Research Reports

NAIOP’s latest research reports address how real properties, particularly office, industrial and mixed-use properties, impact and benefit communities throughout North America. These reports disseminate research findings for individuals and organizations engaged in real estate development, investment and operations to plan and develop better communities.

Reverse

Reverse Logistics Strategies for the Post-pandemic Supply Chain: Spaces and Places to Recapture Value

By: Chad W. Autry, Ph.D.
September 19, 2024

The NAIOP Research Foundation commissioned this report to provide insight into best practices in reverse logistics supply chain design and the implications for facility location and design. The study is of use to organizations seeking to improve their reverse logistics capabilities and to supply chain executives and developers interested in calibrating building design and location to maximize operational revenue and reduce costs.

Industrial

Industrial Space Demand Forecast, Third Quarter 2024

By: Hany Guirguis, Ph.D., Manhattan College and Joshua Harris, Ph.D., Fordham University
August 29, 2024

Total net absorption for the second half of 2024 is forecast to be approximately 114 million square feet, full-year absorption in 2025 is forecast to be around 249 million square feet, and absorption in the first half of 2026 is forecast to be approximately 154 million square feet.

NAIOP Market Monitor

By: Maria Sicola, Elle Saling and Charles Warren
July 18, 2024

The NAIOP Market Monitor provides insights into shifting market conditions and capital flows across the United States. The report’s findings can help investors and developers identify regional trends and markets that align with their risk and return objectives or warrant further examination. The 2024 NAIOP Market Monitor indicates a continuation of several post-pandemic trends in office and industrial real estate markets.

Recruiting

Recruiting, Training and Retaining Talent in the Real Estate Development Industry

By: Mariya Letdin, Ph.D., Dustin C. Read, Ph.D., J.D. and Spenser Robinson, DBA
June 20, 2024

The NAIOP Research Foundation commissioned this report to examine best practices in recruitment, training and retention for commercial real estate development firms. The study draws on interviews and focus groups with developers, interviews with executive recruiters, and a survey of NAIOP members.

Office

Office Space Demand Forecast, Second Quarter 2024

By: Hany Guirguis, Ph.D., Manhattan College and Joshua Harris, Ph.D., CRE, CAIA, Fordham University
June 6, 2024

The office market performed worse in the first quarter of 2024 than previously forecast, with national office net absorption totaling a negative 13.4 million square feet. Office utilization has remained relatively flat since the beginning of the year as evidenced by building-access records. A reversal in optimism about the economy in late 2023 may have led firms to pause or scale back expansion plans. Elevated interest rates are constraining corporate earnings and firms’ ability to expand their operations, which appears likely to continue, at least in the near term. Given these trends and the possibility of a recession in 2024, net office space absorption over the last three quarters of 2024 is expected to be negative 11.8 million square feet. Moving forward, the forecast projects that net absorption will increase slightly in 2025 and will total approximately negative 4.5 million square feet.

Commercial Real Estate Terms and Definitions

By: Spenser Robinson, DBA
April 25, 2024

For the 2024 edition of Commercial Real Estate Terms and Definitions, the author reviewed secondary sources and sought input from members of the national research directors group as well as other CRE practitioners to identify terms that needed to be added or amended to match current use.

Industrial

Industrial Space Demand Forecast, First Quarter 2024

By: Hany Guirguis, Ph.D., Manhattan College and Joshua Harris, Ph.D., Fordham University
March 6, 2024

With the U.S. economy expected to continue to grow slowly, the authors estimate that quarterly net absorption of industrial space will average 14.0 million square feet per quarter over the next two years, or 62.8 and 49.1 million square feet in 2024 and 2025, respectively.

Economic

Economic Impacts of Commercial Real Estate, 2024 U.S. Edition

By: Brian Lewandowski, Adam Illig, Ethan Street and Richard Wobbekind, Ph.D.
February 8, 2024

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

Forging

Forging the Future: Manufacturing Growth and Its Effects on North American Industrial Markets

By: Lisa DeNight and Elizabeth Berthelette
February 1, 2024

The NAIOP Research Foundation commissioned this report to examine the trends behind reshoring and nearshoring and to evaluate how related investments in manufacturing are affecting North American markets for industrial real estate and its two largest components: warehousing/logistics space and manufacturing space.

Office

Office Space Demand Forecast, Fourth Quarter 2023

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
November 30, 2023

The office market continues to face stiff headwinds as office utilization has remained relatively flat over the last year, as evidenced by mobile-phone location data and building-access records.

DEI

Diversity, Equity and Inclusion in Commercial Real Estate: Best Practices and Common Challenges

By: Mirle Rabinowitz Bussell, Ph.D., Risa Itow and John Tavares
September 21, 2023

The NAIOP Research Foundation commissioned this report to identify best practices for promoting DEI within CRE firms. The study draws from existing studies on DEI, as well as interviews with a representative sample of practitioners at CRE firms that have pursued DEI initiatives.

Industrial

Industrial Space Demand Forecast, Third Quarter 2023

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
August 31, 2023

Given current economic conditions and recent demand trends, the authors estimate that quarterly net absorption of industrial space will average 52.6 million square feet over the next two years. Read the full report from the NAIOP Research Foundation.

Hybrid

Hybrid Work and the Future of Office: Adapting to a New Paradigm in Occupier Demand

By: Emil Malizia, Ph.D., CRE, Shawn Moura, Ph.D., Dustin C. Read, Ph.D./J.D., Jessica Morin and Julie Whelan
August 17, 2023

The NAIOP Research Foundation commissioned this report to examine the current state of hybrid work and how it affects the office sector. The study draws from survey and market data provided by CBRE to explore how occupiers are approaching their use of office space, and the building locations, features and amenities they prioritize.

The

The NAIOP Market Monitor

By: Maria Sicola, Megan Weiner and Charles Warren
July 20, 2023

In this first NAIOP Market Monitor report, the authors compare the positions of large and mid-sized U.S. industrial and office markets in grids at the close of the first quarter of 2023 with the pre-pandemic positions of the same markets at the end of the first quarter of 2019, and highlight some insights usually not seen using a tier or ranking approach.

Designing

Designing for Wellness in Distribution Centers

By: KSS Architects
June 22, 2023

The NAIOP Research Foundation commissioned this report to offer design recommendations that improve occupant well-being. The authors conducted secondary research, observed conditions in existing distribution centers and interviewed occupants to collect information on key wellness concerns. They then drew from these findings to design a prototype distribution center with elements and features that contribute to a healthier and safer work environment.

Examining

Examining Development Approvals Across North America: An Analysis of Site Plan and Building Permit Review Processes

By: C. Kat Grimsley, Ph.D.
June 15, 2023

The brief examines development approvals processes across 100 jurisdictions from 30 U.S. states and the Canadian province of Ontario, and builds on The Development Approvals Index: A New Tool to Evaluate Local Approvals Processes (the Index) released by the NAIOP Research Foundation in February 2021.

Office

Office Space Demand Forecast, Second Quarter 2023

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
June 1, 2023

The national office market experienced total negative net absorption of 21.3 million square feet through the fourth quarter of 2022 and the first quarter of 2023, bringing the vacancy rate to 17.8 percent, the highest level since the second quarter of 1993.

Industrial

Industrial Space Demand Forecast, First Quarter 2023

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
March 1, 2023

Despite rising interest rates and growth in the supply of new space entering the market, the outlook for industrial real estate remains bright as supply chain conditions steadily improve. Low vacancy rates will continue to support growth in rents and property values. Read the full report from the NAIOP Research Foundation.

Economic

Economic Impacts of Commercial Real Estate, 2023 U.S. Edition

By: Brian Lewandowski, Adam Illig, Michael P. Kercheval, Ph.D. and Richard Wobbekind, Ph.D.
January 26, 2023

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

Office

Office Space Demand Forecast, Fourth Quarter 2022

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
November 30, 2022

Net office space absorption in the fourth quarter of 2022 is forecast to be 7.1 million square feet, with absorption in 2023 forecast to slow to 8.1 million square feet for the entire year. Moving forward, the forecast projects that absorption in the first three quarters of 2024 will total 13.3 million square feet.

Data

The Role of Data Analytics in Commercial Real Estate Siting, Design and Valuation Decisions

By: Clifford A. Lipscomb, Ph.D., MRICS
October 26, 2022

To gain a sense of how CRE firms are using advanced data analytics, the NAIOP Research Foundation commissioned this report to examine applications in site selection, design and valuation for commercial buildings. The author conducted secondary research and interviewed brokers, data providers, investors, developers and professionals at CRE technology firms.

Sustainable Brownfield Redevelopment

By: Christopher De Sousa, Ph.D., MCIP, RPP, Professor, School of Urban and Regional Planning, Toronto Metropolitan University
September 15, 2022

Former industrial sites and other properties that may be contaminated – commonly called brownfields – can be viable targets for redevelopment, however the costs and risks associated with environmental remediation often make these projects challenging. The NAIOP Research Foundation commissioned this brief to offer insights into the key considerations that guide sustainable brownfield redevelopment.

Economic Impacts of Commercial Real Estate in Canada, 2022 Edition

By: Altus Group Economic Consulting
August 24, 2022

The NAIOP Research Foundation commissioned this report to examine the economic benefits of commercial construction across four distinct CRE asset classes, namely industrial, retail and entertainment, office, and multifamily housing during 2021. The report also describes the benefits of commercial brokerage, property management and landlord operations.

Industrial Space Demand Forecast, Third Quarter 2022

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
August 17, 2022

The forecast authors, Drs. Hany Guirguis and Michael Seiler, expect the still-hot industrial market to cool, and predict that the net absorption rate will continue to decline until it returns to the pre-pandemic trend. Read the full report from the NAIOP Research Foundation.

New Places and New Spaces for E-commerce Distribution: Three Strategies Bringing Industrial and Retail Real Estate Closer Together

By: Dustin C. Read, Ph.D./JD
June 1, 2022

The NAIOP Research Foundation commissioned this report to examine three trends related to this convergence: the conversion of shopping centers to distribution centers, adding distribution uses to existing retail buildings, and the development of mixed-use properties that include both distribution and retail.

Office Space Demand Forecast, Second Quarter 2022

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
May 17, 2022

The U.S. office market absorbed 21.6 million square feet across the last quarter of 2021 and the first quarter of 2022. Office market vacancy rates increased for the 10th straight quarter to start the year, but a look inside the numbers reveals that the completion of new office product is partially responsible.

Findings from the Development Approvals Index

By: C. Kat Grimsley, Ph.D.
April 29, 2022

The NAIOP Research Foundation released The Development Approvals Index: A New Tool to Evaluate Local Approvals Processes (the Index). The Index provides a systematic method to evaluate and compare approvals processes in different jurisdictions objectively (e.g., without the use of opinion surveys or based on the experiences of a particular individual).

Seeing Past the Pandemic: Industrial Demand and U.S. Seaports

By: Brian Harper, Director of Data Science, Avison Young, and Aaron Ahlburn, Innovation Lead, Global Logistics, Avison Young
March 15, 2022

This research brief, authored by Avison Young, reviews historical trends in port activity, local logistics employment, and vacancies, rents and absorption rates in adjacent industrial markets. Building on observations from the historical data, a regression analysis of the relationship between changes in port activity, truck traffic and industrial space absorption demonstrates that changes in import volume have a substantial effect on occupancy in port markets.

New Uses for Office Buildings: Life Science, Medical and Multifamily Conversions

By: Emil Malizia, Ph.D., CRE
March 3, 2022

The NAIOP Research Foundation commissioned this report to evaluate the risks and opportunities associated with office building conversions. The author conducted a review of recent publications and market data on office conversions and interviewed developers, architects and other commercial real estate professionals to provide an overview of the key considerations that go into converting an office building to a life science, medical office or multifamily use.

Industrial Space Demand Forecast, First Quarter 2022

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
February 23, 2022

Authors Dr. Hany Guirguis and Dr. Michael Seiler forecast that the total net absorption of industrial space in 2022 will be 401.4 million square feet with a quarterly average of 100.4 million square feet. In 2023, the projected net absorption is 334.1 million square feet with a quarterly average of 83.5 million square feet.

Economic Impacts of Commercial Real Estate, 2022 U.S. Edition

By: Brian Lewandowski, Jacob Dubbert, Michael P. Kercheval, Ph.D., and Richard Wobbekind, Ph.D.
February 1, 2022

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

How the Other Half Builds: Small-Scale Development in Tertiary Markets

By: Shawn Moura, Ph.D., Director of Research, NAIOP
December 20, 2021

This research brief draws from a survey of NAIOP members and interviews with developers in tertiary markets such as Western Michigan and Southwest Missouri to examine these differences and their implications for developers and investors.

Office Space Demand Forecast, Fourth Quarter 2021

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
November 17, 2021

Although office net absorption remained negative throughout 2021, it is gradually climbing toward the positive side of the scale. Total net absorption in the third quarter of 2021 was -5.2 million square feet, back from a near record of -34.8 million square feet at the end of the first quarter of 2021.

A Two-Dimensional Approach to Evaluating Commercial Real Estate Markets

By: Maria Sicola, Charles Warren, Ph.D., and Megan Weiner, CityStream Solutions, LLC
August 30, 2021

A new NAIOP Research Foundation report by Maria Sicola, Charles Warren, Ph.D., and Megan Weiner builds on last year\u0026rsquo;s report on market tier and ranking systems by describing a two-dimensional approach to evaluating and comparing commercial real estate markets. The report examines 15 years of market data to test multiple two-dimensional models for evaluating the 50 largest industrial and office markets in the United States.

Industrial Space Demand Forecast, Third Quarter 2021

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
August 16, 2021

Demand for industrial real estate continues to be strong as the long-term trend toward e-commerce (and away from in-store sales) continues with no end in sight. With nearly 100 million new square feet delivered nationally since the beginning of the year, 450 million square feet currently under construction and another 450 million planned, the demand for industrial real estate still outpaces supply.

Office Space Demand Forecast, Second Quarter 2021

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, William & Mary and the University of Cambridge
May 26, 2021

Increasing COVID-19 vaccination rates and strong economic growth will help demand for office space rebound, with a return to positive net absorption forecast for the fourth quarter of 2021. Quarterly net absorption in 2022 is forecast to average 11.7 million square feet, in line with the 2015-2019 quarterly average of 11.6 million square feet.

An Overview of Emerging Construction Technologies

By: Andrew McCoy, Ph.D. and Armin Yeganeh, Ph.D.
March 24, 2021

The NAIOP Research Foundation commissioned this report to explore emerging construction technologies and their implications for the construction and real estate development industries. The authors draw from interviews with researchers and industry practitioners to evaluate the current benefits and limitations of new technologies.

The Development Approvals Index: A New Tool to Evaluate Local Approvals Processes

By: C. Kat Grimsley, Ph.D.
February 24, 2021

The NAIOP Research Foundation commissioned the creation of an index that compares development approvals processes in different jurisdictions so that developers can make more informed investment decisions and local governments can benchmark their processes against neighboring jurisdictions.

Industrial Space Demand Forecast, First Quarter 2021

By: Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary
February 19, 2021

Total net absorption in 2021 is forecast to be 314.9 million square feet with a quarterly average of 78.7 million square feet.

Economic

Economic Impacts of Commercial Real Estate, 2021 U.S. Edition

By: Stephen S. Fuller, Ph.D.
January 28, 2021

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.search Foundation.

Office Space Demand Forecast, Fourth Quarter 2020

By: Hany Guirguis, Ph.D., Manhattan College and Timothy Savage, Ph.D., New York University
November 18, 2020

A new office space demand forecast published by the NAIOP Research Foundation projects a period of negative absorption through late 2020 and early 2021, but total net absorption from Q2 2021 to Q3 2022 will exceed negative absorption from the recession, resulting in overall gains.

The Evolution of the Warehouse: Trends in Technology, Design, Development and Delivery

By: Steve Weikal and James Robert Scott
October 13, 2020

The NAIOP Research Foundation commissioned this report to provide the real estate development community with insight into current and future trends in building and logistics technologies and their implications for industrial real estate. Steve Weikal and James Robert Scott, researchers at the MIT Real Estate Innovation Lab, interviewed professionals specializing in industrial building design and automated systems to identify emerging trends that will be of interest to industrial developers, building owners and tenants.

Midyear Economic Impacts of COVID-19 on the Commercial Real Estate Development Industry

By: Stephen S. Fuller, Ph.D.
October 2, 2020

The NAIOP Research Foundation commissioned Steve Fuller, Ph.D., professor emeritus at George Mason University, to undertake a study of the 2020 mid-year economy and how second quarter shocks may influence commercial real estate development in the future.

Industrial Space Demand Forecast, Third Quarter 2020

By: Dr. Hany Guirguis, Manhattan College and Dr. Timothy Savage, New York University
August 21, 2020

Although industrial real estate has outperformed other commercial property types this year due to a surge in e-commerce, broader macroeconomic indicators suggest industrial space absorption will decline sharply in Q3 2020 and then rebound to positive levels in Q2 2021.

Working Together as a Team: Negotiating With Tenants and Leasing Space During COVID-19

By: Shawn Moura, Ph.D., Director of Research, NAIOP
August 10, 2020

This research brief draws from interviews with brokers and building owners, news sources, NAIOP webinars, and NAIOP survey data to identify best practices for triaging office and industrial tenant requests, offering reasonable accommodations to those tenants who need short-term assistance, and responding to uncooperative tenants. The brief also examines how owners are adapting the ways they show and lease space to new tenant preferences and safety expectations.

Using Capital Improvements to Create Competitive Advantage in the COVID-19 Era

By: Dustin C. Read, Ph.D./J.D., Associate Professor, Virginia Tech and Sam Kuprianov, undergraduate Real Estate major, Virginia Tech
July 28, 2020

This brief evaluates the merits of frequently discussed capital investments and their potential to create durable competitive advantages. It draws from an analysis of recent coverage in commercial real estate trade publications, as well as conversations with seven industry practitioners that took place in June 2020.

Navigating a Safe Return to Work: Best Practices for U.S. Office Building Owners and Tenants

By: Shawn Moura, Ph.D., Director of Research, NAIOP
June 8, 2020

Measures to contain the coronavirus outbreak temporarily slowed economic activity and dramatically reduced occupancies at many commercial buildings. As state and local governments outline plans for a phased reopening of the economy, office building owners and employers are formulating plans that will allow employees to return safely to work.

Office Space Demand Forecast, Second Quarter 2020

By: Hany Guirguis, Ph.D., Manhattan College and Timothy Savage, Ph.D., New York University
May 28, 2020

Due to the turmoil in the national economy, rising unemployment and continued uncertainty about future work arrangements, the U.S. office market absorption is forecast to decline into negative territory through the second quarter of 2021. The steepest declines may be experienced in the third quarter of 2020, with NAIOP’s model forecasting a drop of 16.3 million square feet. Absorption rates will increase as the economy begins to gain traction in 2021.

A New Look at Market Tier and Ranking Systems

By: Maria Sicola, Charles Warren, Ph.D., and Megan Weiner, CityStream Solutions, LLC
March 17, 2020

Dividing and grouping the major metropolitan regions of the United States into ranked groups or “tiers” is a frequently used method to evaluate, prioritize and rank markets for investment. This project provides an understanding of the origins, methodologies and uses of market tier models.

Industrial Space Demand Forecast, First Quarter 2020

By: Dr. Hany Guirguis, Manhattan College and Dr. Timothy Savage, New York University
February 26, 2020

Quarterly net absorption will remain at or above 50 million square feet on a sustained basis through Q2 2021.

Economic Impacts of Commercial Real Estate, 2020 U.S. Edition

By: Stephen S. Fuller, Ph.D.
February 3, 2020

The impact of new development and of the ongoing operations of existing commercial real estate buildings in the United States – office, industrial, warehouse and retail – has grown to support 9.2 million American jobs and contribute $1.14 trillion to the U.S. GDP in 2019, according to a new report by the NAIOP Research Foundation.

Repurposing Retail Centers: Profiles in Adaptation, Repositioning and Redevelopment

By: Jason Beske, AICP
December 23, 2019

The NAIOP Research Foundation commissioned this report to examine how developers are transforming struggling or closed malls into properties that fit within current market conditions and serve the needs of their surrounding communities.

Preparing for Autonomous Vehicles: A Survey of Local Governments

By: David Dale-Johnson, Ph.D.
November 22, 2019

The NAIOP Research Foundation commissioned this report to examine how local governments are preparing for fully autonomous vehicles and to explore how future AV related policies could affect the commercial real estate industry.

Office Space Demand Forecast, Fourth Quarter 2019

By: Hany Guirguis, Ph.D., and Joshua Harris, Ph.D., CRE, CAIA
November 18, 2019

The U.S. office market continues to perform as expected, with an average of 14.7 million square feet absorbed per quarter in 2019. Overall employment growth remains steady and is especially robust in the key office-using sector of Professional and Business Services, according to the U.S. Department of Labor’s Bureau of Labor Statistics.

Industrial Space Demand Forecast, Third Quarter 2019

By: Dr. Hany Guirguis, Manhattan College and Dr. Joshua Harris, New York University
August 15, 2019

The forecast for net industrial space demand has decreased amid slower growth in the U.S. economy. Absorption is now expected to average 37 million square feet per quarter for the next two years, according to Dr. Hany Guirguis of Manhattan College and Dr. Joshua Harris of New York University. This is a significant slowdown from the average 60 million square feet of quarterly net absorption experienced during 2017 and 2018.

Profiles in the Evolution of Suburban Office Parks

By: Dustin C. Read, Ph.D./J.D.
August 21, 2019

The NAIOP Research Foundation commissioned this report to identify ways that firms are revitalizing suburban office parks through redevelopment, rehabilitation and adaptive reuse. The author interviewed five developers who have recently updated suburban office parks in the United States and Canada to learn how they made these properties relevant for today’s market.

Addressing the Workforce Skills Gap in Construction and CRE-related Trades

By: Barry E. Stern, Ph.D.
July 11, 2019

The NAIOP Research Foundation commissioned this report to explore some of the contributing factors to the workforce shortage and how the construction and logistics industries can improve worker recruitment, training, productivity and retention.

Office Space Demand Forecast, Second Quarter 2019

By: Dr. Harry Guirguis, Manhattan College, and Dr. Joshua Harris, New York University
May 15, 2019

The U.S. office market continues to expand ahead of forecast, posting 18 million square feet of net absorption in the fourth quarter of 2018 and 11 million square feet in the first quarter of 2019. Continued economic growth and increases in job creation are likely the main forces behind these levels of new leasing.

Creating a Private Equity Fund: A Guide for Real Estate Professionals

By: Jan A. deRoos, Ph.D., HVS Professor of Hotel Finance and Real Estate at SC Johnson College of Business, Cornell University and Shaun Bond, Ph.D., West Shell Jr. Chair in Real Estate at Lindner College of Business, University of Cincinnati
April 4, 2019

To help demystify private equity fund formation and operation, the NAIOP Research Foundation commissioned this white paper. It is geared toward those who have limited familiarity with the process and want to learn the basics.

Industrial Space Demand Forecast, First Quarter 2019

By: Dr. Hany Guirguis, Manhattan College and Dr. Joshua Harris, New York University
February 22, 2019

The forecast for net industrial space demand will remain steady in 2019.

Economic Impacts of Commercial Real Estate in Canada, 2018 Edition

By: The Conference Board of Canada
January 31, 2019

The main purpose of this report is to quantify the economic impact of commercial real estate investment in Canada, with a specific focus on estimating the impact tied to investment in the country’s largest Census Metropolitan Areas.

Economic Impacts of Commercial Real Estate, 2019 Edition

By: Stephen S. Fuller, Ph.D.
January 31, 2019

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, “The Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

Beacons and Sensors in Commercial Real Estate

By: NAIOP Research Foundation
December 6, 2018

This brief provides an overview of some of the ways that simple, tiny, affordable and ubiquitous sensors are being used in commercial real estate settings. It addresses radio-frequency identification, geofencing, beacon technology, and WELL™ and RESET™ technologies, and it concludes with the broader challenges associated with using networked digital data-collection systems.

The Office Property and Big Data Puzzle: Putting the Pieces Together

By: Kimberly Winson-Geideman, Ph.D., Senior Lecturer, Property, University of Melbourne, Melbourne School of Design, Parkville, Victoria, Australia
August 31, 2018

The use of big data offers great potential, while it also presents challenges. This white paper seeks to define big data and to identify some of the obstacles and opportunities associated with it in the context of managing office properties. It includes a general overview of the topic as well as examples of how property managers are collecting and analyzing data within their office properties.

Economic Impacts of Commercial Real Estate, 2018 Edition

By: Stephen S. Fuller, Ph.D.
January 26, 2018

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, “The Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

Activating Office Building Common Spaces for Competitive Advantage

By: Richard B. Peiser, Ph.D. and Raymond G. Torto, Ph.D., Harvard University, Graduate School of Design, Cambridge, Massachusetts
November 8, 2017

To remain competitive and accelerate lease up, office building owners are enlivening their buildings with common area amenities and programming.

Case Studies in Innovation District Planning and Development

By: Dustin C. Read, Ph.D., J.D., Assistant Professor of Property Management and Real Estate, Virginia Tech, Blacksburg, Virginia
July 26, 2016

This report provides those interested in innovation district development with a better understanding of the factors contributing to the success of these projects, as well as the challenges they must frequently overcome. It presents case studies of four projects in different phases of development and offers suggested “best practices” for real estate practitioners and policymakers.

Warehouse

Are E-commerce Fulfillment Centers Valued Differently Than Warehouses And Distribution Centers?

By: Dr. Jonathan A. Wiley
October 1, 2015

Are fulfillment centers distinct real estate products? Some in the industry believe they are; others believe they are not. According to the results of this analysis, fulfillment centers are not significantly different from nor significantly more valuable than other types of warehouse and distribution facilities.

The Promise of E-commerce: Impacts on Retail and Industrial Real Estate

By: Curtis D. Spencer, President, IMS Worldwide and Steve Schellenberg, Vice President, IMS Worldwide
March 17, 2015

As e-commerce sales continue their robust growth, manufacturers, transportation providers, distribution and fulfillment center operators and retailers all are being pressured to modify the retail logistics chain.

Select U.S. Ports Prepare For Panama Canal Expansion

By: Grace Wang, Assistant Professor, Maritime Administration, Texas A&M University at Galveston; Anthony M. Pagano, Director, Center for Supply Chain Management and Logistics, University of Illinois at Chicago
February 18, 2015

The report focuses on nine container ports on the nation’s East and South coasts: the East Coast ports of New York and New Jersey and Baltimore; the Southeast ports of Virginia, Charleston and Savannah; the Florida ports of Miami, Jacksonville and Everglades; and the Gulf port of Houston.

Exploring the New Sharing Economy

By: John Madden, Director of Sustainability and Engineering Campus + Community Planning, University of British Columbia
April 14, 2015

The “sharing economy” has been receiving a lot of buzz across popular media, academic and business circles, and local government as well as social enterprises. As the label suggests, the sharing economy is a means of sharing goods, services, ideas, information and skills through a network of individuals, often facilitated through social networks via computers and mobile apps.

Preferred Office Locations: Comparing Location Preferences and Performance of Office Space in CBDs, Suburban Vibrant Centers and Suburban Areas

By: Emil Malizia
November 7, 2014

Where do today’s office tenants want to be located? This comprehensive study, which combines expert opinion and accurate property-level data, provides reliable information about emerging location preferences across major U.S. office markets and the comparative performance of office space in CBDs, suburban vibrant centers — defined as amenity-rich, mixed-use, “live, work, play” locations — and typical single-use suburban areas.

Workplace Innovation Today: The Coworking Center

By: Andrea P. Foertsch, Founder, Disruptive Space; Principal, Melrose Real Estate Strategies; Visiting Lecturer, Baker Program in Real Estate, Cornell University
January 16, 2014

Picture an office filled with people. But imagine that some of them are freelance writers, graphic designers, programmers and app developers; others are teleworkers; still others are in the process of forming startup companies or working for very small firms. The office may simply be a large room where people work at couches, tables and bench desks, or it may contain carrels, cubicles, private offices and even classrooms or auditoriums. What is this place? It is a coworking center.

Secondary

Performance and Timing of Secondary Market Investment Activity

By: Sam Chandan, President and Chief Economist, Chandan Economics
November 21, 2013

Conditions are ripe for a shift in focus to commercial real estate’s secondary markets. Bolstered by the potential for more stable national economic trends, buyers’ improving tolerance for risk-taking, and a widening disparity in yields across primary and secondary markets, investors are broadening their sights.

Stabilization

Stabilization of the US Manufacturing Sector and Its Impact on Industrial Space

By: L. Nicholas Ronderos, Regional Planning Association
June 5, 2013

A study by the NAIOP Research Foundation concludes that the reshoring trend of manufacturing industries to the United States yields stabilization of jobs, but not net growth. Some industries will add jobs as others shed them, resulting in no change to the total number of manufacturing jobs but halting a decades-long trend of losing more jobs than added.

The

The Complexity of Urban Waterfront Redevelopment

By: Barry F. Hersh, New York University Schack Institute of Real Estate
July 1, 2012

Waterfront brownfield regeneration is extraordinarily complex; incorporating ecology, land use, community benefits, hydrology, real estate economics, design and a host of associated disciplines. There\u0027s also an array of regulatory and funding agencies, at federal, state and local levels. The mixed-use redevelopment of formerly contaminated waterfronts has become a key but also difficult part of urban revitalization and a significant real estate opportunity.

The

The New Borderless Marketplace: Repositioning Retail and Warehouse Properties for Tomorrow

By: Curtis Spencer, IMS Worldwide
April 1, 2012

This whitepaper addresses trends and strategies needed and how the retail experience will change over the next five years.

A

A Development Model for the Middle Ring Suburbs

By: Alexander d'Hooghe, ORG
March 2, 2012

This research provides a development model by first analyzing the complexities of the middle ring development process and then introducing templates for development, design and management that might unlock these sites' potential.

Fuel

How Fuel Costs Affect Logistics Strategies

By: Leonard Sahling
February 2, 2012

Rising fuel costs have caused freight transportation to become the largest, most volatile cost component of companies' supply chain/logistics operation, accounting for about 63 percent of total U.S. logistics costs and 6 percent of GDP. With companies under mounting pressure to contain or offset the increases in freight transportation costs, supply chain executives have been tasked with figuring out how to squeeze more capacity and efficiency out of the existing systems.

Solar

Solar Technology Reference Guide

By: Aaron Binkley
January 1, 2012

The Solar Technology Reference Guide enables commercial property owners to take an active role in deciding which solar panel products are best-suited to install on their buildings. The guide identifies the benefits and limitations of a range of photovoltaic modules (i.e. solar panels) on the market today, such as glass laminate modules, tubular modules, flexible roll thin film modules, fiberglass-backed modules, and concentrator modules.

Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices

By: Ben Hoen, Ryan Wiser, Peter Cappers, Mark Thayer and Gautam Sethi
April 1, 2011

This paper studies whether residential property values may be adversely affected by wind energy facilities. The present research investigates roughly 7,500 sales of single-family homes surrounding 24 existing U.S. wind facilities.

The

The Commercial Office Market and the Markup for Full Service Leases

By: Jonathan A. Wiley and Thomas M. Springer, Clemson University
April 1, 2011

Because landlords assume all of the operating expense risk, rents for gross leases exceed those for triple-net leases. The markup for gross leases varies between properties and across markets. In this study, we develop a theory explaining the spread between gross and triple-net rents for office space across urban markets.

The

The Political Economy of Green Industrial Warehouses

By: M. Harrison, Texas Tech University and Michael J. Seiler, Old Dominion
April 1, 2011

This research found that "green" warehouses in politically conservative areas rent at a significant discount relatively to their non-certified counterparts, while similar properties in politically liberal areas rent at a significant premium.

NAIOP Confidence Report

By: James R. DeLisle, Ph.D, NAIOP Research Foundation Distinguished Fellow
April 26, 2011

NAIOP surveyed the major players in commercial real estate for their predictions on market conditions with respect to the economy, capital markets and development potential. The executive summary results of this April 2011 survey including analysis provide useful insights. A webinar presentation of the results is also available.

An

An Empirical Study of the Efficacy of Mixed-Use Development - The Seattle Experience

By: James R. DeLisle and Terry V. Grissom
April 1, 2011

This report identifies issues such as density, growth management and accessibility, as well as the current state of knowledge on mixed-use development. It then explores the mixed-use experience in Seattle which spans two decades, making it a living laboratory setting for evaluating key success factors.

Office

Spatial Penetration and Performance of LEED Ratings & Certification Levels Among Office Buildings

By: Dr. Sofia Dermisi, Roosevelt University
April 1, 2011

This paper focuses on class A and B office buildings across the U.S. with 50,000 square feet or more and has a threefold goal: i) provide an overview of the office building distribution among the ratings and certification levels from the inception of the USGBC until today; ii) examine the spatial penetration of the ratings and certification levels across the mainland U.S. states and iii) examine closely the rent and vacancy performance of LEED-EB before and after their designation while controlling for the latest financial crisis.

Panama

Trends in Global Manufacturing, Goods Movement and Consumption

By: Curtis Spencer, President, IMS Worldwide, Inc.
September 1, 2010

This white paper looked at significant logistics drivers which may impact industrial space over the next 10 years, including an analysis of which ports will benefit by the expansion of the Panama Canal and how this will affect local, regional and inland industrial space in the distribution sector.

port

Logistics Trends and Specific Industries That Will Drive Warehouse and Distribution Growth and Demand for Space

By: L. Nicolas Ronderos, Regional Plan Association
March 1, 2010

This research project identified the logistics trends and specific industries that will drive warehouse and distribution growth and demand for space over the next decade (2008-2018). Research is based on employee ratios, employment reports, and logistics building inventory.

Rooftop Revenue: Making Underutilized Space Profitable Through Energy Harvesting

By: Marci DeVries, Soleil Solar
August 1, 2010

This white paper helps owners/developers make a decision about which (if any) energy-harvesting devices to install on their properties. Commercial real estate property owners will find a wealth of information on installations, maintenance, reliability and financial returns.

office

Effect of Past Crises on US Downtown Office Property Income and Expenses

By: Dr. Sofia Dermisi, Roosevelt University
April 1, 2010

Economic, real estate, oil and other crises can cause significant lack of confidence and recessions, which eventually affect office markets. This paper studies past crises and their effects on downtown office market trends across the U.S. and is pivotal in the estimation of current short and medium-term market responses.

business

Assessing Key Employment Trends Driving Commercial Real Estate Development

By: Dr. Donald Jud, University of North Carolina at Greensboro
September 1, 2009

This report explains the relationship between key employment trends and the demand for office and industrial space. Drawing on Bureau of Labor Statistics data from 2000-2009, the research indicated: central-city counties vs. metropolitan fringe counties, the effect of the recession beginning in 2007 and factors influencing change in growth patterns.

green

Going Green: Tips, Tools and Examples from the Field

By: Abigail C. Johnson, Abacus Property Solutions
March 1, 2009

This research report identified various green strategies that can be used to improve the sustainability of a building while still meeting return-on-investment objectives. Included in the report are recommendations concerning: vehicular pavement; pedestrian pavement; irrigation; windows; roof; HVAC; and interior lighting.

Canada

The New Age of Trade: The Americas

By: Maria T. Sicola, Executive Managing Director, Research, Cushman & Wakefield, Inc.
January 1, 2009

The report provides strategic intelligence regarding the most significant trends shaping industrial markets across North America. Trends and issues influencing warehousing are covered, including NAFTA; the Panama Canal expansion; the role of major ports and South American growth in import and export.

Predictors

Predictors of Commercial Real Estate Development

By: Andrew G. Mueller and Dr. Glenn R. Mueller, University of Denver
January 1, 2009

This research identified the economic indicators that drive new development of commercial real estate for each property type at the national and MSA level. These indicators will help with forecasting: future demand for space and leasing; competition in specific markets and across property types; and more accurate feasibility studies for future projects.

Mixed-use

Mixed-Use Price Premiums

By: Dr. Dominic F. Minadeo, Colliers Turley Martin Tucker
April 1, 2009

This research report answers the question, "Does one square foot of office or retail in a mixed-use development garner higher rents per square foot than a comparable product in a single use development?" Eight office markets in the Southeast and Midwest were studied with mixed results.

Population

Measuring the Impact of Hispanic Population Growth on the Location of and Demand for Commercial Real Estate in the U.S.

By: G. Donald Jud, Ph.D., Bryan School of Business and Economics, University of North Carolina at Greensboro
May 1, 2008

The expected growth of the Hispanic population will impact the location and demand for commercial real estate in the United States. The report contains economic impact data for 50 states and major metropolitan areas.

Warehouse

Exploration of LEED Design Approaches for Warehouse and Distribution Centers

By: Edmund Klimek, AIA, KSS Architects
December 1, 2008

The research examined sustainable design practices particular to warehouse and distribution centers and offered recommendations organized around the LEED Core and Shell approach that could readily be achieved within standard design/construction approaches; points that address the unique characteristics of distribution centers as a building type. The report is currently under review by the U.S. Green Building Council (USGBC).

Value Property Premium: Is It Risker?

By: Kwame Addae-Dapaah, National University of Singapore and Paul Asabere, Temple University
April 1, 2008

This study revisits the value property premium anomaly by premising analysis on Tokyo office property market data from 1997Q1 to 2007Q3; which shows that property investors could substantially improve their portfolio performance by investing in value office properties.

Butterfly Spotting: An Industrial Real Estate Perspective on Globalization and Transnational Economics

By: Butterfly Spotting: An Industrial Real Estate Perspective on Globalization and Transnational Economics
April 1, 2008

Economic globalization, outsourcing, transnational property, economic base theory, global economic base category, GEBC, industrial properties

Mixed-use

An Analysis of the Feasibility of Mixed-Use Development

By: Joseph S. Rabianski, Ph.D., CRE, Department of Real Estate, Georgia State University
November 1, 2007

This report covers the factors that affect financial feasibility of mixed-use development: economic and market; financial; physical; design and public issues.

Flat

Commercial Real Estate in a Flat World

By: David Pearce Snyder
November 1, 2007

This research examined how infomating, outsourcing, home-basing, off-shoring/in-shoring, e-learning and e-tailing - can be expected to impact the staffing and facilities (and ultimately, the demand for space) of five major classes of enterprise in the five sustainable markets: retail trade; professional, scientific and technical services; employment services; finance, insurance and banking; and transportation and warehousing.

Building

Green Building Incentives That Work

By: Jerry Yudelson, Yudelson Associates
November 1, 2007

This study covered the scope of green building incentives being offered across state and local governments in the U.S. as of August 2007 to assist developers who want to build green; includes an Appendix of local government programs, policies and incentives by state and city.

Calculate

How to Calculate the Economic Contribution of Office, Industrial, and Retail Real Estate to the Local Community

By: Stephen S. Fuller, Ph.D., George Mason University
February 1, 2005

This project is comprised of a form listing the sources of the contributions that office, industrial, office/tech and retail development make to their communities through taxes, job growth, etc. and instructions on how to locate the specific information needed to fill in the form and calculate the positive economic impact to your community.

Influencer

Developing Influencer Relationships to Accelerate Development Success

By: Jonathan Feinstein, SVP, Vanasse Hangen Brustlin; Partner, Triluna; Lois Kelly, Partner, Triluna; and Walter J. Carl, Ph.D., Assistant Professor, Northeastern University
September 1, 2004

This report provides case studies of how developers have successfully worked with influencers to move new commercial real estate projects forward. Learn how to work more effectively with environmental and smart growth opinion leaders.

Boston,

The Rebirth of Older Industrial Cities

By: David Soule, Joan Fitzgerald, and Barry Bluestone from the Center for Urban and Regional Policy, Northeastern University
April 1, 2004

Strategies are offered to overcome obstacles to urban redevelopment based on five sites in Massachusetts and six key industrial sectors. This report addresses problems related to zoning, brownfields, permitting and related factors.

Atlanta,

Financing Regional Infrastructure

By: Dr. Robert Schmidt, J.D., Ph.D., Quest Technology, Inc.
January 1, 2002

This report examines infrastructure planning and financing on both a regional and local level. User charges and benefit capture methods are analyzed as well as cost of community services and growth subsidies; includes case studies on Atlanta, Las Vegas, Twin Cities and Portland, Oregon.

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