Discussion

Question 1: What types of expenses would property owners pay when operating and maintaining common areas? Give examples for office, retail, and warehouse properties.

Student 1:

There are multiple expenses that property owners have to pay when it comes to operating and maintaining common areas. There are two types of common areas to keep in mind, outdoor and indoor. Here are some of the expenses for office, retail, and warehouse properties:

Office –

Heating and air conditioning

Lighting

Water for irrigation, drinking, and restrooms

Landscaping,

Parking lot maintenance fees

Electric

Janitorial services

Retail –

Heating and air conditioning

Security costs

Electricity

Window Washing

Repair services

Warehouses –

Security

Janitorial

Heating and air conditioning

However, there are multiple expenses that are strictly related to only indoor common areas. Some of those expenses include fire alarms and sprinkler systems, furnishings, restrooms, etc.

Question 2: Commercial Real Estate Development Association

Please visit NAIOP – Commercial Real Estate Development Association. Explore the site. What is the purpose of the organization? Identify resources that may be of use to real estate professionals.

http://www.naiop.org/

Student 2:

Commercial Real Estate Development Association, NAIOP, has the following mission statement: “NAIOP provides advocacy, education and business opportunities by connecting members in a powerful North American network in the commercial real estate development and investment industry”. NAIOP is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate. NAIOP provides unparalleled industry networking and education, and advocates for effective legislation on behalf of our members. NAIOP advances responsible, sustainable development that creates jobs and benefits the communities in which our members work and live. It has 19,000 members and is an excellent networking for professionals in the real estate industry.

NAIOP has 51 local chapters in North America. The NAIOP website provides resources for research and publications, education and careers and issues and advocacies. It has its Development magazine and Economic Impacts of Commercial Real Estate publications. It also publishes other research findings and surveys about real estate. It has a Center for Education and offer certificate programs. It offers discussion on important issues in real estate industry.

References:

Commercial Real Estate Development Association. Retrieved from . Retrieved from http://www.naiop.org/