NETAR CMLS Blog
All too often the public perception of real estate is one-dimensional. The residential side of the business gets most of the attention. But there’s more to the real estate story. Commercial real estate is critical to the local economy even if it’s not in the spotlight.
The Northeast Tennessee Association of Realtors® commercial real estate mid-year report offers some facts, and numbers, that often go unnoticed by the public. For instance, During the first six months of this year there were 274 completed commercial sales. Those transactions – as measured by title transfers – were worth $103.3 million. That was a little over $50 million less the first half of last year even though there were more transactions this year. The biggest commercial sales so far this year was the $20 million sale of the Monarch Apartments in Johnson City and the sales of the Bristol Va. Court Yards by Marriott for $13.7 million.
Part of the data for NETAR’s mid-year commercial report comes from third-party sources. For example, the commercial sales numbers came from the Appalachian Highlands Dashboard for Real Estate Analytics, a new enterprise by Don Fenley, supported by TechPoint’s Austin Ramsey, TCI Group’s Nina Heffner, and underwritten by Jerry Petzoldt, TCI Lifestyle Investments.
An internal source for commercial lease transactions was the NETAR Commercial Multiple Listing Service (CMLS). It shows leases transactions were a 33.3 percent improvement over last year. It was the best half-year showing since 2015. NETAR’s CMLS transactions do not include lease data from other commercial listing services.
And then there were the new commercial building permits from The Market Edge in Knoxville. That report listed a total of 267 new permits during the first half of the year compared to 213 last year. Sullivan and Washington counties – the region’s largest markets – accounted for the lion’s share of new permits, while Greene Co. Tenn. and Washington Co. Va. saw noteworthy increases in the number of permits. The Washington County market saw the highest construction value gain from mid last year - up $22.3 million – while the Sullivan County increase was $8.9 million. Together new permits for those two counties totaled $83.5 million.
The full mid-year report, which includes market assessments from a panel of NETAR members who are commercial practitioners can be found at on the NETAR website in the Commercial Real Estate category that’s linked to the top of the page. https://netar.us/2019-mid-year-cre-data-shows-market-increases-realtors-have-some-reservation-about-outlook
RPR offers commercial REALTORS® an exclusive resource to conduct data property research and use forecasting and investment analysis tools. Our goal is to help commercial practitioners support their clients and customers by providing easy access to deep, powerful data and expanded listing capabilities.
Recently, RPR has announced direct partnerships with Catylist and Brevitas, which further bolstered our commercial listing totals. Today, we’re pleased to announce another strategic listing partnership with CREXi, the industry-leading public marketing platform for commercial real estate listings.
CREXi has more than 80K for sale properties and 128,000K spaces for lease. These listings will be searchable in RPR nationwide, making RPR’s commercial inventory more robust than ever before.
CREXi will integrate its data with RPR® so that RPR users can gain a more comprehensive overall research experience. Together, CREXi and RPR enable RPR commercial users to streamline, manage and grow their business.
“In the evolving world of real estate technology, it is crucial that NAR aligns with an innovative, public facing commercial listing portal that aggregates data from multiple sources, displays commercial properties and creates national exposure for our members’ listings. CREXi is an industry-leading, REALTOR®-friendly technology tool that will help advance our members-first mission for years to come,” said NAR CEO Bob Goldberg.
“CREXi is thrilled to be partnering with RPR and the National Association of REALTORS® in bringing the commercial real estate industry’s fastest growing listing platform to commercial REALTORS® nationwide,” said Eli Randel, Vice President of Operations and Strategy at CREXi.
If you’re not taking advantage of everything that RPR has to offer, today’s the day to start! Simply click here to get an overview of how RPR Commercial can improve your skills and services as a commercial REALTOR®.
October 8, 2019 | Memphis Bioworks
Arrivals and check-in + light breakfast and networking
SHAWN MASSEY, CCIM, CRRP, ALC / MAAR Commercial Council President
EVAN LIDDIARD, CPA – Director of Federal Tax Policy / National Association of REALTORS® (NAR)
Tax Benefits of Opportunity Zone Investments
CHRISTOPHER COES - Vice President, Land Use Development / Smart Growth America & Director of LOCUS: Responsible Real Estate Developers and Investors
Attracting Social Impact Investors to Make Memphis the Best Business Opportunity in the South
JOHN ZEANAH, AICP – Director / Memphis and Shelby County Division of Planning and Development
A virtual tour of Opportunity Zones in the Memphis area
10:25 am Break
EMILY LINE - Vice President of Member Experience / REALTORS Property Resource® (RPR)
REALTORS Property Resource® (RPR) OZ Map Overlay
BOB TURNER, ALC / MAAR Past President & 2019 NAR Commercial & Business Liaison
Opportunities in Opportunity Zones: Matching Investors to Projects; Project Types & Locations
SHAWN MASSEY, CCIM, CRRP, ALC / MAAR Commercial Council President
Building Thriving Communities & Dynamic Neighborhoods + The Role of REALTORS® Final thoughts + Q&A
EVAN LIDDIARD, CPA
Director of Federal Tax Policy / National Association of REALTORS® (NAR)
EVAN LIDDIARD joined the National Association of REALTORS® in 2013 after serving for more than 20 years as the Senior Tax Policy Advisor to Senator Orrin G. Hatch (R-Utah), the former chairman of the Senate Finance Committee. Evan was Senator Hatch’s lead advisor on tax policy issues, as well as issues relating to the budget, financial services, and Social Security. Before going to Capitol Hill, he was a Tax Manager in the Salt Lake City and Washington National Tax offices of Deloitte, where he worked on a variety of corporate and small business tax issues, as well as on individual and estate tax matters.
Evan received his undergraduate degree in Accounting from the University of Utah (magna cum laude). Later, while working in the Senate, he completed a Master’s Degree in Legislative Affairs from The George Washington University and then a Master’s Degree in Taxation from American University. He is currently an adjunct professor in the business graduate tax program at American University in Washington, where he teaches a tax policy course as well as a course on the taxation of real estate transactions. Evan also currently serves as a member of the Tax Executive Committee of the American Institute of CPAs.
Vice President, Land Use Development / Smart Growth America & Director of LOCUS: Responsible Real Developers and Investors
CHRISTOPHER COES has advised cities on community revitalization and sustainable and equitable economic development over the past nine years, including serving as an advisor to USDOT’s LadderSTEP Pilot Cities (Atlanta and Baton Rouge). In addition, he has facilitated numerous deal-making opportunities that have produced over $1 billion in new smart growth real estate deals. Prior to joining LOCUS, Christopher served as a Consultant for Government Affairs and Campaigns at M+R Strategic Services. As a consultant, Christopher worked with various clients including Transportation for America – a broad, diverse and unprecedented coalition advocating for a national vision for a 21st-century transportation system. For three years, Christopher served as Transportation for America’s Senior Campaign Advisor and Deputy Director. In addition to his work on transportation and real estate issues, Christopher has more than fifteen years of experience in government relations, advocacy and coalition building and program management. He currently serves as an active member of Urban Land Institute (TOD Product Council, the Real Estate Executive Council) and serves as Treasurer and a Board Director for African American Real Estate Professionals of D.C.
JOHN ZEANAH, AICP
Director / Memphis and Shelby County Division of Planning and Development
JOHN ZEANAH oversees land use, comprehensive planning, sustainability and resilience, transportation, housing and construction code enforcement. The mission of John’s agency is to develop and administer plans, programs and services that result in thriving, livable neighborhoods, connected communities, enhanced human potential, and safe and efficient buildings. He led the creation of the city’s Office of Comprehensive Planning, which developed the Memphis 3.0 growth plan. Also, as administrator for the Memphis- Shelby County Office of Sustainability, John led the development of the Mid-South Regional Greeenprint and Sustainability Plan, a vision for a regional network of connected green spaces. He also led the development of Shelby County’s Greenprint for Resilience initiative, which received over $60 million in HUD’s National Disaster Resilience Competition.
Vice President of Member Experience / REALTORS Property Resource® (RPR)
BOB TURNER, ALC
MAAR Past President; 2019 NAR Commercial & Business Liaison
EMILY LINE is passionate about conducting research studies and educating on data driven insight. In her role at Realtors Property Resource® (RPR), a wholly owned subsidiary of the NATIONAL ASSOCIATION OF REALTORS® (NAR), Emily works alongside local and state REALTOR® Associations, national real estate companies, colleges and universities, as well as a variety of technology companies to explain the role of technology and analytics within the real estate industry. Internally, Emily collaborates with the RPR Product and Development Team to execute business strategies and technology advancements based on REALTOR® feedback. Prior to joining the RPR team, she managed Development and Outreach for the Commercial Real Estate (CRE) Division of the NAR, where she provided national legislative updates, delivered CRE research and connected REALTOR® members with continuing education opportunities. Emily has been with NAR for twelve years. She also serves on the Board of Advisors for CommissionTrac, a cloud based CRE commission tracking application. Emily earned a Master’s degree from the University of Michigan and a Bachelor of Arts
degree from Albion College.
BOB TURNER’s passion is the land business – whether it is farm land, development land, or hunting and recreation land. He has been involved in the acquisition, design and zoning of numerous tracts of development land over the past 15 years as an agent, partner and developer of residential and commercial properties. Bob holds the Accredited Land Consultant (ALC) designation, which is the esteemed credential of the REALTORS® Land Institute. This designation is attained only by those land specialists that demonstrate the highest level of knowledge, experience, and professionalism. Bob and his business partner and wife Wendy own and operate several separate real estate investment businesses in addition to Southern Properties Real Estate. In 1986 he was instrumental in forming the first farmers market in Memphis at Agricenter International. He partnered with Shelby County Government to create a produce outlet for local and regional produce farmers that has been the most successful farmers market in Memphis for 32 years. Bob and his family also run a small farm operation with cows, pigs, horses, and chickens to educate his two daughters on the importance of living off of the land, how to produce your own food and learn the farm way of life. Bob has held numerous leadership positions, including MAAR President (2004), MAAR Commercial Council President (2015), and RLI National President (2016).
SHAWN MASSEY, CCIM, CRRP, ALC
MAAR Commercial Council President
SHAWN MASSEY joined The Shopping Center Group Memphis office in 2003 and became a partner in 2008 to focus on shopping center leasing and tenant representation. He has 35+ years combined experience in the commercial real estate industry and he has been involved in every phase of an asset’s life cycle. In the urban and rural markets, Shawn has led the retail leasing effort on a variety of retail projects from large power centers, mixed- use developments (including; Crosstown Concourse, The Lake District, Binghampton Gateway), to single tenant buildings. He works with tenant clients looking for high-performing retail sites and landlords in providing a dynamic leasing program for their properties. Shawn has a BBA in Marketing and an MBA in Finance and Real Estate from The University of Memphis. Shawn is an adjunct professor at The University of Memphis where he teaches a Master’s level class in Real Estate Development, Sustainability and Investment. He has served on various Boards in Memphis, including Habitat for Humanity, the Binghampton Development CDC Retail Committee and the Fogelman College of Business and Economics Advisory Board. Shawn is a founding Board member and past Chairman of the Board for the Memphis Business Academy Charter Schools (K – 12th grade) in the Frayser area.
CHICAGO (August 1, 2019) – Realtors Property Resource® (RPR), a nationwide data resource and a wholly-owned subsidiary of the National Association of REALTORS® (NAR), is pleased to announce the addition of Qualified Opportunity Zones (QOZ) to its platform. This powerful data layer will allow REALTORS® to use RPR’s map interface to analyze and search for properties within the 8,700 Opportunity Zones throughout the U.S.
Created in 2017 as part of the Tax Cuts and Jobs Act, the purpose of the federal government’s QOZ program is to drive economic growth through long-term investments in economically disadvantaged communities. Designated as “Opportunity Zones”, these areas present opportunities for real estate investment and development by offering tax incentives to investors.
“With the Opportunity Zone initiative poised to transform American communities that have long been shunned by investors, NAR has developed resources to help facilitate and expedite investments in these areas. As our work continues, REALTORS® are committed to ensuring Americans can take full advantage of this valuable new initiative”, said Joseph Ventrone, NAR Vice President, Federal Policy and Industry Relations.
Through RPR, REALTORS® will search a geographic area, then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify. REALTORS® can then analyze all properties that fall in the Opportunity Zone, review economic and demographic statistics for the area, and create reports for investors about the buying potential. They will also be able to reach out to residents and business owners in the area about selling advantages through RPR’s recently launched Mailing Labels feature.
“These Opportunity Zones encourage private investment into low-income communities, with the intent of stimulating economic growth and job creation,” said Bob Turner, NAR’s 2019 Commercial Liaison and RPR Advisory Council Member. “Residential practitioners will notice homes that fall within Opportunity Zones gain a boost to their marketability because of increased attention, while Commercial practitioners will likely see properties once being skipped over turn into desirable investment opportunities.”
Under the program, taxpayers who reinvest capital gains from a previous sale into a fund for investing (called “Opportunity Funds”), are eligible to defer paying taxes on those gains, and can potentially reduce their tax liability by 10 – 15% (based on the amount of time they hold the investment). Additionally, if the investment is held for at least ten years, any appreciation on it is tax-free.
“I’m very excited to see RPR offer REALTORS® another tool to help us serve our clients,” said Deena Zimmerman, Vice President of SVN in Chicago, IL. “The benefits of Opportunity Zones are broad, and with the tax benefits on the table for investors, we should see increased attention to properties in these areas.”
In addition to REALTOR® cost savings, this partnership is exciting because RPR has collaborated with Brevitas so members can easily work between both platforms. So regardless of where REALTORS® choose to start, there’s an ease of use for moving between RPR and Brevitas applications. Let’s say a REALTOR® goes to brevitas.com and finds a property that is of interest and wants to dive into RPR public records or research the demographics. As long as the REALTOR® is logged into Brevitas using the NAR sign-in portal, RPR features are available for continued research.
Now let’s say that the REALTOR® starts their process inside of RPR. Maybe they are using one of the RPR site selection tools and in that process land on one of the 37,000 Brevitas listings now available in RPR. The property will include a link to the listing agent’s contact details and will be directed back to the listing on Brevitas. This action will allow the REALTOR® to review the listing agent’s remarks and attachments for more details or make a request for more information.