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As portfolio management within CRE becomes more sophisticated across all functional areas, it is incumbent upon those managing these operational groups to continually stay abreast of best practices.
Property tax management presents an example of an area that for years relied on a limited number of tried-and-true methods to fulfill its mandate. It was reactionary in its approach, ultimately relegating its function to simply being a place responsible for paying bills.
Recent research has suggested otherwise. In a recent study by AltusGroup, Tax as the New Strategic Driver, the authors assert how better commercial property tax management can mitigate risk and strengthen investment performance.
This is logical, as the goal of any portfolio manager is to operate more efficiently, transform a reactive approach to one that is much more proactive, and ultimately maximize portfolio returns.
In this regard, portfolio managers will look to maximize operational and transactional efficiencies. This is where property tax management can be transformative in its approach. Traditionally, this area was overlooked as an area where opportunities existed to drive strategic investment decision-making. For example, consider underwriting, where many have stated they simply lack the granular or rigorous tax management skills to make this function more strategic. According to Altus, 52% of respondents said they lack the tools required to assist with property tax data capture and analysis.
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As property tax management becomes more proactive and strategic, property tax and portfolio managers alike should be aware of the industry’s definitive sources for insightful real estate information that can be used to help make decisions. If decisions are actioned on outdated, or irrelevant information, many gains are lost to others who take a more holistic approach by using better tools. Being proactive means being strategic and this is important in all phases of strategy formation.
Armed with the right information, anyone in the portfolio strategy sphere can more effectively identify trends, follow the winds of the market, and avoid pitfalls encountered by those who might not be in the know. With the right information property tax management becomes far more strategic and less reactionary.
So, we’ve committed ourselves to minimizing that uncertainty by monitoring the industry and identifying ten of the best websites to follow for what we believe is the sharpest and most current commercial real estate news, tips, information, and analysis. With these sites in mind, anyone in portfolio management will have access to the information required to sharpen their approach to the area of commercial real estate they manage. From the perspective of a property tax manager, it can provide insight into how tax policy can change between different real estate markets.
Bisnow is among the most prominent commercial real estate publications in the English-speaking world, covering markets in the United States, Canada, and the U.K. with depth and insight. With over 11 million readers, they host over 650 events annually, making them one of the most prominent CRE publications worldwide.
Though Bisnow covers multiple markets, they tend to focus on a few specific major metropolitan centers. Obviously, such a strategy yields exceptional utility to investors in those targeted areas but not as much in secondary or smaller markets. Through Bisnow’s precise focus, readers can gain perspective on different approaches to analyzing data which can inform investment decisions or underwriting.
In addition to providing news and trend coverage, they also offer a series of newsletters for email subscribers. None of Bisnow’s content is paywalled, and they pride themselves on maintaining free content for followers.
In addition to their text-based content, Bisnow offers a podcast with trend analysis, interviews with CRE experts and CEOs, incisive commentary, and deep analysis. If followers find audio-format content appealing, Bisnow’s podcast is one not to be missed.
As one of the foremost authorities on CRE, Bisnow also hosts and manages a wide range of in-person and digital events for various specialties. There's something for everyone on this site, so it demands to be bookmarked as a favorite.
Despite the prominence and ubiquity of The Wall Street Journal brand, it might be surprising that because they have a paywall, their excellent content and coverage is not accessible to many people.
Given the broad range of WSJ’s business-focused content including international news, financial markets, political analysis, technology, and penetrating opinion, it’s easy to overlook the depth to which they cover institutional real estate. The quality of their editorial content is so sharp, readers can easily lose themselves reading about a range of topics without even thinking about real estate.
If this were the case, it would be unfortunate, as WSJ offers a CRE-specific section embedded within the WallStreet Journal Markets section which has become destination reading for astute real estate insiders. WSJ Markets is their commercial real estate subsection covering a wide range of relevant topics, including real estate news, real estate finance and commercial real estate, and even an online property search function. This is supplemented by a periodic newsletter that can be subscribed to by WSJ readers.
WSJ also has theReal Estate section for other real estate needs.
Where Markets focuses more on high-end, high-volume properties and management, the Real Estate section focuses more on smaller and local issues. When both macro and micro news and trends offered in these sections are taken together, they can be valuable sources of expert analysis and information, and suggested approaches to the way data can be used in a proactive, repurposed way.
The only downside to WSJ is their paywall, which aggressively cuts off content access after readers exceed their free article per month quota. But after discovering the site’s overall utility, astute insiders will deem the monthly subscription fee insignificant compared with the utility derived by having access to invaluable content.
Jones Lang LaSalle was created after a merger between Jones Lang Wooten and LaSalle Partners in 1997. The former was founded in London in 1783. Given this experience, as well as their impressive global scope and reach, they have become an authoritative and definitive voice in real estate the world over (they currently have more than 80 offices globally). If real estate practitioners place a premium on seeking a balanced global perspective, they would be wise to stay abreast with JLL’s CRE blog.
Given its global focus, JLL excels in tracking, monitoring, and predicting market trends. However, such an international focus requires readers to interpret the analysis through a local lens. Given a reader’s specific location, that market may not be specifically covered, and global trends don’t always perfectly map to activity in local markets. Still, JLL’s insight provides a valuable pulse to CRE globally, and provides innovative approaches to benchmarking and modelling.
JLL covers a wide range of CRE trends, including sustainability initiatives (e.g., green buildings, carbon offset, and emerging initiatives). When tackling a particular topic such as sustainability, they do so from the perspectives of both CRE property owners and tenants, as well as other stakeholders impacted by such initiatives, including portfolio managers and property tax administrators.
Finally, their research section is an indispensable resource. JLL performs a variety of broad studies across a range of industries, providing highly informative perspectives from any given market segment.
The Real Deal is the premier U.S.-based commercial real estate publication. With two million readers of their print edition, and another two million monthly web visitors, they are ranked among the 300 most-visited websites in the United States.
Abundant content can be found on The RealDeal, including breaking news, custom research and market analysis from their team of in-house experts, as well as deal analysis from prominent CRE players and other insiders. No major CRE deal escapes the watchful eye of this indispensable industry resource.
While The Real Deal offers a print edition, it is limited. They have a monthly magazine for New York markets, quarterly magazines for Miami and Los Angeles, and a handful of annual issues for a few other markets. Given this specific market focus, those publications may not be as valuable in smaller markets. But the quality of content clearly compensates, making The Real Deal a more than worthwhile read.
For data focused CRE investors, TRData, theReal Deal's research center, has an excellent selection of data sheets, unique research, independent studies, analysis, and profiles to browse. It provides detailed breakdowns of the industry's top movers, including individuals and companies. To gain insight on big industry players, a Real Deal reader can readily access the same quality data they use. Consider this a one stop data shop.
Globe St. is described as:
"The premier online destination for original and timely commercial real estate content. We deliver trusted, relevant real-estate news and insights, effectively providing our audience with a 360-degree view of the industry."
Their publication is divided into a few relevant sections. The Markets section has news and detailed coverage of specific markets, from New York to Los Angeles and everywhere in between. Their Sectors section allows readers to customize content making it most relevant to the markets or categories of that reader (e.g., office, industrial, retail, or student housing). Their CRE Tech Center has access to data on the latest developments in technology affecting the markets. The Best Practices section provides a wealth of actionable tips to help anyone propel their skill level in becoming a CRE industry expert.
Globe St.’s partnership with the ALM Thought Leadership Program allows users to become certified as industry thought leaders and take advantage of excellent content marketing to broaden their scope, network with other experts, and learn from the industry’s best.
In addition to being a well-respected information source, Globe St. hosts hundreds of events throughout the year, usually focused on specific markets, industries, or niches in CRE.
Finding and attending suitable events can energize anyone’s CRE business, so periodically checking in on Globe St.’s event calendar should become part of a regular routine.
Perhaps one of the biggest challenges with CRE news is figuring out who to trust. Major publications have their guidelines and standards, but it's often difficult to attach any source of news to the people who write and cover it. The people writing content for sites like Globe St. and the Wall Street Journal ultimately represent the brands for whom they write.
It is for this reason Jon Schultz is included on our list. He is an individual, not an entity, and his thoughts, views, and opinions are entirely his own. Schultz is transparent, honest, and exceptionally good at his work. He has used the experiences from his long and multi-faceted CRE career to become a blogger, as well as a well-respected speaker for decades.
Schultz averages a new post to his blog roughly once a week, which deviates from providing perspectives on deep market analyses, general tips or research, and instead he frequently interviews noteworthy people he has met over his career, distilling these conversations down to key talking points explaining how these individuals achieved success.
Refreshingly Schultz doesn’t always claim to be right. Instead, he provides advice and talks candidly about his experiences, with the intention of conveying the wisdom of others to a larger audience. This is a much more down-to-earth approach than the ones we have come to expect from the usual CRE newspapers and magazines which provides a refreshing change.
NAIOP began as the National Association ofIndustrial Parks and became the National Association of Industrial and OfficeParks. In 2009, though they retained the acronym, they made it non-specific and rebranded themselves as the Commercial Real Estate Development Association.Today, the association includes over 20,000 members across North America, covering all areas in commercial real estate.
There are two NAIOP components worth following. The first is NAIOP, which provides one of the industry's top blogs with deep insights into commercial real estate at the national level. This is powered by its independent research arm, the NAIOP Research Foundation.
If data and data analysis is a key interest area, NAIOP's research is a critical resource to keep close at hand. Moreover, if you're interested in conducting independent research, you can join NAIOP as a Research Fellow.
NAIOP primarily focuses on US-focused data and research, with touch points to Canada as well. This requires CRE investors outside North America to interpret the findings through a global lens. If the information can be efficiently extrapolated to other markets, it can still be a valuable resource.
CBRE is one of the largest commercial real estate organizations in the world, with over 500 offices in 100+ countries and over 100,000 employees. They also count over 90% of the Fortune 100 as clients, a fact fortifying their position as industry experts.
CBRE's insights are segmented into various categories. These include market reports and research for using internally-generated data gathered from market activity and deal flow, weekly reports and articles about developments in CRE markets, as well as a wide range of future-looking analyses into emerging areas such as smart tech, sustainability, adaptive spaces, and resilient investment.
Also, as one of the few globally focused entries on this list, CBRE is a beneficial resource for investors whose portfolios and investments extend beyond North America.
In addition to their extensive inventory of research and published articles, CBRE has a podcast called The Weekly Take, email insights through their newsletter opt-in, and various functional tools for benchmarking and analysis of your data. There's something here for everyone.
Altus Group provides advisory services and software to its clients across the global real estate industry. Based on an expansive client base, Altus has been able to use its data to provide important policy pieces touching on a wide range of subjects including market updates, trends, emerging issues, valuations and tax.
As their reach is global, the insight they can offer provides guidance to a diversified audience. This, coupled with the regularity of new content makes the Altus a destination for current and up to date perspective.
The best way to optimize the content from Altus is to subscribe to their newsletter which will regularly be sent to your inbox.
The International Property Tax Institute (IPTI) is the world’s leading organization on property tax policy and practice. IPTI’s mission is to provide impartial, objective expert advice in the area of property tax systems and promote the concept that these systems should be fair and equitable and meet the needs of all stakeholders.
This will be of particular benefit to property tax managers who seek to tap into the pulse of the international property tax industry. It also is an indispensable resource to stay abreast of trends and industry best practices.
This site offers its users a multi-dimensional experience in many formats. The regular President’s Message provides timely information on the state of the industry at a moment in time. This is supplemented with information about conferences, webinars, workshops and e-learning. It also has an inventory of industry-specific publications. This is a site that should be bookmarked by all property tax professionals.
The commercial real estate landscape is a large, globally integrated ecosystem that can change at the blink of an eye. Therefore, making the right decisions is dictated by the currency and accuracy of the information sources used to make those decisions.
Astute real estate investors as well as industry insiders alike know that relying on single sources of knowledge can limit the perspective they develop, so identifying a few sources and integrating the knowledge that can be gained from each of these can go a long way. Think of this as an information equivalent of a balanced portfolio approach taken by fund managers.
Property tax managers can become more strategic in their approach if they can access tools and resources that streamline their contribution to underwriting and investment strategy. Itamlink plays a significant role in contributing to boosting the profile of their functional area.
If property tax managers are successful in assuming a more strategic role within the portfolio management ecosystem, it becomes important they then endeavor to identify where to get their information.
Choosing the right sources is critical. In this post we have offered up ten recommendations for what we consider to be the most valuable sources of data, news, reporting, and analysis in the commercial real estate industry.
This represents an excellent starting point, however, just as the real estate landscape is fluid and dynamic in the way it changes, so too can the sources, so it’s important to stay abreast of other information sources as well, because as we all know, that there's much more out there.
Do you have a favorite blog or source of CRE information? If you do, we’d love to hear from you. In the meantime, elevate property tax management to another level with itamlink: https://www.rethinksolutions.com/request-a-demo
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