New Urban Land Institute Report Finds Improving Energy Efficiency of Class B and C Office Buildings Boosts Property Values as Well as Building Performance

By Justin Arnold

Improving the energy efficiency of Class B and C office buildings is doable with relatively simple, lower-cost measures that not only enhance building performance, but boost property values to make the buildings more competitive with Class A space, according to new research from the Urban Land Institute (ULI).

Unlocking Hidden Value in Class B/C Commercial Buildings explores the opportunities and challenges associated with incorporating energy efficient retrofits and upgrades in buildings that tend to be bypassed for such improvements due to skepticism regarding the payback for the effort. The report, generously supported with funding from the Building Owners and Managers Association and Yardi Systems Inc., was prepared by The ULl Greenprint Center for Building Performance and the Rocky Mountain Institute.

“In a changing market with evolving tenant preferences, new energy efficiency technologies, and continued policy action to reduce building emissions, buildings implementing energy efficiency can stay ahead of the market,” said Billy Grayson, executive director of The ULI Center for Sustainability and Economic Performance, which includes the Greenprint Center.

Unlocking Hidden Value points to the disadvantages keeping Class B and C property owners and managers from fully embracing green building practices:

  • Information-constraints – stakeholders are often so consumed with daily operations that they do not focus on staying abreast of best practices in energy efficiency;
  • Resource constraints – Class B and C buildings rarely have staff dedicated to energy efficiency efforts; and
  • Funding constraints – Budgets and capital planning for these buildings tend not to be large enough to support significant energy retrofits with large up-front costs.

Click here to read more.

Posted in Industry, Office, Technology

Members on the Move – January 22, 2020

Send us your News and Transactions
Did you know that the Members on the Move post is our most viewed and reaches over 1,000 CRCBR members in our Voice Highlights newsletter? We are always looking to recognize our members for their achievements. Please send any recent news or transaction information to thevoice@crcbr.org.


Congratulations to the following CRCBR members on their recent achievements:

Divaris Real Estate – Diana Teitsma

  • William L. Hardin, Jr. purchased a 3,430-square-foot Hardee’s at 6727 Jordan Road in Ramseur, NC, from Hardee’s Restaurant, LLC for $180,000. Diana Teitsma represented the seller.
  • Haverty’s Furniture Company leased 30,972 square feet of retail space in Seaboard Commons at 1100 Seaboard St. in Myrtle Beach, SC. Diana Teitsma represented the tenant.
  • Mezeh Mediterranean Grill leased 2,588 square feet of retail space in Twin Lakes Center at 1125 Hatches Pond Lane in Morrisville, NC. Diana Teitsma represented the landlord.
  • The Bowls leased 2,435 square feet of retail space in Twin Lakes Center at 1125 Hatches Pond Lane in Morrisville, NC. Diana Teitsma represented the landlord.
  • Premier Martial Arts leased 1,463 square feet of retail space in Twin Lakes Center at 1125 Hatches Pond Lane in Morrisville, NC. Diana Teitsma represented the landlord.

Divaris Real Estate – Charles Neil
Nails N Spa renewed its lease for 1,181 square feet of retail space in Wendover Village at 4203 West Wendover Ave. in Greensboro, NC. Charles Neil represented the landlord.

Insite Properties and JLL – Jonathon Douglas, Barry Fabyan and Charley Leavitt
The Refinery, located at 1213 W Morehead, added two new tenants to the building roster in the month of December. Vaco, a talent & staffing solutions firm with 40+ locations around the country, occupied and opened its new 8,000 SF location in the building in early December. Pinnacle Bank also signed a new lease and will start construction soon on their 11,000 SF space that will be their Charlotte headquarters. The Refinery, developed by Charlotte based Insite Properties in partnership with Northridge Capital, is a 107,000 square foot creative office building located at 1213 W Morehead St which delivered in mid-2019. Barry Fabyan and Charley Leavitt at JLL represented the Landlord on both lease transactions.

Posted in Local, Members on the Move, Membership

2020 Leadership Class Member Spotlight: Rusty Gibbs

Name: Rusty Gibbs

Company Name: The Nichols Company

Current position/Industry Specialty: Broker / Helping business owners and developers buy, sell, and lease properties in Urban Charlotte.

Years in the industry: 3

Hometown: Born and raised in Thomasville, NC; lived in Charlotte since 1999.

Most satisfying part of your job: Helping clients achieve their goals.

Last book you read or movie you’ve seen: “Astrophysics for People in a Hurry” by Neil deGrasse Tyson

Favorite vacation spot: London, England

Favorite restaurant in Charlotte: Soul Gastrolounge

Hobbies/Interests: Collecting vinyl records and DJ’ing

One thing on your bucket list:  Visiting Croatia

If you could have lunch with anyone (living or dead) who would it be and why? Ruby Ott, my Great Aunt.  She was a professor at the University of South Carolina and is the reason why I have a passion for history. She was extremely influential in shaping me as a young person, and I would love to have a conversation with her as an adult.

What you like best about CRCBR: Meeting peers and furthering my education in commercial brokerage.

What else should we know about you: My first job post college was in inside sales, selling Apple IMac’s and accessories in London, England.  That job led to my love of sales.

Posted in Leadership Spotlight, Local, Membership

NC-CCIM 23rd Annual Charlotte Market Forecast is on February 11

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Members on the Move – January 8, 2020

Send us your News and Transactions
Did you know that the Members on the Move post is our most viewed and reaches over 1,000 CRCBR members in our Voice Highlights newsletter? We are always looking to recognize our members for their achievements. Please send any recent news or transaction information to thevoice@crcbr.org.


Congratulations to the following CRCBR members on their recent achievements:

Flagship Healthcare Properties – Charles Campbell
(Flagship) announces the addition of a 45,390-square-foot, Class A medical office building and ambulatory surgery center (ASC) to its private real estate investment trust portfolio. Located at 214 18th Street SE in Hickory, N.C., and fronting Tate Boulevard SE, the building is fully leased by OrthoCarolina and Frye Surgery Center.

Divaris Real Estate – Diana Teitsma

  • Haverty’s Furniture Company leased 30,972 square feet of retail space in the former Toys R Us store in Seaboard Commons located at 1100 Seaboard Street in Myrtle Beach, SC. Diana Teitsma represented the tenant in the lease negotiations. Other tenants in the shopping center include: Target, Lowe’s, World Market and T.J. Maxx.
  • Mezeh Mediterranean Grill leased 2,588 square feet of retail space in the Divaris-leased and -managed Twin Lakes Center located at 1125 Hatches Pond Lane in Morrisville, NC. Diana Teitsma represented the landlord in the lease negotiations. Mezeh joins Pediatrics Urgent Care, Great Clips, Hollywood Feed, The Bowls, Premier Martial Arts, Briyani Maxx, and Paris Nails and Spa in the Wegmans-anchored Twin Lakes Center.
Posted in Local, Members on the Move, Membership

Welcome New SiteIndex Subscribers

We are proud to introduce our new SiteIndex Subscribers! The following is a list of individuals who have joined SiteIndex since November:

Posted in Local, Membership, SiteIndex

2020 Leadership Class Member Spotlight: Piers Wates

Name: Piers Wates

Company Name: Cushman & Wakefield

Current position/Industry Specialty: Office Tenant Representation

Years in the industry: 2

Hometown: London, England

Most satisfying part of your job: Visiting clients in their new office space and seeing the smiles on their face!

Last book you read or movie you’ve seen: The Irishman (movie) & Thinking the Unthinkable (book)

Favorite vacation spot: Montenegro

Favorite restaurant in Charlotte: The Palm

Hobbies/Interests: Sports & Travel

One thing on your bucket list: A family safari in Africa

If you could have lunch with anyone (living or dead) who would it be and why? Winston Churchill – I would love to pick his brains on what it was like in the War Rooms. Although we may have to push back to dinner so we can discuss over a glass of brandy and a cigar!

What you like best about CRCBR: It is a great opportunity to socialise with industry peers, particularly those I don’t interact with or overlap with on a daily basis.

What else should we know about you: I have completed the entire Tour De France route for charity, twice.

Posted in Leadership Spotlight, Local, Membership