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NAR Reports Modest Growth in Commercial Real Estate

The National Association of REALTORS (NAR) Research Division released its Commercial Real Estate Outlook report for the second quarter of 2015 last week, along with a slick infographic summarizing the expectations for commercial real estate markets in 2015. The Commercial Real Estate Outlook forecasts critical statistics such as vacancy rates, absorption, and rent growth with data from fifty-four of the nation’s largest markets.

According to NAR Chief Economist Lawrence Yun, demand across all sectors of commercial real estate should see modest but increased demand as a result of a strong labor market and growing household formation. “The commercial real estate sector is on the path to recovery, but subpar economic growth, lack of financing available to small investors and the industry trend towards squeezing more employees into existing spaces will keep demand from meaningful acceleration,” Yun said in the NAR press release highlighting the report. “The exception is multifamily housing, which remains the best performer with vacancy rates under 4 percent in several markets in the Northeast and in California.”

The data, forecasts, and quotable’s are fantastic, but it was the infographic that caught my eye. The infographic summarizes a few important highlights from the report including changes in vacancy rates, multi-family rent growth, and “Potential Speed Bumps” to keep an eye on.

I am a big fan of good-looking infographics…especially since vacancy rates aren’t the most stimulating subject matter. Infographics are an effective tool for communicating data in a simple and practical format. On the Research Committee at NAR, we have encouraged infographics whenever practical…and the California Association of REALTORS has been using infographics for several years with One Cool Thing, a campaign featuring charts, infographics, top ten lists, and more. I look forward to sharing more infographics as they continue to grow in popularity!

Click here to read the NAR press release and Commercial Real Estate Outlook report

Click here to check out the California Association of REALTORS One Cool Thing archive of infographics

 

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Derek Recognized in REALTOR Magazine’s 30 Under 30

I am thrilled to get back into writing on a regular basis…and even more excited to jumpstart my writing with a GIGANTIC thank you to everyone who played a role in a honor I recently received. I was selected to be featured among thirty young real estate professionals in REALTOR Magazine, the official publication of the National Association of REALTORS. For the last fifteen years, REALTOR Magazine’s 30 Under 30 feature has annually highlighted young professionals from all over the nation who have demonstrated success in their careers. This diverse group of over 400 REALTORS have varied backgrounds

After receiving hundreds of applications every year, REALTOR Magazine announces a list of fifty finalists and opens the competition up for a public vote, with the top vote recipient receiving an automatic entry into the 30 Under 30. Over the course of a week and with a limitation of voting once per day, nearly 34,000 votes were cast this year for the “Web Choice Award”. I was proud and humbled to have so many colleagues, friends, and family come out and support me through voting and sharing. In the end, the process was as rewarding as the honor itself.

Since being selected as one of REALTOR Magazine’s 30 Under 30, the outpour of support has continued. I had the opportunity to meet several of my “classmates” and past honorees during the REALTORS Legislative Meetings & Trade Expo in Washington DC earlier this week. After having a chance to meet other honorees and reading the profiles of others, I am ecstatic to be chosen among such a dynamic group of creative and skilled professionals. Thank you again to everyone who voted, took the time to read the article, and supported the growth I have had over the course of my career.

For more information about the 30 Under 30 program, CLICK HERE!

Or…to read REALTOR Magazine’s profile on Derek, CLICK HERE!

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Growing Demand for Farmland

An article by Robert Rodriguez published in the Fresno Bee and Bakersfield Californian this week sheds a peek into the growing demand for agricultural land and permanent crops. Read the article by clicking here. While we have seen the powerful buying power of cash over the last two years, many Central California banks are showing a willingness to offer financing. Young almond orchards with a water well and/or secondary access to water are commanding prices over $15,000 per acre. On average, prices are up about 20% in Fresno County. In addition, tight supply is boosting prices even further.