Today we’ll look at office to lab conversions. The idea of turning office space into lab space has been tossed around in the media for years. Most people would think this is the easiest conversion, but there are some challenges that come with this type of conversion. Let’s take a quick look at why people … Continue reading Office to Labs? (Office Conversion Series – #3)
This is week two of our office conversion series and today we discuss office to multifamily conversions. Right off, we count over 20 prime office sites in Metro Phoenix that have been developed as multifamily in the last decade. This site stealing is not new. The relatively new thing is developers taking existing office buildings and retrofitting … Continue reading Office to Multifamily? (Office Conversion Series – #2)
As office building usage continues to drastically evolve, the conversations we are having around converting office buildings into different uses, such as Industrial, Multifamily, Labs, Retail, Schools, and Medical have gained significant traction. Over the next six weeks, I will explore each potential type of conversion, the pros & cons, what the challenges are for … Continue reading Office to Industrial? (Office Conversion Series – #1)
WeWork… I have been following and writing about this company for a long time (here & here)….and have been telling everyone that the model they created was just not sustainable. Turns out, I was right. They filed for bankruptcy this past Monday. WeWork was founded in NYC in 2010. It reached its prime in January 2019 when the … Continue reading WeWork – Bankrupt… Finally
The Third Quarter proved to be another reminder of how challenging these times are for the Metro Phoenix Office market. Net absorption went negative in a big way, at -355,027 SF over the past 90 days. This drags the year-to-date figure down to -540,940 SF and puts office users on track to vacate more space than they … Continue reading 1-Minute Phoenix Metro Office Market Update: Q3 2023
We have represented a large number of start-up companies over the years. While we typically work with these companies on their real estate needs (shorter term leases, ability to grow, flexibility) sometimes we get to know them and watch as they grow into incredible companies. I was excited to interview Vivek Kopparthi the Founder and CEO … Continue reading Ten on One – Founding and Running a Start-Up Company
Over the years, we have found there are less than a handful of brokers skilled in preleasing or leasing proposed pre-construction buildings. New development preleasing is an increasingly difficult skill that The Coppola Cheney Group has mastered for over 30+ years. Every project is different and every client’s needs are unique and time-sensitive. Our proprietary … Continue reading Project Credibility Checklist
One of the biggest perks of working from home, besides the flexible hours and ability to wear sweatpants all the time, is the lack of a commute. But as businesses urge workers to return to the office, they are now tasked with giving their employees incentives to get back in the car and commute to … Continue reading Return on Commute
I’m sure everyone has heard of the latest breakthrough in AI known as ChatGPT. I wanted to spend this week sharing how we think AI will change Commercial Real Estate. I have also picked a great article by Packy McCormick that is a bit long and detailed, but provides a much greater understanding of where all AI and ChatGPT are … Continue reading ChatGPT for CRE
As the market evolves, so do we. For almost 40 years we have been solving clients’ needs with their headquarters, operations centers, storefronts, warehouses, and more. We find the best fit to meet their greatest need. Over the last 90 days, this has been as true as it ever was. We completed deals that required … Continue reading C2 Recent Transactions
Normally, we talk all things CRE. Today, however, we’re making a detour and chatting with Scott Donnell, the genius founder of GravyStack, Apex Leadership Company, and author of New York Times best-seller, Value Creation Kid. Scott spent the past five years learning from 1,000 amazing families. Family legacy is his life and here are some fascinating takeaways: — … Continue reading Ten on One – Family Legacies with Scott Donnell
The COVID-19 pandemic has brought significant changes in the Commercial Real Estate office market. As brokers, we have been able to see and participate in these changes firsthand. All Tenants and Landlords are making adjustments on how they lease space. When culture-altering changes happen, companies that learn to adapt are far more successful than those that don’t. … Continue reading 7 Lasting Changes From COVID in Office Space
We work in the Phoenix market every single day, monitoring trends and staying on top of the latest developments. I wanted to see if the Metro Phoenix office market was any different from the global office market. Short answer: it’s not. The Longer Answer: — Office space was hit hard all over the world … Continue reading Phoenix Office Market vs. the World
All you need is 10 minutes to listen to our conversation with current NFL great, JJ Jansen, who is the veteran long snapper for the Carolina Panthers. JJ shares some incredible tips on how he has dealt with pressure in one of the most intense workplaces: the pro football stadium. Can you imagine doing your … Continue reading Ten on One – NFL Long Snapper JJ Jansen Explains Performing Under Pressure
As more and more companies around the country are returning to work, big corporations are trying to incentivize their employees to get them back into the office. Some are even bribing their employees with the promise of charity donations for each day that an employee comes to the office (The Carrot). Other companies are threatening … Continue reading Stick or Carrot?
We are THE office guys. We have dedicated almost 4 decades to simply leasing office space. Times are changing and we, along with our Tenants and Landlords, have to learn from the pandemic. We have to continually adapt to the market. On that note, check out this article and see below for my comments on this … Continue reading How Will YOU Use Office Space?
As work from home and flex work continue to progress, there have been a number of different experiences, challenges, and thoughts from employers who are living this change in work habits in real-time. Take a look below to see some quotes that were pulled from business owners and C Suite leaders: — “The talent … Continue reading Quotes From Employers on Work from Home
The illusion of work from home (WFH) proving more productive than being in the office together, is called out in this great article from The Economist. The argument against the myth is actually articulated really well. My simple takeaway is that it’s harder and costlier to collaborate virtually, making job skills suffer. See below … Continue reading Why Companies are Migrating Back to the Office
We’re halfway through the year and the Metro Phoenix Office market continues to trudge along. I thought 2023 would be a much improved year for the office. However, net absorption went negative for the second quarter in a row, albeit by a small notch, only like in Q1. Net absorption is the net increase in … Continue reading 1-Minute Phoenix Metro Office Market Update: Q2 2023
Where are office users going? That is a trick question in today’s market. They are still here — they are just changing, and becoming more demanding. Due to hybrid work becoming more common over the past few years, companies have to entice workers to come out of their homes and back into the office. Office … Continue reading The Office Market Reinvention
We write about the state and future of the office market in The C2 Voice weekly. Because we are on the front lines, we see trends happening as they develop. Today, we want to share a great study that just came out from NAIOP (the main association for Office Developers) that mirrors our perspective but … Continue reading Demand for Office Space Expected to Shrink Through Early 2024
Do me a favor and take 10 minutes (ok, it was so good we ran a little long) to listen to the passion and brilliance of Scott Ostlund. Scott is a Principal at Lee & Associates – Ontario, CA, a co-founder of the Associate Equities Fund, and is damn smart! In a few short minutes, you’ll … Continue reading Real Estate Investing with Scott Ostlund
Why are you getting a C2 Original Content before Wednesday… How did you get so lucky? First, a bonus. We wanted to send this early to announce the launch of, Rod Santomassimo’s new book, Dominators of Commercial Real Estate Brokerage. Our team is one of the few teams profiled in it. To read our chapter click the link … Continue reading Title Insurance Made Easy
Office space is forever evolving — especially in the past 36 months. That’s why the Coppola-Cheney Group is constantly adapting to the current market. To stay relevant, we have to meet the wants and needs of people and companies like YOURS. As you can see from the graphic below, the constant evolution of the market hasn’t … Continue reading C2 Recent Transactions
This week we have an insightful episode with Thomas Maynard, Senior Vice President at the Greater Phoenix Economic Council (GPEC). We sat down to discuss trends in office site selection, a space he lives in every week. We asked Thomas: Who are the key players and what questions are they asking? Here’s a taste of … Continue reading Ten on One – Office Site Selection Insights with Thomas Maynard
The Office market is in a crazy spot and we have been living it for over 3 years and counting. Now, we are starting to get glimpses of the future and, for a ton of office buildings, the future is not pretty. Class B and C office space in particular is getting hurt for a … Continue reading Aging Office Buildings Are Having a Midlife Crisis
I have written quite a bit about the numerous changes coming out of the pandemic with regards to how users are thinking about office space. Below my comments is a fine article from Fast Company, including this stat: There are 325 million people in the US and 500 million parking spaces. One change that office … Continue reading The Future of Office Space Parking
We continue to talk about the return to the office in this narrative because it’s at the forefront of our clients’ minds. The below report from Leesman polled real estate leaders on the state of the workplace following the Covid-19 pandemic. Here are a few takeaways I found most interesting: –Almost 40% are planning major changes … Continue reading What CEOs are Saying About the Office
I’m especially excited about this month’s Ten on One as it features my son, Charlie Coppola, Chief Operating Officer of CRE OneSource. Charlie gives us a ten-minute insight into running a SaaS CRE company that is in growth mode. Here are some key takeaways: –Hire people you trust. A great team is irreplaceable. –Culture starts with … Continue reading Ten on One – Running a Startup CRE Software Company with Charlie Coppola
Can you “hack” your office space? Or better yet, can it be adapted? Below is a thought-provoking article from Gensler that asks this very question. My short answer is….maybe. Why do I hedge? Because you need to have some fundamentals in place to make it worth the adaptation. Here are the top three fundamentals required … Continue reading Can Office Buildings Adapt
At the Coppola-Cheney Group, we have been waiting for workers to get back into the office since the start of COVID….and now here it is. Companies are making employees come back to the office to work. This isn’t a shock to us because we talk to owners, CEOs, and leaders every day. They want this. … Continue reading Shocker: Workers are Going Back to the Office?
The Metro Phoenix Office Market continues to face significant headwinds in 2023. Net absorption, measured by the net change in physically occupied space, came in at negative 127,468 square feet in Q1. This means the office recovery took a step backward after realizing positive net absorption in the same amount during the last quarter of … Continue reading 1 – Minute Phoenix Metro Office Market Update: Q1 2023
We are living in the office space reimaging projects every single day. Where is the office going? There are a lot of articles coming out about the demise of office now. I just picked two so you can see what people on the street are saying. As experts in the office world, what do we … Continue reading Office Building Distress
In our latest Ten on One podcast. We spend 10 minutes with Charley Freericks, Senior VP at Catellus Development Corp. Charley knows a thing or two about building teams….specifically commercial real estate teams. Here is some gems that came out: Start with The Big Picture and look for the missing links Include the entire team … Continue reading Ten on One – Building a CRE Team
Location has been the cornerstone of all commercial real estate decisions since the industry began. Location, Location, Location. But with the rise of technological advancements, this sure-fire parameter is being tested. Here are just a few of the trends pushing the boundaries of location: —Remote work. People are working from anywhere and everywhere. This trend … Continue reading Redefining Location
You have taken all the right steps, 12-18 months before your lease is set to expire you have hired your broker (C2 of course!), identified 2-3 options you are happy moving into, negotiated a great deal with a great Tenant Improvement package and signed a lease. Now what??? It is at this point where most … Continue reading Project Management and More
The demise of office space is over exaggerated… If you look at our team’s business, we continued to close a transaction every 2 days over the last quarter. C2 is representing, touring, negotiating, and closing deals. –We would love to work with you. –We know the market….todays’ market. –We have insider information on deal terms … Continue reading Strong Start to 2023
This week we have an exciting episode of Ten on One with Maria Luna, the fabulous Co-Founder of Famigo, a mobile app for artists and creators. She riffs on starting a business, being a female founder, and how her mother helped drive her to succeed. It’s a conversation worth 10 minutes of your time, but … Continue reading Ten on One- Minority Owned Start-up Business Thoughts from the Front Lines
The world of Commercial Real Estate is complex, and filled with jargon — both serious and comical. To help you navigate, we’ve put together a glossary of Commercial Real Estate terms everyone should know — with an extra fun spin. 🙂 (Don’t worry, we’ve put a little logo on the funny ones in case you … Continue reading CRE Terms Everyone Should Know
No matter what sector of real estate you focus on, E-Commerce affects us all. Its disruption of the commercial real estate world has accelerated exponentially due to COVID-19’s effects on our shopping behavior. This disruption is forcing property owners, especially industrial and retail, to re-think how they “maximize” the sites they own. It’s also spilling … Continue reading Development Strategies for Maximizing E-Commerce Demand
It’s happening — companies are doing all they can to get employees back to the office! But at the same time they understand that hybrid work and downsizing is here to stay…or is it? This is a scary unknown for business owners, so how do they hedge their bets? Enter the “Spec Suite.” Over the … Continue reading Spec Suite Scorecard
Ten minutes with Jeff Rinkov, CEO and Chairman of the Board, Lee & Associates. Our Leader. We sat down to discuss how we are growing our company and what makes us different.–Bigger, publicly traded CRE companies are focused on growing predictable revenue….CRE brokerage commissions are not that predictable. –How is Lee growing: – NFL cities – Diversification … Continue reading Ten on One- Growing a CRE Brokerage Company
The Metro office market continues to trudge along its own path of an extended (up and down, circular) recovery. Direct vacancy actually decreased slightly to 17.5%, 500 basis points lower than our 20-year average. Meanwhile, average asking rates actually increased by $0.46/SF per year between Q3 and Q4. However, net absorption, the most critical indicator of market … Continue reading 1-Minute Phoenix Metro Office Market Update: Q4 2022
It’s no shock that a recent McKinsey study showed that workers want more flexibility in their work. (See below for more) What was shocking is that today 58% of people surveyed are now being offered some flexibility in their work—that is 92 million Americans. This is a structural change in how we work, hire, build … Continue reading Accept the Workplace Change–Flexible Work
2022 flew by. Before the year gets away from us, we wanted to say thank you for helping us succeed. Reflecting on our transactions, our relationships, and our business over the past year, I have these few takeaways: –We are blessed to have fantastic clients. While the office market is still in a sandstorm for … Continue reading C2 By The Numbers
In our latest Ten on One podcast, we spend 10 minutes with James Murphy, CEO of Willmeng Construction. Willmeng has been one of the most active general contractors in all of Arizona over the past decade, with incredible data points. Here are a few takeaways from our talk on construction pricing, particularly tenant improvements: — Don’t … Continue reading Ten on One- Construction (Tenant Improvement) Pricing
Historically, the Metro Phoenix Office Market would most accurately be describe as a “Field of Dreams” market…”If you build it, they will come.” In this case, Ray Kinsella (Kevin Costner) is plowing down cotton fields to throw up Class A office space in the hopes that “Shoeless Joe” aka AAA Credit Tenant comes along to … Continue reading Build-to-Suit Development Process
Over the past 18-24 months, our C2 Voice has been writing about the systemic change in office space working norms. The Wall Street Journal has printed a piece that does a great job summarizing all the issues that face workers, owners, corporations, and managers (see full article below my comments). There is a war going … Continue reading Why Employees are Clashing with their Bosses on One Issue After Another
