The first in a series of papers providing insights on commercial real estate focuses on how Amazon’s site search for its second corporate headquarters signals significant changes in site selection trends.
The Alabama Center for Real Estate (ACRE) recently formed a partnership with the Certified Commercial Investment Member Institute of Chicago to produce the Commercial Real Estate Insights series. These white papers are authored by K.C. Conway, director of research and corporate engagement at ACRE and the institute’s chief economist.
Conway previously served as chief economist for Colliers International – US, and he is a regular adviser to the Federal Reserve, Federal Deposit Insurance Corp. (FDIC), Federal Home Loan Banks (FHLB) and top commercial real estate organizations.
Conway’s first paper in the new series is “Amazon HQ2: A Reset Button for Site Selection.” The paper contains five key ideas:
- Traditional industries that communities relied on for the past three decades for job and revenue growth, such as retail and financial services, are being replaced.
- With its HQ2 Request For Proposal, Amazon has probably altered how corporate relocations and expansions will occur in the next decade.
- Workforce availability is the most important factor driving corporate relocation and expansion decisions today.
- Amazon and other expanding companies are moving east to follow the growth.
- Commercial real estate professionals have a key role to play in the new era of site selection.
Click this link to read the entire Amazon HQ2 white paper sponsored by the Alabama Center for Real Estate and the CCIM Institute.