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  Memorial Day Monday gave me a perfect first opportunity to visit the recently opened Modern Wing of The Art Institute of Chicago. How lucky are Chicagoans to live in a city with a rich civic awareness supported by its citizens who share that vision and benevolently contributed to the contribution of this new wing. As incredible as is Renzo Piano’s design, the ability he has afforded all visitors to this masterpiece of contemporary museums so is the view from the galleries that face north in capturing a vision of architecture that spans from Michigan Avenue to the Lakefront. It…

  As companies retrench across the commercial real estate industry and layoffs compound by the month, it is no surprise that some professionals are giving serious thought whether they should change careers and abandon the industry altogether. The commercial real estate sector undoubtedly faces a difficult road ahead, but we can be comforted in the fact that the industry as a whole will never become obsolete. As real “tangible” property, brick-and-mortar assets are not going to go away as a major investment class, despite lower valuations. While land and building ownership may deleverage and change hands, with mortgage notes getting…

Brasil is the first country of reference in the BRIC group of fast growing developing economies – together with Russia, China, and India, hold over twenty-five percent of the world’s land and forty percent of the world’s population. Recently, I was in a meeting with a global luxury retailer who referred to Brasil as unaffected by the global recession. Surely, no country is completely unaffected – though in relative terms, Brasil is experiencing a powerful convergence of forces – political stability, optimism, natural resources and enlightened corporate leadership that is unprecedented.    Yesterday, a panel of Brasilian retail developers at the ICSC conference in Las Vegas presented their case…

  With next month’s U.S. Open back in nearby Bethpage, New York, it seems timely to consider how real estate, like golf, needs good support to create high performance over a career. Knowledgeable golfers understand the importance of Fanny Suneson, the caddie, who supported and guided Nick Faldo during his four major championships and who recently supported Henrik Stenson during his win at the Player’s Championship, golf’s “fifth major”. Additionally, “Freddie” Couples is known for his calm demeanor during stressful rounds and his clutch performances that have propelled him to captain of the American team during this fall’s Presidents Cup….

By Dr. Peter P. Kozel, Ph.D.Senior Managing Director, Consulting GroupFirstService Williams        Just like the national economy, Manhattan office market fundamentals seemed to hit a wall as 2008 ended and 2009 began. The office availability rate for Manhattan as a whole–space that is being activity marketed for leasing–increased from 9.7% at the end of the third quarter 2008 to 12% at the end of the first quarter of 2009. In Midtown, the increase in the availability rate was even larger, rising from 10.4% to 13.3%. The availability rate in Midtown is now already higher than it was in mid-2003, the…

In Real Estate no square foot is the same. When it comes to commercial property, everyone measures space differently, and depending on the measurement method used the same property will have different square footage calculations. RDM, the leading provider of building measurement solutions for over 25 years, recently has written a white paper demystifying the national building measurement methods. It is vital for the commercial real estate industry to have accurate property measurements in order to ensure maximization of revenues, especially in the current uncertain market. RDM’s White Paper aims to provide the reader with valuable information on building measurement…

  Commissioning has long been an integral part of green building and the LEED green building rating system, and basic commissioning was built into LEED for New Construction as a prerequisite for certification. Commissioning is often misunderstood, especially among owners with no commissioning experience who often avoid the practice due to fears of initial high costs.  The commissioning process offers benefits to both building owners and occupants through improved building performance and heightened occupant satisfaction. ASHRAE Guideline 0-2005 defines commissioning as a quality-focused process that focuses on verifying and documenting that the facility and its systems and assemblies are planned,…

       Attending events over the last decade organized by the IGDS – Intercontinental Group of Department Stores, the Zurich based organization of more than 30 flagship stores worldwide, has always been an illuminating global snapshot of the pulse of leading retailers across the globe. I’ve met with them in Dusseldorf, Hong Kong, London, and Manila. The summit last week in Moscow at the historic GUM department store (shopping center) adjacent to Red Square included presentations by 14 leading CEOs.              Through the lens of the financial crisis and falling revenues, forward thinking leaders at the…

It is vital for the Real Estate industry to take advantage of all the tools available in the market. Especially those free of charge. All the rage today is this program Twitter. Twitter is a social networking site that allows you to communicate to large groups of people instantly using your PC or text messaging. The website’s original purpose is to provide “a service for friends, family, and co–workers to communicate and stay connected through the exchange of quick, frequent answers to one simple question: What are you doing?” With Twitter’s exponential growth reaching 131% in March, no wonder nearly…