Randy Benderson

What Are The Different Classifications Of Commercial Real Estate Properties?

Commercial real estate is classified under several forms of aesthetics. Generally, commercial properties are divided into three classes: Class A, Class B, and Class C.

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Class A commercial real estate developments are considered the best buildings in terms of aesthetics, age, quality, and built-in infrastructure, as well as location. This can be your five-star hotel, a mall, or an office building that’s regarded as the best in its category. These properties are also highly expensive in terms of sale or rental.

Class B commercial real estate buildings are not as competitive price-wise compared to Class A establishments. These are older buildings that investors may want to renovate or restore. These could be previously Class A commercial real estate properties that have lost some of their value over time due to aging infrastructure, design, and amenities. Their location is also not as exquisite as Class A but still remain reputable.

Class C commercial real estate properties are usually the oldest, with some older than 20 years. These properties are also not in prime locations and are in need of major renovations or constant maintenance. Others dub Class C commercial real estate as everything else that is not Class A or B.

Apart from these classifications, commercial real estate can also be divided by their use. In this category, we have office properties, industrial properties, retail, multifamily, hotel, and land-based properties.

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Randy Benderson is the president of Benderson Development, a venture his father, Nathan Benderson, established in New York over 60 years ago. Randy is passionate about pursuing all the opportunities before him. For more insights on commercial real estate, follow this Twitter account.

More Economic Trends Making An Impact On Commercial Real Estate In 2018

The advent of new technologies coupled with economic developments like new tax laws are greatly affecting the commercial real estate industry in the U.S. this year. As in previous ones, rapid introduction of disruptive tech like the internet of things (IoT) and augmented reality are changing how new malls, stores, and the like are being built or renovated, aimed at drawing in customers and reshaping shopping convenience and quality-of-life.

An important trend is the increased housing demand, mainly due to a better economy and dip in unemployment. With housing having been underproduced in Q4 of 2017, U.S. Census statistics show that the adjusted annual rate has gone up by 9.7 percent in January 2018 alone. More and more millennials are buying single-family homes, while boomers are trading in theirs for apartments in urban hubs. In fact, U.S. homeownership, in general, has risen from 62.9 to 64.2 percent just two months into the year.

Improved and more favorable GDP growth predictions are also driving commercial real estate. The U.S. has increased allocations to the area to $1 trillion, and the GDP is expected to grow by 2.6 percent in 2018, a big jump from the previous estimate of 1.6 percent. Again, the stymied growth of late last year was due mainly to the housing shortage, which has thankfully now rebounded.

Lastly, interest rates are going up. This is enticing many Americans to buy homes now. The rate of 30-year, fixed-rate mortgage has risen to 4.38 percent in late February, and there’s fear that it would go up even higher as the year progresses. Higher interest is leading to more expensive loans for both developing or refinancing new properties.

Based in Sarasota, Florida,Randy Benderson is the president of Benderson Development, a commercial real estate company with over 500 properties in 38 states. The business is a venture his father Nathan Benderson established in New York over 60 years ago. For similar reads, click here.

The Importance Of a Landscape Architect In Real Estate Development

Real estate development is a massive undertaking. There are dozens, if not hundreds, of things to carefully consider. Each step in the process is as important as the last. And when a project is successful, everyone involved deserves credit.

In creating an overall aesthetic that future customers, clients, investors, patrons, and guests will find appealing, the role of a landscape architect cannot be overlooked. Think about it. The first thing people see when they come across a property for sale or rent is its exterior. A landscape architect makes sure the exterior is inviting at the very least.

But that’s an oversimplification. Landscape architects also make sure that the property is environment-friendly. Green planning is a staple of their jobs. They even work hand-in-hand and consult experts in the environment and other related industries when creating a sustainable landscape, especially with huge projects such as parks, neighborhoods, and shopping centers.

Landscape architects also put a lot of planning into making sure the drainage system of the property is in order and leads away from the structures. This takes a lot of planning especially when designing for entire communities and large compounds such as schools and government offices.

The best creative work of landscape architects though can be seen in theme parks and playgrounds. Some of them even venture into designing golf courses.

Saying that landscape architects are indispensable parts of real estate development, maybe a bit of an understatement.

Randy Benderson is the President of Benderson Development, a venture his father, Nathan Benderson, established in New York over 60 years ago. For similar reads, check out this page.

Is 2018 Going Be a Great Year For Commercial Real Estate?

Industry experts expect the new year to be one of slow and steady growth for commercial real estate, and the main advice is to start diversifying your real estate portfolio. Below are more specific developments in various sectors to keep in mind in 2018.

Due largely to the strengthening global economy and likely tax cuts from Washington, the U.S. economy is gaining a new lease on life. Expansion in the property sector has been going on for over 100 months, and by mid-2018, it will be the second longest in U.S. history.

As far as the multifamily sector is concerned, the market will see more construction of apartments that might put downward pressure on occupancy rates and rents. Colliers International Chief Economist Andrew Nelson Colliers reports that economists embracing the new tax law will lead to more demand in the multifamily market: this is because the new system reduced some of the benefits of homeownership, making it less attractive and renting more likely.

Meanwhile, though slightly down from its 2015 peak, job growth for office markets remains robust. Employers added 175,000 jobs on average per month in 2017, compared to 2015’s 250,000. Still, the sector will try to find a fine balance as new supply levels converge with occupancy rates and asking rents.

Lastly, industrial real estate should retain its upward momentum this year with the sector’s record-breaking occupancy and rents. Construction is booming as operators continue to push toward online delivery and get products to consumers more quickly as modern multilevel distribution hubs open in densely populated markets.

Randy Benderson is the president of Benderson Development, a venture his father Nathan Benderson established in New York over 60 years ago. Now carrying the torch of his late father’s legacy, Randy continues to oversee over 8,000 employees and committed to an excellent work ethic and passion for growth. More on the company here.

Property Management And The Rise Of The Millennials

A business hoping to stay relevant in its industry should learn how to adapt to shifting consumer demographics and market trends. And at present, millennials already constitute a significant part of the market; recent statistics have shown that the said generation make up around 25 to 30 percent of the total U.S. population.

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And as millennials are on the onset of their prime spending years, property managers should find ways to capitalize on this.

Firstly, property management professionals and companies should understand that millennials are more inclined to rent a residential property initially, instead of buying one, for various economic, career, societal, and government factors. They should also take note of two of the dominating characteristics that millennials generally have: highly social and highly visual.

Gone are the days when rental real estate is defined by square footage and room size – millennials would rather look for properties that offer amenities that facilitate socialization and foster their digital entertainment needs. For example, properties that include recreation facilities, coffee shops, speedy Wi-Fi connection, and efficient cellular service are more likely to pique the interest of these renters. Property managers then have to find ways how to install or upgrade these features.

And the aforementioned characteristics are also evident in how millennials can spend almost the entire day on the mobile devices or computers. They have the need to share their opinions or experiences with not just their friends, but even with strangers on social media. Thus, now more than ever, ratings and reviews matter. Property managers should then put a premium in not just improving their properties, but also in bettering their customer service and relationship with consumers or tenants.

Randy Benderson is the president of Benderson Development, helping build the company into becoming one of the largest and most diverse real estate developers and property managers in the U.S. For more articles on the industry, click here.

Asolo Rep’s Evita Sneak Peek At Benderson Park: Brushing Up On The Webber Musical

The recent Welcome Back Party of Asolo Repertory Theatre, the premier professional theater from Florida, was held at Nathan Benderson Park last October 24. The venue, with its priceless sunsets and wonderful lake views, provided the perfect location for these activities that promote Florida arts. Patrons and actors alike enjoyed the welcoming ambience as they were treated to a sneak peek of the company’s newest production, Andrew Lloyd Webber’s “Evita.”

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Andrew Lloyd Webber is a leading musical composer responsible for many international hits and sensations like “Phantom of the Opera,” “Jesus Christ Superstar,” and “Cats.” His work on Evita was a product of collaboration with the award-winning lyricist Tim Rice. Rice recounted that the idea came to him while listening to a radio programme about Eva Perón, the controversial First Lady of Argentina who was married to the repressive but popular Argentinian president Juan Perón.

When they released the song “Don’t Cry for Me Argentina” as part of the concept album, everyone got interested and so they decided to begin the musical. The work reflects a lot of the groundbreaking style of Webber as a composer, mixing the dramatic qualities of classical music with the edgy popular appeal of rock. The combination was successful in “Jesus Christ Superstar” and worked admirably for “Evita.” Some of the songs like “Buenos Aires” and “On This Night of a Thousand Stars” are also evocative of Latin rhythms

Ana Isabelle, who is going to play the titular role in Asolo Rep’s new production of the musical, performed “Don’t Cry for Me Argentina” during the party and was later joined by the cast to sing “A New Argentina,” the last number in Act I. Those particular songs reflect the eclectic musical style of Webber, effectively blending an inventive harmonic language and evocative Latin and rock beats.

Randy Benderson is the president of Benderson Development, a venture his father Nathan Benderson established in New York over 60 years ago. Now carrying the torch of his late father’s legacy, Randy continues to oversee over 8,000 employees. The Bendersons believe that success can be attributed to excellent work ethic and passion for growth. To learn more about the company’s work, follow this Twitter account.

Rural Community Strategies to Improve Food Access

Many rural areas in the United States have to face rural hunger because of several underlying causes. Access to fresh produce, ironically, might be one of the main causes of such a problem in these localities. Few retailers would invest in regions where there might be a low volume of consumers, either because of the seasonality of activities in those parts or economic factors that might hinder the capacity of residents to buy food.

Food insecurity, in the long run, may pose a number of crucial challenges like widespread malnutrition, decreased productivity, and other general effects on many levels of human development and living conditions. Several strategies have been in place to address these concerns.

Some federal and state initiatives and funding have made it possible for rural communities to subsidize costs for regular food retailers and businesses that might be willing to bring their produce in rural areas. Other than financing opportunities from federal and local sectors, government policies have been in place like programs by the USDA that mitigate the impact of those difficulties.

Local community residents and workers can find cooperative solutions to help in instituting their own retail establishments through the help of the local government. Grocery stores using the cooperative model, farmers markets, or community-supported agricultural programs foster a communal spirit that can augment the help already being extended from outside.

Additional proactive undertakings that greatly assist in ending hunger are food banks. These institutions have been focusing on more effective storage and distribution of healthy food for the community. Partnering with and accepting donations from many organizations, they also get involved in the education of residents about their options, proper nutrition, and eventual self-sufficiency.

Randy Benderson is the President of Benderson Development, a company his father Nathan Benderson established. Even outside the corporate world, the Benderson legacy aims to impact society with philanthropic efforts that will change the lives of thousands. For more information about Randy and the firm, click here.

Why Florida’s real estate industry will continue to boom after Hurricane Irma

While it’s still too soon to say that the real estate industry will recover quickly in the aftermath of Hurricane Irma, there are indications that just a few weeks after the category 4 storm hit the state, things are looking up.

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Images of the havoc wreaked by Irma flooded the media just hours after the Hurricane slammed Florida’s coasts. It initially worried the local real estate market, which relies heavily on out-of-town and foreign investors. It’s a big thing, especially for the state’s home and condo cash purchases which—at 20 percent of all Miami-Dade real estate transactions—is double the national average.

The deciding factor here is the speed by which infrastructure are repaired and the availability of amenities returning to normal, analysts say. Florida’s housing statistics will be affected since minor damages and power outages have delayed a few area closings. But if August data will be the basis, there should be a continued rise in mid-market home sales.

Other analysts even believe that the hurricane could prove a boon to the state’s luxury housing market, which could coax sellers into lowering asking prices. More importantly, structures did hold up well in the aftermath; the damage has mostly been downed power lines and landscape debris. Recovery should be fast, as people ultimately want to be in Florida.

Randy Benderson is the President of Benderson Development, a venture his father, Nathan Benderson, established in New York over 60 years ago. Today, Nathan’s legacy stands with the company, hailed as one of the largest and most diverse real estate developers in the U.S. For similar reads, drop by this blog.