Taking care of business

At IPG we realize that real success, the kind that exists on multiple levels, is impossible without building great relationships.  We believe that real success is only possible if you treat other people with regard, respect and kindness.   Our mission has always been to build and sustain extraordinary business relationships!

The principles that we try to live by on a daily basis include:

·         Communicate, communicate, communicate! 

·         Be a useful resource

·         Be honest at all times

·         Always meet deadlines

·         Over deliver

·         Eliminate surprises

·         Think of clients as more than just “clients”

·         Have a vision for partnership

We take our relationships so seriously around here; we hired Candace Keller to join the team.  She has been tasked with being our Relationship Manager.  Her job is to hold us to our principles of taking care of those that mean the most to us:  our past, current and future client.   She loves to talk (sometimes a little toooo much, as Michael likes to reminder her, as he is rushing off to very important client meeting) so feel free to call her anytime you need any attention.   

CCIM Business Excellence Awards

Last week our team attended the 4th annual CCIM Business Excellence Awards at the Grand America Hotel.

Jeremy and Michael were both in the top performers group, and Jeremy was nominated for both CCIM Broker of the Year, and Industrial Broker of the Year. 

While he didn't take home the awards, Jeremy is still the biggest winner in our books. Not only is he one of the hardest working brokers out there, he is also one of the smartest, most genuine & sincere people we know and we are very privileged to work with him.

Congratulations to all of the award winners, we will see you next year!

Oh, Mexico...!

Team IPG had a fantastic trip to San Jose del Cabo, Mexico last week! Some of the highlights included: 

Catamaran Boat Trip - amazing views of whales, Lovers Beach, Pelican Point, and snorkeling at Santa Maria Beach.

Beach Club - lazy days, kayaks, stand up paddle boards, and great runs on the beach, Tony Romo was staying nearby

Surfing Lessons at Cabo Surf Hotel. Melissa (JJ's wife), Jill (MJ's wife) and JJ and MJ all get up surfing for 1st time! 

Kite Boarding/40th Birthday - JJ celebrates 40th birthday Kite Surfing in Los Barriles with ExotiKite! Amazing!

Fish Taco's! -  IPG team used their cooking skills to grill some delicious fish tacos with all the toppings.

Hot Tub - basically every night

Kayaking with Whales - JJ got within 10 yards of mama, papa, and baby humpback whales. Close enough to hear them breathing!

We are grateful to all of our 2014 clients who made our trip possible! Thank you for choosing IPG for all your commercial real estate needs!

The Last Look - 2014 Year-End Salt Lake Industrial Review Now Available!

At IPG Commercial our sole focus is to assist owners and occupiers of industrial property in Utah, and across the country, make informed real estate decisions. In that regard, IPG synthesizes all industrial market data available for Salt Lake City from our internal research department and major competitors to provide a comprehensive and statistical “Last Look” at what’s happening now, and projections for future trends.

A Good Time to Sell!

This weekend I was reading with serious interest an annual report published by the appraisal firm Integra Realty Resources.

They do a nice job of laying out detailed data for major markets across the country. 

I was specifically interested in what they had to say about Capitalization Rates, Discount Rates and Reversion Rates.  Here is what they report for Class A Industrial in Salt Lake City:

Going In Cap rate: 7%

Discount Rate: 7.75%

Reversion Rate: 7.5%

This tells me that NOW is a good time to sell for two reasons.  The Going In Cap Rate at 7 percent is 50 basis points less than the anticipated rate a seller will get when they sell in the future. Buyers are willing to buy at a premium versus what they expect to get in the future.  This may speak to bullishness on appreciation, or rent growth, but the bottom line is buyers in the future will expect a higher returnaccording to this report.  Additionally, the Discount Rate, sometimes referred to as hurdle rate, or yield target is 75 basis points higher than the reported going in cap rates.  This means that Class A Industrial properties are selling at a price above what a buyer would target in order to achieve their targeted yield.

Salt Lake City is slightly below the national average cap rate of 7.11%, but I would not be surprised to see some additional cap rate compression in our market due to the spread between our cap rates and other major western markets, and due to the severe lack of available Class A product for sale here.

2015 could be the year we look back on and say one of two things. 1.  “That was the best year to sell since 2007” or 2. “Gosh, I should have sold in 2015”

Whether you are in the market to sell OR buy, at IPG Commercial Real Estate we will do our best to help you make the right decisions right now and in the future.  Drop us a line and we can chat about your specific situation.