Category Archives: NAIOP News and Events

Follow the NAIOP Policy & Trends Blog on our new site

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Wondering how you can stay up-to-date with the NAIOP Policy & Trends blog on the new site? Easy! Set up your RSS feed and get notifications to your inbox, app or browser whenever there is a new post.

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If you do not have a feed reader and none of the options above are compatible with your usage, there are several 3rd party sites, such as Feedly, that have been designed for this purpose.  

How CRE in Massachusetts Navigated a Year of Pandemic and Social Unrest

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Industry Responded with Kindness, Creativity and Courage

By Tamara Small | The below was originally published in Banker & Tradesman on December 20, 2020.

This time last year, no one knew what 2020 would hold. Instead, as an industry we predicted an expansion of the office as a talent recruitment tool, fast-paced industrial growth, and a continued tightening of the housing market.  

While some of these predictions were accurate, the COVID-19 pandemic quickly turned others on their head. One thing is clear; 2020 drastically changed expectations and the way the world did business.  

Instrumental in COVID-19 Response 

When the COVID-19 pandemic hit Massachusetts, no one knew how to respond. Frontline workers, who are still risking their lives every day, did not have enough masks to do their jobs safely. Families were thrown into chaos – with kids home from school, online learning developing on the go, and jobs thrown into uncharted territory. And no one needs to be reminded of the stampede on basic necessities.  

Commercial real estate companies across the commonwealth rose to the occasion. Within days, JLL released a new platform to increase communications and resources between tenants and landlords. Within weeks, Federal Realty Investment Trust worked with the city of Somerville to bring a mask decontamination system to the Greater Boston area – which has been instrumental in providing health care professionals the clean, safe equipment they need. Boston Urban Partners started Family Meal, a six-episode series of live–streamed cooking classes with local, award winning chefs (including Jodie Adams and Andy Husbands) to raise money for No Kid Hungry. These are just a few of the extraordinary acts of company kindness we have seen. 

But that is not all. Automatic doors, new air filtration systems, hand sanitizer stations and socially distanced work areas have been implemented in office buildings and common areas. Residential property owners have taken the Boston Housing Stability Pledge to ensure resident safety during this public health crisis. Commercial owners worked with small businesses to help provide needed relief to survive this crisis. New platforms and protocols for curbside pickup, online and in-person shopping, and dining have all quickly been implemented and continually refined as new public health information becomes available. As CEO of NAIOP Massachusetts, I am proud to represent an industry that stepped up in a global health crisis to do its part.  

Economic Development Becomes Economic Relief 

On March 4, Gov. Charlie Baker released his proposal for an economic development bill. Within weeks, it became clear that an economic relief bill would instead be required for Massachusetts’ businesses and residents – just one of many necessary legislative and executive actions.  

But in the background of COVID, the housing crisis deepened. An Act to Promote Housing Choices, which was originally filed by Baker and is now in conference committee, is targeted at lowering voting thresholds in key zoning votes, allowing for increased production of critically needed housing. If it does not pass, expect the production of housing to slow.  

The conversation around transportation changed in some ways, and in other ways not at all. Suddenly, with massively decreased ridership (and little-to-no road congestion), the MBTA was faced with enormous revenue shortfalls. Proposed service changes have been met with opposition, but a modified version of the changes was approved last week. It is clear that our overburdened system will continue to face tough choices into next year.   

What quickly became clear is that the uniqueness of this crisis requires a cautionary approach to policymaking to ensure there are no unintended consequences or long-term impediments to economic growth and stability. The only path to a sustainable recovery is to create a climate for job creation and economic opportunity for all. NAIOP will continue to work with policymakers to ensure thoughtful, practical economic relief is implemented.  

DEI Efforts Come to the Forefront 

In June, society’s attention finally focused on what we have collectively ignored for far too long – hundreds of years of brutality, racism, and inequity throughout the United States of America. While COVID-19 pushed us into unusual and unprecedented times, the systemic issues being protested were with us long before the pandemic.   

NAIOP asked its members and colleagues to listen, learn, engage their leadership and support MWBE businesses. We have seen member-companies like VHB quickly take action to communicate with their employees and the public about its commitment to continuing to be active participants in advancing racial justice and social equity – and it did not stop there.  

Industry conversations on successful diversity initiatives saw over 300 live virtual participants and over 200 after-event watches. More and more companies started reviewing their internal practices and the industry is committed to diversity, equity, and inclusion. The time for real change is now.  

While 2020 was in many ways unexpected, CRE rose to the challenges faced by our communities, our colleagues, and our friends and family. While it is hard to know what 2021 has in store for us, we here at NAIOP know that CRE will continue to evolve and endure.  

NAIOP Massachusetts Honors JLL, Federal Realty, Bulfinch, VHB and Boston Urban Partners at Virtual Impact Awards 2021 Leadership Announced

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2021 Leadership Announced

Needham, MA – Last night, NAIOP Massachusetts, The Commercial Real Estate Development Association, held the 2020 Virtual Impact Awards. The event was a celebration of NAIOP’s member companies that positively impacted communities across Massachusetts in response to the pandemic and responded to social and economic injustice.

Several local commercial real estate companies were honored, including Federal Realty Investment Trust, who was recognized in the Community Outreach category for its partnership with Mass General Brigham, Battelle and the City of Somerville to bring a mask decontamination system to the Greater Boston Area. JLL was recognized in the category of Landlord Support & Commercial/Residential Property Management for its digital campaign geared toward landlord and tenant clients. The ongoing program included providing compelling content on topics that help landlords and tenants navigate the current real estate environment including re-entry tools, business planning resources, research reports, and webinars. In the category of Employee Engagement, Bulfinch was honored for implementing new strategies to keep its team safe, healthy, connected and engaged. Since the pandemic began, Bulfinch held over 70 virtual meetings, check-ins and team events for employees, including wellness activities and virtual volunteering.

In addition, VHB was recognized in the Diversity, Equity and Inclusion Response category for its employee resource group, VHB IDEAL (Inclusion, Diversity, and Equity Alliance), which is focused on promoting an integrated approach to awareness, inclusiveness, openness, and diversity at VHB. Finally, in the Individual Impact category, Boston Urban Partners was honored for its unique Family Meal Series, six episodes of live stream cooking classes with local, award winning chefs that benefitted No Kid Hungry, a campaign designed to end childhood hunger.

The evening began with a brief Annual Meeting, where the Chapter named its 2021 Board Management Committee, led by Chair (and 2020 President) Leslie Cohen of Samuels & Associates and President Tom Andrews of Alexandria Real Estate Equities. Joining Cohen and Andrews on the Committee are Past Chairs Douglass Karp of New England Development, Ed Marsteiner of National Development and Sara Cassidy of AEW Capital Management, as well as President-Elect Jessica Hughes of Tishman Speyer, Treasurer Patrick McMahon of Federal Realty Investment Trust, and Secretary Kirk Sykes of Accordia Partners.

NAIOP Massachusetts also announced the 2021 nominees to the Chapter’s Board of Directors. William Kane of BioMed Realty, Katy O’Neil of Suffolk Construction Company, and David Madan of Boston Investmentsjoined the Boardwith terms expiring in 2023. James F. Carlin of Crosspoint Associates, Dennis Clarke of Cummings Properties, Abby Goldenfarb of Trinity Financial, Bryan Koop of Boston Properties, Maura Moffatt of Synergy Investments, Chad Remis of Oxford Properties Group, Kimberly Sherman Stamler of Related Beal, and James Tierney of JLL were all reappointed for three year terms.

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About NAIOP

NAIOP Massachusetts, The Commercial Real Estate Development Association, is the leading organization for developers, owners, and investors of office, research & development, industrial, mixed use, multifamily, retail, and institutional real estate in the Commonwealth. NAIOP advocates for policies that advance the commercial real estate industry while providing outstanding education and networking opportunities. For more information, visit www.naiopma.org.

Press Contact: Anastasia Nicolaou (nicolaou@naiopma.org)

NAIOP Massachusetts Announces Staff Changes for 2021

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Dear NAIOP Members and Friends,

Today, NAIOP Massachusetts – The Commercial Real Estate Development Association, announced the departure of Reesa Fischer, the organization’s Executive Director. NAIOP also announced the promotions of Taylor Pederson to Vice President of Programs & Education and Anastasia Nicolaou to Vice President of Policy & Public Affairs. Tamara Small will continue to serve as the organization’s CEO. Fischer has accepted a position at the executive search firm Keller Augusta where she will serve as the national Managing Director of Business Development & Strategy based in their Palm Beach office. 

“Over the past 10 years, Reesa has been instrumental in growing the organization and shaping NAIOP’s programming, networking and educational offerings, providing exceptional value for members,” said Leslie Cohen, COO at Samuels & Associates and 2020 NAIOP Massachusetts President. “She will be sorely missed, but NAIOP is fortunate to have Tamara Small as CEO, who has proven to be a strong leader of the organization, along with her elevated team members who are ready to take on new roles to ensure the continued success of the organization.”

Taylor Pederson, who currently serves as the Director of Programs & Education, will expand her role managing the organization’s professional development programs, educational offerings, and special events. Anastasia Nicolaou, who currently serves as the Government Affairs Associate, will take on more responsibility for NAIOP’s advocacy and public affairs.

“The past year has required every organization to take on new challenges. Anastasia and Taylor were instrumental in ensuring that NAIOP did not miss a beat,” said Tamara Small, CEO of NAIOP Massachusetts. “I am grateful for Reesa’s many years at NAIOP and know that we are ready to take on 2021 and beyond because of her leadership. I wish her all the best in her new adventure.”

Fischer will leave NAIOP at the end of January.

Our sincere thanks and gratitude to Reesa for her incredible contributions to NAIOP over the past 10 years.  

Sincerely,

NAIOP Massachusetts Board Management Committee

Leslie Cohen, 2020 NAIOP Massachusetts President

NAIOP Massachusetts Honors Members for Extraordinary Leadership

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Tad Heuer of Foley Hoag LLP, Amanda Strong of MIT Management Company and Taidgh McClory of T.H. McClory LLC to be Honored at Annual Meeting

Today, NAIOP Massachusetts, The Commercial Real Estate Development Association, announced the recipients of the Chapter’s 2020 Government Affairs Champion Award and the 2020 President’s Award. The awards will be presented at the Chapter’s Annual Meeting, preceding NAIOP’s Virtual Impact Awards Celebration on December 2nd.  

The NAIOP President’s Award will be presented to Amanda Strong of MIT Investment Management Company and Taidgh McClory of T.H. McClory LLC in recognition of their exceptional leadership, strategic direction and vision for NAIOP’s diversity, equity and inclusion efforts. With their support, NAIOP has been able to strengthen industry DEI efforts through programming, expanding opportunities for minority and women owned businesses in CRE, launching a DEI strategic plan, and continuing to expand the talent pipeline through the CREST and REEX programs.  

“While diversity, equity and inclusion were brought to the forefront of every conversation in 2020, Amanda and Taidgh have been leaders for NAIOP on these important issues much longer. It is a privilege each year to acknowledge the members who have made significant contributions to benefit our industry, but this is especially meaningful, ” said Leslie Cohen, COO at Samuels & Associates and NAIOP’s 2020 President. “All of us at NAIOP are so grateful to Amanda and Taidgh for their hard work, leadership, and valuable support.”

Tad Heuer of Foley Hoag LLP, will receive this year’s Government Affairs Champion Award in honor of his tremendous contributions to NAIOP’s advocacy, providing comments and analysis on NAIOP’s legislative, judicial, and regulatory advocacy. NAIOP is grateful for Tad’s commitment and tireless advocacy efforts on behalf of the commercial real estate industry.  

“Year after year our members have benefited from Tad’s expertise, but when this pandemic began, Tad went above and beyond,” said Tamara Small, CEO of NAIOP Massachusetts. “This year, he has provided critical analyses and feedback that ensured myriad pieces of legislation and emergency orders were implemented in a thoughtful, practical way under extraordinary circumstances. This recognition is a small token of our gratitude for his ongoing work on behalf of NAIOP.”  

To learn more about NAIOP’s Annual Meeting and Virtual Impact Awards, or to register to attend, visit www.naiopimpact.com.

Office Space: Dead on Arrival or a New Frontier?

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Tenants Are Getting a Crash Course in Remote Work’s Pluses and Minuses

Written by: Tamara Small | This article was originally published by Banker & Tradesman on October 4, 2020

As we approach the seven–month mark since the state of emergency was declared and office workers transitioned to Work from Home (WFH) overnight, many people are asking the same question: Will workers return to the office?  

A review of statistics paints a bleak picture. Office sublease space is at a record high. Occupancy rates in Boston and Cambridge remain in the single digits, while in the suburbs, it’s about a 10 percent occupancy rate. Companies that once said they would come back after Labor Day are now pushing tentative return dates out to January or well into 2021. We have seen the largest quarterly increase in vacancy rates since the fourth quarter of 2001.  

Given the uncertainty about what is to come, few transactions are happening. Rents are beginning to drop and short–term leases, once unheard of, are becoming much more common. Small businesses that support office workers from dry cleaners, to sandwich shops, to shoemakers remain closed. The economic impact cannot be overstated.  

Eric Rosengren, President of the Federal Reserve Bank of Boston, recently commented on the impact of so many empty office buildings.  

“It’s going to be very difficult for Massachusetts to fully recover until Boston fully recovers,” he said. “And a full recovery in Boston requires people to occupy the office buildings we have downtown.” 

However, we are now starting to see more people return, slowly, but surely, to their offices. And, when there is a vaccine, and children return to school and daycare, and commuters get back on public transit, as an industry we will have a unique opportunity to use what we have learned during this time to make offices better than ever. But what do we do in the meantime? 

While only 4 in 10 Americans can work from home, for those who have that privilege, the overnight transition to WFH was fairly seamless. Many companies who had never offered WFH as an option realized that work can, and will, get done remotely. Technology experts have become the glue that holds the office together – constantly adapting and innovating to accommodate cybersecurity, equity and access challenges.  

Tenants Discover Downsides 

There is a lot of positive that came out of this overnight shift. Several studies show that by eliminating commutes, some workers have gained invaluable personal time. Traffic congestion in our cities has improved dramatically, and many municipalities are expanding their alternative transit options, adding bike lanes and expanding walking paths to encourage outdoor activity. 

However, the longer WFH continues, the more we start to hear about its negative impacts.  

First, the boundaries between work and home have blurred. People are working more, and they are exhausted.  

Second, onboarding and mentorship are suffering. Bringing a new person onto a team that is completely remote is extremely challenging, as is mentoring a more junior employee or intern.  

Third, and most importantly, the collaboration and personal connections that shape successful office culture are difficult to replicate in a remote world. Remote work prevents learning by osmosis and diminishes opportunities for teamwork by eliminating those invaluable five-minute conversations that engage people across teams and disciplines. This has a significant impact on employees, particularly those new to the workforce.  

A recent study of employers by MassDOT/MBTA shows that very few companies plan to switch to WFH entirely when the world returns to “normal”:  52 percent of employers surveyed will send all employees back to the office;  41 percent will send some employees; and only 3 percent will remain full-time WFH.  

Embrace Office Innovation 

Clearly, employees will come back to the office, but work from home is here to stay. People want flexibility, but also some human interaction and collaboration. Are our office spaces ready to rise to the challenge? In short, yes. I predict employers will increasingly adopt a hybrid model that includes some remote and some in–person days. This means a total revision of what office space looks like, how it works, and how employees interact.   

A new and revived office sector will include an increased focus on wellness, collaboration, technology, and community. These components are critical as space becomes more fluid and flexible.  

At a recent NAIOP event, a panel of local experts shared what they are already beginning to see for the future of the office. Elizabeth Lowrey of Elkus Manfredi said, “the days of stack–and–pack are over.” Vickie Alani of CBT shared that we will likely see home offices remain dedicated spaces for focused work, while office spaces will be designed to enable remote and in–person collaboration. Kimberly Smith of Knoll focused on the enhanced role of technology to ensure that people at home and at the office “have an equitable experience in their office interactions.” And moderator Lauren Vecchione of Colliers Boston summed it up with the following statement: “If you take anything away from the discussion today, it should be that employees will come back to the office.” 

So, while the next few months may be a challenge, now is not the time to ring the death knell for the office sector. Instead, it’s time for CRE to embrace innovation and give the people what they want – a new and improved office for the next generation, today.

Optimism Colors Shifting Views of Development Market

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Biotech Could Benefit From Open Office Space

Written By: Colin A. Young

This article was originally published by The State House News on September 15, 2020.

SEPT. 15, 2020…..Commercial real estate and development experts said they are confident that the pandemic won’t spell the end of the development boom in and around Boston, but they said they are keeping their eyes on consumer and workforce trends that might reshape their industry.

During a virtual panel convened by NAOIP Massachusetts, the development pros said that while the COVID-19 pandemic slowed construction timelines and injected generous doses of uncertainty into the equation, development still has plenty of track in front of it in the Boston region.

“We operate between Boston and Washington, D.C., and I think that Boston is clearly the strongest market of those three and maybe the strongest market in the country,” Shawn Hurley, president of Marcus Partners said, referring to the Boston, New York City and Washington, D.C., markets. “It certainly seems that development in this market remains really strong and that our economy is more diversified than ever before. So we feel very good about the Boston market and how we’re positioned today, albeit in a very volatile world and as we enter what appears to be a potentially very volatile fall.”

Lauren O’Neil, senior managing director at JLL Capital Markets, said she doesn’t foresee a persistent slowdown in development in the Boston area. After desirable long-term investment-grade tenant leases, she said development appears to be second on the investment strategy depth chart.

“I think the thesis is that we may be in a bit of a slowdown now, but in two to three years when a project is set to deliver it sets up nicely for the rebound in this current slowdown, I won’t go as far as to call it a recession. And so we’ve seen investors and debt capital alike gravitating towards new developments,” O’Neil said. “And in fact, it’s probably easier right now to capitalize on new ground-up development than it is a value-add office deal, for example, where you might have 70 percent occupancy and you’re trying to get to 90 percent occupancy in the near term. There’s just more conviction on what the world will look like in a couple years versus over the next six months.”

O’Neil said hotels and retail developments are struggling to get financed right now. Retail developments with a grocer and that have “a compelling story” might fare better, she said.

“But with the delinquency rate on existing loans in the mid-teens for those product types, it’s going to be a bit of a challenge to get those C-Suites on board with making any sort of aggressive bets on retail and hotel for the foreseeable future,” she said.

Chris Brown, CEO of construction management firm John Moriarty & Associates, said biotech remains one of the hottest sectors in the marketplace right now and the “great need” for added research and lab space has not been diminished by the pandemic. At the same time, there’s “a little hesitancy” to commit to any deals involving traditional office space, given the uncertainties around the future of remote working and the return of most employees to the office.

“Biotech is probably the sector of the market that … will have the most traction moving forward,” he said.

Tamara Small, the CEO of NAIOP Massachusetts who moderated Tuesday’s discussion, asked Brown about converting office space to research or lab space, citing conversations she’s had with people who have suggested that “biotech is the new office.” Brown said his firm is working to “reposition” some office space at the Cambridgeside Galleria and has “a few other projects in the pipeline that look to take existing office space and potentially either add on to it or reposition it for biotech and lab space.”

“That seems to be one of the hottest sectors for us and the most interesting questions we get is in regards to that type of product as well,” he said.

O’Neil said converting office spaces to research or lab space for life sciences and biotech companies could help meet some of the demand for those spaces sooner than the pipeline of new construction could on its own.

“The demand from the tenants on the life science side was growing at an annual growth rate of a little over 8 percent and it’s projected to continue through 2023 at just over 7 percent, which if you look at the current 25.7 million square foot market, that means there’s demand for over 34 million square feet,” she said. “We’re about 3 million short of meeting that demand based on the current pipeline for 2023. Now, that generally includes only ground-up, brand new developments, so maybe the conversion factor will start to fill in some of that.”

The panel also took on the suburbs and the question of whether the pandemic, and the changes it has brought to commutes and daily life, is creating a time for the suburbs to shine and draw even more people out of urban cores. In July, real estate market analysts at the Warren Group said increases in sales in more rural parts of Massachusetts were “far in excess” of the state average.

“Cities are going to endure. The intrinsic qualities that brought everybody to them pre-COVID, we’re going to appreciate them all the more when this ends, and it will end. So we just envision a totally different kind of lifestyle returning when we’re through this,” Abe Menzin, a principal at the development firm Samuels & Associates, said. “In my more optimistic moments, I actually think that remote work options for people could actually enhance the vitality of cities. It could help shave the peaks off of some of the congestion issues that we’ve encountered, and could give people more flexibility in their lifestyle and make a livable city like Boston even more liveable.”

Kirk Sykes, a managing partner at Accordia Partners, is banking on people continuing to want to live in Boston but said aspects of two of his most significant projects aim to address concerns that the pandemic has highlighted. Sykes is involved in the plan to redevelop the site of the Boston State Hospital into a development with more than 360 housing units near Franklin Park and Mass. Audubon’s Boston Nature Center and Wildlife Sanctuary in Mattapan. He’s also part of the plan to convert the old Bayside Expo site in Dorchester into more than 1,000 units of housing, retail space, office space and more.

“We feel extremely blessed to have a 65-acre park, and the beach and the ocean in front of Bayside. And as such, I think those characteristics will play heavily into corporate relocations for campuses or even the decision to get on the train and go for five minutes to Kendall [Square] as opposed to being in Kendall,” he said. “So we’re designing in the desire to be in an environment that gives you the air, the light, the breath, the view that you might get in the suburbs, but getting it in a 20-minute bike ride, 30-minute walk or five-minute Uber/Lyft to the Financial District.”

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09/15/2020

CRE Must Do More to Ensure Diversity, Equity and Inclusion: Now Is the Time to Listen, Learn – and Act

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The below op-ed was originally published in Banker and Tradesman on June 28, 2020

Now is a pivotal moment in history where society’s attention is finally focused on what we have collectively ignored for far too long – hundreds of years of brutality, racism and inequity throughout the United States of America. While COVID-19 has pushed us into unusual and unprecedented times, the systemic issues being protested were with us long before the pandemic.  

As an industry, commercial real estate is predominantly white and male. While steps have been made in recent years to begin to address this, more must be done. The collective voice of our industry is strong – and must be used to amplify voices that are not heard. It is incumbent upon industry leaders to bring attention to these injustices and to commit to real change for this critical sector of the economy.  

NAIOP Massachusetts, The Commercial Real Estate Development Association, applauds the peaceful protests that have occurred around the country and here in the commonwealth. Diversity, equity and inclusion are a priority for our organization and our leadership, but we recognize that we can and will do more to advance change across the industry.  

Small incremental change is no longer enough. Real change will happen when all companies – and senior leadership – commit to creating a more diverse and inclusive industry. It will not happen overnight, but the industry must be unified in making diversity, equity and inclusion a priority. 

What Must Be Done 

NAIOP urges the professionals and companies in the commercial real estate industry to start with the following action steps. 

Listen and learn. Business leaders like to think they have all the answers. However, now is a time to listen, learn and acknowledge how deeply embedded racism is in the United States. This does not mean asking the Black, Indigenous and People of Color (BIPOC) in your company for their advice – seek out professionals who specialize in this space and commit to being an active part of any company dialogue. Internalize what you learn and address it in your professional and personal interactions. 

Engage leadership. Change must come from the top. While human resources professionals are an important piece of this work, hiring BIPOC is just one piece of the puzzle. In order for the industry to diversify itself from entry-level positions to the C-suite, and change the culture, company leadership must be at the table, advocating for BIPOC employee success and committing to long term change. 

Support MWBE businesses and the organizations that empower them. After too many years of hearing that there were no people of color in commercial real estate, Dave Madan created the Builders of Color Coalition (BCC). It convenes minority real estate professionals in Greater Boston’s building sector to leverage access to development projects. Its 500 members include developers, investors, architects, attorneys, bankers, contractors and brokers working across a wide range of firms, from family-owned enterprises to multinational companies. The Black Economic Council of Massachusetts, also known as BECMA, led by Segun Idowu works to advance the economic well-being of Black businesses, organizations that serve the Black community and Black residents of Massachusetts. These organizations are critical to the success of businesses of color and will help the commercial real estate industry to create more diverse teams.  

These are just two examples of organizations that are working to address serious inequities in companies across Massachusetts. Seek out organizations, community groups and change-makers who have been working in this space for years and invite them to the table as you begin these conversations.  

Hold Yourself Accountable 

Create a career pathway for diverse talent. Talent recruitment programs designed to introduce high school and college students of color to commercial real estate are essential. The Commercial Real Estate Success Training (CREST) Program is a comprehensive initiative to support commercial real estate companies in their commitment to attract underrepresented college students of color and women to the industry through summer internships. The program, now in its fourth year, has placed close to one hundred students in internships and led to career placements in the industry.  

With broader industry support, more students can be placed in these internships. NAIOP is encouraging its members to support CREST by hosting an intern or committing to a financial contribution that will allow the program to expand. The Real Estate Exchange (REEX) Summer Program, sponsored by REEC, is a unique 10-day, academic-intensive experience for high school students created to expose teens of color to top-tier universities and career opportunities in business, entrepreneurship and commercial real estate. NAIOP is proud to support REEX and CREST and we will continue to urge members to seek out programs that target equity and inclusion and implement them. 

Be accountable. You can’t manage what you don’t measure. Create diversity metrics, set hiring goals and update them regularly. While numbers are important, they do not matter if the culture is not inclusive and supportive. Make both a priority – and hold yourself accountable for their success. 

This is by no means a comprehensive list of action items for the industry. These are simply near-term steps that should be the minimum requirement for all commercial real estate firms. In the coming months, NAIOP will be working with a subcommittee of its board of directors and a coalition of real estate trade groups to identify and advance further opportunities for change. We do not have all the answers, but we are committed to learning, listening and acting to create a more diverse, equitable and inclusive industry. 

Tamara Small is CEO and Reesa Fischer is executive director of NAIOP Massachusetts – The Commercial Real Estate Development Association. 

Changing the CRE Industry Requires Action – Support the CREST Internship Program

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Dear NAIOP Members & Friends,

Diversity, equity & inclusion are a priority for NAIOP Massachusetts and our leadership, but we recognize that we must do more to advance change across the industry. Small incremental change is no longer enough. Real change will happen when all companies – and senior leadership – commit to creating a more diverse and inclusive industry.

Talent recruitment programs designed to introduce college students of color to commercial real estate are essential. NAIOP is proud to be a supporter of the Commercial Real Estate Success Training (CREST) Program, a comprehensive initiative to support commercial real estate companies in their commitment to attract underrepresented college students of color and women to the industry through summer internships. With broader industry support, more students can be placed in these internships. Please see the request below from NAIOP Members Tom O’Brien and Dick Galvin on one simple step your firm can take right now to change the industry for the better. 

CREST and the future of this industry need your support. To sign up today, please contact Milton Benjamin at mbenjamin@kagegrowth.com or by phone at (617) 930-3402.

Tamara Small & Reesa Fischer

Dear Friends in NAIOP, 

We certainly hope that all of you and your families, employees, and partners, are staying healthy and safe during this incredibly challenging time for all of us. We are especially mindful of all of the frontline workers in our industry, whether in construction, building management, hospitality staff, or any position that is potentially in harms way, we want to salute them.

We write this letter on the eve of the NAIOP sponsored CRE Summit on Equity, Inclusion and Diversity, set for June 24th. As events have unfolded since the tragic death of George Floyd, and a national conversation about racism and its effects has emerged that has been long overdue, our industry must continue to engage on these issues, and find concrete solutions that create real change going forward. 

We continue to believe that a key component of those solutions is the ongoing commitment and support of the CREST program. Under Milton Benjamin’s incredible leadership, CREST has continued to grow, and offer the kind of internship opportunities to young women and students of color that simply would not be there without this focused effort. This summer in particular was poised to be the best yet, with 40 students selected and ready to go, and participation from a wide range of companies and organizations big and small. Then COVID-19 hit and the world turned upside down. 

The commitments for many of these kids dried up, and the internship program changed dramatically, both in size and execution. Right now we have only nine interns placed, a huge reduction in both participation and support for the program. We recognize that all of us have taken huge hits to our budgets, including painful decisions about layoffs, salary reductions, and other draconian measures. But we also recognize, and hope you do too, that now is the exact moment to continue our commitment to CREST, and ramp it up even further. As our friend Kirk Sykes likes to say, “diversity is being invited to the party, inclusion is being asked to dance.” 

We ask two things of this group. First, if you had considered an intern before, but decided to back out, please reconsider, if possible. We know it’s late in the game, but for many of these kids, even a short term opportunity is meaningful. More importantly, we need to recognize that CREST needs long term support and commitment, both in intern support, and sponsorship. As we move to a more open business environment, and your business opens up, please think about how you might participate in this important program. We want to have these discussions later this summer and fall, and we want to ensure that CREST is positioned for greater success next summer, and beyond. 

We know that this group is filled with passionate, supportive people and companies who are ready to take this moment, and the discussions we’re having, and convert them to action that can change people’s lives, and change the Boston CRE industry for the positive. We must accept the challenge, and continue to what is now necessary to make this change happen. 

Sincerely,

Tom O’Brien, The HYM Investment Group, LLC

Dick Galvin, Accordia Partners

NAIOP Massachusetts Installs 2020 Leadership Team: Leslie Cohen to Serve as 2020 Chapter President, Sara Cassidy Moves to Board Chair; Special Awards Given

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At its Annual Meeting on November 20, NAIOP Massachusetts, The Commercial Real Estate Development Association, elected a new President and Board members, along with a new Leadership Council. The Board includes the principals of many of the region’s leading commercial real estate firms.

Leslie Cohen, Chief Operating Officer and Head of Asset Management at Samuels & Associates, was elected President of NAIOP Massachusetts for 2020.  In this capacity, she will work closely with NAIOP staff and Chapter leadership to guide the organization. Sara Cassidy of AEW, who served as the 2019 President, will serve as Board Chair; Tom Andrews of Alexandria Real Estate Equites becomes President-Elect; Jessica Hughes of Tishman Speyer will serve as Treasurer; and Patrick McMahon of Federal Realty Investment Trust becomes Secretary.

“NAIOP is the voice for an industry that plays a critical role in the region’s economy and competitiveness. Our members are innovative, engaged in their communities and focused on ensuring that Massachusetts is a great place to work and live,” said Cohen.  “At the same time, we have a great opportunity to foster diversity across the field.  I look forward to collaborating with other senior NAIOP leaders to implement new initiatives that will cultivate a broader pipeline of talent interested in all aspects of the commercial real estate industry.”

Cohen has been part of the Samuels team for more than 17 years. She previously served as the President of CREW Boston (formerly NEWiRE) and has served on the Board of Trustees and the Building Committee at the West End House in Allston, on the Building and Grounds Committee at Tufts University, and, for the second time, will co-chair Heading Home’s Housewarming event. In 2013, Cohen was selected as a Boston Business Journal’s 40 under 40 honoree. In 2014 and 2018 she was honored as one of Bisnow’s Power Women in Commercial Real Estate.

“NAIOP’s volunteer leaders represent the best of this industry. NAIOP’s Executive Director Reesa Fischer and I are honored to work with professionals like Leslie in our efforts to advance and grow the industry,” said Tamara Small, CEO of NAIOP. “Their creativity and energy will allow our organization to address the needs of commercial real estate professionals while focusing on advocacy, education and professional development.”

The 2020 Leadership Council members include:

Chapter Affairs Chair: Michael Wilcox, The Bulfinch Companies, Inc.

Developing Leaders Chair: Alex Schultz, Davis Companies

Developing Leaders Vice Chair: Sam Campbell, JLL

Diversity Equity & Inclusion Chair: Taidgh McClory, TH McClory, LLP

Diversity Equity & Inclusion Vice Chair: Amanda Strong, MITIMCo

Government Affairs Chair: Carolyn Desmond, Skanska Commercial Development

Government Affairs Vice Chair: Matthew Snell, Nutter McClennen & Fish

Membership& Marketing Chair: Tina Snyder, DivcoWest

Membership& Marketing Vice Chair: Katherine Shoss, The Bulfinch Companies, Inc.

Program & Education Chair: Robert Borden, CBRE

Program& Education Vice Chair: Michael Buckley, Avison Young

Awards Chair: Allen Breed, MITIMCo

Golf Tournament Co-Chairs: Andrew Gallinaro, National Development and Sarah Lagosh, Eastdil Secured

Developing Leaders Board Liaison: Abby Mondani, Oxford Properties

Communications Chair: Wendy Pierce, Goldstein Pierce PR

Strategic Development Co-Chairs: Kerry Hawkins, JLL; Derrick Goodwin, Lee Kennedy Company; Dan McGrath, Berkeley Investments; Kathy McMahon, National Development and Adam Weisenberg, Sullivan & Worcester LLP

In addition, the following industry leaders joined the NAIOP Board for three-year terms:

Katharine Bachman, Gravestar

Marcella Barriere, Google

Kevin Benedix, Boston Global Investors

Lawrence Curtis, WinnDevelopment
Russell DiMartino, Skanska Commercial Development

Todd Fremont-Smith, Nordblom Company

Richard Galvin, CV Properties

David Goodhue, Colliers International

Taran Grigsby, Fidelity Real Estate

Timothy Guy, Clarion Partners

Andrew Hoar, CBRE

Shawn Hurley, Marcus Partners

Gary Kerr, Greystar

Sarah Lagosh, Eastdil

Charles Leatherbee, Trammel Crow Company

Douglas Manz, HYM Investments

Steve Marsh, MITIMCo

John Myers, Redgate

Tinchuck Ng, Cottonwood Management

Alex Schultz, The Davis Companies

Kirk Sykes, Accordia Partners

Joseph Zink, Atlantic Management

NAIOP Massachusetts also presented several special awards to select members who have made significant contributions to benefit the industry.  Sara Cassidy presented the 2020 President’s Award to Rob Borden of JLL in recognition of his exceptional leadership, strategic direction and vision as Vice-Chair of NAIOP’s Program Committee.  Larry Feldman of GZA was presented with the 2020 NAIOP Government Affairs Champion Award in recognition of his years of work on NAIOP’s Brownfields Redevelopment Committee.  His advocacy has resulted in countless laws and policies that encourage the cleanup and redevelopment of contaminated sites in Massachusetts.

The Annual Meeting was held prior to the start of the NAIOP/SIOR Annual Market Forecast, which included an economic overview by Kelly Whitman, Vice President of Investment Research at PGIM Real Estate, and market updates from Kristin Blount (Downtown), Executive Vice President, Colliers International; Robert Byrne (Suburbs), Managing Director, Cushman & Wakefield; Ben Coffin (Cambridge), Managing Director, JLL; Rick Schuhwerk (Industrial), Executive Managing Director, Newmark Knight Frank; and Chris Skeffington (Capital Markets), Senior Vice President, CBRE.

About NAIOP

NAIOP Massachusetts, which represents 1,650 members, is the leading organization for developers, owners, and investors of office, research & development, industrial, mixed use, multifamily, retail and institutional real estate in the Commonwealth.  NAIOP advocates for policies that advance commercial real estate while providing outstanding education and networking opportunities.