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Equity Office Daily Brief: March 2, 2016

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Daily Brief

March 02, 2016

  EquilityOffice

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Cresa Hires Former Cushman Executive as CEO

Wall Street Journal

 

Cresa, a commercial-real-estate services firm that says it is one of the few brokerages that doesn’t suffer a conflict of interest, has hired a former senior executive of Cushman & Wakefield as chief executive. James Underhill, who had been head of the...

 


How is the aerospace industry in Southern California? New report has the numbers

Daily Breeze

 

Southern California’s aerospace industry plays a big part in the region’s economy and it’s powered by “a deep ecosystem of talent.” That’s the upshot of a new report and survey from the LAEDC Institute For Applied Economics, a division of the Los Angeles...

 


Yahoo to Leave Burbank Offices

San Fernando Valley Business Journal

 

Yahoo! Inc. is moving its search marketing division out of its Burbank campus to consolidate with operations in Playa Vista, a spokeswoman for the company said. The Sunnyvale-based technology company is also eliminating 90 positions from the Burbank location, according to a...

 


Are tech workers fleeing S.F.? Affordability may be driving them elsewhere

San Francisco Business Times

 

The Bay Area is as hot as ever for tech hiring, but affordability and quality of life issues may be increasingly driving high-skilled workers to look elsewhere. That new competition is coming from “smaller, mid-sized cities” that provide a higher standard of...

 



BLOG & ONLINE NEWS

 

Outlet center growth signals malls aren't dead

CNBC

 

For traditional retailers and the malls in which they reside, the game of chicken that consumers are playing on price has had major repercussions for their sales and profitability. But for one property owner, this same shopper reticence is instead fueling its...

 


Todd Tydlaska leaves HFF to return to CBRE

The Real Deal

 

The commercial broker shakeup in Los Angeles is going strong. In the latest chapter, Todd Tydlaska has returned to CBRE after leaving for HFF just last spring, The Real Deal has learned. Tydlaska will fill part of the hole left by...

 


Real estate's new "it" position: Chief of staff

The Real Deal

 

Hear the words “chief of staff,” and one may conjure up an image of Rahm Emmanuel preparing for a battle with lawmakers, or, for “The West Wing” fans, Leo McGarry giving President Bartlet a pre-SOTU pep talk. But in recent years,...

 


Green Roofs Are on the Rise

CBRE

 

With benefits that include better runoff management and energy efficiency, green roofs are catching on across the globe. In 2015, the French government passed a law mandating that all new commercial buildings must feature green roofs partially covered with either plants or solar panels. The...

 


How E-commerce Is Really Changing Industrial

GlobeSt.com

 

E-commerce and shifting consumer buying habits are impacting where, what type and what size industrial real estate is being built, Tompkins International CEO James Tompkins, Ph.D., tells GlobeSt.com. Tompkins is delivering a keynote address entitled, “E-commerce Driving Industrial Opportunities” during NAIOP’s...

 

FULL TEXT


Cresa Hires Former Cushman Executive as CEO

Wall Street Journal

 

Cresa, a commercial-real-estate services firm that says it is one of the few brokerages that doesn’t suffer a conflict of interest, has hired a former senior executive of Cushman & Wakefield as chief executive.

James Underhill, who had been head of the Americas division of Cushman & Wakefield until late 2014, will succeed Richard Rhodes, who became Boston-based Cresa’s interim chief executive last year. Mr. Underhill says that he will oversee a new strategic plan to double Cresa’s revenues and employees in five years.

Cresa’s revenues were $295 million in 2015, up from about $280 million in 2014, the firm said.

The firm is a network of more than 70 independently owned offices throughout the world. Members of those offices, in turn, own Cresa, which only represents tenants and says its competitors who represent both landlords and tenants are conflicted.

“The local ownership focus that had previously was more on building in local markets than it was on executing a master plan for the overall company,” Mr. Underhill said in an interview Tuesday.

Mr. Underhill, an industry veteran who worked at Cushman for about seven years, is taking Cresa’s helm at a time of consolidation in the real-estate services industry. Big firms like CBRE Group Inc., JLL and Newmark Grubb Knight Frank are on acquisition binges.

Meanwhile, Cushman, now owned by a group led by private-equity firm TPG, is widely believed to be planning an initial public offering.

Cresa, which has about 1,000 employees in its network, is looking at ways to finance its expansion through borrowing and “restructuring,” Mr. Underhill said, who started advising Cresa’s board last fall. “They wanted an outsider who had a bigger and different perspective,” he said.

Mr. Underhill declined to elaborate on Cresa’s restructuring plans or how much capital it planned to spend.

But Mr. Underhill said that Cresa “continues to bring more partners into the parent company” and that the firm is “looking at different configurations of the company that would give us greater capital availability.”

Cresa has long contended that real-estate firms that only represent tenants do a better job because they aren’t concerned about getting leasing assignments from landlords on the other side of the negotiating table.

Mr. Underhill said he agrees with that, although he acknowledged that he “probably wouldn’t have given you that response” when he was working at Cushman.

“If you’re doing your job as a tenant adviser, you probably will bloody some noses in the process,” he said. “If you’re a full-service firm, you’re also thinking about getting that next listing from the owner.”

-Write to Grant at .grant@wsj.com

How is the aerospace industry in Southern California? New report has the numbers

Daily Breeze

 

Southern California’s aerospace industry plays a big part in the region’s economy and it’s powered by “a deep ecosystem of talent.”

That’s the upshot of a new report and survey from the LAEDC Institute For Applied Economics, a division of the Los Angeles County Economic Development Corp. The information was released Tuesday in coordination with the San?Diego Regional Economic Development Corp.

The report notes that in 2014 the aerospace industry represented 85,500?direct jobs in Southern California, 14?percent of the total U.S. employment in that sector. All told, Southern California’s aerospace industry generates 245,770?jobs, including positions within its supply chain.

The report also incorporates the results of a survey and in-person interviews with 192?aerospace companies in Southern California.

Thirty-five percent of the businesses said they had boosted their employment over the past three years, while only 11?percent said they had reduced their payrolls. Better yet, 43?percent expect to add jobs over the next 12?months and only 6?percent anticipate cutbacks.

The Southland also is becoming a center for guided missiles and space vehicle manufacturing, with related employment up by more than 64 percent since 2004. In fact, nearly a quarter of all the nation’s jobs in guided missile and space vehicle manufacturing are located in Southern California.

The report highlights several factors that make Southern California a desirable place for aerospace firms to do business. They include:

•A deep ecosystem of aerospace talent, suppliers, specialized service providers

•An active defense sector

•Engineering prowess

•A culture of technological innovation, risk-taking and entrepreneurship

•Aerospace targeted educational programs and job training

Boeing, which employs more than 16,000?workers throughout Southern California, is highly dependent upon the local pool of talent.

“Engineering is very critical to what we do day in and day out,” company spokeswoman Tiffany Pitts said. “Southern California alone has more engineers than any other state. There are 13?universities within a 60-mile radius of our facilities in Seal?Beach and Long?Beach.”

Alloy Aerospace Inc. in North Hollywood is definitely holding its own.

“A big part of what we do is noise abatement,” company President Mark Rooke explained. “The FAA and the federal government have mandated certain noise levels for planes, and many that were built 15?years or more ago don’t meet those new noise regulations. We can install high-temperature metal alloys in the exhaust system that act as an acoustical buffer to lower the decibel level.”

Alloy Aerospace provides noise-buffering systems for a range of commercial aircraft, including Boeing jets, Gulfstream jets and Learjet.

“The aerospace business is big in Southern California, although it’s not as visually huge as it used to be because several companies moved out,” Rooke said. “But those companies still rely on businesses here in Southern California.”

Aerospace has historically been dependent on government-funded contracts. But budget constraints, cost pressures and political challenges have whittled away at that revenue stream.

The U.S. government has not initiated as many significant new weapons programs as was once common for the industry, and the recent award of an $80?billion Long Range Strike Bomber contract to Northrop Grumman is a rarity in terms of scale.

And the scale is big. It’s expected to bring about 6,500?jobs to the Antelope Valley when the planes are built at Plant?42 in Palmdale.

President Obama’s 2016?budget anticipates an increase in mandatory spending (including entitlements and health care) of 2.5?percent of GDP through 2020. But national defense expenditures are expected to decline by 2.1?percent of GDP over the same period.

Cost overruns in recent contract deliveries also prompted the Department of Defense to issue more fixed-price contracts, which often squeeze the profit margins at aerospace firms, prompting companies with higher production costs to move to lower-cost locations.

The report also highlights the fact that Southland aerospace firms are competing in a global marketplace.

Nearly 35?percent of businesses surveyed identified their primary customers as being outside the U.S., and almost 20?percent identified their primary suppliers as being outside the U.S.

-Kevin Smith

Yahoo to Leave Burbank Offices

San Fernando Valley Business Journal

 

Yahoo! Inc. is moving its search marketing division out of its Burbank campus to consolidate with operations in Playa Vista, a spokeswoman for the company said.

The Sunnyvale-based technology company is also eliminating 90 positions from the Burbank location, according to a Worker Adjustment and Retraining Notification filed with the state Employment Development Department. Those layoffs are effective April 18.

Yahoo Chief Executive Marissa Meyer announced early this month that the tech giant would have to cut 15 percent of its 11,000 employees as it tries to revamp its core Internet business.

Spokeswoman Carolyn Clark could not say how many employees would be making the move to Playa Vista. The move is expected to be completed by early April, she added.

Search marketing uses an auction model for businesses to bid for prime space in search results. Yahoo Search Marketing began in Pasadena as a start-up called GoTo.com and later changed its name to Overture Services. Yahoo acquired the company in 2003.

The search marketing division moved to Burbank in 2006 from Pasadena. At that time it had a staff of 1,200-plus, making it the largest employer at the 19-acre Media Studios North office park on Empire Avenue near the Burbank Bob Hope Airport.

Over the years, however, layoffs due to restructuring resulted in that high number to dwindle to less than 300 employees.

-Mark Madler

Are tech workers fleeing S.F.? Affordability may be driving them elsewhere

San Francisco Business Times

 

The Bay Area is as hot as ever for tech hiring, but affordability and quality of life issues may be increasingly driving high-skilled workers to look elsewhere.

That new competition is coming from “smaller, mid-sized cities” that provide a higher standard of living than the infamously expensive Bay Area, according to data from the job search site Indeed.“We saw, to our surprise, a very strong trend towards opportunities in other regions, other states,” said Paul D’Arcy, senior vice president at Indeed. San Francisco is "still the global center for talent, but there’s new competition for companies in the region.”

The trend of talent fleeing our high-priced region has accelerated since January 2015, with a 31 percent increase in "outbound search," meaning Bay Area-based candidates looking for opportunities outside of the region, according to Indeed.

The percentage of workers in the 31-to-40 age bracket was even higher, with a 45 percent bump in outbound search.

“It’s a pretty significant increase," D’Arcy noted.

Quality-of-life concerns may be driving an interest in regions like Austin, Seattle and Denver, which are three of the most popular cities outside the region for tech job seekers.

“Talent living in very expensive areas are looking to smaller cities with a higher quality of life,” D’Arcy said. “In a very strong talent market, if the cost of living is high, if traffic is challenging, people are optimizing around happiness and quality of life.”

Demographic factors – millennials advancing in their careers and interested in starting families – may play a role.

But, D’Arcy noted: “It’s broader than that. It’s becoming easier for people to live wherever they want and to work where they want.”

Local companies are getting wise to this and opening their own offices in smaller markets as a way to keep talent that might not want to stay in the Bay Area.

San Francisco startup Gusto opened a Denver office in July. Gusto, which jumped into the health insurance and workers' compensation business along with payroll and related HR services, said it'll "be hiring more than one thousand people over the coming years in Denver," on a company blog.

-Annie Gaus

Outlet center growth signals malls aren't dead

CNBC

 

For traditional retailers and the malls in which they reside, the game of chicken that consumers are playing on price has had major repercussions for their sales and profitability.

But for one property owner, this same shopper reticence is instead fueling its growth.

As retailers across the U.S. shutter hundreds of locations — sometimes leaving empty malls in their wake — Tanger Factory Outlet Centers continues to break ground on new properties.

After opening four new centers in 2015, and with two more set to open by year-end, the company that 35 years ago pioneered the outlet space is gearing up to open one or two new centers annually over the next two to three years.

Tanger's road map for growth comes as traditional retailers flock to the discount space, as they try to rejuvenate slumping sales at their full-price stores. But it also comes amid concerns that retailers are relying too heavily on the outlet and off-price channels to drive sales, which could serve as a detriment to their brand equity and profitability long term.

For now, at least, the economics of the outlet model support Tanger's plans. According to the International Council of Shopping Centers' Value Retail News, average center sales reached $546 per square foot in 2015, compared to $532 a foot two years earlier.

"Consumers love to shop in the outlets," Steve Tanger, president and CEO of Tanger Factory Outlet Centers, told CNBC. "It's the only retail distribution channel where they can buy direct from the manufacturer and cut out the middle man."

After opening locations near Memphis, Tennessee; Savannah, Georgia; Mashantucket, Connecticut; and Grand Rapids, Michigan, last year, Tanger will open a new outlet center near Columbus, Ohio, in June, and another in Daytona Beach, Florida, ahead of the holidays.

Of the centers opened last year, all were at least 95 percent occupied as of the end of December. This high rate of tenancy, consistent with the North America industry average, is reflected in the company's overall financials, and contributed to its 35th straight year of 95 percent or more occupancy.

"We're going carefully around the country trying to see markets that are underserved," Tanger said.

The company is also identifying properties where, due to their age or changing area demographics, it can divest certain centers. In 2015, Tanger sold six of its smaller centers, which had an average age of 24 years, including a divestiture of its ownership in a joint venture partnership involving a Wisconsin property.

The sales generated $166.3 million for the company, and brought down the average age of its portfolio. (Its remaining locations averaged 16 years.) Having younger properties in its portfolio means Tanger needs to spend less money revamping older properties, which sometimes might not be worth the additional cash infusion.

Already in 2016, after receiving a call from a local entrepreneur, the company also completed the sale of a small center in Fort Myers, Florida, for $26 million.

"We're very comfortable with the fleet that we have," Tanger said, adding that the company has no properties on the market for sale. He did note, however, that as seen with the Fort Myers property, local entrepreneurs sometimes inquire about specific properties.

In all, Tanger operates 42 centers across 21 states. But while outlets are the sole focus of Tanger's portfolio, it isn't the only developer eyeing the space. According to Value Retail News, 24 outlet centers are scheduled to open in the United States this year.

Though such rampant growth could raise some eyebrows — particularly as industry experts argue the U.S. already has too much retail space — Tanger said the growth is measured. Whereas there were about 200 outlet centers in the U.S. last year, that compares to roughly 1,100 enclosed malls.

"It's very controlled, rational growth," Tanger said.

The fundamentals at outlets continue to improve for property owners, as more retailers view them as a method to juice up sales. Tanger last year saw a 22.4 percent increase in its average base rental rates, on top of a 23 percent rise the prior year. This lift was driven by both new tenants signing leases and renewals.

Some have cautioned that rising rents in the outlet space, which by nature generate lower sales volume, could eventually come back to hurt property owners, as they could throw off the economics for retailers looking to rent space at these traditionally lower-cost properties. In that vein, Tanger's average tenant sales were flat in 2015.

Still, the company's CEO emphasized that outlets have the lowest cost of occupancy in the mall sector.

"We are a very profitable distribution channel for our tenant partners," he said.

Other concerns about the proliferation of outlet centers include what Robin Lewis, CEO of The Robin Report, calls a "race to the bottom." By opening outlet stores, Lewis and other analysts argue that retailers run the risk of confusing shoppers, and diluting the power of their full-price brand. That, in turn, could make it more difficult for them to generate sales on full-price items at their traditional stores, as shoppers could decide to shop only their lower-cost assortment.

On the flip side, retailers have argued that these channels are a means of attracting new customers to their brand, and that once they have a more sizable disposable income, they will trade up to their full-price products.

A recent study conducted by Gonca Soysal, an assistant professor of marketing at The University of Texas at Dallas, and Lakshman Krishnamurthi, a professor at Northwestern's Kellogg School of Management, backed up that thesis. The research, which examined data from a specialty apparel retailer with more than 400 traditional stores and 100 outlet stores, did not find evidence of cannibalization or brand dilution.

However, the researchers cautioned that one reason behind their findings could be that the retailer they studied successfully differentiated and separated its two store types.

"When positioned properly, outlet channels can bring in not only incremental dollars from customers who would otherwise not buy from the regular retail stores, but it also serves as an entry point for certain kinds of customers," Soysal wrote.

-Krystina Gustafson

Todd Tydlaska leaves HFF to return to CBRE

The Real Deal

 

The commercial broker shakeup in Los Angeles is going strong. In the latest chapter, Todd Tydlaska has returned to CBRE after leaving for HFF just last spring, The Real Deal has learned.

Tydlaska will fill part of the hole left by powerbroker Kevin Shannon, who shocked the industry when he left in January for Newmark Grubb Knight Frank — bringing 13 team members with him. Tydlaska is not a direct replacement for the former vice chairman, however, and will fill a lower role as executive vice president.

Tydlaska will focus on institutional office investment sales throughout the West Coast with particular focus on the Los Angeles and Seattle markets, according to a statement from CBRE.

He will partner with Sean Sullivan, currently an executive vice president in CBRE’s San Francisco office. Both Tydlaska and Sullivan will work out of the real estate giant’s El Segundo office, where they will partner with Mike Longo, according to CBRE. Mike Longo is the only remaining member of Shannon’s former team.

It’s unclear whether or not CBRE is seeking a direct replacement for Shannon.

The third time may be the charm for Tydlaska.  This is his second time coming back around to CBRE after jumping to another brokerage. The first time, it was a two-year stint at Eastdil Secured. Then he returned to CBRE to work under Shannon until leaving for HFF last year.

HFF and Tydlaska could not be reached for comment.

-Hannah Miet

Real estate's new "it" position: Chief of staff

The Real Deal

 

Hear the words “chief of staff,” and one may conjure up an image of Rahm Emmanuel preparing for a battle with lawmakers, or, for “The West Wing” fans, Leo McGarry giving President Bartlet a pre-SOTU pep talk. But in recent years, the position has also become a popular one at development firms.

“Typically what I’ve seen from the chief of staff role within the real estate world is, it’s a right-hand person to the CEO or other chief executive,” said Bob O’Brien, the head of global and U.S. real estate services at Deloitte.

“It’s generally a young, up-and-coming talent – someone with potential to be in the C-suite a little further on in their career,” he added. Firms in New York that have embraced the role include Time Equities, Megalith Capital Management and Forest City Ratner.

Corporate chiefs of staff aren’t necessarily new. O’Brien said he knows CEOs today who started out in the right-hand role decades ago. But more and more real estate firms are finding the position to be valuable for grooming future leadership and to ensure that those at the top only have to deal with the most important decisions.

Time Equities’ Francis Greenburger runs a company that oversees some 22 million square feet of real estate and development projects nationwide, including the $1.1 billion 50 West condominium tower in the Financial District. A few weeks ago, he tapped Natalie Diaz, the company’s former public relations director, for the chief of staff position.

“The idea came from Francis basically needing more support than just administrative help – something more substantive,” Diaz, who started at the firm as an executive assistant over four years ago, said.  “My role is really going to be prioritizing decisions and following up on zillions of open-action items on any given day.”

Those tasks include qualifying information before it gets sent to Greenburger for approval, overseeing projects on his behalf and reviewing and clarifying budgets so that there’s less back-and-forth.

“The more I can resolve something and say, ‘This thread has been closed,’ . . .  that’s just one less thing that needs to go back to Francis once it’s resolved,” she said.

Lexie Hearn joined Megalith Capital Management in 2013 after a stint at a Connecticut-based hedge fund. Her former company had a chief of staff position, and after one year at Megalith she discussed the position with CEO Sam Sidhu.

“I was the second hire to the company; I’d actually have to go back and look at what my title was back then,” she said with a laugh. “I came on to support Sam, and as the firm is growing and relationships with our partners are growing, it’s important to have a person that can help the CEO or other C-suite members put out fires.”

In just a few short years, Megalith has put together a development portfolio of roughly 1 million square feet, including a 25-story condo project on the Upper West Side with partner Extell Development.

While CEO, COO and CFO are ingrained in the corporate lingo, and even newer titles like chief technology officer (CTO) are catching on, there’s still some ambiguity among colleagues about just what the chief of staff does.

“I think one of the common questions I get is, ‘What’s the difference between you and a COO,” said Leslie Fox, who was promoted to chief of staff at the International Council of Shopping Centers when new CEO Tom McGee joined the trade association last year.

“It’s distinct from the COO in that I’m not looking at the day-to-day components necessarily,” Fox said. “I’ll work with the COO on HR components, and I might work with the CFO on financial issues.”

Some chiefs of staff at real estate firms come from the public sector, where the position is ubiquitous.

Clare Newman worked on real estate dispositions for the New York City Economic Development Corporation and then later at Blooomberg Philanthropies before she joined the Brooklyn Navy Yard Development Corporation in 2014.

Ashley Cotton worked with then-Attorney General Andrew Cuomo and Mayor Michael Bloomberg before she joined Forest City Ratner in 2012 as vice president of external affairs. When MaryAnne Gilmartin rose to CEO the next year, she tacked on the chief of staff title to Cotton’s resume.

“I think the proxy example rings true,” Cotton said. “Listen, I have a sense of her judgment and I’m close enough to her professionally where I can help make decisions and say, ‘Yeah, yeah, yea – MaryAnne will be fine with that.’”

Many chief of staff roles in the industry are held by women, which may not be a coincidence, Deloitte’s O’Brien said.

“I do think the real estate industry recognizes it has trailed other industries in terms of moving women into senior executive roles, and a number of real estate CEOs I talk to are committed to changing that,” he said. “There may be an inclination to find talented women who can ultimately be C-suite executives.”

Correction: A previous version of this story incorrectly identified Bob O’Brien’s company.

-Rick Bockmann

Green Roofs Are on the Rise

CBRE

 

With benefits that include better runoff management and energy efficiency, green roofs are catching on across the globe.

In 2015, the French government passed a law mandating that all new commercial buildings must feature green roofs partially covered with either plants or solar panels.

The new law has drawn considerable attention since its passage, but France is hardly alone in its promotion of such roofs. Countries and municipalities around the globe have, for years now, been driving the adoption of green roofs via various mixes of legislation, subsidies and other incentives.

In fact, to find the world’s foremost user of green roofs, one should look not to France, but right next door—to Germany, says Brad Rowe, a professor in the Department of Horticulture at Michigan State University and head of the school’s Green Roof Research team.

“Germany is by far the leader,” Rowe says, noting that this is largely due to how the country typically structures its storm water service fees.

Dealing with runoff from rain storms is a major challenge, particularly for large municipalities with significant amounts of impervious surfaces such as paved streets and traditional roofs. Indeed, says Rowe, managing storm water runoff is the primary rationale for installing green roofs.

The way a locality charges for storm water services can be a main driver in property owners’ decisions to install green roofs. In many parts of Germany, Rowe says, storm water fees are assessed based on the amount of impervious surface a property contains, meaning that a building owner directly captures the economic benefit of installing a green roof.

On the other hand, in countries like the United States, where storm water fees are often incorporated into broader utility fees, a building owner’s decision to install a green roof is more of a general community benefit, less directly impacting that specific owner’s bottom line, according to Rowe.

Which is not to say that all U.S. localities have chosen to structure their systems this way. According to a 2014 report from law firm Arnold & Porter, more than 1,400 U.S. municipalities charge storm water fees, with most of them offering credits to building owners who install features including green roofs to help manage runoff.

And then there is the recent French approach of legally mandating green roofs, a tactic also used in places like Toronto, which in 2009 became the first city in North America to pass a law requiring green roofs as part of new development.

Whether it makes financial sense for owners or builders to include green roofs depends on the exact mix of laws and incentives governing their locality. In general, Rowe says, such roofs will be more expensive and time-consuming to install than standard roofs. In terms of retrofitting existing buildings, he notes that a key consideration is whether or not the structure is strong enough to hold the additional weight of a green roof.

“If you were going to put one on an existing building, you would definitely have to look at how much weight it would hold,” he says. “If it’s not strong enough to hold , it’s probably not worth it to reinforce the building.”

That said, such roofs can provide a variety of benefits. In addition to helping manage runoff, they can produce energy savings and mitigate air and noise pollution, Rowe says.

In cities like New York, they’ve even become the setting for urban farms. “I think that for very local production on a small scale are very feasible,” Rowe says, though, there are limits.

“You aren’t going to see grain combines up there,” he says.

-Adam Bonislawski

How E-commerce Is Really Changing Industrial

GlobeSt.com

 

E-commerce and shifting consumer buying habits are impacting where, what type and what size industrial real estate is being built, Tompkins International CEO James Tompkins, Ph.D., tells GlobeSt.com. Tompkins is delivering a keynote address entitled, “E-commerce Driving Industrial Opportunities” during NAIOP’s I.CON: Impact Projects conference here, April 5-6. We spoke exclusively with him about the topics in his keynote address, namely in what ways e-commerce is directly impacting industrial real estate and how developers can take advantage of these shifts.

GlobeSt.com: What are the main factors driving new opportunities in industrial real estate?

Tompkins: The main factor is logistics. If we break up industrial into offices, manufacturing and logistics, logistics is the one thing that is exploding and really hot. What’s driving logistics is the more-interesting question, and the answer to that is e-commerce. The requirements behind logistics facilities for e-commerce are drastically different than for in-store retail.

The biggest differences are where the facility is located. When you’re looking at in-store distribution as opposed to e-commerce fulfillment, you’re talking about shipping cases of products to stores vs. shipping a blouse, a pair of shoes and a necklace to Mrs. Smith—the latter is direct to consumer. When you do distribution to stores, you want to locate out in some semi-rural area where land is cheap and space is plentiful, but in fulfillment it’s the exact opposite. You want to be close to a major MSA so you are close to where the product will be delivered. You want to “GL” or “get local” with inventory and deliver within a short amount of time. We’re talking about fast delivery vs. short delivery so it gets there quicker.

Amazon can handle delivery to a substantial portion of the US—some 30% of Americans can get same-day service from Amazon, and this percentage is increasing on a daily basis. Where we are in fulfillm
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The Spam Archive - Chronicling spam emails into readable web records

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Spamdex - The Spam Archive Located in London, SW19 8AE. Phone: 08000 0514541.