A Note From the Editor
MID-YEAR 2017 market and
economic data came in at or above
expected levels, suggesting that the
current, very long cycle still has room to
run. Against that backdrop, this issue
of Development magazine features
diverse topics that include public-private partnerships, placemaking,
affordable housing, electric buses and
small-scale farming on commercial
properties, illustrating some of the
innovations that are emerging during
this slow-and-steady cycle.
In order to make it easier for you to
quickly review each issue of Development
magazine, we’ve changed the format
of this page to summarize many of the
articles. Look here for key takeaways
from each piece, then go deeper by
reading the articles of interest to you, or
pass the magazine on to a colleague.
Enjoy the issue,
NAIOP’s 2017 Developer of the Year
Trammell Crow Company has grown
over the past 70 years from a series
of partnerships in Dallas to a national,
independently operated subsidiary
of CBRE, with $5.9 billion worth of
projects currently under construction
Public-private partnerships are in the
spotlight as an emerging mechanism
to fund the development of public
facilities like courthouses, libraries,
government offices and more, in projects that also include private commercial development (page 76).
Once an obsolete warehouse, 2801
S. Western Ave. in Chicago has been
redeveloped as a modern distribution facility that meets the needs of
today’s e-commerce retailers and food
distributors (page 84).
The Summit at Fritz Farm’s developer
is creating an authentic mixed-use
destination that reflects Lexington’s
culture of thoroughbred horse farms
and rolling Kentucky bluegrass land-
scapes by engaging local designers,
chefs and artists (page 88).
The amount of office space per
employee, which has been declining
steadily since 2010, currently sits at
about 180 square feet (page10).
A mall near Salt Lake City, Utah, is
embracing digital technology and
using it to transform a traditional retail
center into a vibrant community hub
To tackle its affordable housing
shortage, San Francisco now allows
property owners to develop accessory
dwelling units in previously underused
parts of existing multifamily buildings such as utility and laundry rooms
Hotels, retailers, shopping centers
and even hospitals are using scent to
build their brand, enhance the user
experience and improve their bottom
line (page 18).
In the future, office space may be
operated “on demand,” transforming
property owners from rent collectors to
service providers (page 22).
The master plan is a valuable tool for
evaluating alternative sites as well as
for selecting the most appropriate use
for a given site (page 28).
Many developers and owners are
unaware that selling even a portion
of a real estate project in a tenancy
in common (TIC) or joint venture (JV)
structure may trigger securities compliance (page 30).
Exclusivity provisions can give ten-
ants the exclusive right to operate a
particular type of business as well
as prevent future tenants from using
their space in certain ways. (page 42).
An urban farming company is replacing lawns on commercial properties
with attractive farm plots and helping
expedite development approvals (page
Microsoft’s high-tech indoor urban
farming project provides employees
and guests at its Seattle-area campus
with thousands of pounds of lettuce
and microgreens each year (page 56).
The first privately operated zero-emission battery-powered electric bus
fleet now serves tenants at Aon Center
and Prudential Plaza, two of Chicago’s
largest office properties (page 58).
Now that ride-hailing services like
Uber and Lyft have become nearly
ubiquitous, developers and property
managers are increasingly using these
services to boost the profile and profitability of their properties (page 60). n
Most Popular From Summer 2017
1) The Future of Family-owned CRE Businesses ( naiop.org/familybusiness, page 86).
2) How to Attract Institutional Capital
( naiop.org/institutionalcapital, page 30).
3) Colliers International’s Advisor
Development Program ( naiop.org/employ-eedevelopment, page 54).
4) Beyond 72 Degrees and Sunny:
Optimizing the Indoor Work Environment
( naiop.org/indoorwork, page 78).
5) Innovative Financing for Roads and Highways ( naiop.org/financingroads, page 70).
Future NAIOP Events
• CRE.Converge 2017, Oct. 10-12, Chicago
• CRE.Insights: The Office Evolution 2017,
Nov. 9-10, Brooklyn, New York
• Chapter Leadership and Legislative
Retreat 2018, Feb. 5-7, Washington, D.C.
• National Forums Symposium 2018,
May 1-3, New York
• I.CON 2018: Trends and Forecasts,
June 7-8, Jersey City, New Jersey