Austin Things to Know and Do for Visiting CRE Pros

Posted on: Tuesday, February 27th, 2018, under Uncategorized.

The first quarter of 2018 has been a busy time here in Austin’s CRE world. One of our favorite events, the CORFAC 2018 Spring Conference, is coming up on February 28 – March 3.

And while we’re looking forward to connecting with the best and brightest international network of independently-owned and entrepreneurial brokerage firms that will be in attendance, we know that if we were visiting Austin we would want to sneak away and see at least some of the renowned activities and eats that Austin has to offer.

If you’re limited on time and can only indulge in the essentials, here’s RealMassive’s list of the top four activities you don’t want to miss out on while here in Austin:

  1. Take a Tour of Austin’s Breakfast Tacos: Juan in a Million, Taco Mex, Torchy’s, Tacodeli. If you’re having something else for breakfast while you’re here, you’re doing it wrong.
  2. Go bat-watching under Congress bridge around dusk. It’s a great way to savor the sunset and is just a few steps from Downtown and happens to be one of the most Instagram-worthy locales to make everyone back home jealous.
  3. Take a stroll down South Congress Avenue on a weekend morning/afternoon for brunch, cupcakes, unique boutique shop gazing, and more.
  4. For a casual night out, gander down Rainey Street for an array of eateries/food trucks, bars, and live music.

So, after you’ve checked off all the above and are now seriously considering moving here (trust us: everyone does), we expect you might want some data on the local market. With our platform that covers 388 million square feet of commercial space in the Austin Metroplex, we’re in a great position to help you out.

The average asking price right now for commercial properties in the Metroplex is $30.46/sq ft.
It’s $31.19/sq ft for Retail
It’s $31.47/sq ft for Office
It’s $27.29/sq ft for Industrial.

The average property size is currently 8,068 sq ft.
It’s 12,538 sq ft for Retail
It’s 5,247 sq ft for Office
It’s 7,310 sq ft for Industrial.

When you’re at the conference, visit us at our booth to say hi. We’ll give you the insider’s tip for the best breakfast tacos that we’re not willing to share publicly (you know, we locals have to keep some of our secrets).

The Census 2020 Impact on the Office Market and Economy

Posted on: Tuesday, February 13th, 2018, under Uncategorized.

Bob Samiiby Liz Berthelette, Director of Research NAI Hunneman. Liz is a seasoned CRE researcher with a penchant for maps, graphs & data; providing insights on the local Boston market and beyond.

Demographers and data geeks rejoice! Preparations are well underway for one of the largest data collection efforts in U.S. history; the decennial census. With 2020 just around the proverbial corner, it’s not surprising that the U.S. Census Bureau is already gearing up to take on this mammoth task. While the survey results provide invaluable insights on the nation’s population base and ever changing demographic profile, this undertaking has deeper implications for the U.S. economy and office market.

A look back at the most recent decennial Census, which took place in 2010, offers us key insight on what the future might hold. In a report published by the Bureau of Labor Statistics (BLS) in 2011, the impact of national employment was far from negligible. In fact, the number of temporary and intermittent workers hired to complete the 2010 Census actually muddied monthly employment trends during that year. Below are some key data takeaways from the BLS report:

1. Temporary/intermittent hiring totaled 564,000 workers
2. Soup-to-nuts the project took 30 months to complete
3. Peak hiring occurred in May of 2010
4. Temp employment declined by almost 100% by September of 2010

With that many new employees on the payroll it’s not surprising the General Services Administration (GSA) was also in need of commercial space. Accordingly, 12 Regional Census Centers and 494 Local Census Offices were established throughout the United States to temporarily house collection operations. Ultimately, this space acquisition program resulted in several million square feet of short-term office demand in 2010.

For the upcoming Census 2020 program, the GSA has released requirements for 245 short-term leases nationwide. The average size of these temporary offices ranges from 6,600 to 8,550 square feet, with up to 19 months of lease term. While this represents roughly half the number of requirements issued for the 2010 Census, additional U.S. office demand will likely surpass two million square feet on a temporary basis. When you factor in the need for several Regional Census Centers (RCC), which require a much larger footprint, this number is closer to 2.5 million square feet. We’re already starting to see the impact of the GSA’s latest space acquisition program. The administration’s first regional operation will be located at 1601 Market Street in Philadelphia; where a 37,500-square-foot lease was executed in November of 2017. The effect of the decennial census operations may only be provisional, but as history has shown us, it won’t go unnoticed.

The 8th Second: How to Keep People Looking at Your Listing

Posted on: Wednesday, January 17th, 2018, under Uncategorized.

People’s attention spans are shrinking by the minute. Seven seconds is, in fact, the average. If digital content doesn’t hook people in those few seconds, they’re gone forever. So, how do you keep people looking at your commercial real estate listing for the eighth second and beyond.

Striking the appropriate tone, messaging, and topics dramatically increases the effectiveness of your listing. It’s all about making your listing seem like it’s speaking directly to the person clicking on it. These strategies will help keep people looking at your listing.

Go on a Virtual Tour

Video is a game changer for your CRE listing, and it’s becoming more and more essential in attracting attention. Most people prefer video over photos and written content. Adding a video tour of the property can give you a search-engine advantage.

You can record the video yourself using a smartphone, but hiring a videographer is a worthwhile upfront investment, especially if you have a large commission on the way. Put yourself in front of the camera as the tour guide. This can build trust and let you establish yourself on the CRE expert in your area.

A virtual tour of the property lets viewers better understand the property’s full scope, depth of space, how the light comes into the space, how rooms interconnect, and other criteria. Photos are still an important addition to the listing, but videos paint a more accurate picture.

Write Inventive Descriptions

CRE listings need detailed descriptions that highlight all the essential information about the property, but go beyond the basics. Square footage, number of rooms, and other standard characteristics should be included, but extend the description to what’s outside the property’s four walls. Talk about the neighborhood, tenants in the building, past uses of the space, and any other details that will highlight the property.

Be upfront about the not so great aspects of the property. Potential buyers and investors will appreciate the honesty. This gives the listing credibility and shows your integrity in the CRE world.

Get Social

It sounds obvious, but you should always share your listings on social media, both on your personal and business pages. A few-sentence description and eye-catching hashtags will get people to click on the listing. Sharing on social media also gives you the chance to broaden the listing’s reach.

Though it sounds simple enough, amazing visuals and accurate details are the best way to keep people engaged with your listing beyond the seven-second average.

What Role Will Big Data Play for CRE in 2018? Part II How Tenants Will Benefit

Posted on: Monday, January 8th, 2018, under Uncategorized.

Commercial Real Estate has always been, and will always be, an information-driven business. For example, we’ve always known that law firms often want offices near the courthouse and that creates a submarket that operates somewhat independently from the metro area at-large in terms of pricing and demand.

The big shift that the industry is making now is the drastic reduction in the investment, both financial and time-wise, of gathering information about the market and the ability to make real-time analysis – and thereby getting a competitive edge. For example, with data analytics, we can determine the borders of a submarket built around, say, Google’s offices, and help your client find a pocket right by where they want to locate that is at a discount to the submarket.

In other words: we’re shifting from using data to support pre-determined intuition and opinions to using it to develop opinions.

How Real-Time Data Will Give You a Competitive Edge

Right now, one of the biggest advantages real-time data gives you is being ahead of the pack. If you can analyze what was happening yesterday while everyone else is looking at data from last month, you can see the trends before everyone else and use that information to your clients’ benefit.

One of the first aspects we’re seeing CREs capitalize on is with comparables. Seeing actual recent transaction prices and cap rates rather than just the numbers publicly bandied about gives you better information to act on. This in turn enables you to let your clients know if this deal is a steal or if it’s better to pass as it should be lower in a month.

It can also help with site selection. If your client is looking to expand their office, you can use data on where current employees live and find the ideal location to minimize average commute times. You can then collate that data with current market prices and find the location that allows them to maximize productivity at the lowest lease rate available.

The Door is Open…But the Window is Shrinking

As we enter 2018, there is ample opportunity to grow your market share by having better information, and at a lower cost, than the rest of the industry. But that opportunity will fade and turn into a necessity.

There are 5 stages of technology acceptance: innovators, early adopters, early majority, late majority, and laggards. While CRE is still in the innovator/early adopter stage for using real-time data, the adoption rate will continue to grow quickly. There is still significant value to getting onboard now, but waiting 12 months could be forcing yourself to play catchup.

At RealMassive, we’re working to keep you ahead of the competition. Find out how by signing up for a demo today.

“Commercial Real Estate is an Antiquated Business” and 5 other highlights from CRE//Tech 2017 in New York

Posted on: Thursday, December 14th, 2017, under Uncategorized.

Not many industry events have the ability to fill a conference agenda with leading voices from global companies, active industry venture capitalists, CIO’s from the most recognized brands and the leading landlords in New York City.

Last week, the team at CRE//Tech managed to not only assemble these leading voices in one room, but stacked them together to provide expert perspectives on the current state and future of not only CRE Technology, but CRE in general.

With so much expertise in one room, trying to capture all of the highlights would have been an impossible task. However, there were some key takeaways from the discussions that stood out. Here are the 5 comments or insights that caught our attention.

“What’s valuable in our spaces is investing in the
quality of life for our employees.”

CRE is becoming more human. It was a theme that resonated through most conversations as the future of work is evolving. For organizations like Bloomberg, the culture of the space is as important, if not more important, than the location. No longer are employees held captive, but when they are under a single roof, the value and character of those spaces must be attractive to a variety of workers.

Amenities like wellness spaces, food halls, conference centers, gyms, et cetera are increasingly important, but so is the way the space makes employees feel, how it represents the brand and how effectively it helps them manage their work. Technology has become the heart of modern commercial space.

“Selling into organizations that have been doing something a certain way
for generations is not easy.”

Much has been said about the challenge that comes with behavioral change. CRE’s resistance to technology was a primary topic of discussion, with most leaders essentially telling the audience that those holding on to antiquated business practices need to, essentially, “get over it.”

However, members of the VC panel correctly pointed out that the market is saturated and many startups have not only failed to understand the competitive landscape, but also to differentiate themselves in a crowded market.

As with the overall trends of digital transformation and industry disruption, modernizing and changing our industry will take time. The best technology doesn’t always win, so buyers need to understand the space and explore their options before defaulting to the first suitor.

“Tech has played a huge role in tracking
customer demands.”

If you’re responsible for some of the largest development projects in New York City or the biggest landlord, odds are you know a bit about market trends and what moves the market. These Industry titans spoke at length about how the human assets have become a bigger priority than the physical assets for businesses.

Investment is going up in places that feel “authentic” versus the traditional concept of “location.” Traditional data sources and institutional knowledge will quickly become less valuable as leaders begin to experiment with alternative data sources to optimize their strategy. It’s time to start expanding and experimenting beyond the norm and recent success stories are increasing a willingness to try.

“We aren’t in the availability and space industry,
we’re in the advisory business.”

The most fascinating panel included technology and digital leaders from the largest brokerages in the country. This group of leaders provided the necessary blueprint for driving change in CRE. With 30% of the market represented among them, they recognize that they will be the biggest drivers and accelerators of the technology shift for CRE.

All agreed that clients are actively looking for technology solutions and data to drive the process. CRE professionals need to understand that their clients expect experiences in their professional life that are equal to the digital experiences they have in their personal lives. These expectations require a change in the way businesses is conducted as the nature of relationships are changing.

The consensus is that trends that have digitized the residential real estate market will absolutely translate to the Commercial Real Estate market. Residential was fundamentally changed by giving the end consumer the ability to explore and discover. In CRE, the entire industry will benefit from this shift, but driving adoption will take time and the right technology solutions.

“Startups that think openly will get attention.”

When it comes to technology, automation solutions and those that don’t easily integrate will see the slowest growth. Technology is still a growing capability in CRE, so any additional work or heavy lifting required by an internal technology team is a deterrent. For many organizations, not just in CRE, complicated technology faces user adoption challenges that requires internal teams to invest heavily in training and often reducing the return on investment.

Overall, C-Suite representatives from the five largest brokerages in the country clearly stated that the industry must open up, work together and rapidly accelerate innovation. On multiple occasions, the panel acknowledged the “monopolistic nature” of the CRE Industry and clearly called for an end to closed-door practices and walled-off ecosystems.

Representing 30% of the national market, the panel essentially put organizations clinging to closed market, dated business practices on notice. They are willing to work together to find alternative solutions. They are willing to experiment and are open to change.

These 5 highlights are just a snippet of the insights and intelligence displayed at CRE//Tech. To capture the full experience of the panels, the tradeshow floor and the side conversations would require a much longer post. However, CRE//Tech has quickly established itself as a “must attend” event for not only Technology Startups, but the entire CRE Industry looking to understand what’s next.

Kudos to the entire team and we look forward to 2018!

Thank Technology For These 6 Trends in Experiential Retail

Posted on: Thursday, May 18th, 2017, under Uncategorized.

Thank Technology for These 6 Trends in Experiential Retail

ten-xby Ten-X, Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and

One of the reasons that malls and shopping centers have taken a hit is because of technology. With online shopping an easy, efficient, and often cheaper way for people to get what they need, shopping at department stores is becoming something that only people who urgently need or demand instant gratification do.

This has led to an increase in experiential retail: the concept of paying for an experience as part of buying goods and services. Ironically, the same technology that has reduced the market share that malls and big box stores hold has helped experiential retail. Here’s how:

1. Using social media to understand customers

Social media has long been used as a successful marketing tool that businesses use to get their message out. These days, companies aren’t turning to Facebook, Twitter, and Instagram to speak, but rather to listen. Conducting surveys and having discussions with customers via social media platforms has been revolutionary in helping businesses determine wwhich experiences customers want when they enter the store.

2. Creating customized products

Advancements in technology have changed the way that businesses service their customers’ needs, and a good example of this is Asics foot mapping service. Customers are able to visit a participating Asics store and have their feet and gait analyzed as they run on a treadmill. A computer then analyzes the data and determines which shoe is optimal for the runner’s feet.
In another example, Adidas and Intel partnered up to create the adiVERSE, an in-store touchscreen wall that let customers mix and match styles and browse through more than 8,000 different types of shows.


The New #CREcosystem: What’s Next?

Posted on: Friday, March 3rd, 2017, under Thought Leadership, Uncategorized.

The New #CREcosystem: What’s Next

Consistent with RealMassive’s mission to connect every person and place in the global commercial real estate marketplace, we strive to match the industry’s technology acceleration with engaging and informative social content. Leveraging the popularity of CRE’s first influencer-focused predictions report (The New #CREcosystem), we are collaborating with #CRETech partner and fellow Austin-based firm REthink CRE to release a sequel edition which includes fresh topics and new participants.

Below you’ll find a preview of compelling insights and predictions for 2017 and beyond, direct from the professionals and leaders shaping our modern #CREcosystem through their use of emerging technology, digital marketing, and predictive analytics.


Warehouses for Rent in Charleston (and How to Find Them)

Posted on: Monday, January 23rd, 2017, under Uncategorized.

Mike Ferrer Guest Post by Mike Ferrer, Managing Broker of Rock Creek Real Estate Advisors, LLC

Mike Ferrer and Rock Creek Real Estate Advisors, LLC

If you don’t know where to begin, finding a warehouse for rent in Charleston can be a daunting task. Negotiating deals, determining terms, and signing a lease can be overwhelming if you don’t have a commercial real estate agent to help you nail down a space.

Learning how to find a warehouse for rent in Charleston and hiring the right commercial real estate agent for the job can help get your business up and running in a quicker amount of time.


The Nation’s Top Marketplace – Austin’s CBD

Posted on: Sunday, November 20th, 2016, under Guest Authors, Uncategorized.

Sullivan Johnston Guest Post by Sullivan Johnston, Research Coordinator at Avison Young Commercial Real Estate
As in quarters past, Austin’s CBD submarket continues to entice an array of office tenants, despite some reports illustrating downtrends in occupancy and rental rates. Austin’s favorable business environment has emerged as a worthwhile investment, with companies such as Kuka Robotics, Samsung, and Indeed relocating and expanding to the Central Texas metro, showing little obstinance to the high cost of occupancy.


Though Class A vacancy in the CBD increased from 4.74% in Q2 to 5.46% in Q3, demand remains unfettered with the CBD waging the highest rate of leasing activity for the quarter at 381,649 sf. The average Class A gross asking rate in the CBD for Q3 was $51.71, with some buildings commanding rates upward of $61. While the North/Domain and East submarkets may be at the mercy of potential downturns in the tech sector, the diverse office culture the CBD touts shields office use and thus, demand.


Why #CRE Should Pay Attention to NERDS

Posted on: Wednesday, November 16th, 2016, under Market Analytics, Uncategorized.

Evan Santosby Evan Santos, Partner Relations at RealMassive
2016 has been the year of NERDS. We’re not talking about “nerds” portrayed in movies with thick glasses and pocket protectors. We’re talking about the five office markets that you should be keeping an eye on for strong talent, affordability, and investment opportunity.

At the end of 2014, JLL presented five office markets in their current cycle as hotspots for growth. The markets include: Nashville, the East Bay, Raleigh, Denver and Salt Lake City and were coined “the NERDS.”