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By Gary Tasman Do you remember your first mobile phone? Perhaps it was a 1980s car phone, a 1990s brick phone, or a flip phone from the early 2000s. Several generations of mobile technology preceded today’s smart devices, and each advancement in tech followed a revolution in how mobile networks operate. Today, we’re on the cusp of another revolution: 5G. Simply put, 5G is the 5 th Generation of mobile networking technology. Over just a few short decades, wireless tech has evolved from basic analog audio to the incorporation of digital voice, texting, web access, and mobile streaming. 5G is poised to bring innumerate improvements to mobile networking—many of which have yet to be invented. 5G won’t just change the way we use our phones and mobile devices. This new technology promises to change our workplaces, as well as the way we design, market, and monetize commercial property. While it may seem like we’ve been hearing predictions about 5G for years, the first 5G-enabled iPhone just hit the market in October 2020. Currently 60 major cities in the U.S. have 5G Ultra Wideband access, which offers ultra-fast networking speeds. These cities include Miami, Sarasota, St. Petersburg, and Tampa. Many other areas, like parts of Southwest Florida, offer 5G Nationwide access, which is closer in speed to 4G and promises to improve. But the number of locations with Ultra Wideband is also expanding, meaning more potential for all of us to experience the immersive networking experiences that 5G boasts. The 5G revolution comes at a perfect time. More Americans than ever are working remotely and discovering both the potential of remote work as well as the challenges it presents. We’ve become accustomed to video conferencing with anyone at any time, and to working untethered from our desks on multiple devices. For those who will remain working from home or other off-site locations, 5G allows for faster streaming, less latency, and higher quality video. For the majority of people who will eventually return to the office, private 5G networks will permit employees the opportunity to work free of cables and bulky devices. Rather than being limited to working in certain areas that have network access ports or a strong wireless signal, staffers will be able to meet on the fly, seamlessly access real-time data from any device, and connect to network-enabled monitors, projectors, computers, and other devices with ease. With unlimited access to bandwidth and data, video conferencing and cloud-based collaboration will remain commonplace, and mobile apps will become even more powerful and interactive. As a result, close attention to 5G technology infrastructure will be key for builders and property owners when marketing their spaces. “Landlords and investors are increasingly viewing 5G as a ‘must have’ versus a ‘nice to have’ amenity,” explained Rob Franch, Cushman & Wakefield’s Chief Technology Officer. “We’ve been advising our clients to make sure they have the technology infrastructure in place to be able to enable 5G, and recently we’ve gone a step further, helping tenants optimize their space for 5G as well.” To ensure that property owners are prepared for the 5G revolution, Cushman & Wakefield is partnering with Verizon to help owners develop 5G strategies. “With high-speed connected buildings in place, owners and investors could potentially be offering premium connectivity to tenants,” said Arvin Singh, Verizon managing director of connected solutions. “Smart building enhancements like security enhancements could also lead to new offerings. These are the types of things that could change the economics of the investments you make in a traditional building, really adding long-term value.” 5G infrastructure also provides additional opportunities for property owners to monetize wireless technology expansion by leasing rooftops of their buildings and other structures for small cell towers. 5G relies not only on existing cell towers but on a network of smaller towers to transmit high-spectrum, high-frequency signals. Partnerships between carriers and building owners will be critical for the success and expansion of 5G. 5G promises to change the way we access data and communicate with others, just as earlier technology like texting and video streaming has evolved. As a builder, property owner, investor or tenant, are you ready for this next generation of wireless technology? Our team of professionals at Cushman & Wakefield |Commercial Property Southwest Florida are prepared to help you make this transition. Our local data, insight, and experience, combined with Cushman & Wakefield’s expertise and strategic partnerships can help you prepare for the 5G revolution. Contact us for a complimentary, no-obligation consultation by calling 239-489-3600 or contact-us.

By Gary Tasman We will all remember the year 2020 for innumerate reasons. The coronavirus pandemic, historic unemployment levels, a highly divisive election, and civil unrest all shared the headlines in a year none of us will soon forget. 2020 was also the year that many office employees and their employers discovered that they could complete their responsibilities remotely, as COVID-19 protocols limited face-to-face contact and emptied workplaces. Yet as our nation returns to normalcy with improved pandemic procedures, antiviral technologies and a rising vaccination rate, offices are once again filling with employees. Southwest Florida, in fact, is setting the pace for a resurgence in commercial office space. When the pandemic shut down offices across the nation, millions of jobs were lost either temporarily or permanently. In just two months during the second quarter of 2020, 2.86 million office-using jobs were lost, part of the biggest decline in the history of U.S. payroll employment. Since then, well over half of those jobs have been recovered, and Cushman & Wakefield projects that the office employment market will have fully recovered by July of this year. The pandemic push to work remotely left many people wondering if traditional offices would ever truly return once the world returned to normalcy. While the work from home trend certainly helped many organizations discover new efficiencies, some employers are rediscovering the purpose of the office. While technology has allowed business leaders to manage teams remotely, smartphones, notebook computers and virtual meetings have not been able to simulate other benefits of working in an office environment. While many remote employees were productive in their duties, a 2020 Cushman & Wakefield survey found half of U.S. employees who worked from home during the pandemic struggled to feel connected to their company culture, and more than one-third felt like they weren’t learning while working remotely. As a result, the purpose of today’s resurging offices has shifted away from traditional management command and control and towards innovation, knowledge-sharing, and productivity, as well as creating social and cultural connections. What does this mean for the commercial property market? Office properties are suddenly hot again. While construction ground to a halt during the pandemic, the demand for office space has continued to build. Southwest Florida currently has the hottest office market in the entire state. While Tampa and Miami currently have office vacancy rates over 15%, more than 91% of Southwest Florida offices are filled with tenants—tops in the state. And although office rents have increased in our region, our average rent of $19.34 per square foot is dwarfed by Orlando’s $24.36 and Tampa’s $29.00 average, and completely overshadowed by Miami’s average asking rent of $41.48. Southwest Florida’s relatively low rent and vacancy rates have created a landlord-friendly market which will continue to boom as the economy improves. With no large-scale speculative office projects under construction in our area, the demand for office space will continue. New businesses are already eyeing our region favorably in terms of cost, and our area’s rapid population growth over the last year will provide more available employees for companies relocating to– or expanding in– Southwest Florida. While many people and businesses are still struggling to recover from the economic downturn, Southwest Florida’s office sector has been somewhat insulated from the worst of the impact. The commercial office property market is one indication of how our region can thrive in the face of adversity. Property owners with available office space are in a prime position to take advantage of this recovery. The professionals at Cushman & Wakefield | Commercial Property Southwest Florida are available to help you understand the value of your office property and how you can position it for sale or lease in this exciting market. Contact us at info@cpswfl.com&lt, call 239-489-3600 or contact-us.

By Gary Tasman For investors, the opportunity to earn “passive income” is one of the most appealing parts of commercial property ownership. A well-managed property will generate rental revenue above and beyond the expenses of mortgage payments, interest, and regular upkeep. However, that doesn’t necessarily mean owning property is necessarily easy. Bookkeeping, rent collection, emergency maintenance, and tenant issues can be time consuming, stressful, and potentially damaging to your bottom line. Many commercial property owners invest in a professional property management service to handle these responsibilities. Ready to make a move?  Get started by contacting us. How do you know if you need a professional property manager? There are seven major signals that indicate you may benefit from employing a property manager. Signs You Need a Property Manager You aren’t able to fill your vacant units While some tenant turnover is natural and can give you an opportunity to perform maintenance or upgrades, vacant units don’t produce cash flow and can quickly turn your financial investment into a financial drain. A professional property manager can market your property to potential tenants, show the units, and process applications and credit checks to ensure your units are generating a return on your investment. You’ve been burned by delinquent tenants Most property owners don’t relish the idea of being a landlord, performing collections, managing tenant conflicts, or worse, evicting delinquent tenants. Professional property managers are prepared to deal with these unpleasant activities and provide a buffer between you and your tenants. More important, they have an understanding of the legal issues regarding tenant-landlord relationships to ensure you remain compliant while negotiating these issues. You own more properties than you could visit in one day As your commercial property portfolio grows, your ability to respond to on-site issues will shrink. If you live more than 90 minutes from some of your properties, or simply have more properties than you could visit in the course of an eight-hour day, you may not be able to effectively handle your responsibilities in a timely manner. A property management company has the resources to deploy staff quickly and efficiently to manage issues. You have another full-time job Even property owners with a small portfolio of real estate investments can struggle to find time to manage their properties when they’re also part of the working world. While investors love the phrase “passive income,” managing a property takes time—and time is money. When property management obligations start interfering with your full-time job responsibilities, it’s time to consider employing a management company. You’re not sure what to charge your tenants Knowing how to set the appropriate rent for your property takes a specialized skill. It requires knowledge in accounting, economics, and real estate values in your market. An experienced professional property manager has access to professionals with knowledge and proficiency in each of these areas to ensure your rental rates are appropriate for your facility. You’ve been accused of discrimination or negligence As a property owner, there are a host of legal requirements and considerations that affect your business. Commercial real estate activity is dictated by federal, state, and local laws to ensure fair treatment, safe facilities, and liability. A commercial property manager has the legal and regulatory knowledge to avoid these complex issues. Additionally, when tax season rolls around, your property manager’s expertise with legal and financial issues will come in handy. You struggle to find good vendors/contractors/maintenance workers Even if you consider yourself to be handy with a plunger or a set of power tools, the maintenance needs of your commercial property will likely extend beyond your abilities. Rather than hunt for an appropriate vendor every time a maintenance issue arises, your commercial property manager likely has a list of vetted professionals ready to assist. Some property management agencies, like Cushman & Wakefield | Commercial Property Southwest Florida, have a facilities management team on staff to handle these issues even more efficiently. If any of the issues above are becoming a challenge for you, reach out to the professionals at Cushman & Wakefield | Commercial Property Southwest Florida. Our full-service property management team has the knowledge and experience to keep your commercial property running efficiently and profitably. To learn more, call us at 239-489-3600 or contact-us.