AI is Changing the CRE Game: Here’s 5 Ways

CRE industry leaders using artificial intelligence to analyze and apply data to decision making saw productivity increase of up to 6% compared to competitors.

In a study by Harvard Business Review about the revolution of big data as a management tool, it was found that artificial intelligence used to analyze and apply data to decision making by those at the top of the CRE industry saw an increase of up to 6% in productivity compared to their competitors.

AI is changing the CRE game in several different ways and in turn, having an impact on all CRE sectors in different ways.

Read more from NAI Global

 

 

Nine Proven Strategies To Make 2018’s Peak Rental Season Vacancy-Free

In much of the country, the start of peak rental season is just a handful of weeks away, meaning that now is the time to get ready for the rush.

The beauty of peak season is that more people are looking for places to live, which means your pool of potential applicants is bigger — but the flip side is that all of your current tenants are also more likely to move on.

Whether this is your first peak season or your fiftieth, these nine strategies can help minimize the chances that any of your units sit empty, even when turnover is high.

Read more from Forbes

 

 

Scott Wiener’s controversial housing bill gained a big supporter in BART

The fight over SB 827, a proposed law from California State Sen. Scott Wiener to upzone development sites near transit centers, has supporters and detractors lining up in due course.

If approved by the legislature, the law would limit local control over density, parking spaces and heights for housing projects within a certain distance to transit stops. Proponents of the law pitch a symbiosis between housing development and transit options, with the proximity of the two mitigating traffic congestion.

Recently, the effort to pass the law added the region’s most heavily trafficked public transportation system as a proponent: Bay Area Rapid Transit. Earlier this month the BART Board narrowly voted 5-4 to support the measure.

In many cases, building on transit agency sites takes decades, with negotiations with multiple government agencies, substantial community input, difficulties with financing and expensive parking requirements all playing a role.

BART has shown a willingness to support transit oriented development before, approving a policy in 2016 that encourages 20,000 homes to be built on its land by 2040.

Read more from San Francisco Business Times

 

 

Dorm living for professionals comes to San Francisco

The middle-class backbone of San Francisco is looking to move into dorms.

In search of reasonable rent, the middle-class backbone of San Francisco — maitre d’s, teachers, bookstore managers, lounge musicians, copywriters and merchandise planners — are engaging in an unusual experiment in communal living: They are moving into dorms.

Shared bathrooms at the end of the hall and having no individual kitchen or living room is becoming less weird for some of the city’s workers thanks to Starcity, a new development company that is expressly creating dorms for many of the non-tech population.

Starcity has already opened three properties with 36 units. It has nine more in development and a wait list of 8,000 people. The company is buying a dozen more buildings (including one-star hotels, parking garages, office buildings and old retail stores), has raised $18.9 million in venture capital and hired a team of 26 people. Starcity said it was on track to have hundreds of units open around the San Francisco Bay Area this year, and thousands by 2019.

Read more from The New York Times

 

 

Exclusive: A 102-year-old East Oakland warehouse has been reborn as offices and artist studios

The project is one of East Oakland’s biggest in years.

The property at 2744 E. 11th St. opened in 1916 as a cannery for H.G. Prince, a company that invented a method to remove pits from fruits – a fitting use in a neighborhood once known for its orchards. Decades later, Lucasey Manufacturing Corp., a maker of television mounts, bought the building and stored products there, part of the blue-collar industry of Oakland.

Another transformation will happen next month, when the building reopens as more than 100,000 square feet of offices, industrial and artist space called Artthaus Studios.

The project will be one of the largest new developments in East Oakland. It is the largest source of modern, renovated artist and maker space in the area, said Riaz Taplin, CEO of Riaz Capital, the project’s developer, general contractor and designer.

“Oakland has really taken this new role within the Bay Area as the home of the creative community. So creating a building to accelerate the innovation of those types of businesses and people and creators and artists was the goal in creating Artthaus Studios,” said Taplin.

Taplin believes the project provides three benefits for smaller businesses and creative companies: It creates collaboration by concentrating various businesses in the same building, it provides a new facility near a BART station and it’s relatively affordable for new space.

“We wanted to tailor the spaces to be for small, young businesses — entrepreneurial, small businesses, ideally in the creative industries,” said Taplin. “We wanted to create an environment, which made them competitive. We want to make it easy to collaborate. We wanted to make it easy for them to seek out customers.”

Read more from San Francisco Business Times

 

 

 

Chase Center starting to look like an arena

Future home of the Warriors comes to life

It’s been a full year since the Chase Center, future home of the Golden State Warriors, broke ground in San Francisco’s Mission Bay. And now—at last—it’s beginning to take shape, with a visible arena oval, giving a clear sense of what’s to come.

Only three months ago it didn’t look like much. What a difference three months make. Roughly 450 workers per day work to construct the billion-dollar project

The Chase Center isn’t scheduled for completion until the end of 2019, so this project will take its time. Once completed, the 18,000-seat arena will also boast 100,000 square feet of retail and restaurant space, as well as five-plus acres of public waterfront park.

Read more from Curbed SF

NAI Northern California – NAI Office Spotlight 2018

NAI Northern California is pleased to announce our NAI Office Spotlight feature by NAI Global.

The NAI Office Spotlight highlights different offices each month. It is designed to help make NAI professionals and clients aware of each office’s particular strengths and capabilities that can benefit them.

Get to know NAI Northern California!

Can your spare bedroom help solve Oakland’s homelessness crisis?

OAKLAND — For everyone who has ever passed one of this city’s sprawling homeless encampments and wondered how to help, Mayor Libby Schaaf has an answer — open your door to someone in need of shelter.

The Oakland mayor is asking residents to offer their spare rooms, Airbnb units and rental properties to the city’s homeless, a radical proposition that has prompted both cautious optimism and scathing criticism from her constituents. Some landlords worry taking in down-on-their-luck tenants could backfire, and skeptical homeless advocates say this Band-Aid of a solution doesn’t solve the larger problem. But others, watching Oakland’s homelessness crisis grow to devastating proportions, say now is the time for outside-the-box thinking.

Read more from East Bay Times

Brett Stratton joins NAI Northern California as Managing Director in Oakland to lead growth in the East Bay

SAN FRANCISCO, CA – October 31, 2017–  NAI Northern California is pleased to announce that Brett Stratton has joined as Managing Director based at the firm’s downtown Oakland office. Brett brings over 20 years of real estate industry experience on a national level including multifamily investment properties, contract negotiations, and brokerage operations. His previous background includes roles with startups Owners.com and Movoto as well as real estate players like KB Home and Coldwell Banker.

“With demand and prices on the rise in Oakland and other cities throughout Alameda and Contra Costa counties, NAI Northern California is really focused on growing our service coverage to meet the market. Brett’s real estate experience and team building expertise will definitely be key in driving exponential market share growth throughout the East Bay,” remarks NAI Northern California President, James Kilpatrick.

NAI Northern California’s momentum in the East Bay Area is already gaining this year. The brokerage closed just over $93 million in real estate transactions across the East Bay Area in 2016. Already in 2017, the team has nearly doubled sales volume in the region to over $173 million year to date.

 

About NAI Northern California

NAI Northern California is a progressive, tech enabled, full service commercial real estate firm serving the Bay Area. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, we are committed to delivering best in class services for our clients.

www.nainorcal.com

Download full press release PDF here

SF and several other Bay Area cities lobby for Amazon headquarters

Thursday was the deadline for cities to submit a potential site to Amazon for its upcoming, Apple UFO-like $5 billion new North American headquarters, a secondary hub that the company says will compare in size and scope to its existing Seattle headquarters.

Naturally, Bay Area cities are clamoring to draw company CEO Jeff Bezos’s eye. In all, nine local cities want to attract Amazon with prime real estate, including a coalition of seven cities, dubbed the Northern Arc, who submitted jointly.

Read more on Curbed SF