commercial connections summer 2014: a revitalized nation

8/12/2019 Commercial Connections Summer 2014: A Revitalized Nation

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CONNECIONSCOMMERCIAL

A P U B L I C A T I O N B Y T H E N A T I O N A L A S S O C I A T I O N O F R E A L T O R S

V O L U M E 1 5 / I S S U E 2 / S U M M E R 2 0 1 4

A REVIA LIZ AI ON

NAION

AL SO I N T H I S I SSU E :

N A R V I E WP O I N T / A N o t e f r o m Th e N A R P r e s i d e n t

R E S E A R C H / H i g h e r V o l u m e , I n t e r n a t i o n a l I n c r e a s e

TECHNOLOGY REPORT / NAR s REach TM C l a s s o f 2 0 1 4

A D V O C A C Y / T R I A an d 1 0 3 1 L i k e - K i n d E x c h a n g e s

COMMERCIAL REDEVELOP MENT IN THE MOTOR CIT Y , OUR EMPTY LOTS

& EVEN ALONG THE MOTHER ROAD


2/16

THE LATEST

ListenLooking for tips on improving your business? Have a listen to NARs

Commercial Podcasts, with an archive of over 2 dozen episodes readily

available, and at only 15 minutes apiece, they can be easily download

ed so you may listen while working at your desk or on the road to yournext meeting. REALTOR.org/CCP

SupportCommercial properties were among the hardest hit by the implemen-

tation of Biggert-Waters. NAR heard your concerns with implemen-

tation loud and clear and with your help successfully lobbied for the

passage of the Homeowner Flood Insurance Affordability Act (HFI-

AA), H.R. 3370. REALTOR.org/videos/flood-bill-helps-commercial

LearnIn the recently released Commercial Market Survey, commercia

REALORS reported broad-based market improvements in the first

quarter 2014. In keeping with the upward momentum in the markets

REALORS rated the direction of commercial business opportunities

6.0 percent higher in the first quarter 2014, an improvement over the

5.0 percent rise from the fourth quarter 2013.

REALTOR.org/reports/commercial-real-estate-market-survey

AttendMark your calendar for this years REALORS Conference and Expo

being held November 7th-10th in New Orleans, LA. Visit the conven

tion website throughout the upcoming months as we add information

onto the conference schedule, including commercial education, gover-

nance meetings and networking events. REALTOR.org/Convention

InvolveBe an agent for change by taking part in NARs Calls for Action (CFA)

In a recent CFA, NAR asked members to help kick patent trolls to

the curb by sending your Senators messages via witter and other

social media, urging their support of patent reform. Your participation

is just one way to make sure your voice is heard on Capitol HillRealtoractioncenter.com

ShareWere listening! If you have something you would like to share with any

member of the Commercial staff team here at NAR, simply send us an

email. Your suggestions and comments are important to us.

[email protected]

NAR PRESIDEN

Steve Brown, ABR, CIPS, CRS, GREENDayton, OH

NAR COMMERCIAL LIAISON

Linda St.Peter, AHWD, CCIM, CIPS, GREENWallingford, CT

COMMERCIAL COMMIEE CHAIR

Leil Koch, CCIM, CIPS, CPM, CRBMaui, HI

CHIEF EXECUIVE OFFICER

Dale A. Stinton, CAE, CMA, CPA, RCE

SENIOR VICE PRESIDEN

COMMERCIAL & GLOBAL SERVICES

Janet Branton, CAE, CIPS

VICE PRESIDE N

COMMERCIAL & GLOBAL SERVICES

Jan Hope, RCE

DEVELOPMEN & SERVICES DIRECOR

Jean Maday

MARKEING & COMMUNICAIONS MANAGER

Jorge Rivera

RESEARCH DIRECOR

George Ratiu

POLICY REPRESENAIVE

Erin Stackley

REGULAORY REPRESENAIVE

Stephanie Spear

DESIGN BY

Spoon Creative, Inc.

PRINED BY

Omega Printing, Inc.An Inc. 500 and NAPL Hall of Fame Company

www.omegaprinting.com

www.facebook.com/NAR.CommercialRE

www.Twitter.com/commsource

tinyurl.com/REALTORCommercial



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COMMERCIAL CONNECIONS I S U M M E R 2 0 1 4 3

N A R V I E W P O I N T

As part of this renewed focus, I am thrilled to be ableto share my thoughts as your 2014 NAR presidentthrough this column. While I wish I wasnt the firstNAR president to have a column in CommercialConnections, it is my sincere hope that this serves as atrend for my successors to follow.

Te reason is simple. Our commercial practitioners area valuable component of the Association, and at morethan 70,000 strong, represent the largest commercialreal estate voice in the industry. You are trusted advisors,experienced brokers, and relationship builders withyour clients and your community. You help strengthenthe economic health of our cities and towns, and youhelp business owners establish themselves and grow.

NARs commitment to you as a commercial real estateprofessional has never been stronger. We are focused onadapting and growing our resources and tools to betterserve you. Enhancements to NARs communicationsand technology tools such as the Realtors PropertyResource will support you in your business successWell continue this year to plant new seeds so that youcan reap benefits in the years to come.

Tank you for being a member of NAR, and for yourinvolvement and dedication to the commercial reaestate industry.

Revitalization and redevelopment are terms that not only apply to commercial

practitioners efforts in the Route 66 corridor in ulsa and in Detroit, but also

reect NARs renewed efforts to promote the value of commercial real estateexternally while also building support inside NAR, too.

REVIALIZAIONANDR ED EVELO PME N

A NOTE FROM THE NAR PRES IDENT

S T E V E B R O W N , A B R , C I P S , C R S , G R E E


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Amongst the commercial redevelopment along thisfabled route, lays an iconic donut shop from decadespast. Lick My Lips Donuts is the type of establishment

that one would imagine when drumming up imagesfrom the 1950s a la car hops and root beer oat stands.U.S. Route 66 is also known as the Main Street ofAmerica and has been preserved in popular culturethrough literature, song and television. Tere aremany references, but most of us remember the Bobbyroup song (Get Your Kicks on) Route 66 and thenamesake V series from the 1960s.

Much has changed since that time; advancingtechnology allows many consumers to buy product(even groceries) online and increasing variety at the

local market enables folks to one-stop-shop. Teinterstate system has provided a quick way to bypassstreetlights on the way to long- or short-distancedestinations. Much of the character that was associatedwith local, small businesses in America has been lostStrip malls have become the mainstay. Despite thechange in economic landscape, it may seem little idifferent with the physical landscape in and around

Tere it is, spread out like the surface of Marsthe hot, dry and barren

plains of Osage County, Oklahoma. Or, shall I say there lays what appearsto be barren? Beyond the plains exists a new world (or a new old world) of

thriving and soon-to-be renovated businesses, and a famous, two-lane high-

way: U.S. Route 66.

ROU E 66GES NEW KICKSby Tara Perkins, Contributing Writer

REVITAL IZAT ION

4 S U M M E R 2 0 1 4 I COMMERCIAL CONNECIONS


5/16


ulsa. But, ask the Gooches, who own Lick My LipsDonuts and one soon discovers an entirely new layerof excitement and planning within what appears to bea sleepy town.

We are excited for the revitalization of Route 66 inulsa. Mike Craddock, a REALOR and propertyspecialist, found us the building that we purchased onhistoric Route 66 and are remodeling. We also own afood trailer from which we sell mini-donuts and weare hoping to utilize one of the spaces in the buildingwe purchased for a gourmet, nostalgic-themed Route66 donut shop. We are meeting with an architect andstarting the remodeling phase of our adventure, says

Laken Gooch.

Blake Ewing is a passionate, 35-year-old entrepreneurand restaurant owner with several local venues inulsa. Ewing is also a current ulsa City Counselorand is interested in creating cultural attractions in thearea, including a movie theatre, restaurants and more.He appointed Mike Craddock to help with a task forcea couple of years ago to help with the redesign of thesign code for the city to allow for more neon signs.In conjunction with that, Craddock has been working

with property owners along Route 66 to either buy orsell commercial buildings.

Within downtown ulsa, there are several redevelopedareas including the old warehouse district, the PearlDistrict, Cherry Street and the Blue Dome area. Along-term goal is to incorporate fun, neon signage,signs that hang over sidewalks and blade signs (signs

that are perpendicular to the building) in to the 11thStreet and Route 66 overlay district. Ideas for park andwalks, regionalized parking areas on a mass scale toimprove pedestrian traffi c and business visibility, aswell as city enjoyment are in current review.

Commercial real estate is up and local owners wantredevelopment. NAR can help local REALORassociations with grants for streetscaping, walk-ableareas and more. Te larger, broad goal of connectingthese expanding districts with streetcars or trolleys thatadd an entertainment aspect, along with commuterpracticality, is one that is being considered, explainsCraddock.

Bringing back the iconic character of the 1950s and1960s, Route 66 preserves a special piece of Americanhistory for tourists and denizens alike. And, commerciarestoration aids in the thrust of new businesses andresidents (which in turn boosts the residential reaestate sector). It is a win-win-win. Tere is a resurgenceof redevelopment of commercial properties becauseof a great desire to transform what used to be under-utilized, seedy areas that now intersect with Route66. Tese areas are drawing more traffi c and interest

as they redevelop and there is some connectivity withother pockets of redevelopment.

Route 66 remains an iconic tourist attraction thabrings global interest. So the next time you travelwest, take the highway that is again becoming thebest. Tanks, in part, to REALOR champions and amotivated community, Route 66 has new kicks!

L I C K M Y L I P S F O O D T R A I L E


6/16


7/16


R E S E A R C H

YOU BENEFI FROM

HE S RENGH OF OUR

RESEARCH

Heres a look at other research reports available to youas part of your membership. All of these are availableon-line at bit.ly/commercialresearch

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4

EXPECTATIONS AND MARKET REALITIES IN REAL ESTATEFocused on the economic outlook, capital markets,highlights and expectations for the five major propertysector markets, and a collective analysis of the commercialinvestment environment giving investors the informationthey need to make decisions in todays market.

COMMERCIAL REAL ESTATE: OVERVIEW AND OUTLOOKProduced quarterly, this report covers the economic

conditions underpinning current commercial real estate

markets and presents trends in market fundamentals,investments and financing. Included are sector reports on

offi ce, multifamily, retail, industrial and hospitality.

COMMERCIAL REAL ESTATE MARKET SURVEYProduced quarterly, this piece is designed to provide youwith an overview of market performance, sales and rentaltransactions, current economic challenges and futureexpectations.

COMMERCIAL LENDING SURVEYOne of NARs newer research projects, this piece

summarizes lending conditions that impact commercialtransactions nationally, based on survey results of NARs

commercial practitioners.


8/16

8 S U M M E R 2 0 1 4 I COMMERCIAL CONNECIONS

C O M M E R C I A L F O C U S

As for the Motor City? Its automotive engineering anddesign roles as well as the EPAs Motor Vehicle andFuel Emissions lab in Ann Arbor continue to make

Detroit and southeast Michigan an international focalpoint for the industry. Add to that Detroits Collegeof Creative Studies, whose graduates every year moveon to design new models for automakers around theworld, and there is an undeniable pool of talent thatis driving the industry. Manufacturing in the upperMidwest has moved to other states and to Mexico,but Detroit is still the hub of automotive design and

engineering for the industry, and in turn, is appealingto investors.

Many of the so-called gateway cities have experiencedpositive effects from foreign direct investmentplacelike Miami, San Francisco and Los Angeles. But whatmakes Detroit desirable to foreign investors? Andwhat impact does foreign investment have on theeconomic and cultural landscape of the city? Who arethese foreign investors? How do REALORS connectwith these potential clients?

Most of us associate Detroit with the automotive industry. But recent media

reports also highlight a Detroit wrestling with bankruptcy and the decline of

its automobile industry. Whats interesting is that the bankruptcy filing by

the city of Detroit, an unprecedented move, may actually have spurred new

interest from foreign investors in both commercial and residential real estate.

FORE IGN INV ES MEN

IS DR IV IN G HEMOOR CI Yby Tara Perkins, Contributing Writer


9/16


10/16

1 0 S U M M E R 2 0 1 4 I COMMERCIAL CONNECIONS

COM M ERCIAL FOCUS: THE STATS

SOME I NERES ING

GLOB AL SAIS ICS

ABOU DEROI AND

IS VIB RAN CULUR AL,

GLOBAL POPULAION

More than 100 Chinese-ownedcompanies in south Michigan

Germany has invested in Michiganfor decades

Dearborn, MI (part of metro-Detroit area)boasts the highest Arabic population in the

United States, notably Lebanese

Detroit hosts the largest Bangladeshipopulation in the United States

Tere is a huge Spanish speaking populationwith a 7% Latino population

Te Canadian border crossing between MI andWindsor, ON is the busiest in North America

Michigan exported 23.4 billion dollars toCanada in 2013 and Canada imported44.8 billion dollars, most of which were

automotive related products

Source: city-data.com/city/Detroit-Michigan.html

FOREIGN IN VESMEN ISDRIV ING HE MOOR CI YC O N T IN U ED F R O M PAG E 9

City, San Francisco, Washington, D.C., and to a lesserextent Los Angeles. Tere is also foreign investment in

Miami and Vancouver.

Detroit investor Dan Gilbert, Chairman of QuickenLoans, has a portfolio of more than 3 million squarefeet of downtown Detroit commercial space, plus theGreektown Casino complex and numerous parkingstructures. Milliken explains that Gilberts RockVentures entity has renovated many of the buildings tocreate vibrant, exciting work environments that operate24/7. Quicken Loans personnel have been moved intothe Detroit properties from the suburbs, but third partytenants also increasingly populate the portfolio. Tistranslates into a workplace with landscape furnishings,sleeping pods, bringing Fido to work and indulging inorganic lunch at the on-site cafeterias. Tis appeals toyoung professionals who are now ocking to the MotorCity.

Rental rates are now rising for apartments in Detroitbetween 12-15% in some cases. Of course, as this ispositive for market growth, the downside is service

personnel, many in blue-collar positions are sometimesunable to renew their leases because they have beenpriced out of the market and displaced, explainsMilliken.

Detroit is comprised of 138 square miles and isa mosaic of neighborhoods, some of them withenormous challenges. But there are notable bright spotsin the City, especially in the Downtown and Midtownneighborhoods. Corktown is another example. Teseare focal points for young, professionals looking for

urban lifestyles. One young woman Milliken knowsrelocated from Boston to join a Detroit advertisingagency, and found the Midtown community shemoved to exhilarating and full of life. Te tremendousgrowth and opportunity is clearly contagious andadvantageous in the end for all, when business starts togrow at a rapid rate.

C O M M E R C I A L F O C U S


11/16


Placemaking is a great activity for commercial membersto participate in as implementation of these activitiesand events can lead to an increase in property valuesand to the leasing/sales of vacant buildings aroundthe transformed place. It can also have other positiveimpacts on commercial real estate development.

Te easiest example of a Placemaking project to

implement is something called Lighter QuickerCheaper, which focuses on small, incremental, lowcost steps to quickly turn a communitys vision intoreality and build momentum for further improvements.Examples include community gardens, playgroundsand public art or murals.

If you have a downtown or commercial corridor inneed of revitalization, other types of Placemaking

might be of value: a Better Block event or a MainStreet project. A Better Block event creates temporarysustainable improvements to a single city block whichcan build momentum for long-term financial, sociaand environmental advancements.

Main Street is a unique economic development toothat enables communities to revitalize downtown and

neighborhood business districts by leveraging locaassets.

How can you get involved in your communityStart by listening to the recorded webinars atbit.ly/smartgrowthwebinars. Next steps? alk to yourleadership and staff at your local association abouideas you can champion. Make a difference in youcommunity!

Placemaking, simply defined, is a way to transform a space where no one goes

or avoids - i.e. a vacant lot - to a vibrant place where the community gathers

and returns again and again, a farmers market, for example. NAR launched

a Placemaking Initiative in 2013, introducing a Placemaking Guide, funding

through a Placemaking Micro-grant and a series of educational webinars.

COMMERCIALREVIALIZAIONHROUGH

PLACEMAKINGby Holly Moskerintz, NAR Community Affairs Representative

REALTOR P A R T Y


12/16


Recently launched, the 2014 NAR REach Classfeatures eight companies that were selected for thepotential benefit their products will bring to NARmembers and impact they can have on the real estate

industry. Even more exciting, is the potential forNARs commercial real estate members - We also arepleased to be joined for the first time by companies thataddress commercial real estate as their primary marketsaid Constance Freedman, managing director at SCVand founder and managing director of REach. Withthe addition of several companies who have productsthat focus on helping commercial practitioners makemore money and/or bring added value to the broker-client relationship, this years class is certainly one topay attention to. Lets take a look at the companies

that can help you:

GOBY, LLChas an award winning energy management andregulatory compliance app for commercial real estateprofessionals looking to save their clients, tenants, andowners time and money. SeaSuite by Goby helps buildingowners and property managers run better buildingsby capturing and distilling multiple data sources intosimple, contextualized dashboards, tasks and reports.SeaSuite outputs ensure compliance with the rapidlychanging regulatory landscape and institutional reportingrequirements. www.gobyllc.com

DESKTIMEhelps commercial brokers clients optimize offi cesand facilities by turning unused space into co-workingareas and connecting them to independent, mobile workerswho are seeking well-suited spaces to work. Desktime canhelp you earn extra commissions from a growing client byallowing them to sublet unused space and cultivate leadsfrom early stage companies who start smaller and grow intotheir own space. Desktimes online platform facilitates easymanagement of a shared workspace, booking to billing,

managing availability and communicating with users - alin a single app.www.desktimeapp.com

FUNDWELL is an online marketplace that connects brokers

and their commercial clients with prequalified lenders thatwill fund their real estate needs and business expansionplans. Fundwell users get access to the best funding optionsthey are eligible for today, and improve their fundability fomore and lower cost financing in the future.www.thefundwell.com

DEDUCTR was designed to help real estate professionalsmaximize their eligible tax deductions, eliminate tax-timestress, and keep more of what they work so hard to makeDeductrs patent pending technology automates the trackingof expenses, mileage and time while providing single-click

access to everything needed to maximize deductions.www.deductr.com

Heres a quick snapshot of the other companies in the

REach Class of 2014:

BACK AT YOU MEDIABuild effective Facebook campaigns to drive traffi c, connectwith customers and build leads. www.backatyou.com

SENDHUBCost effective, modern phone system for brokers, agentsand teams. Never miss a call or lead with SendHub.www.sendhub.com

SMARTZIPWin more listings by identifying and automaticallymarketing to homeowners most likely to sell in yourneighborhood. www.smartzip.com

WEVIDEOCreate your own videos: No Experience Necessary.www.wevideo.com

HE NARREACH CLASSOF 2014REACHING OUT TO COMMERCIAL REAL ESTATE

by Jean Maday, Director, NAR Commercial Development & Services

TECHNOLOGY REPORT


13/16

COMMERCIAL CONNECIONS I S U M M E R 2 0 1 4 1 3

With RPR Commercial, a benefit available only toREALORS as part of their core dues, REALORS

can run a commercial analysis called Whats theBest Retail Business for a Location? By entering ageographic area, a Business Opportunities Chartgenerates in seconds. Tis chart indicates whichbusiness types are over/underrepresented in an areaof interest, differentiating new business opportunitiesfrom saturated business categories in a market.

Using consumer spending data as a foundation, thismarketplace data compares retail sales to demand. Teretail demand information is derived from household

level consumer spending data, while the retail salesinformation is from business point of sale transactions.Te analysis calculates the number of residents whoare leaving their home neighborhood to find a retailbusiness type elsewhere. RPR Commercial ranks theresults so its easy to see what businesses would likelybe most successful in vacant locations or for thedevelopment of new locations.

In addition, RPR Commercial rade Area Reportsinclude demographics and psychographics

REALORS have access to stats on the populationage, income, education, economy and home valuesto see many area facts in one convenient placeTe dominant demographic segment (a compositedescription of the type of resident most common inthe trade area), or tapestry segment, provides detailabout the residents lifestyles: what they spend moneyon, what type of residence they live in, what type ojob they hold and what they like to do for fun.

Te RPR Commercial rade Area Report along with

the Business Opportunities Chart gives REALORS atool to educate clients in the specifics about consumerand the potential business types for an area.

o learn more about RPR Commercial and to registefor a LIVE webinar visit: blog.narrpr.com/commercial

RPRCOMMERCIALWHAT S THE BEST RETA IL BUS INESS FOR A L OCATION?

by Emily Line, Director, Realtors Property ResourceCommercial Services

R P R C O M M E R C I A L

Whether consulting on investment opportunities, working with an economic

development authority on a redevelopment project, or helping fill a vacant

space for a building owner, RPR Commercial assists you in determining what

businesses would be appropriate for a given location by looking at consumer

spending data and seeing what business types are being underserved in the area

REALTORS

PROPERTY

RESOURCE


14/16


A D V O C A C Y

Terrorism Risk Insurance Act Reauthorization

Unless Congress takes action, the errorism RiskInsurance Act of 2002, (RIA) expires at the endof 2014. RIA created a federal reinsurance programfollowing the September 11, 2001 terrorist attacks,allowing private terrorism insurance to be bothavailable and affordable. By providing a backstop,RIA allows more insurers, including smallercompanies, to offer terrorism insurance, keeping costsaffordable and coverage available. According to theCongressional Budget Offi ce, this comes at no cost totaxpayers.

errorism insurance is important to commercialfinancing: many lenders and investors require it tofinance construction of large projects, especially inhigh risk areas. If the program expires, insurersmay exclude it from property coverage to managerisk aggregations in concentrated areas. It is also an

important structural protection in the Commercia

Mortgage-Backed Securities (CMBS) market. Withouit, some firms may decline to rate or cap their ratingson CMBS transactions.

Several bills have been introduced in the House to renewRIA, and the Senate introduced one in early Aprilthe next step will be a bill from the House FinancialServices Committee, followed by markup hearings inMay and possible passage of a reauthorization measureas early as this summer.

NAR participates in the Coalition to Insure Againsterrorism (CIA), and has met with many key offi ces inthe House and Senate regarding RIA reauthorizationNAR has also communicated with both the HouseFinancial Services and the Senate Banking Committeein advance of their hearings on the topic, stressing theimportance of RIA to commercial real estate.

HOW RI A AN D 1031

LIKEKIND EXCHANGESPROE C FU U REDEVELOPMENby Erin K. Stackley, Esq. NAR Policy Representative Commercial Real Estate


15/16


Section 1031 Like-Kind ExchangesLike-kind exchanges under Section 1031 of theInternal Revenue Code allow property owners to defertaxes on gains realized from the sale of like-kind realproperty until a future date. Tis provision is underthreat by the current spate of tax reform proposals in their discussion drafts, Senator Baucus, formerChairman of the Senate Finance Committee, proposedrepealing it, as did Chairman Camp of the House Waysand Means Committee, and the Presidents proposalsuggests capping it at $1 million.

Like-kind exchanges allow people who otherwisewould not sell due to the tax implications to sell, letting

development go forward. Tey not only stimulate realestate transactions, but also encourage U.S. businessesto reinvest in their domestic operations, as domesticand foreign property are not like-kind. It is not aloophole taxes are still paid, whether upon the saleof the replacement property, incrementally throughincreased taxes from forgone depreciation, or byinclusion in a decedents taxable estate. Eliminationof Section 1031 therefore would not create a tax onwealth, but a tax on cash ow.

While it is unlikely that tax reform will happen in thisCongress, the current proposals may be the blueprintsfor future proposals, so it is important to pay attention.NAR advocates for responsible tax reform that providesthe best opportunities for economic growth and jobcreation, and views these proposals as significantthreats to real estate. NAR, together with otherindustry groups, sent a letter to the Finance Committeeoutlining its concerns with the proposals, and sent aletter to the House of Representatives outlining its

priorities for tax reform including deferral of gainon like-kind exchanges. NAR continues to watch theproposals very carefully and meets regularly with keylawmakers to discuss reform efforts.

MORE AX IS SUE S NA R

IS MONIORING

179D ENERGY EFFICIENT COMMERCIALBUILDINGS DEDUCTION:Te Senate Finance Committee approved a2-year extender package, the EXPIRE Act,

which renews 179D (it expired at the end of2013). Te EXPIRE Act will be debated onthe Senate oor; the House Ways and MeansCommittee held a hearing on business-relatedtax extenders in April.

LEASEHOLD IMPROVEMENTS:Te EXPIRE Act would also extend for twoyears the 15-year straight-line cost recoveryfor qualified leasehold improvements, whichexpired at the end of 2013.

DEPRECIATION:Currently non-residential commercial propertyis depreciated over 39 years, and residential

commercial property over 27.5 years. TeSenate proposal increases the depreciable lifeof all commercial real estate to 43 years and isretroactive; the House proposal increases thedepreciable life of new properties to 40 years(non-retroactive).

CAPITAL GAINS RATE ONRECAPTURED DEPRECIATION:Under current law, the rate is 25%; under boththe House and Senate proposals, the rate willincrease to that of ordinary income.

Download our Issues & Actions white-paperto view these and other NAR actions oncommercial issues atbit.ly/issuesactions


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A P U B L I C A T I O N B Y T H E N A T I O N A L A S S O C I A T I O N O F R E A L T O R S

Y O U R

INSIDE!

commercial connections summer 2014: a revitalized nation

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