RDM Goes to Washington

On Tuesday, March 16th, Bisnow held its first annual Washington Real Estate Summit at the Mayflower Renaissance Hotel. Over 700 real estate professionals made their way to D.C. to discuss the future of the real estate industry. Featuring CEO’s from Cushman & Wakefield, Vornado and CBRE (see the full list here); the panelists were overall optimistic about real estate’s future but agreed that job creation is a key factor. For a full breakdown of the event, check out Bisnow’s 2-part write-up.

RDM President Peter Boritz went to D.C. to address the audience of over 700 on the importance of accurate building measurements and maintaining up-to-date stacking diagrams in this uncertain economy. Boritz demonstrated RDM’s line of web-based space management solutions which ensure stacks and floor plans are always current by linking to accounting systems such as Yardi and MRI. These cost-effective solutions allow property owners and managers the convenience of doing more with less as well as the place them in a better position when the market turns around. The presentation was well-received in an area which is currently evolving.

Based in New York City, RDM provides building measurement and on-demand space management solutions for the real estate industry and has completed over 750 million square feet of projects in over 1,500 buildings coast to coast. Currently, RDM serves over 5 million square feet of office space in the D.C. area and proudly helped sponsor the Bisnow event.

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RDM Demystifies National Building Measurement Methods

by Peter Boritz

In Real Estate no square foot is the same. When it comes to commercial property, everyone measures space differently, and depending on the measurement method used the same property will have different square footage calculations. RDM, the leading provider of building measurement solutions for over 25 years, recently has written a white paper demystifying the national building measurement methods.

It is vital for the commercial real estate industry to have accurate property measurements in order to ensure maximization of revenues, especially in the current uncertain market. RDM’s White Paper aims to provide the reader with valuable information on building measurement methods, such as BOMA, Modified BOMA, and REBNY, and where each is to be used and why. It discusses trends in distinct markets in the United States and the importance of having the appropriate property measurements portfolio-wide.

The more informed you are about the methods of building measurement the more aware you are of how to maximize your gains.

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Let's Speculate

by Kasia Janczura

Given historical trends, the housing most likely has not hit bottom. As stated in the latest issue of the Economist, “the housing market started the crisis so it is natural to think that house prices must recover before it ends.” Given that the current recession is expected to be the worst since the Second World War, the odds favor the fact that the bottom has not yet been reached. That means we should be examining the market with caution and speculating the right time to jump back into the game.

So while the drastic decrease in prices looks attractive, it is time to wait for some of the sellers to adjust to buyers’ expectations. It might take a while for Bobby Abreu or Flavio Briatore to lower their stupendous penthouse price tags and the more uncertainty we have in the market, the more risk-averse we become, and less willing to start buying. Seeing that some sellers have yet to acknowledge the grim consequences of the house bubble bursting, buyers won’t leap in until prices reflect the true value of the assets.

New York City’s eye-catching real estate playground is yielding to current times by slashing the prices of once fervently sought-after real estate. The assets that are selling are those which successfully manage buyer’s expectations, such as Williamsburg’s recent development Mason Fisk. Green developments are following the trend, with Sterling Green Condo in Prospect Park presenting affordable prices to prospective buyers. Manhattan’s real estate has welcomed back $200,000 studios in certain areas of the island. Further, Julian Schnable’s Palazzo Chupi’s price fell down 7% since January, William Ackman lists his sweet place for $10 million instead of $12 million, and the 11 E. 74th Street Mansion falls from $35 million in 2007 to the current mere $15 million. Better yet, some sellers are resorting to auctions to spur interest amongst the buyers. The cards are in the hands of the buyers, and sellers are accepting this.

While the inflated market prices adjust, let’s speculate when the actual bottom will hit. The uncertainty in the market, which has an impact on the guarantee of a steady income, will keep many buyers out. But those who do reenter at the right time will have a surplus of supply of which to take advantage. Let us wait.

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Seven Crucial Things to Remember in This Unpredictable Market

By Peter Boritz


• Don't Panic – remember to breathe; don't make rash decisions like cutting staff or drastically cutting prices. This can be very damaging and hurt you when the economy turns the corner. Instead focus on making strategic adjustments which can be positive.

• Focus - Stay on point with your core revenue generating products and services – the items that are important. Be smart and prioritize - your next big idea may have to go into a holding pattern.

• Collaborate – This means with your customers and staff. What are their ideas on how to operate in today’s conditions? Clients can sometimes have the best advice.

• Think Positive – A positive attitude from the leader keeps staff morale up and will help keep generate positive productivity and a healthy environment.

• Market - Never stop selling and marketing even if you have to cut expenses. Many things can be done at low or not cost.

• Network – Think about getting out there and also using the Web for networking. This can be a truly inexpensive way to meet new people for personal or business relationships.

• Cross Promote – Work together with a complimentary business and split the costs. This keeps you in front of your clients and allows you to stay top-of-mind with them in tough times. When the market turns, this will put you one step ahead and at the top of their list.

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