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The 5 Ways CRE is Evolving

Author: Re'Nauta Bell
Categories: Atlanta Market News,Expectations,Market Insights,My Posts

As a commercial real estate broker specializing in tenant representation in Atlanta, I’ve had the unique opportunity to witness the changing dynamics of office spaces as businesses reevaluate their needs. In recent years, there has been a growing trend towards businesses seeking less traditional office space and repurposing existing spaces to accommodate new work models. This shift has had a significant impact on the commercial real estate landscape, and in this blog post, I will explore how these changes are influencing the market and share insights on how businesses can navigate this new terrain.

  1. Factors Driving the Shift Towards Less Office Space

Several factors are contributing to businesses reassessing their office space requirements:

  • Remote work: The rapid increase in remote work opportunities and the widespread adoption of flexible work arrangements have allowed businesses to reduce their physical office space.
  • Cost savings: By using less square footage, companies can save on rent, utilities, and other associated costs, allowing them to reallocate funds to other critical business functions.
  • Changing workforce preferences: As younger generations enter the workforce, they often prefer a more flexible work environment, which may not necessarily include a traditional office setting.
  1. The Rise of Co-working Spaces and Flexible Work Environments

To adapt to these changes, many businesses have turned to co-working spaces and flexible work environments. These options provide businesses with the flexibility to scale up or down according to their needs, without the long-term commitment of a traditional lease. Additionally, co-working spaces often come with added amenities and services that can enhance the employee experience, such as meeting rooms, event spaces, and a collaborative atmosphere.

  1. Repurposing Office Space: Creativity and Innovation

Repurposing existing office spaces can be an excellent solution for businesses looking to adapt to the changing landscape. Some innovative ways companies are repurposing their office spaces include:

  • Creating multi-use spaces: Businesses can optimize their square footage by creating versatile spaces that serve multiple functions, such as conference rooms that can be easily converted into breakout areas or lounge spaces.
  • Prioritizing collaboration: Open-concept floor plans and shared workspaces can encourage collaboration and communication among team members, fostering a more dynamic work environment.
  • Incorporating wellness elements: Integrating wellness-focused design elements, such as green spaces, natural light, and exercise facilities, can help promote employee well-being and productivity.
  1. Navigating the New Commercial Real Estate Landscape

As a tenant representation broker, my role is to help businesses identify their ideal office space solutions amidst these changes. Here are a few tips for businesses looking to navigate the new commercial real estate landscape:

  • Assess your needs: Take a close look at your current office space and identify what works well and what can be improved. Consider your future growth plans and how your space needs may change.
  • Explore your options: Investigate the various office space options available in the market, including co-working spaces, flexible lease terms, and repurposed office spaces.
  • Seek professional guidance: Engage with a tenant representation broker who can help you navigate the market, negotiate lease terms, and provide insights on the best office space solutions for your unique needs.

 

The commercial real estate landscape is continually evolving to accommodate the changing needs of businesses. By staying informed and adapting to new trends, businesses can make informed decisions and create office spaces that support their employees’ needs, foster productivity, and contribute to their overall success. As a commercial real estate broker and blogger, I am committed to helping businesses in Atlanta make the most of this dynamic market.

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Year 2020 – A Tenant Rep Broker’s Story

Author: Re'Nauta Bell
Categories: Atlanta Market News,Downtown Atlanta,Market Insights,My Posts

Downtown,  My Home

I wanted to take a different route and talk to you guys more on a personal level about business.  This year has been quite tumultuous for most people, including myself.  My story is the same.  Only the details are different.  I think we all came into 2020 believing the turn of this decade would bring magic and wonder in the form of new opportunities…but all we’ve really seen is chaos.  Who would have thought the world would end up on this path?  My own journey through this has been interesting.  I’ve been at three different brokerages in my career and, alas, I finally found my home.  In mid-March of this year I started working as a tenant representation broker at my dream brokerage, however, my first day was the day they shut the offices down for the pandemic.  It was an eerie feeling.  I found myself sitting in the lobby waiting to be called upstairs and, despite that the building itself is 41-stories tall and there’s a waiting list for the parking deck, I was the only one there besides concierge and the cleaning crew.  I wasn’t sure how to feel or what to expect, but I certainly didn’t think I’d be writing this blog post 3 ½ months later from my home office.

Navigating the commercial real estate industry is tough enough but when you add a pandemic plus rioting, it tends to complicate things even further.  It also doesn’t help when the bulk of the rioting took place in your chosen submarket of focus.  Since things are unsafe on so many levels, I usually only leave my house to buy groceries and to take clients out on tours, but I made an exception last week.  A client needed assistance with site selection, so I had to venture out to my submarket of choice.  I decided to bring my son, a future broker, along with me so he could take notes and get some exposure and real-life training.  I thought it would be great to take him to my favorite taqueria before we got to work.  I found some street parking and we started our walk to the restaurant.  As we turned the corner to get to the street we were looking for, my heart sank.

Am I really not getting tacos today??

It was as if I wasn’t aware of all the rioting that took place there.  Maybe on some subconscious level, I momentarily blocked out what happened in order to enjoy that moment of walking to my favorite Mexican restaurant with my son.  I’m not sure what it was exactly, but when I saw at all those amazing restaurants boarded up, I became deeply sad.  Knowing destruction is one thing.  Experiencing it is another.  Then I thought about my career.  “How am I going to navigate this storm?”  I couldn’t let myself get down in front of my son, so I decided to discard the bigger gloomy cloud and focus on the smaller one.  “Am I really not getting tacos today??”  Even though it looked like a boarded-up ghost town, I decided to start walking down the street anyway.  Right as I was about to apologize to my son about the food, I saw two college students walk out of the restaurant.  The joy I felt was immense (nowadays, it’s all about the little things)!

My first thought was, “Yay…I get food!”  My next thoughts were about hope.

Going into that taqueria and ordering the same thing I have always ordered from the same man for the past 4 years gave me hope.  It renewed my belief that there is always a positive outcome if you try hard enough.  It showed me that even though there may be barriers in life right now, beautiful creations are still cooking within those walls, even if you can’t see it.  It reminded me that I can find some peace and stability in this, and you can too.  All you have to do…is keep walking anyway.

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FOR SALE: The Heart of Downtown Atlanta

Author: Re'Nauta Bell
Categories: Atlanta Market News,Downtown Atlanta,Market Insights,My Posts

Downtown Atlanta is shaking some trees

I heard about the sale of the CNN Center last night and I cannot stop thinking about it!  The CNN Center, located in Atlanta, Georgia, is the headquarters for CNN and other WarnerMedia companies around the world. WarnerMedia, deeply rooted in the Atlanta culture, made the bold decision to sell the CNN Center and relocate operations to its newly renovated Techwood center. The change will not be immediate, and employees will remain at their present location for quite some time. This makes sense considering WarnerMedia unveiled a commissioned mural portrait of Turner at the building park late last year.

WarnerMedia plans to sell and lease back the CNN Center for at least five years in an effort to raise capital.  Desroches has been working for some time to determine the highest and best use of the CNN Center and, he and his team, have ultimately decided the best course of action is to sell.  Furthermore, many of CNN’s most popular, have moved to New York City.

 

Only time will tell…

Opened as the Omni Complex in 1976, the CNN Center has been a tourist attraction for decades, providing behind-the-scenes tours that allow an inside look at how live broadcasts are created and transmitted globally. CNN has occupied this building since 1987, when Ted Turner moved the network from the original Techwood campus. The center featured the Omni Hotel and a large food court and gift shop.  On May 29th, protests over George Floyd’s death at the hands of police turned violent, resulting in damage to the exterior of the building and some part of the interior. The famous CNN sign, located at one of the main entrances, was damaged too but was fixed the next day.

It may seem that the protests sparked the decision to sell, and although the announcement was made only one month after the initial damage, that’s not the case. The decision to sell the property was made to cut costs has been in the works for years.  The plan was set in motion after AT&T purchased Time Warner. Perhaps rioting and disruptions were unpleasant catalysts setting the plans into immediate action, or it was initially been projected for this time frame. Pascal Desroches, CFO of WarnerMedia, suggests that the existing CNN Center could be repurposed from an office building to have more emphasis on retail and mixed-use.  That could be an amazing addition to the downtown submarket.

Over its 30+ year presence in Atlanta, the CNN Center has had a major impact on the city.  Just a few years ago, in honor of the founder, the road that runs in front of the building was renamed “Ted Turner”. While they aren’t turning their back on the city, the move will displace a significant number of WarnerMedia’s 6,000 Atlanta personnel.  Because of the ongoing pandemic, we probably won’t see the effects of the relocation for quite a while. Who knows?  The move may very well be for Atlanta’s benefit.  Only time will tell.

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Moving Your Offices? Contact a Professional

Author: Re'Nauta Bell
Categories: Expectations,My Posts,Protection
Looking To Move Your Office?

 

You are a successful business owner and everything is booming in your world. 

Your current location has been good to you but your client base has grown dramatically.  The past few years have afforded you a great proof of concept but you know you could offer your clients more.  You know you need a new atmosphere and better location to best serve your clients.  Where do you start?  How do you accomplish that?

It sounds like you a need a tenant representation broker.  A broker will find you a great new space and negotiate you a killer deal.  That sounds simple enough, right?  Let’s delve in a little deeper.  Read on for your “no-cost-to-YOU” solution for getting a better space.

 

#1: YOU are the first priority

 

A tenant rep will have great relationships with many landlords and listing brokers.  As a result, this will lead to a smooth transaction for you.  Tenant representation brokers work on your behalf.  They have no obligation to landlords or the buildings they present. It is their legal, fiduciary responsibility to you to evaluate buildings, locations, and leases without any bias.  Additionally, they will not promote one building over another. Tenant representatives will work to position your deal in the marketplace.  They will also leverage the best possible transaction both qualitatively and quantitatively.  They will help your bottom line.

 

 

#2: Evaluating commercial real estate is a full-time career

 

In order to accurately identify lease opportunities, significant time and work goes into the process.  This is time that you, like many professionals, don’t have to spare. Tenant representation brokers will determine your unique office needs and engage the market.  They will analyze all alternatives and negotiate terms.  Ultimately, they will find you an office space that meets your business needs. This process will ensure that you make the proper real estate decisions while paying attention to your operations.

 

#3: We focus on what we know so you can focus on what you do

 

Rather than taking time to educate yourself on the commercial real estate market, a tenant representation broker will do that for you.  They can manage everything from needs assessments, parking requirements, zoning restrictions, and as well as establishing timelines and the lease execution. The decisions you make now will impact the efficiency, productivity, and profit of your organization.  A tenant representation broker is sensitive to that.

#4: Tenant reps help you to determine what’s best

 

Defining and analyzing your business objectives will help you determine what you need in your office space.  A tenant representative will apply consideration to your budget and future growth. Do your projections include expansion?  Do your employees need to be near public transit?  Do you need all offices on glass?  Is walkability a major factor for your business model?  A tenant representation broker will know all of the right questions to ask.  This will help to determine the right commercial space for you.

 

#5: Tenant representatives have numerous resources…seriously

 

Searching for new space on your own can be frustrating. It is difficult to get an accurate idea of what’s available in the commercial real estate market.  Many websites that have out-of-date or incomplete information.  It may even be hard to get a listing broker to call you back!   A tenant representative will have the most inclusive list of commercial real estate options in the market. Tenant reps have access to exclusive commercial real estate databases, industry relationships and knowledge of off-market options.  This enables tenant reps to give you a variety of quality options that may not be possible to acquire on your own.  If you don’t believe me, try calling a few numbers on the “For Lease” signs and see how things go.  You’ll see that I’m right!

 

#6: Tenant Representatives will handle negotiations

 

Going through the negotiation process can be overwhelming.  Having a tenant representative who knows the market and is exclusively representing your interests is important. They understand the need to capitalize on timing and market conditions.  They will apply negotiation techniques to create the most leverage on your behalf. This will help you receive the best lease terms possible without the stress of negotiating alone.  Lastly, they know the tricks of the trade which will help you.

For instance, if the market price for milk is $3.06 per gallon, you will pay $3.06 for that gallon of milk from the grocery store.  If you are a vendor, you could go directly to that distributor and negotiate a much lower price point.  As a vendor, you have more negotiation power.  Distributors deal with vendors.  HMOs deal with doctors.  Landlords deal with tenant representation brokers.  It’s as simple as that.  Landlords will always negotiate with tenant representation brokers on your behalf.  They do so because they trust the tenant rep to qualify their client before bringing them to the space.  This saves the landlord a time by not having to qualify the prospective tenant upfront.

Tenant representatives can get you a ton of other incentives.  Some include free rent and a break on the rental rate.  They may even be able to get you more concessions!

 

How Much Is It Going to Cost Me?

On a final note, remember when I said you can get your space at no cost to you?  Let me clarify!  Tenant representation services are free because the landlord pays your representation for you.  I know that sounds super crazy but that IS how this crazy thing works.  The landlord sets aside a budget for representation when he/she acquires a commercial property.  Whatever that budget is, is typically split down the middle.  Half goes to the landlord’s representation and the other half goes to the tenant’s representation.

Why would a landlord do such a thing, you ask?  A landlord is willing to pay a tenant rep’s commission because he/she feels confident that they are bringing a viable tenant to their establishment.  They are willing to pay for that.  I know it’s weird and I don’t make the rules…I just play by them.  If you are looking for office space, I’m more than happy to point you in the right direction.  I hope you found this helpful!

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CRE Conflict – An Important Consideration

Author: Re'Nauta Bell
Categories: Expectations,My Posts,Protection
CRE Conflict - An Important Consideration

 

Resist the Urge

 

You are driving in your car and you see a  “For Lease” sign on the building. You happen to be in the market for space and you want to call for more information.  Logically, that makes the most sense, however, the phone number you see is for the building owner’s representation.  If you do not have your own representation, the situation can quickly become unfavorable for you.  You are one of the lucky ones if you DO know you are dealing with the competition but, unfortunately, many business owners aren’t even aware of the conflict in the first place.  They simply see a desirable building and call the number none the wiser.  Resist the urge to call the number on the “For Lease” sign.  Instead, take down the number and the broker’s information and give it to you tenant representation broker.

 

This is when the tenant representative rides in on the white horse and forsakes all landlord allegiances to represent only the tenant in commercial real estate transaction. Tenant representation has taken root in corporate America, where space users seek out tenant-only brokers and tenant-only brokerage firms have grown in response to this demand.

 

Get Exclusive

 

Tenant representation brokers are commercial real estate brokers who work exclusively for the tenant and never represent the landlord.  The tenant representative role developed in response to the conflicts of interest that were, and still sometimes are, rife in the industry. They are now a universally embraced, specialized sector of commercial brokerage, with a broader range of services focused on the unique needs of a tenant such as space planning, construction management, lease renewal consulting, site search, financial analysis and strategic negotiations.

 

Risk of Conflict

 

There is a very real risk of working with a broker who has blatant conflicts of interest.  It is in your best interest to be intentional when searching for a broker who only focuses on tenant representation.  In the old model, the landlords and their brokers held all the cards. The tenants were merely a means to an end. With the advent of tenant representation, the industry is waking up to the reality that the tenants actually hold all the cards, because the tenants pay the rent. In truth, landlords are utterly dependent on the rent tenants pay as their sole source of income.  Unfortunately, many tenants don’t realize they hold all the cards and have all of the power.  A good tenant representation broker will enlighten you on the leverage you actually do have.

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CRE Technology is Important…Seriously

Author: Re'Nauta Bell
Categories: Expectations,Market Insights,My Posts
Technology is Important in Commercial Real Estate…Seriously

Got Tech?

 

The implementation and advancement of technology is spreading like wildfire across many industries.  Commercial real estate is right in line with the craze.  There are so many new and exciting technologies popping up all over the place.  This is giving tenants more power over their commercial real estate search.  Technology is majorly affecting how tenants search for office space as well as their commercial real estate portfolio management.

 

Is Your Broker a Techie?

 

If you are working with a technologically savvy tenant representation broker, you could have a serious advantage.  Today’s technology avenues can afford you the option to research properties as well as the property owners online.  A broker can educate yourself on what the market is doing in terms of average rental rates.  They can also determine what areas are the most walkable, which buildings have the most amenities, as well as where your closest competition lives.

 

It’s a Full Time Job

 

Finding the perfect office space is a time-consuming venture.  With access to advanced technology, your tenant representative may be able to present you with virtual walk-throughs.  They can also give you floor plans that you can manipulate to your specifications.  Additionally, drone footage can give tenants the ability to explore the exterior of a building and neighborhood without ever walking away from the computer.  This is especially helpful for out of town or international clients.

 

Save Me Money

 

Once you have found the perfect office to lease, technology can make your ongoing expenses more affordable. Smart technologies including SMART thermostats can provide tighter control over energy expenditures.  Advances in telecommunications make it easier for employees to work from home.  This can reduce your square footprint and bottom line.  Businesses can take advantage of highly efficient LED lighting fixtures which can further conserve energy. Lastly, many buildings in your central business district are LEED certified offering energy efficiency throughout the entire premises.

 

Get Organized

 

If your company has a portfolio of leases, technologies such as commercial real estate databases and CRM’s can easily help keep things organized and accessible.  The utilization of cloud severs, document management, and video conferencing software can aid to facilitate virtual meetings with your tenant rep broker, attorney, and if needed, the landlord.  You can also share lease drafts and other documents using these technologies in a streamlined, efficient, and effective way.

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