3你应该投资的理由in Suburban Real Estate

Today’s investment market is volatile, and investors know it. In this low-interest-rate environment, we believe real estate is an attractive asset class with the ability to provide yield — and with opportunities for significant growth for experienced investors that can identify and capitalize on them. We propose that one of these hidden opportunities is in an unheralded real estate metric: office parking.

Analyzing a property’s parking situation can help investors differentiate their portfolios and unlock value. There’s even more potential return in real estate markets such as the suburbs that aren’t as popular as they once were. Here are three reasons why.

The Modern-Day U.S. Is Crowded

随着时间的推移，美国工作场所环境的设置已从每个工人的一个办公室转移到每位员工的一个小隔间到现在是一个开放式办公室。经常被诬陷作为增加Camaraderie和合作的渐进方法，这是一种简单，便宜的方式来挤进相同数量的空间。在20世纪80年代和90年代，建筑师设计了办公楼，其中一个员工将占用大约250平方英尺。因此，停车分配为千平方英尺的四个点的比例。今天，需要更高的效率将个人办公空间缩减到每人80到125平方英尺的任何地方。由于郊区办公室属性被限制在给定量的土地上，因此管理层无法建立现有的停车场以适应相应的需求上升。并扩大停车 - 例如，停车库 - 非常昂贵。这为房地产投资者创造了一个可以创造性地思考解决停车问题的机会。

Now Is the Time to Buy Real Estate at Low Prices

U.S. Census studies have shown that Millennials aren’t moving to the suburbs in the same numbers as previous generations. That’s a relatively new trend that has left suburban office space very much out of favor. If you believe in reversion to the mean, however, this means there is opportunity in the repositioning, repurposing or reinvigorating of these traditional assets through creative solutions like building more parking. Ultimately, these assets can be converted into a finished product that creates a durable, stable income stream that’s attractive to tenants and investors. So if and when that reversion to the mean occurs and young professionals start gravitating back toward the suburbs, higher demand will spur greater return. Because these middle-market properties are currently out of favor, there’s less competition, lower cost of acquisition and greater potential profitability.

Parking Is Easy to Sell

In the office property landscape, there are thousands of generic buildings that are open for tenants, so pinpointing specific submarket needs and understanding individual asset-level potential is extremely important. For example, in the Dallas–Fort Worth metro area alone, there were nearly 11,000 office properties, containing 338 million square feet of space, at the end of 2014, according to CenterSquare’s research. A narrower search, focusing on office properties with one to three floors of 100,000 square feet of contiguous space — in line with demand by suburban high-density users at the time — revealed a property that lacked attractive parking. There was, however, an appended, unused industrial building that suggested the key to solving the parking problem and creating value at the asset level. Both properties were purchased at an attractive cost basis, and the industrial building was converted into covered parking — a feature at a premium in the unforgiving Texas climate. When renovations were completed, the complex had the highest ratio of parking spots per worker in its class. By addressing local needs and specific asset-level potential, the resulting asset competed in the market for office tenants with a completely unique advantage and was fully leased before construction was finished.

在今天的投资景观中，在定位房地产投资方面的独特区别对于最大化回报至关重要。管理人员需要潜入资产水平，以将获奖者与失败者分开。停车配置只是潜水的许多方法之一 - 我们认为提供了重大回报的机会。房地产投资者希望利用美国和郊区市场的企业演变，如果他们没有看着停车场，则缺少关键差异化因素。

Todd Briddell.is CEO and CIO ofCentersquare投资管理, an investment boutique of BNY Mellon that focuses on real assets, in Plymouth Meeting, Pennsylvania.

Any statements and opinions expressed are as of the date of publication, are subject to change as economic and market conditions dictate and do not necessarily represent the views of BNY Mellon.