like it has been for the past 40 years. People drive. In fact, 85% of commuters drive to work. But over the next 10-20 years, I think this will begin … Continue reading Parking in Urban Areas
Managing a national portfolio can be one of the most complex and stressful jobs in our industry. The Coppola-Cheney Group has over three decades of experience leasing office space across the U.S. and Europe for clients. We compete with national tenant advisory firms and offer unique services that cannot be replicated by these national firms. … Continue reading Brokerage – What We Do Every Day
I attended the always-fabulous 2019 Land Advisors Phoenix Land & Housing Forecast back in December and guess what? The U.S. housing market is on a roll and doing just fine, thank you. Bonus: The Metro Phoenix housing market is the #1 market in the country. Why? A decade of not building enough housing to match … Continue reading U.S. and Arizona Housing Market
It’s time for us to look back at the Metro Phoenix Office Market for 2019. Readers of this narrative know that I am an office broker who works every day with tenants and landlords as they navigate real estate nuances and opportunities. I (along with my incredible team) am based in Phoenix but work around the country, … Continue reading 1-Minute Phoenix Metro Office Market Update: Q4 2019
Many who know me know that I’m a dedicated goal setter. (Those who know me really well might say I go a bit overboard.) I set and track goals on a daily, monthly, and yearly basis in all areas of life, from family time to backpacking to even the amount of sleep I get each night. Most … Continue reading Coppola-Cheney 2019 – By the Numbers
In this final week of my series, I wanted to talk about what companies are doing for their employees. Yes, we know a few already—meals, bocce ball, corn hole and napping pods all across Silicon Valley. But what about across the U.S.? For this I turned to one of our clients and a leader in … Continue reading Office Space 2020- The Employee Experience- Part 4 of 4
One of the first lessons you learn when you start representing owners and tenants in leasing office space is that the tenant rules. They drive everything. Rates, Tenant Improvements, where buildings get built, what buildings get built — everything. Deloitte produced a very nice 2020 Commercial Real Estate Outlook (the link to the entire study … Continue reading Office Space 2020- The Tenant Rules- Part 3 of 4
Today I want to look at the workforce for this coming decade. We are living AND working longer. I wrote a previous narrative about how five generations of employees are now in the workplace. Check it out here. What does that mean having five generations in your office?: – We are having to plan for, manage, … Continue reading Office Space 2020- Workforce- Part 2 of 4
Welcome to 2020. As we start the new decade, I have prepared a 4-part series of narratives on office space 2020. For the next 4 weeks, I’ll be taking a look at what is going on in the workplace from a high level to set the tone for the decade. Part One: The Future Office. Below … Continue reading Office Space 2020- A 4 Part Series (Part 1)
Who is winning in Metro to Metro Migration across the country? Phoenix. 1 in 7 out of state relocation’s come to Arizona and by far the majority move to Metro Phoenix. Check out this graph below to see other markets that are winners. If you want to read the whole article, here you go. If … Continue reading Net Metro to Metro Migration Winners