Share2017 Commercial Real Estate Research Advisory Board Chair Mike Vachani, ABR, CIPS, started the meeting with an emphasis on the importance of members updating their NRDS member profile with the correct field of business, in order to have accurate information about NAR’s commercial membership and to capture better, more comprehensive data. Vachani lauded board members for meeting the 100% participation challenge in RPAC, noting “this is especially important as it shows commercial practitioners are in line with the rest of the membership.”
Vachani opened the floor for thoughts and feedback on any of the eight topics covered in the Commercial Real Estate ALERT report. Engaging commentary emerged on ‘Technology,’ ‘E-Commerce,’ ‘Demographics,’ and ‘Regulations.’
‘Regulations’ generated the most sustained discussion, with several members noting they can be necessary but too often overreach their intended purpose and are out of step with the current development climate. Smaller municipalities use regulations as a revenue driver but this tendency cripples community growth. In these situations, companies either opt to develop elsewhere or choose to base their projects outside of city limits. Ultimately, members see burdensome regulatory climates as an educational issue, similar to 1031 Exchanges, and think RPAC could be instrumental in communicating this message to elected officials.
“I have been traveling to this conference for the last seven years but had a completely different experience this time. We spent a good portion of the meetings diving deep into the ALERT report, analyzing technology, ecommerce, regulation, and demographic shifts and how we have to adjust the way we conduct research and sell commercial real estate. I left with a better understanding of potential industry threats and of how to adjust my business to address them. My clients were very pleased with the information I brought back.” – Mike Vachani, ABR, CIPS
2018 Commercial Real Estate Research Advisory Board Goals:
1. Explore the Implications of the Commercial real estate ALERT Report on our commercial markets and members.
2. Highlight the profile of REALTORS® in international commercial investments in U.S. markets.
3. Track the performance of small cap markets in the current real estate cycle.