CREJ

Page 2 — Property Management Quarterly — January 2019 www.crej.com Letter from the Editor A s I worked on this issue’s cover story, I found myself thinking about how much Denver has changed. I looked at photos from 1982, the mid-2000s and today, and the sky- line differences are striking. As we wrapped up 2018, it was interesting to anticipate how many more chang- es are in store – based on last year’s activity, I’d wager there are more to come. Office activ- ity was robust this year. We saw the completion of sev- eral major office properties through- out the metro area and investment activity continued to soar. In the past four years, Den- ver’s downtown inventory alone has increased by 13 percent, all of which has been absorbed, according to Sam DePizzol with Newmark Knight Frank. Meanwhile, multifamily assets continued to do well, despite all the head scratching about how long this run can possibly last. Strong demand drivers pushed vacancy down, even in areas that are seeing lots of new construction. Instead of pumping the brakes, the end of the year saw many firms calling for an increase in hous- ing. Investor appetite remains strong as well. Right before print, we report- ed on the highest price-per-unit of the year, over $400,000, achieved by two properties in Denver. While often outshined by office and multifamily, retail assets enjoyed a solid 2018 as well. There’s been a lot of speculation about online shopping impacting brick-and-mortar shops, but it seems the market is finally set- tling into a new normal. There has been limited investor activity, but that’s mainly because the deals are hard to find. When there is an attrac- tive asset, say a grocery-anchored center, it garners a lot of attention. Perhaps the most active commer- cial real estate sector was industrial, which enjoyed a banner year. Just a few days before print, a developer announced plans for almost 1 mil- lion square feet of Class A industrial product in Commerce City. This fol- lows on the heels of the sale of one of the last remaining infill sites for industrial development in central Denver and another investment group selling its distribution center for $171.94 per square foot, one of the highest prices achieved for multiten- ant industrial product in Denver. All of these examples were in just the past few months! I’m sure this is hardly news to you. Each time a building trades hands, you’re on the frontline as property managers, helping to woo prospec- tive investors and aiding in a smooth transition, all while patiently waiting to discover if your boss or your prop- erty will change as a result of the sale. For this reason, all of our thriv- ing asset classes owe their property managers some recognition. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext. 104 Sales keep managers busy Contents Final rules for existing bldg. roof replacements Joe Havey On, off-premise sign distinction questions remain Sarah Mercer and Tai Palacio How well do you know your building’s tenants? Jessica Cole and Liz Taylor Text messages become common management tool Patrick Soukup Local buildings participate in active threats trainings Todd Decker Managers: Go beyond energy to occupant health Liam Bates In emergencies, don’t get caught holding the bill Brian D. Beatty Performance-based code compliance cost savings Jacob Goodman Protect against payment processing cyberthreats Mike Corbera Boost a property’s cell signal to increase its value Jeff Gudewicz Maximize free tools to help maintenance teams Peter Hodges What to do when a parking contract is expiring Will Rhodin Denver BOMA Mile High Awards ceremony Energize Denver Awards supplement 4 6 8 10 12 13 14 15 16 17 18 19 20 26-33