What is BIM and How Is It Changing the World of CRE?

| April 11, 2020

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The construction industry has been slow to evolve, especially in the realm of commercial real estate (CRE). In many ways, the construction process is not dissimilar from how it was when the first skyscrapers were built. However, as technology begins to change various parts of the industry, especially how all stakeholders communicate, building information modeling (BIM) is playing a larger role. BIM stands for building information modeling, and it's essentially a way to create as detailed a model of a potential building as possible so that architects, developers, and construction managers can collaborate and answer questions before and during the construction process. The benefit of this is that all parties can share information and potentially avoid costly mistakes.

Spotlight

MHP Real Estate Services

MHP bought its first building in the Murray Hill section of Manhattan. MHP Real Estate Services now owns, leases and manages more than 6.5 Million square feet of commercial office space in NY. Since 1971 MHP has bought and sold more than 150 properties with a value of more than 12 Billion dollars. MHP is a full-service company with divisions including Brokerage, Acquisition/Disposition, Asset Management, Project Management and Property Management.

OTHER ARTICLES

Digging Into Real Estate Data

Article | March 4, 2020

When speaking with perspective investors, the first question that I ask is how well they understand the numbers of a potential investment. If they reply with a simple, “everything’s good,” I know the deal probably isn’t for me. But, if they respond with hard data about the market, property and financial information, I can take them seriously and consider the investment. As an investor in any industry, numbers are your best friend. I’ve spent hours pouring over spreadsheets of data and mastering best accounting practices and it’s made me the diligent investor that I am today. I believe that this dedication to digging into data is what sets met apart from other real estate investors and continues to give me an edge.

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How Coronavirus (COVID-19) Could Affect Commercial Real Estate Transactions

Article | March 4, 2020

The long-term effects of the coronavirus on the economy remain unknown, but we can predict some acute short-term effects on the commercial real estate market in general, and in particular on contractual relationships in this arena. There are many different implications of the force majeure concept described above for the commercial real estate world, but here we will describe just a few of them. The coronavirus outbreak has already had an impact on the supply chain for various materials required for construction. Similarly, government restrictions, such as curfews or lockdowns, could interfere with the ability of contractors to have the labor needed for construction, and there may also be delays in the issuance of construction approvals and permits. Suspension of or delays in the ability of contractors to complete construction could be covered by force majeure provisions in construction agreements.

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REAL ESTATE TECHNOLOGY

How Real Estate Agents Can Master the Lead Nurturing Basics

Article | March 4, 2020

Is your real estate business set up for long-term success or do you hop from transaction to transaction, seeking clients who are ready to buy or sell immediately? Buyers and sellers who are ready to act now are great, but they’re just the bottom of a well-thought-out lead funnel. Most leads you receive could be anywhere from three months to a year or two away from making their transaction. If you plan to still be in real estate when the time comes, those leads could be incredibly valuable. Understanding Lead Nurturing One of the biggest decisions people will make in their life is whether or not to purchase a home. Most people will want to do some research and find out what exactly a real estate transaction entails before they become serious. As the first professional they talk to, you’re in a great position to close the sale…if you’re willing to work within their timeframe.

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COVID-19 may advance trends in commercial real estate

Article | March 4, 2020

The coronavirus outbreak has quickly put the economy into turmoil. While many businesses are struggling to keep up with the drastic changes in the market, the commercial real estate industry may have some bright spots despite obvious uncertainties. The COVID-19 outbreak in the U.S. is expected to advance trends in commercial real estate that were established in the market before the global pandemic. Of course, the industry is facing some difficulties, but these are currently projected to only be short-term. In response to the coronavirus outbreak, the NAIOP Research Foundation is suggesting an increase in demand for both industrial and office sectors.

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Spotlight

MHP Real Estate Services

MHP bought its first building in the Murray Hill section of Manhattan. MHP Real Estate Services now owns, leases and manages more than 6.5 Million square feet of commercial office space in NY. Since 1971 MHP has bought and sold more than 150 properties with a value of more than 12 Billion dollars. MHP is a full-service company with divisions including Brokerage, Acquisition/Disposition, Asset Management, Project Management and Property Management.

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