Growing Office Rents May23

Growing Office Rents

CBRE recently released the Spring 2017 North America Suburban Office Trends Report. Econometric advisors foresee positive net absorption and rent growth will continue throughout suburban office markets in the United States. A handful of cities stand out for their growth. For more than 27 quarters, the U.S. suburban office vacancy rate has refused to rise. Sluggish new supply in major suburbs cannot keep up with increasing tenant demand. Even suburbs that were slow to recover from the recession are now showing luster.  CBRE reports that several Florida markets, Milwaukee, Phoenix, and even Detroit posted year-over-year vacancy rate decreases of 200 bps or more in Q4 2016. Submarkets that cater to thriving industries, such as technology, stand to benefit the most from this trend. Major suburbs that offer energy efficient spaces and top-end amenities will also do well. The following 10 markets are slated for success throughout 2018. Suburban Atlanta Rents increased by 10.1 percent, ending 2016 at an average of $22.47 per sq. ft. Atlanta Business Chronicle reports that some neighborhoods of the metropolitan area just made history by breaking the $50 per foot barrier. Cambridge, Mass. The vacancy rate declined by 180 basis points by Q4 2016, ending at 3.8 percent. The average price came in at $65.26 per sq. ft. The new city of Cambridge has grown in large part due to the presence of technology powerhouses, Microsoft and Apple. The presence of academic professionals, employees of Cambridge Innovation Center and WeWork also contribute to the high demand for office spaces. Suburban Fort Lauderdale, Fla. At the end of Q4 2016, the suburb yielded 8.3 office rent growth, at a price of about $29 per sq. ft. New construction and the conversion of some retail spaces into office space may provide relief...

Business Travel May22

Business Travel

Travel Leaders Group, the largest traditional travel agency in North America, released the 2017 Business Travel Trends survey. More than 540 agents participated in the survey, each with a portfolio composed of at least 50 percent business travel clients. The survey highlights industry trends as well as business travelers’ leading concerns. The business travel sector is projected to remain strong with 86% of agents expecting bookings to remain “as high or higher” than the same time last year. With potential growth in mind, industry professionals search for ways to improve the traveler experience. Top Concerns Each year, agents reported the top travel three concerns for their clients. The chart below reflects changes from year to year.   While agents can do very little to ease difficulties within the airlines and TSA, they have committed to tackling the problems within their reach. Agents reported that they are most able to address or mitigate the following concerns for corporate travelers: Delayed flights 48.6% Making sure someone has their back 39.2% Earning frequent flyer/loyalty points 32.3% Limited airline seat availability 28.7% Travel costs 25.1% Wish Lists Skift, the nation’s largest industry intelligence platform, created the Supertraveler’s Wish List this year. Beyond the woes of airlines and agents, this list hones in on what business travelers seek on a personal level. The most sought-after features include better apps for hotels and improved retail in and around accommodations. Those are great additions for short term stays. But for travelers on assignment for several weeks or months, more is needed to help them feel comfortable. Corporate housing provides a more permanent feel than hotels—but they rarely get it right. Beyond pots and pans in the kitchen, corporate housing fails to address personal needs. Yardi has created a travelers’ wish list to...

YASC Scavenger Hunt May20

YASC Scavenger Hunt

Join the social media photo scavenger hunt at YASC 2017 in Washington, D.C. This is a great way to network with fellow attendees, explore the conference offerings, and learn about Yardi’s history, products, and values. We invite you to jump in on the fun! It’s easy to participate: Snap and post photos of scavenger hunt items on Twitter and Instagram Tag posts with the event hashtag, #YASC2017 Winners will be announced on social media Thursday, May 25, starting at 9am EST Rules: Snap and post on Twitter or Instagram using #YASC2017. Accounts must be public for posts to be visible during contest. There are lots of fun prizes, so don’t miss out!  YASC photo scavenger hunt list: At the YASC Registration Desk A General Session photo Networking at lunch or a break A Washington, D.C. landmark (outside the hotel) With a Yardi staff member (look for the Yardi shirts) Visit Knowledge Central In a course or panel session Selfie with your team or YASC attendee At one of the YASC receptions A favorite moment at YASC Questions?  Visit the Networking Lounge in Columbia Hall of the Washington Hilton, message Yardi on social media, or email us at...

YASC DC 2017 May19

YASC DC 2017

We’re excited to welcome more than 1400 of our valued Yardi clients to the Washington Hilton in Washington, D.C., next week for our biannual Yardi Advanced Solutions Conference (YASC). The networking, fun and learning begins Tuesday, May 23, and concludes Thursday, May 25. Attendees will enjoy a robust schedule of training courses, networking and social events, opportunities to get hands-on with Yardi software, ask the experts and much more. If you’d still like to attend, it is not too late to register. As he has done for the past 15 years, Yardi founder and CEO Anant Yardi will kick off the event on Tuesday morning with a keynote address to attending clients and staff in the International Ballroom. Mr. Yardi typically offers a high-level overview of technology advancement and points of connection to the real estate industry. YASC will be held on the West Coast in San Diego, Calif., from Sept. 13-15. International YASC events are slated for Amsterdam, Singapore and Sydney this fall. A growing YASC Middle East took place this past spring in Dubai. “Our Yardi conference offerings continue to expand, and our goal is for the quality of the client experience to continually improve,” said Tim Hoover, Yardi creative director and producer of the event. “As our repeat attendees can attest, no two YASCs are the same as we strive to make each one better than the last.” Features of this year’s Washington, D.C., conference includes: Opportunities to Connect Over Lunch Network with industry peers and hear more about what they’re doing and how they’re doing it. At lunch, look for signs on the tables and select your seat based on your area of interest. A Yardi specialist will be at each table to answer product-related questions. Client Panels and Roundtables Considering a new core product purchase or want to improve how you use your existing platform? Check the course list for the client panels and roundtable discussions. These are great places to pick up tips and insight from your industry peers. Knowledge Central Have a technical question about a Yardi product that you currently use or are considering purchasing? This is the place to go for expert help, one-on-one support, product demonstrations and information about upgrades and implementations. The sales team will be giving away some cool Patagonia gear to clients who stop by for a demo, so if you’ve been wanting to ask about a product you don’t yet have, this is a great time to do it. Wednesday Night Yardi Parti Yardi’s YASC celebrations are known for their food, entertainment and fun! Join us to celebrate our 2017 theme: “Energized for Tomorrow” and see what everyone is talking about. Dinner, drinks, live music, dancing, photo booth and more will take place on Wednesday night in the International Ballroom. Networking Lounge Stop by the networking lounge in the foyer of Columbia Hall and sit down for a conversation with your new industry connections. The Networking Lounge is also where you can find Yardi social media staff, who can answer questions about using social channels for branding, marketing and connecting with your consumer base. Social Media Channels We’ll be running contests throughout the conference, so get engaged and share your experience on social media using #YASC2017 for conference news, prizes and more! You’ll find us @Yardi on LinkedIn, Twitter and Facebook, and @YardiSystems on Instagram. Follow the Action We’ll be posting live from the event and so will our social media savvy clients. Find all the posts in one place at our YASC Social...

Energized for Tomorrow May17

Energized for Tomorrow

Yardi has been creating real estate software for more than three decades. The company was founded by Anant Yardi in Santa Barbara in 1984, and over the years Yardi has become a respected industry leader and pioneer, providing technology solutions for almost every conceivable real estate vertical. After more than 30 years in the business, you might expect us to be setting the metaphorical cruise control while we enjoy the ride. Time to think again. As we focus on 2017 and beyond, Yardi is proud to unveil a new theme and direction. We are Energized for Tomorrow. Capturing our spirit Energy powers our bodies, our homes and our businesses. It is part of natural processes, people, machinery and technology. Energy is also an invaluable description of spirit. When we say “energized,” you might hear “focused, excited, driven, motivated, ready, enthusiastic, prepared.” But that’s just the beginning. Energy is contagious. It spreads quickly and can power exciting results and success. For us, it all starts in the workplace. We hope to continue perpetuating the positive, supportive, family-focused energy that is part of our longstanding corporate culture beyond our offices. Serving our clients Our clients tell us that they enjoy coming to our Yardi Advanced Solutions Conferences (YASC), as well as the vertical-focused Yardi Forums, because of the spirit of community at Yardi. As we continue to grow globally, we will find new ways to share that energy. Our energy for creative development and progress is frequently powered by our valued clients. We thrive when we listen to their challenges, strategies, struggles and successes. We are energized by creating products that help our clients run their businesses better. Energy is also a very practical consideration for every business owner. No matter what your segment of the real estate industry, providing efficient and affordable utility services and billing is a consideration. Energized for good Finally, we want to use our energy to give back. As part of our philanthropic efforts, we are working to promote the cause of energy efficiency on a national level. We have provided education grants to BOMA, IREM, NAA and BOMI International to move this important work forward. The goal is to help reduce energy use in commercial, residential and mixed-use properties through education and technology. We look forward to sharing more about how we are energized for good in the months to come. This year and into the future, we want to stay Energized for Tomorrow. Thank you for joining us on the...

Shining Cities May16

Shining Cities

Solar power installations marked a new high in 2016. The U.S. now has 42 gigawatts of solar photovoltaic energy capacity, sufficient to power 8.3 million homes and reduce carbon dioxide emissions by 52.3 million metric tons annually. The solar capacity grew by 55 percent year-over-year, according to an analysis released by Environment America Research and Policy Center. The report, “Shining Cities: How Smart Local Policies Are Expanding Solar Power in America,” shows that the top five positions are occupied by San Diego, Los Angeles, Honolulu, San Jose and Phoenix. An impressive number of American citizens have invested in their own solar projects in their communities, while many more are ready to enroll. In 2016, just the top 20 cities accounted for as much solar power capacity as the entire country had installed in 2010, nearly 2 gigawatts. There is also a new number one solar-powered city, San Diego, which is replacing Los Angeles. But even though the industry marked such great progress last year, there are still vast amounts of untapped solar potential. San Diego, for instance, has developed less than 14 percent of its technical potential for solar energy on small buildings. “San Diego is setting the standard for other cities across the country when it comes to protecting our environment and creating a cleaner future,” San Diego Mayor Kevin Faulconer said. “This new ranking is a testament to the many San Diego residents and businesses harnessing our natural resources as we march toward our goal of using 100 percent renewable energy throughout the city.” In order to shift the U.S. toward an economy powered by 100 percent renewable energy, officials must continue to adopt a series of pro-solar policies. “Cities are recognizing that clean, local and affordable energy just makes sense,” said...

Corporate Housing May15

Corporate Housing

Corporate travel has its perks. Thrilling locales, new experiences, and passport stamps are just a few takeaways from life on the road. Yet for traveling professionals with longer assignments, housing can be the least exciting part of the job. One company aims to improve corporate housing one unit at a time. Seattle-based Synergy Global Housing specializes in a “left of center” approach to employee accommodations. The company garners feedback from real traveling professionals in order to create temporary housing that feels like home—maybe even a bit better. A new Synergy property in Paulo Alto combines several of the latest concepts from the company’s idea incubator: Transport Made Easy Synergy paired with PUBLIC boutique bike manufacturer in San Francisco to create the Gear Wall. Amongst custom storage compartments and living plants hangs a shiny red bike. It entices residents to take it out for a spin. “It is our hope that these bikes also encourage guests to go outside of their apartment communities and see more of the world beyond their window view,” states the Synergy blog. The bicycle fills multiple voids, allowing users to gain quick access to the workplace and local businesses while fitting in a quick workout. The slower mode of travel can help residents learn more about the neighborhood and improve integration. Unique to You Rather than a one-size-fits-all design scheme, Synergy Palo Alto units come with a variety of aesthetics from which to choose. Themes include, but are not limited to, vintage, contemporary, sporty, and elegant. Residents can choose the unit style that most closely appeals to their lifestyle. The curated designs elevate housing standards beyond cookie-cutter hotels, helping travelers feel comfortable in their new space. Family First Time away from loved ones is often cited as one of the...

Self-Driving Taxis

Once found only in science fiction, self-driving cars are about to show up on a street near you. Goldman Sachs estimates that the market for advanced driver assistance and autonomous vehicles is expected to grow from roughly $3 billion in 2015 to $96 billion in 2025 and balloon to $290 billion in 2035. When two giants meet and start planning together, the world expects great things. One such collaboration, between Daimler — the world’s largest maker of premium cars, and Bosch — the world’s largest automotive supplier, is poised to bring a major change to the auto industry. The two companies are teaming up to develop self-driving cars and speed up the normalization of “robo-taxis.” The fully automated vehicle is planned to be ready for use in urban markets in the early 2020s, the companies say. The autonomous driving system will be designed for city driving. The expectation is that self-driving taxis will improve traffic flows in cities and road safety. The development alliance is on a mission to create a system for fully automated Level 4 and driverless Level 5 vehicles. The Society of Automotive Engineers has defined five levels of driving automation: Level 4 means the car assumes all of the driving in many conditions — it could drive fully autonomously in specific geographic locations, such as a certain route in a city center, or in certain weather conditions. Level 5 is reached when the vehicle can operate in all conditions, without requiring any human intervention at any time. Daimler, through its passenger car brand Mercedes-Benz, has been working on autonomous vehicles for years. At the same time, the company keeps a close eye on the growing group of people who would rather use public transportation and car-sharing than own a car....

Benchmarking Bonus May12

Benchmarking Bonus

Currently, over 45% of the US commercial building market uses the ENERGY STAR®, the US EPA’s voluntary certification program designed to measure energy efficiency and improve resource management. At the heart of ENERGY STAR® lies the ability to track energy usage data to reduce energy consumption and improve building performance. “It all starts with taking a look at what you have and seeing what [information] you’re tracking and what data is available,” Craig Haglund, Program Manager, for the US EPA’s ENERGY STAR program, said in the National Apartment Association’s recent webinar, Financial Success with Energy Benchmarking. With comprehensive data collection and analytics capabilities, US EPA’s Portfolio Manager works in concert with ENERGY STAR for complete resource management oversight. “They say ‘you can’t manage what you can’t measure,’ which is 100% true,” Haglund continued, “but that misses what you can do with all that data.” Whole Building Consumption For building owners and managers interested in tracking their energy, water and waste metrics, ENERGY STAR provides an easy, comprehensive management tool: Portfolio Manager. With Portfolio Manager, building data can be tracked and analyzed. Users can create customized reports and monitor changes in energy, water, greenhouse gas emissions and more. “Portfolio Manager literally includes hundreds of measurement metrics,” explained Haglund. “Standardized reports can help users assess portfolio performance and share that information or integrate it into other presentations.” Those measurement metrics can be applied to any sized property portfolio, from one building to, in the case of East Coast real estate services firm Bozzuto Management, 63,000 units spread out over 220 communities and representing 2.1 million square feet of mixed-use development. “We have been using Portfolio Manager since 2012,” said Bozzuto’s Director of Sustainability, Peter Zadoretzky. “Over the last couple of years, we’ve gone from a messy,...

Old-Fashioned Fun May11

Old-Fashioned Fun

As Jimmy Buffet and Alan Jackson famously reminded us, it’s five o’clock somewhere! Many senior living communities are hosting cocktail parties and happy hours to encourage conversation and bring a sense of community and connection to their residents. In the US, approximately 70% of assisted living residents drink alcohol regularly, with most imbibing at least once per day, and those numbers are on the rise. With so many older adults accustomed to rounding out the evening with a nightcap or enjoying friendly conversation over a pint, cocktails are on the menu at several senior living facilities. Not only do these on-site happy hours encourage a sense of community, but they also help make residents feel at home. Running the gamut from wine-pairings to Oktoberfest blowouts, these spirit-forward gatherings provide residents with the chance to mingle. “We want the residents to continue to enjoy what they’ve enjoyed in the past,” Judi Donovan, Executive Director of GreenFields told the Chicago Tribune. “This often times includes wine, beer and or cocktails. Residents are invited to enjoy alcohol within their apartments and at meals, cocktail parties and happy hours.” “Our cocktail parties and happy hours are wonderful ice-breakers giving people a time to chat with old friends and meet new ones,” Donovan continues. “It’s about encouraging fellowship. We have a very friendly community. Social hours sometimes give people who might not otherwise interact with each other, a chance to do so and make new friends.” The Brew Crew While famous concoctions like martinis and Manhattans still rule the roost, beer and wine are making inroads within the senior demographic. In Bend, OR, for example, members of the Aspen Ridge Retirement Community’s “Brew Crew” concoct 13 different types of beer, including popular favorites like Machine Maggie Imperial IPA and...

BOMI Sustainability May10

BOMI Sustainability

Yardi has helped fund a high-performance sustainability training program offered by educational organization BOMI International. Five new scenario-based online modules funded by the grant will help train facilities managers, tenants and maintenance workers how to collaborate in making buildings’ heating, ventilation and air conditioning systems operate more efficiently. The training program, titled “High-Performance Sustainable Buildings: HVAC Optimization,” uses animated, real-life scenarios highlighting comfort, business and sustainability factors. Concepts include assessment best practices, demand response strategies, the role of analytics tools and procedures for engaging third-party support. “Yardi challenged BOMI International with designing a program that sets the standard for online, interactive training related to HVAC operations,” said Jeffrey Horn, president and CEO of BOMI International. “I strongly believe we’ve accomplished that mission and thank Yardi for the opportunity to stretch our capabilities.” “We are excited to support BOMI International’s efforts to merge technology advances and energy insight into new best practices that benefit the industry,” said Matt Eggers, vice president of Yardi Energy. “The new learning program gives stakeholders in commercial property management new tools for increasing energy efficiency.” Learn more about the program and gain free access to the first learning module. BOMI International, a nonprofit educational organization founded in 1970 and based in Annapolis, Md., provides critical education and expertise to industry personnel with property, facility and building systems management responsibilities. More than 27,000 industry professionals hold one or more BOMI International designations, and more than 90,000 property and facility management professionals have turned to BOMI International for their continuing education, professional development and staff training needs. To learn more, please visit bomi.org, call 1.800.235.BOMI (2664) or email...

Canada in Focus May10

Canada in Focus

If you are a condominium property manager, every day you work towards maintaining your properties to make them desirable places to live, while keeping operations running smoothly. Further, you must ensure the properties meet the expectations of owners and condo corporations. In competitive markets such as Toronto and Vancouver, this is especially key. According to the experts, the lack of single-family residential unit supply in the current Canadian market is expected to create opportunities for condo markets to absorb excess demand. Condo demand is forecast to increase in Toronto and Vancouver, due to factors including urban migration and the interest of foreign real estate investors.  In addition, rising house prices, which have reached 4.6 times the national average household income, further powers the condo market. Given the high demand and potential growth in this industry, it is crucial to stand out as a property manager. Following are some tips to help you attract and retain condo corporations and at the same time reduce your overhead costs and streamline your operations. Enhance Your Digital Presence It all starts with branding. In today’s world, it is imperative to have a digital presence in order to establish credibility of your business and to attract prospective customers. When it comes to your property management brand, curb appeal matters. Critical first impressions often happen online. Creating a beautiful property website with rich, easy-to-use features including an owner portal will further heighten your brand value and make you a more valued property management service provider. Creating a Community Due to the growth in demand in the condo property market, creating, promoting and maintaining a strong sense of community is crucial to stand out as a property manager. Of course, property appeal goes beyond landscaping and renovations. Today’s owners are looking...

Epic Airports May05

Epic Airports

Traveling long distances is no longer a burden for a few people. Almost all airlines offer relaxing areas and peaceful lobbies, but some have taken lounges to a whole new level of sophistication. So premium passengers do not get special treatment only in the sky, but also on ground. Access to a plethora of luxurious amenities varies from one airline to another – you may have to book a certain class of travel, pay a fee or use mileage points. These extravagant lounges make crappy sandwiches and people talking too loud on their phones seem like they’re from a different world. Bon voyage! Air France’s La Premiere Lounge, Paris Charles De Gaulle Airport Going to Paris is everyone’s hidden yearning, so Paris cannot afford to disappoint. This is probably the way airlines think as Air France’s La Premiere lounge in Charles De Gaulle Airport will certainly become part of an unforgettable experience. The minimalist design, the red mood lighting in the bar, the deluxe shower rooms and private relaxation suites with daybeds contribute to a pre-boarding privileged treatment. Biologique Recherche, an exclusivist spa, pampers even the most pedant passengers by offering tailor-made services meant to alleviate stress, jet lag, dehydration and the heavy legs effect. The lounge includes a library, stocked with newspapers and a wide selection of books and magazines. Michelin-starred chef Alan Ducasse’s menu completes the lounge experience with finger-licking French dishes. Staff can assist by creating a schedule that maximizes on the lounge’s amenities. (Pictured right, photo courtesy of Air France website) Etihad Airways’ Business Class Lounge at New York’s JFK International Airport This 7,500-square-foot lounge is considered to be one of the most luxurious lounges in the U.S. The unique travel environment reflects twenty-first century Abu Dhabi modernism and embodies...

Sears HQ Repurposed May01

Sears HQ Repurposed

In the United States, the dire need for affordable housing continues. The nation currently faces a deficit of 7.4 million affordable units for those earning less than 30 percent of the local median income. In an effort to develop inexpensive housing in desirable areas, numerous project developers have opted to repurpose existing buildings. Bloomberg reports the account of one such property that is 112 years in the making. Sears Reborn On the West Side of Chicago sprawls more than 1 million square feet of American history. Constructed in 1905, the site served as the original Sears headquarters. It includes a 14-story clock tower, a printing plant, and several additional buildings. Sears occupied the site for 70 years before relocating to its most iconic Chicago home. The site began a slow and unsteady decline, accentuated with failed projects and abandoned spaces. In 2014, Yardi client Mercy Housing Lakefront embarked on a new project at the site, Lofts at Arthington. It would be an affordable housing community that consists of 181 units and on-location social services. Residents would have access to childcare, public transit, and job opportunities in nearby Chicago proper. “We were in a position to come and build affordable housing in a neighborhood with more amenities than more upscale neighborhoods could only dream of,” says Mark Angelini, President of Mercy Housing Lakefront. The redevelopment cost about $55 million. Lofts at Arthington qualified for federal historic preservation tax credits through the National Park Service. It also received low-income housing tax credits from the U.S. Department of Housing and Urban Development. One-third of the units are allotted for residents who earn less than 30 percent of the local median income. The remaining two-thirds have an income cap that is 60 percent of the local median income....

Wellness at Work Apr28

Wellness at Work

The wellness movement has marked another milestone. Structure Tone’s headquarters in Manhattan has been awarded WELL certification at the Silver level from the International WELL Building Institute (IWBI), a public benefit corporation whose mission is to improve human health and well-being through the built environment. Designed by Gensler and developed by Vornado, Structure Tone’s new 82,000-square-foot home at 330 W. 34th St. is the first office project in New York City to obtain the certification under v1 of the WELL Building Standard. In 2013, CBRE Group’s global corporate headquarters in Los Angeles became the very first commercial office space in the world to achieve WELL certification. Grounded in a body of medical and scientific research, the WELL standard focuses on seven performance categories, including air, water, nourishment, light, fitness, comfort and mind. Structure Tone’s recently completed space in the heart of the Big Apple has checked off these innovative features, providing opportunities for employees to interact with the built environment in a way that positively impacts their overall happiness and wellness. These include: The WELL Café The office café provides a variety of healthy nutritional options, including fresh fruits and vegetables. What’s more, an automated system allows employees to customize their own health profile so that they can see what choices they are making and avoid foods that are detrimental to their health. All beverages at the café contain under 25g of sugar and all food selections prioritize whole grains. Signage is also featured to educate employees on the benefits of healthy eating and the hazards of poor nutrition. Fitness Since staying active is key to maintaining one’s health and wellness, the office offers employees subsidized membership to CitiBike, the New York city-wide bike share program, as well as discounted membership to the nearby...

Top 50 Apr27

Top 50

Affordable Housing Finance recently released the Top 50 Affordable Housing Developers of 2016. The list  showcases developers with the most reported affordable units started and completed within the year. Great Companies, Great Timing Yardi clients received 23 out of the 50 available spots on the list: The NRP Group Miller Valentine Group LDG Development Dominium Herman & Kittle RPM Development Group St. Anton Communities Conifer Realty Bridge Housing Corporation Volunteers of America Arker Companies Community Investment Strategies USA Properties Fund Atlantic Pacific Communities BFC Partners Picerne Real Estate Group AHC Pennrose Woda Group McCormack Baron Salazar Related Mercy Housing WinnCompanies The new construction barely puts a dent in the ongoing affordable housing shortage, which now exceeds 4.7 million units. Yet the timing could not have been better. Recent cuts to the United States Department of Housing and Urban Development, as well as tax reforms, are projected to trigger a decrease in future affordable housing construction. Tighter budgets require developers to work with greater efficiency and accuracy. That is why nearly half of Top 50 Affordable Housing Developers turn to Yardi. Robust Software Yardi ® Construction Management improves projects’ cost control and budget oversight, from their nascent stages to close-out. Users can develop financing plans and monitor agreements from contractors and subcontractors. As the project progresses, users can compare actual costs to the job budget. Both job costs and the general ledger are updated in real time, providing users with the most accurate and dependable information. The comprehensive reporting within Construction Management provides detail and transparency to users, protected with controlled permissions.  Users receive an overview of budgets, revisions, change orders and commitments, each with drill-down options for greater detail. Construction Management seamlessly integrates with Yardi Affordable Housing Suite ™, allowing users to continue project...

Ready For Anything Apr24

Ready For Anything

How well a business manages a natural disaster or other emergency depends on its degree of readiness before, during and after the event.  There is no way to guarantee that your workplace will never have to deal with a natural or man-made disasters, but by being prepared and communicating effectively employees can stay calm and get through it in good shape. Even with good plans in place, it’s important to have the right products on hand to ensure your employees and business are safe. Staples, offers some tips on equipping your business for an emergency: Purchase the basics (and then some). This includes everything from fire extinguishers, emergency preparedness kits, long-term shelf life water and food, crank-powered cell phone chargers, emergency lighting (flashlights, lanterns and glow sticks, for example), extra batteries, blankets and exit signs. Order the appropriate personal protective equipment.  If employees work with potentially hazardous materials, you need to provide the right kind of protection for them, such as gloves, helmets, and respiratory protection. When PPE is used properly, it can dramatically reduce the risk of injury on the job. Stop injuries before they happen. Slips and falls are major causes for concern in a facility, so being aware of how to prevent them will help avoid dangerous injuries. This includes purchasing items like the right cleanup equipment, floor mats and carpets, and even signage for wet floors or slippery areas. Make sure the safety supplies you order are Occupational Safety and Health Administration (OSHA)-compliant. Your specific business needs may vary, but safety standards don’t, so make sure everything you’re purchasing is up-to-date and safe to use. Products available from Yardi Marketplace™ can help your staff prepare for, respond to and recover from emergencies and natural disasters.  Get your property ready...

Earth Day Apr19

Earth Day

In preparation for Earth Day on April 22, we are exploring a few ways to celebrate that can benefit your business while promoting sustainability. More than 190 countries celebrate Earth Day every year. Individuals, families, and organizations combine efforts to support sustainable initiatives. Aside from employee participation and donations, businesses largely miss out. The sustainable programs below offer notable benefits to for-profit entities. Yardi Smart Energy Suite Yardi Smart Energy Suite includes products for total insight and management of your energy consumption and costs, including REC purchases and Yardi E2 Insight. Combining your energy initiatives into one platform for utility billing recovery, paperless utility invoice and payables processing, HVAC optimization and smart thermostats, let’s you leverage the data with your property management information for better results. The mobile-ready stack of energy management solutions can be customized to meet your needs and facilitate the greatest cost savings for your company–without sacrificing tenant or employee comfort. Yardi E2 Insight You can’t manage what you can’t measure. Yardi E2 Insight collects cost and usage data down to the individual building meter. The reports generated allow you to precisely measure and moderate your energy usage. Program analytics can be adjusted to account for seasons, building size, occupancy, and other factors to ensure that you report the true performance of your assets. Modules within Yardi E2 Insight dashboard facilitate easy benchmark reporting. Get effortless access to the data that you need to complete complex reporting requirements. Such reports can help your company qualify for portfolio-wide certifications issued by GRESB and ENERGY STAR® Portfolio Manager®. For more on Yardi E2 Insight, call (800) 866-1144 or request more information online. Renewable Energy Certificates (RECs) It is now cheaper than ever to offset the harmful emissions that your company generates. The prices...

LIHTC Update Apr18

LIHTC Update

The Low Income Housing Tax Credit (LIHTC) program creates more than $8 billion per year to develop and rehabilitate affordable housing units. According to the United States Department of Housing and Urban Development, LIHTC is the most important resource for creating affordable housing in the United States today. More than 2.7 million affordable housing units have been developed over the past 30 years though LIHTC. However, there is uncertainty about the continued success of the program. Potential changes to income tax law are delaying affordable housing projects currently in development, and projects in the planning phase are suddenly challenged with budget shortfalls. History of LIHTC The LIHTC program was signed into law in 1987 and is monitored by the Internal Revenue Service. Housing finance agencies in all 50 states oversee the daily administration of the program. LIHTC differs from the approach the federal government takes towards other housing programs. Instead of using federal funds to build and manage housing resources across the county, the LIHTC program gives states, investors, and affordable housing advocates the ability to plan, finance and build projects that best fit their local needs. Nonprofit housing developers acquire tax credits from their state housing finance agencies based on a competitive process. States award credits to projects they deem most valuable based on pre-defined criteria. Awarded non-profits then turn around and sell tax credits to private investors such as banks and corporations. Those investors save on their annual tax bill and nonprofits raise capital to build housing. It’s a win-win for all. Future Uncertainty Because the sale of tax credits is a bidding process, prices are based on the need for investors to reduce their tax burden. If that need is reduced through tax reform, then there is less competition for tax...

Smarter Marketing Apr11

Smarter Marketing

You may be familiar with the benefits of Yardi RENTmaximizer as a revenue management tool: users experience 6 percent net rental income growth while improving occupancy. Properties using RENTmaximizer consistently beat the market by at least 2 percent. But have you considered how RENTmaximizer can improve your marketing strategy? Find the Right Renters for All Unit Types RENTmaximizer provides the insights needed to price and market your units for maximum profits and occupancy. Dharmendra Sawh, Industry Principal, Revenue Management at Yardi explains, “In pricing each unit type, the revenue manager, in collaboration with someone in marketing, can look at unit types with shortfalls and differentiate between similar unit types. If there is a surplus in one-bedroom interest, you can reallocate money to find better marketing for three-bedroom units that are lagging. Maybe you market more in school districts or websites geared towards parents to drive the appropriate traffic.” RENTmaximizer can facilitate easier marketing and leasing for all of your units, even the tricky ones. “There is always that one unit that overlooks a concrete wall or trash cans. A unit that is…a little undesirable,” laughs Sawh. “You don’t want the unit on the market very long, dragging down the others. We created the Stale Unit Discount Pricing tool for those situations.” With the Stale Unit Discounting Pricing tool, the software automatically applies discount pricing to struggling units. You control the discount structure. RENTmaximizer then allows you to market an incentive for only that unit without affecting other units. For example, if the unit is on the market for 30 days, you can automatically apply a 10 percent discount. At 40 days, perhaps activate a 25 percent drop and so fourth. Insightful Reporting for Leasing & Renewals Competitor performance records gathered by RENTmaximizer may also...