Congratulations to NAI Hiffman on its multiple wins for its Management Services team in the 2013 TOBY (The Outstanding Building of the Year) Award competition, sponsored by the Building Owners and Managers Association of Suburban Chicago (BOMA/Suburban Chicago). In addition, the firm was also named to the Chicago Tribune’s list of Top Workplaces for 2013, ranking 33rd among 126 firms.
“We are very proud of NAI Hiffman for both of these achievements,” said Jay Olshonsky, President, NAI Global. “The external recognition underscores our strength in local leadership and commitment to client service, not just in the Chicago area, but throughout the NAI Global network.”
Through the prestigious TOBY program, BOMA chapters worldwide recognize properties that exemplify outstanding quality and management. NAI Hiffman won four out of six categories:
• Under 100,000 Square Feet Category: Summit Oaks in Oakbrook Terrace, managed by the team of Paul DiCosola, Tammy Sullivan, Donna Eyre, and Bill Mareska
• 100,000 – 249,999 Square Feet Category: 909 Davis Street in Evanston, managed by the team of Tom Murphy, Chris Rackham, Stephanie Crump, Scott Wilson, and Matthew Dineen
• Renovated Building Category: Edens Corporate Center in Northbrook, managed by the team of Tom Murphy, Elizabeth O’Connor, and Rodolfo Ricardo
• Suburban Office Park – Low Rise Category: Butterfield Centre in Lombard, managed by the team of Melissa Woolsey, Chris Zivalich, Donna Monterubio, Ed Cosme, and Luke Hannon
The winners will advance to a regional competition later next year. The TOBY Award is the most comprehensive program of its kind in the commercial real estate industry. All facets of the building’s operations are thoroughly evaluated during the judging process, including tenant relations programs, preventative maintenance, community involvement, emergency preparedness, energy conservation and continuing education for building personnel.
NAI Hiffman is one of eight real estate firms on the Chicago Tribune list of 126 companies and organizations as Top Workplaces 2013. These companies have been recognized as Top Workplaces based solely on surveys about the workplace completed by their employees. According to the survey, companies ranked as Top Workplaces are not only better places to work but are more likely to be successful than peer organizations.
“These awards are a testament that we have the best people and a workplace that contributes to providing optimal results for our clients” said Dave Petersen, CEO, NAI Hiffman.
The Association of Fundraising Professionals (AFP) designates November 15 as “National Philanthropy Day” as a way to acknowledge the entire spectrum of services provided by the nonprofit community.
“Deeply rooted local business leadership often goes hand-in-hand with philanthropy, and can have a profoundly positive impact on society,” said Jay Olshonsky, President, NAI Global.
Steve Martens, CEO, NAI Martens, was named this year’s Outstanding Philanthropist by the Association of Fundraising Professionals (AFP) Greater Wichita Chapter. Steve’s record of exceptional generosity, civic responsibility and the impact he’s made on his community through financial support were noted when the award was presented at a luncheon November 12.
Through his participation with human service organizations, local government, education, and economic development activities, he is committed to improving the quality of life in Wichita and surrounding communities. He is involved with: United Way of the Plains, serving as a campaign chair and later as a board chair; board member and past chair of the Kansas Cosmosphere & Space Center; Exploration Place; Wichita/Sedgwick County Task Force to End Chronic Homelessness, the founding chair of the Greater Wichita Economic Development Coalition; University of Kansas 4-Wichita Advancement Board and United Methodist Open Door.
The AFP recognized Steve as a role model to his employees, demonstrating that community service is not just a necessity, but a privilege. He cares about the community organizations his employees are passionate about and weaves those causes into his yearly planning. Steve is a leader whose actions really do speak louder than his words.
“Congratulations to Steve. We are proud that his philanthropic leadership has been recognized with this award,” said Jay.
Thank you to NAI Martens for sharing the good news with us! Please remember to let email@example.com know when your people or organization receive a special honor or recognition that we can communicate with other NAI Members.
NAI Global presented its economic outlook webcast last week. Led by NAI Global President Jay Olshonsky, the webcast featured the economic insights of Dr. Peter Linneman, Chief Economist of NAI Global.
According to Dr. Linneman, despite continuing economic and political uncertainty, US commercial real estate markets are reacting favorably, although predictably, with some sectors – notably multifamily and industrial – demonstrating improvement and growth potential.
Dr. Linneman noted that renovation of existing properties in all sectors rather than new construction is driving growth, and has helped balance supply and demand. There is a strong industrial recovery underway, led by increased demand for online warehousing, resulting in healthy vacancy levels that will continue to fall. Multifamily construction is rebounding, but is still below normal levels, and an upswing in renovations is driving capital expenditure. Underproduction from the past several years resulting in a prolonged shortage will keep rents above average, but below maximum.
In the office sector, construction and renovation projects are at an all-time low, but renovations that were deferred during the recession are back on track, even though jobs have yet to return to pre-recession levels. As a result, vacancy rates have seen a slower decline, and are expected to continue to fall as the economy improves. Office rents are above average only in cities where jobs have recovered, including Dallas, Houston, Philadelphia, Los Angeles, Chicago, San Francisco, Boston, Washington DC and New York City (downtown and midtown).
The outlook for the retail sector is slightly less optimistic, with no new net supply and shrinkage of total inventory. Retail rents remain well below average, particularly in Atlanta, Houston, Boston, Chicago, Austin, Seattle, San Diego, Washington DC, Los Angeles and San Francisco. Although hotel construction projects fell significantly nationwide except for New York City, new owners are investing capital into existing properties in deferred renovation projects. Occupancy rates indicate a strong recover is underway.
Future defaults could bring additional opportunities for investors. Dr. Linneman noted that investors should look at 2015 – 2018 as the real period of projected defaults as most CMBS loans underwritten in 2005 through early 2008 when underwriting was more lax were 10-year loans. This could result in more product across all sectors becoming available through defaults in 2016 – 2017.
Dr. Linneman concluded, “The US commercial real estate market today is doing what we expect it do in an era of political and capital market uncertainty where we are seeing very little new construction. However, when we have more clarity than uncertainty, we could see stunning economic growth reminiscent of the 1970s-80s and post-World War II.”
Look for the webcast replay to be posted on www.naiglobal.com next week and stay tuned for details on NAI Global’s 2014 Economic Outlook webcast scheduled for January.
Congratulations to Michael Blum, partner and managing broker of NAI Rio Grande Valley, on being named Easter Seals Humanitarian of the Year. The award will be presented on October 29 at a dinner honoring Mike for his years of service not only to Easter Seals but to the community as a whole.
In addition to his work with Easter Seals, including two terms as Rio Grande Valley President, Mike has been involved with dozens of community organizations throughout his career, particularly aiding children of all abilities.
“We are delighted and proud that Mike’s commitment to helping his community has been recognized with this award,” said Jay Olshonsky, NAI Global President. “One of the indisputable strengths of NAI Global is our people and their relationships within their communities — relationships that often extend beyond the business community and are just as important.”
Thank you to NAI Rio Grande Valley for sharing the good news with us! Please remember to let firstname.lastname@example.org know when your people or organization receive a special honor or recognition that we can communicate with other NAI Members.
Ronald Reagan once said, “All great change in America begins at the dinner table.” On Wednesday, September 11th, select NAI Executives, Members of the NAI Women’s Alliance and a number of VIP Clients were invited to an exclusive dinner held at Scarpetta in the historic Fontainebleau.
The NAI Global Women’s Alliance was formed in January to empower, educate, mentor, share and expand the knowledge and experiences of women within NAI. This group’s mission is to build a united group seeking professional and personal advancement within the commercial real estate industry.
“This dinner was a wonderful chance for Members of the Women’s Alliance to share success stories and realize how NAI Global enables them to expand their contacts and deal making possibilities,” said Patricia Faulkner, SVP, Client Development at NAI Global and Leader of the NAI Global Women’s Alliance.
The gathering of good company allowed a lively exchange of ideas for maximizing business opportunities. Several attendees from NAI Member firms who focus on corporate services invited their clients, including Ansari Real Estate Ventures, BH Properties and Flagler Development. They were joined by NAI Global leadership as well as several Summit sponsors, including Sherwin Williams, Trepp, Real Capital Analytics, and A10 Capital. Other notable guests included senior staff with The Beacon Council, Miami-Dade County’s official economic development partnership, and the Canadian Consulate General based in Miami.
Also in attendance was Maribel Koella, NAI Knoxville’s principal broker, and a Member of the NAI Women’s Alliance Leadership Committee. Maribel was recently named one of Real Estate Forum’s “Women of Influence” and was featured in the magazine’s cover story in the July/August 2013 issue. Congratulations to Maribel on this distinguished honor.