“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
MAY 2017 | BY MEG WHITE
Commercial real estate advocates offer a snapshot of the intersection between commerce and real estate.
Commercial real estate experts discussed ideas for making transactions flow more smoothly and disspelled negative narratives about the retail sector and e-commerce during the REALTORS® Legislative Meetings & Trade Expo in Washington, D.C., on Wednesday. At a meeting of the National Association of REALTORS®’ Commercial Legislation and Regulatory Advisory Board, Sharon Whitaker, vice president of commercial real estate for the American Bankers Association, praised the committee for inviting several organizations to share their priorities. “Without each spoke in the wheel, it doesn’t move forward,” she said.
Jennifer Platt, vice president of federal operations with the International Council of Shopping Centers, focused on the positive aspects of retail, particularly strip malls. “We’re actually seeing opportunities and really low vacancy rates,” she told meeting attendees. “We’re seeing new tenants; we’re seeing different types of tenants.” She added that many retail spaces are being filled by companies that concentrate on experiential offerings, such as health care and wellness offices, restaurants, and educational offerings.
One of the elements undergirding the less-than-positive narrative about brick-and-mortar retail is the rise of e-commerce. Many states do not charge sales tax for online transactions, putting local stores at a disadvantage. Commercial Legislation and Regulatory Advisory Board Chair Michael Schoonover noted that leveling the playing field between online commercial activity and Main Street should be among the issues addressed by REALTORS® on Capitol Hill. “Those are jobs issues,” said Schoonover, GREEN, SFR, manager with John L. Scott Real Estate in Federal Way, Wash. “Congress loves to talk about jobs.”
Platt agreed that an important talking point to share with Congress is the fact that for every four brick-and-mortar jobs, there is only one job in e-commerce. She encouraged NAR members to talk to their representatives about the Remote Transactions Parity Act of 2017 (H.R. 2193), which would give states the authority to charge sales tax in online transactions. “There are some opportunities for that legislation to move forward in the next year,” Platt told the committee. She noted that more than half of states are projected to have a budget shortfall this year and that many lawmakers are looking for legislation that offers “a solution to a problem rather than a problem they have to deal with.” Even if there’s no meaningful increase in internet sales over the next 10 years, Platt said empowering states to collect taxes from online transactions could generate $260 billion in local revenue.
The event that precipitated the imbalance between online and brick-and-mortar sales is the 1992 Quill Corp. v. North Dakota case, where the U.S. Supreme Court ruled in favor of the office-supply company after North Dakota attempted to impose a use tax on its online sales. Platt said an appeal of that case will likely be heard in August by the North Dakota Supreme Court, setting the plaintiffs up to file a petition to be heard by the U.S. Supreme Court in spring 2018. Platt said newly appointed Justice Neil Gorsuch appears to be ready to side with those who support states’ rights to tax online sales, along with fellow Justice Anthony Kennedy. “We’re very bullish on the court case,” Platt said.
With financial shortfalls, possible Medicare cuts, and the ramifications of future tax reform threatening many states, Platt warned that other revenue-generating opportunities will become more tantalizing: “If you don’t deal with this, the states are going to do something.” Emily Naden, director of federal affairs for the Building Owners and Managers Association, pointed to Florida’s recently renewed sales tax on rent as one localized result of this need. “That’s a direct response,” she told the committee.
Committee member Jared Booth, CCIM, with Coldwell Banker Commercial Advisors in Salt Lake City, said his local government is coming after the wages of real estate professionals in order to plug a shortfall. “They’re looking at a tax on services for our commissions because they are losing tax revenue from online sales,” he said. “We have to get behind this.
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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Walter Unger CCIM
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