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November 20, 2017

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Repurposing Commercial Real Estate

Wed, 11/15/2017 - 13:56

An empty office building doesn’t have to remain an office building — and an old supermarket doesn’t have to continue to house groceries. As the needs of communities evolve, the way people use older buildings can also evolve. Repurposing commercial real estate gives you the opportunity to revitalize an older building and breathe new life into a neighborhood or town.

Revitalizing commercial real estate can have many benefits for the area around it. Although the definition of abandoned property varies from state to state, it has a similar effect across the U.S. For example, buildings within a certain distance of abandoned property are likely to see a decrease in value. In some cases, buildings within 250 to 1,500 feet of an abandoned property can have their values negatively affected by the presence of the vacant real estate.

Abandoned and unused buildings also have an adverse effect on quality of life for people in the area. In Pittsburg, for example, crime tends to be 15 percent higher within 250 feet of a vacant property. Empty and unused buildings also cost cities money that could be better spent on other things. Philadelphia spends more than $20 million each year maintaining vacant buildings, for example.

One solution to the abandoned building problem is to transform former office buildings, warehouses and stores into in-demand properties. Repurposing commercial real estate is a good idea for cities that have plenty of empty buildings and a high demand for housing. It can also be a cost-effective move for developers and others in the commercial real estate sector. It often costs less to repurpose an existing structure than to build a new one.

 

Finding Property to Repurpose for Your Needs

Whether you’re transforming an unused warehouse or a vacant office building into a residential property or mixed-use building, there are a few things to keep in mind. You may need to get the support of area community members and residents before you purchase the property and make any changes.

Depending on the age of the building and its zoning, you might need to spend some time and money to change the zoning or making sure your project meets historical code requirements.  Pre-Due Diligence can help you quickly understand the amount of time and effort that may be required to make your project a reality.

 

Zoning and Ordinance Considerations

Zoning determines what can be developed and dictates the acceptable uses for a property. A city or municipality usually creates a zoning plan to direct what how development will occur. For example, buildings zoned for industrial purposes are often located in the same general area, while residential buildings are usually situated near each other.

Although specific zoning categories might vary by municipality, there are several broad categories:

  • Commercial. Within the commercial zoning category, there are many subcategories determined by the use of the property and the businesses located in it. Office buildings, hotels, nightclubs, restaurants, shopping malls and some apartment buildings are usually zoned as commercial.
  • Industrial. Industrial zoning is similar to commercial zoning in that it has several distinct subcategories. Considerations that inform zoning include noise, pollution and how close the building can be to other properties. Industrial zones usually also have higher setback requirements, meaning the buildings need to be a certain distance away from the road or property line.
  • Residential. Buildings zoned for residential use include any type of property where people live, including single-family residences, duplexes, co-ops, condos, apartments and trailer parks. Zoning determines how many separate buildings are allowed and whether a manufactured home can be located on the property. Residential zoning laws have a say over which animals can live on the property. For example, it’s usually against the law to keep cows or chickens on a residential property, but cats or dogs are okay.
  • Agricultural. You won’t likely find many properties zoned for agricultural use in a developed city. Agricultural zoning is usually used to limit the number of non-farm properties in a primarily agricultural area.
  • Combination. Combination zoning is any type of zoning that combines two categories into one. You might find buildings that are zoned for both commercial purposes and residential, for example.
  • Historic. In some cases, older buildings might have a historic zoning or be on the National Register of Historic Places, which affects what you can do to the property. Historical buildings often come with a tax credit or incentive to encourage owners to rehabilitate them.

If you intend to renovate or repurpose an existing property for a use that’s not consistent with its current zoning, you’ll most likely need to apply for a change of zoning or zoning approval. You might also be able to request a zoning variance, which would let you use the property in a way not currently specified by the zoning, without changing the zoning itself.

The process for changing zoning is likely to vary slightly from area to area. You will usually need to complete an application and pay a fee. A hearing is typically part of the process. During the hearing, residents and business owners can express their opinions and argue for or against changing the zoning.

 

Historical Code Considerations

Buildings of a certain age — usually at least 50 years old — might end up on the National Register of Historic Places. The register seeks to protect and preserve historic and archeological resources in the U.S.

If your building is on the National Register or is otherwise considered a historic property, you are limited in some ways when it comes to renovating it. But working with a historical property can open the door to some opportunities for you.

For example, properties on the National Register often qualify for federal tax credits and grants for their rehabilitation and preservation. State tax incentives and grants might also be available.

You can do what you want to the historic property so long as you aren’t taking any money from the federal government and as long as your state doesn’t have specific rules or regulations concerning the preservation of the building. It’s a good idea to review the laws in your state before you start any projects. You may need to preserve the exterior of the building and limit your changes to the interior.

 

Location and Size

The property’s size and location will both factor into the success of your repurposing project. In real estate, few things matter more than location. You might be able to get a good deal on a property in an out-of-the-way neighborhood or an underused section of a city. But that might not be the best option for you.

For example, if you transform a warehouse in an industrial part of a town into apartments, but there are few amenities in that area, you might struggle to find tenants. On the other hand, if you transform a warehouse in a worn-out and neglected area into a mixed-use property complete with restaurants, cafes, a supermarket and housing, you’re much more likely to attract people.

Size also matters. Some industrial properties are huge, which might make them prohibitively expensive for the average developer or small business to manage. The larger the property is, the more it will cost to purchase, renovate and maintain.

 

Tips for Revitalizing Commercial Real Estate

Once you’ve found a commercial property you think is ideal for renovating, how do you decide what to use it for and how to do you prepare it for that use? There are some things to consider when repurposing commercial real estate — including playing to the strength of the building and its amenities and dealing with the inevitable setbacks and delays.

 

Planning

One way to determine how you’ll repurpose a building is to examine the surrounding area carefully. If you intend to renovate a shuttered school in a residential area, one option might be to transform at least part of the school into condos or apartments. You might also include retail shops and restaurants in the building to make it more appealing to potential tenants.

Paying attention to the structure of the building and its needs will help plan a renovation project:

  • Play to the Building’s Strengths. Older buildings have lots of architectural details and features you just won’t find in newer construction. Those details are usually the things tenants desire. For example, if your building has lots of old wood and exposed beams in the ceilings, keeping those intact will be a selling point with tenants. The same goes for high ceilings, large windows and pressed-in ceilings and molding.
  • Natural Light Considerations. Most people enjoy working and living in environments that provide abundant natural light. The great thing about older warehouses is that they often have large windows that let in plenty of sunlight. Some buildings, such as older office buildings and schools, might not have enough natural light or might have interior areas with no windows at all. If that’s the case, you might need to rethink how you’ll upcycle the building. It might be better suited for a different purpose or you might want to pass on it entirely.
  • HVAC, Plumbing, Electrical and Tech Updates. Although repurposing an older building is often less expensive than building a new one from scratch, there are cases when the required updates add to the cost significantly. If a building lacks adequate plumbing, cable, internet connections or electricity, it might cost you a pretty penny to update it. Along with a plan for installing any necessary electrical, HVAC, plumbing or other tech connections, you need to have a plan to keep them up-to-date and functional.

 

Finances and Loans

Another thing to consider when planning a makeover for an existing property is how you’ll finance the renovation. Although you might be able to cover the cost of renovating the property out of pocket, taking out a loan for renovations or updates might help you manage your cash flow better.

Commercial real estate loans are available in a variety of configurations. If you already own the property, you might decide to apply for a construction or renovation loan to cover the cost of the project.

If you don’t yet own the property, a commercial mortgage — with additional funds to cover the cost of the renovation — might be the way to go. Whether a mortgage is the right option will depend on how much you have to put down and your credit history or financials. Depending on the size of your down payment or your credit history, you might not qualify for a loan big enough to cover the acquisition cost and the renovation cost.

Another loan option that might be right for you is a commercial bridge loan. Usually, commercial bridge loans are reserved for borrowers who have completed similar real estate projects and who have some experience under their belts.  The loan is designed to give certain borrowers a leg up in the negotiation and purchasing process. If the seller of the property prefers all-cash buyers, applying for and obtaining a bridge loan can give you the assets you need to compete even if you don’t personally have the cash on hand.

Once you purchase the property, you should be able to refinance the bridge loan into a conventional commercial mortgage. Compared to your typical mortgage, the terms for bridge loans are very short — often less than one year. The interest rates offered on these loans also tend to be considerably higher.

 

Dealing With Setbacks

When you’re renovating an office or warehouse, something is bound to come up. If there’s one thing you can count on in commercial real estate, it’s that there will be a setback or two. Although you won’t be able to plan for specific delays, having some room in your timeline and budget for unexpected issues lets you roll with the punches.

For example, it’s a good idea to plan on an additional 10 or 20 percent to the expected cost of the project. That way, you won’t be scrambling to make up the difference if there are unexpected costs or delays.

It’s also a good idea to add some time to the timeline. Leave space between your anticipated completion date and the target completion date. If your project ends up taking longer than expected, you won’t need to reschedule grand openings or other events.

 

Examples of Repurposed Commercial Real Estate

Repurposing commercial real estate isn’t a new concept. In fact, there are great examples all across the country of old buildings given a new lease on life:

  • Bok School in South Philadelphia. Bok is a former technical high school located in South Philadelphia. The school closed for good after the 2012-2013 school year and the building sat empty while the school district looked for a buyer. In 2015, a development company purchased the school with the goal of making it into a “creative hub.” One of the first projects to come to Bok was the opening of rooftop bar called Le Bok Fin (after Le Bec Fin, a renowned restaurant in the city). Slowly but surely, new tenants began to fill in the empty classrooms at the school, including a wedding planning company, hair salon and a furniture design company.
  • The Pearl in San Antonio, Texas. The Pearl was once one of the largest breweries in Texas. Today, it’s a massive mixed-use community with 13 retailers, residences, a hotel and a farmers’ market. You can still find Pearl beer at the complex, but today it’s brewed in Fort Worth.
  • The Cotton Gin Factory in Atlanta. Located in the Atlanta Metro area, the Cotton Gin Factory was built in the 19th century. It’s made up of 12 buildings and sits on 12 acres. Two developers bought the property in 2010 for $8 million and transformed it into an arts hub with performance space and artists’ studios.
  • Alehouse Inn in Portsmouth, New Hampshire. The Alehouse is another former brewery that’s been transformed for the 21st century. The hotel is located in the old warehouse for the brewery, which closed in 1917 thanks to Prohibition.
  • The Century Building in Pittsburgh. The Century Building is a 12-story, 80,000-square-foot former office space in the Cultural District of Pittsburgh. In 2012, the building was transformed into an apartment complex with 60 units. Twenty-eight of the units were designated as “workforce” units and are now rented by people who earn between 60 and 120 percent of the median income in the city.Developers completed the renovation using a mix of grant money from private organizations like the Richard King Mellon Foundation plus funding from Pittsburgh Cultural Trust and federal low-income tax credits. It received the Jack Kemp Workforce Housing Models of Excellence Award in 2012 for providing housing options that meet the needs of the modern workforce.
  • The Arcade in Providence, Rhode Island. The Arcade is one of the country’s oldest indoor shopping malls. Its redevelopment project kept the first floor as a shopping center but transformed the second and third floors in micro-lofts, which are small and energy-efficient living spaces. The first tenants moved into the 48 micro-lofts in 2013 and demand has been high ever since, despite the fact that the lofts don’t include stoves or many of the other amenities people typically look for in a residence.

 

Search for Your Property on CommercialSearch

How do you plan on repurposing a commercial property? Whether you hope to turn an office space into apartments or a warehouse into artists’ studios, browse the listings at CommercialSearch and find your next real estate project today.

The post Repurposing Commercial Real Estate appeared first on CRE Blog | CommercialSearch.

Innovation in Retail

Tue, 11/07/2017 - 09:19

Neil Golub is Sales Executive with Xceligent in the New York Tri-State area. Connect with Neil on LinkedIn: NeilGolub.

Our New York Next Generation ICSC Committee assembled a diverse group of companies to discuss “The Emergence and Impact of Disruptive Retail Concepts”. As retail faces headwinds with economic challenges and changes in consumer behavior, it was insightful to hear from these companies who have sprouted over the past few years by listening and adapting to the market.

Represented were real estate directors from Peloton, Bonobos, Honeygrow, Kidzania and Appear Here, a platform focused on short-term space. The common theme among these groups was catering to a younger demographic and being able to serve their needs. Today’s consumer is now accustomed to shopping online. The storefront needs to catch up and match the internet by adopting technology. The shopper doesn’t have time for someone to go in the back and see if a product is in stock. Andrew Neelon from Bonobos described their shopping environment as an e-commerce transaction that takes place within 4 walls of their brick n mortar, all ordering taking place on an iPad. Honeygrow is also incorporating tech by having customers place orders via touch-screen.

Outside of technology, there was a lot of discussion around pop-ups and brands going direct-to-consumer. Ryan Engel talked about how Peloton began “popping up” back in 2013, doing 1-2 year lease deals so they could begin educating the market. Appear Here has built a platform catering to the pop-up market by allowing retail brands to go direct to consumer. There are too many financial and operational challenges in finding the right location, which also requires a long-term commitment. Popping up allows for the brand to test the market. In addition, landlords need to innovate and think differently. Elizabeth Layne, Appear Here’s CMO, gave a great analogy stating “the best landlords think like Editors. Owners need to keep the content fresh and up to date and wanting the consumer to come back for more”. Simon has been a leader in this space. Cynthia Kernan of Westfield moderated the panel and mentioned they’re working on a DTC area in Century City, allowing for online brands to reach consumers which will consistently rotate.

The discussion also covered changes in lease terms, desired co-tenancy and creating quality experiences for their customers. My main takeaway.. if you’re a retailer – think about how you’re speaking the language and catering to the next generation. What worked yesterday may not work tomorrow. How are you utilizing your space and technology to build your brand and customer loyalty? Perhaps if you’re still handing out paper rewards cards, you may want to explore another way to have them return.

The post Innovation in Retail appeared first on CRE Blog | CommercialSearch.

Tips for Conducting a Successful Property Tour

Thu, 10/19/2017 - 13:48

Today’s guest post is by Dave Morris, CCIM, Sales Executive with Xceligent and former president of St. Louis CCIM, SIOR, Missouri Commercial Realtors, and St. Louis Commercial Realtors chapters. Connect with David on LinkedIn: DavidMorrisCCIM

 

 

Tips for Conducting a Successful Property Tour

As a listing broker, you spend a significant amount of your time prospecting for new tenants for your listings.  Once you’ve identified a prospect, you want to be sure to present your listing in the best possible way.  The initial property tour is the best time to highlight the properties’ benefits and address any concerns they may raise.  Do not miss this opportunity by allowing cooperating brokers and/or prospects to tour a space without you.  Here are some tips for conducting a successful property tour.

Preparation:

  • Be knowledgeable about the space and building (building specs)
  • Research the company and individuals who will be touring the space
  • Conduct research on the company’s industry to understand recent performance and long-term expectations
  • Get the space in showable condition. Try to get the landlord to demolish any functionally obsolete space and/or remove ugly carpeting or furnishings
  • Confirm how much time you have to conduct your tour and how many people will be on the tour
  • If possible, reserve a few prime parking spots near the building
  • Bring property fliers, maps, demographics (retail), and floor plans

Pre-Tour Preparation:

  • Arrive early
  • Prepare the space by turning the lights on, opening the shades and adjusting the temperature in the space
  • Bring a small cooler with bottled water and some kind of snack like granola bars
  • Dress appropriately
  • Stage your tour (have a routine) so you know where you will meet, where you will take the prospect(s), and what you will tell them each time you stop

During the Tour:

  • Share information about the landlord and tell the prospect(s) that the owner is responsive and eager to make deals!
  • Be enthusiastic!!!
  • Keep things light…smile!
  • Make eye contact
  • Take notes on their requirements, comments, and questions to follow up afterward
  • Help them to visualize the space
    • Ask them to revise the space to the way they would need it built out
    • Ask them what departments would go where
  • If possible, take the prospect through some recently renovated space(s)
  • Highlight area amenities such as food options and nearby retail
  • Highlight ingress and egress
  • Have a few open-ended questions prepared
    • “If you could change two things about your current space, what would they be?”
    • “What’s the best thing about your current space?”
    • “What changes would you foresee making to this space?”
    • “What is going to influence a relocation the most?”
  • Determine next steps.  If a prospect doesn’t have a broker, be sure to tell them what the next step is and when they need to take action.

Follow up

  • Get feedback from the tenant rep broker
  • Call your client with the feedback (be honest)
    • Describe the tour and the prospect’s interest
    • Tell the landlord what you think it will take to make the deal
  • Consider sending an unsolicited proposal
  • For a larger prospect, send a small gift card (Starbucks, Golf Discount, etc.) to the cooperating broker
  • For a larger prospect, send something small to them so they remember you and the property

The post Tips for Conducting a Successful Property Tour appeared first on CRE Blog | CommercialSearch.

Types of Commercial Real Estate Leases

Tue, 10/10/2017 - 07:08

If you’re just plunging into the world of commercial real estate leases, you might feel a little overwhelmed by the different terms used in the field. You might even feel unsure of what you’re getting into. But those terms aren’t as intimidating as many people think.

All leases are based around two main calculation methods – gross and net.  Within each method, there are a variety of types: full service lease, which is also referred to as full service gross, modified gross, and a variety of net lease, including triple net. These leases provide a base from which rent and expenses are calculated.  In both cases, the tenant pays a base rent for the property and the type of lease will determine whether the tenant or landlord pays the other operating expenses.

For instance, in a gross lease, the tenant is expected to pay a monthly lump sum rent that includes utilities, taxes, maintenance fees, janitorial fees, security fees, etc. The landlord includes all these fees in the rent and then pays for these expenses on behalf of the tenant.

For a net lease, the fundamental principle is that the landlord charges only the base rent, and the tenant contracts and directly pays for any other operating expenses including property taxes, insurance, janitorial services, maintenance fees, security fees, water, trash fees and other costs.

So, without further ado, let’s discuss the three types of commercial leases in more detail.

 

1. Gross Lease Full Service or Full Service Gross Lease:

In a full service lease, the tenant is charged a monthly rental fee that covers all operating expenses. These expenses usually include property taxes, maintenance fees, utilities, etc. The landlord then pays for these expenses using the rent paid by the tenant. For this reason, the base rent charged to the tenant is usually high, but it’s the only cost the tenant has to pay.

Those tenants who do not like to be involved in the everyday expenses of the building prefer this type of lease. The main advantage with this lease is that the rent remains fixed, even if the expenses change. For instance, during summer, when electricity costs increase because of air conditioning, the rent remains the same. This lease is common in multi-tenant industrial or office buildings and retail shopping centers.

However, this lease also comes with a few nuances. Most landlords like to include a provision allowing them to pass through certain increases in operating expenses.  As such, a tenant can expect that the monthly amount paid to the landlord could increase over the term of the lease based on expenses they can not directly control.

 

Modified Gross Lease:

The last type of commercial lease is the modified net lease, sometimes called the modified gross lease. This commercial lease is a marriage of the two primary leases – gross and net – and offers a comfortable midpoint for both the tenant and the landlord.

The lease allows a whole lot of negotiation when it comes to who pays for which expenses. The rent will also be extensively negotiated and agreed upon by the two parties.

 

2. Net Lease

The net lease is one of the most flexible commercial leases in real estate and is common for single tenant buildings. In a net lease, the amount paid to the landlord will be less than a gross lease, as the tenant is responsible for paying operating costs including insurance, property taxes and common area maintenance (CAM) items.

There are four categories of net leases:

  • Single Net Lease: The tenant is responsible for paying property taxes in addition to rent.  The landlord pays for insurance and maintenance associated to the building.  In most cases, the tenant is responsible for paying for utilities as well as garbage and janitorial services.

 

  • Double Net Lease: A double net lease is similar to a single net lease, but in this case the tenant pays for property insurance in addition to rent and property taxes.

 

  • Triple Net Lease: The triple net lease is one of the most common lease types in the commercial real estate market today.  The tenant is responsible for paying rent, property taxes, insurance, and any  maintenance costs. As a result, triple net leases are a favorite of landlords.

 

  • Absolute Triple Net Lease: With the absolute triple net lease, the tenant pays all the costs, giving them full responsibility for the building. The responsibility on the tenant is similar to buying the building altogether. The advantage of this lease is that the tenant virtually owns the building without purchasing it. However, if catastrophe strikes and the whole building is destroyed, the responsibility solely lies on the tenant.

 

 

What We Can Do for You

If you still have questions about the various types of leases and what is typical in your area, use the Find a Broker feature to identify a local expert who can help you.  Filter the list to find brokers that specialize in your area and property type.

If you are a commercial real estate broker, be sure to create an account and update your profile.  In addition to your contact information and specializations, you can also include your social media information and a brief bio.  The link to your profile will not change, so you can even include it in your email signature and other marketing efforts.

The post Types of Commercial Real Estate Leases appeared first on CRE Blog | CommercialSearch.

Finding the Perfect Restaurant for Your Property

Tue, 10/03/2017 - 14:23

A recent report by IHL Group entitled Debunking the Retail Apocalypse included a recent chart showing the planned expansion for major restaurants for 2017.  Demand appears to remain strong for fast food and quick serve restaurants.  Restaurants continue to be popular commercial real estate investments as many restaurant leases are triple net (NNN) that more passive investments allowing the owner to receive a monthly rent check, while the tenant is responsible for taxes, insurance, and maintenance.

Every restaurant has a set of requirements when considering a new location.  It is important to understand how your building or land matches to a specific restaurant’s requirements.    Factors to consider include:

Demographics:  What is the number of residents or daytime population within a specific radius or drive time of a site.  What is the average household income for the area?  What is the spending for their specific type of cuisine?  Understanding these aspects related to your site will allow you to target the appropriate tenants.  One source for this type of information is Site To Do Business (STDB) commercial real estate’s advanced digital toolkit, providing essential data and tools to support financial, market, spatial and competitive analysis.

Zoning:  Is your property zoned to accommodate a restaurant?  Does your zoning allow for a drive-thru?

Physical characteristics:  Is your site on a corner?  Is your site on a main thoroughfare?  What is the traffic count for the location, typically expressed as Average Daily Traffic (ADT)?  Where are the curb cuts to enter or leave the property?  Is there a traffic signal or turn lanes?  The side of the street could influence the type of tenant.  If you’re on the right side of the street when people are leaving for work, it may be more appealing for breakfast or a coffee shop.

Competition or complimentary tenants:  What is the current mix of restaurants in the immediate area?  Certain restaurants have similar selection criteria and tend to cluster together, could one of these restaurants be a good target?  If there is a concept that is thriving, would a competitor also be interested in a nearby site?

Ultimately, the right restaurant for your location is one that will be successful and able to pay rent for the term of the lease and hopefully beyond.  Understanding the strengths and weaknesses of your location will give you a better chance of finding a successful restaurant as your tenant.

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5 of the Fortune 15 Are Building New Headquarters

Mon, 09/25/2017 - 14:16
Amazon Joins Other Fortune 15 Companies in Building New Headquarters

Amazon recently announced the start of their selection process to find the location for a second headquarters that could employ as many as fifty thousand (50,000) new full-time employees with an average compensation exceeding one hundred thousand dollars ($100,000) over the next ten to fifteen years.  This opportunity has communities scrambling to identify the incentive package and real estate site that can land this amazing deal.  The initial requirement is for 500,000 square feet that will be open by 2019 that could grow up to 8 million square feet by 2027.  The establishment of a second headquarters by Amazon will be the fifth company within the top 15 of the Fortune 500 to begin or complete a new headquarters project in 2017.

Apple’s new headquarters comes with a price tag of $5 billion and will be powered by one of the world’s largest on-site solar farms. Source

Apple recently opened their highly anticipated 2.8 million square feet structure that can accommodate 12,000 employees in Cupertino, California.  At a cost of approximately $5 billion, this structure received the same attention to design as any of Apple’s other products.

Closer in scale to the proposed Amazon headquarters two is the recently opened ExxonMobil campus located 25 miles north of downtown Houston.  At 4 million square feet, it is designed to accommodate 10,000 employees.

ExxonMobile’s new campus features a 10,000-ton cube that appears to float. Source

The Apple and ExxonMobil campuses share many similarities.  Both are low-rise buildings (less than 4 stories) with lots of glass providing natural light.  Sustainable design practices have been incorporated into most aspects of each project.  And both headquarters boast 100,000 square feet wellness centers.

GE’s new building will feature a museum. Source

The other two Fortune 500 headquarters, General Electric and Walmart, are moving into new facilities on a much smaller scale.  General Electric is moving their headquarters from Connecticut to Boston, Massachusetts.  Executives have moved into temporary space while renovation of two brick buildings, totaling 95,000 square feet, begins with an estimated completion by mid-2019.  A proposed 12-story, 295,000-square-foot tower is scheduled to be completed in mid-2021.

Finally, the number one company on the Fortune 500 list, Walmart, announced plans to consolidate operations spread across more than 20 different facilities around northwest Arkansas into a new headquarters located on 350 acres near downtown Bentonville.

While the designs and sizes differ, all of the projects promote the same common benefits: providing a collaborative environment, amenities and environment to attract top talent and sustainable, energy efficient designs. These projects will also have a major impact on the economic development of their respective areas in terms of creation of high-paying job opportunities as well as the indirect benefits resulting from the ancillary services and suppliers needed to support them.

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