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Tendencias en Parques Industriales en México

José FernandoGonzálezRondón_1

 

 

**Por  José  Fernando González  Rondón, PIC, SIOR
Director Ejecutivo Industrial de Cushman &Wakefield México
jose.gonzalez@cushwake.com

 

En Cushman & Wakefield hemos asesorado a diversos clientes tanto usuarios como desarrolladores por más de 20 años en el ámbito inmobiliario industrial. Nuestros servicios van más allá de la simple búsqueda de espacios industriales, brindamos soluciones que incluyen definición de sitios en función a logística, infraestructura, mano de obra, mercado objetivo, materia prima, etc. Además de hacer la negociación de los términos económicos y la negociación y obtención de diversos incentivos gubernamentales y un extenso conocimiento del mercado inmobiliario de nuestro país.

Derivado de la experiencia adquirida hemos atestiguado el crecimiento y desarrollo del mercado industrial, esto ha implicado cambios radicales en la conceptualización de las zonas industriales, los desarrollos y la mentalidad de los gobiernos estatales, municipales e incluso el federal.

Así mismo, la demanda por espacios industriales por parte de empresas nacionales como extranjeras se ha incrementado y la conceptualización de México como un país maquilador meramente de mano de obra barata y poco
capacitada ha quedado en el pasado. Ahora nos ven como un país con una excelente ubicación geográfica, con suficiente mano de obra capacitada y un gran potencial de talento a precios muy competitivos.

Dado que gran parte de la concentración de la población en México se encuentra en el centro del país, un gran número de parques se ha establecido en la región conocida como el Bajío. El centro está comprendido por los estados de Querétaro, Guanajuato, San Luis Potosí, Aguascalientes, México e Hidalgo.

Así mismo, México es uno de los principales productores de automóviles en el mundo y el primer socio comercial
de Estados Unidos en la industria automotriz. Empresas como Chrysler, Nissan Toyota, Mazda, Honda, General Motors, Ford, Volkswagen, Audi, BMW y Kia han establecido armadoras en el territorio nacional, detonando la llegada de todos sus proveedores primarios y secundarios. Esto ha generado una importante demanda de espacios industriales. La industria maquiladora se ha establecido en diversos puntos del norte del país para satisfacer la demanda de nuestros países vecinos.

En México, las cadenas de suministro se han diseñado de manera global; es decir, dada nuestra posición en el mundo, producimos y distribuimos tanto para el mercado nacional como para diversos mercados extranjeros. México se ha abierto al mundo de una manera importante, tenemos más de 45 tratados comerciales con diferentes países del mundo. Esto incentiva la inversión extranjera por parte de empresas que, al establecerse en México, pueden gozar de los beneficios que estos tratados brindan.

En dos años, Mexico fue capaz de pasar ante el congreso más de 7 reformas estructurales. Gracias a la reforma energética se prevé la entrada de empresas al sector de generación eléctrica que incorporaran fuentes de generación de energía limpia (solar y eólica).

A partir de este año, los consumidores podrán comprar la energía en un mercado abierto a quien más les convenga.
Esto es un avance muy significativo en cuanto a costos de producción en México.

En 2017 se abre el mercado de gasolina y gas, desde ahora ya está en construcción el gasoducto “Los Ramones”, que
traerá gas desde Texas a la zona centro del país a precio de gas de EUA. Así mismo, se prevé la entrada de empresas del sector privado para la generación de estos insumos. Lo que mejorará la competitividad y los precios.

Para el establecimiento de plantas industriales, los gobiernos otorgan según sea el caso, algunos de los
siguientes incentivos gubernamentales:

  • Condonación en impuesto de traslado de dominio
  • Condonaciones temporales en pagos de impuestos prediales
  • Descuentos en licencias y permisos
  •  Condonación temporal en impuestos sobre nómina
  • Programas de capacitación de trabajadores en México y el extranjero con programas de becas
  •  Subsidio para traer capacitadores del extranjero para nuevas tecnologías y conocimiento
  •  Desarrollo de programas para atraer proveedores
  • Subsidio a los salarios de los empleados de nuevo ingreso
  •  Infraestructura temporal (oficinas y almacenes) para inicio de operaciones
  • Ventanilla única para gestiones diversas
  •  Apoyo para el establecimiento de expatriados
  • Dinero para la compra de maquinaria e instalación de la planta
  •  Tierra subsidiada -o gratis- (según tamaño e importancia de la inversión)AWdRMHe

Los incentivos van en función al monto de inversión y la creación de empleos. Dada la creciente demanda de los sectores manufactureros y logísticos en nuestro país y derivado del comercio, principalmente con los Estados Unidos de Norte América, hemos visto que los parques industriales han ido mejorando e incorporando servicios e infraestructura que beneficia a sus usuarios y al medio ambiente.

Antiguamente los parques industriales, o mejor dicho, las zonas industriales se establecían en parcelas con uso de suelo industrial, cerca de mano de obra, electricidad y agua primordialmente.

Ahora los parques se diseñan basados en cuatro conceptos primordiales que son: Sustentabilidad, Logística, Seguridad y Flexibilidad Comercial.

Sustentabilidad

Como tendencia tenemos el desarrollo de parques industriales competitivos y sustentables, la implementación de mejores prácticas en materia de protección al medio ambiente. Lo anterior, a fin de que las empresas instaladas dentro de los parques industriales operen en un entorno adecuado que les permita desarrollar sus negocios de manera eficiente.

Los desarrolladores de parques industriales se basan cada vez más en criterios específicos, para reducir los consumos de agua, energía y emisiones contaminantes al ambiente. Un Parque Industrial Verde es aquel desarrollo cuyas especificaciones, en materia de energía, agua y protección ambiental, cumplen con parámetros mínimos o superiores a los establecidos en la normatividad mexicana o internacional, vigente y aplicable; realizan esfuerzos permanentes verificables para mejorar procesos, equipos y sistemas, con impacto positivo en la preservación de los recursos naturales y protección al ambiente.

Logística

Desarrollo de parques industriales con buenos accesos a carreteras primarias con factibilidad de colindar con la red ferroviaria, accesibilidad a aeropuertos. La incorporación de recintos fiscalizados estratégicos (RFE), que cumplan con los requisitos del SAT para asegurar el interés fiscal.

La creación del Sistema Nacional de Plataformas Logísticas de México (SNPL-MEX con el fin de identificar un conjunto de Nodos Logísticos Estratégicos (NLE) en todo el país y, estableciendo modelos de gestión alternativos y formulando bases para políticas públicas que impulsen su desarrollo. Con ello se busca modernizar la producción de servicios de transporte y logística en México.s9q4FFH

Seguridad

Incrementar la cultura de seguridad a través de la implementaciónde mejores prácticas, con el fin de que las empresas instaladas dentro de los parques industriales (inquilinos) puedan operar en un ambiente de orden y
tranquilidad.

Entre estas mejores prácticas se encuentran los servicios de seguridad física y patrimonial estandarizados, además del uso de tecnologías que permitan establecer sistemas transversales para vincular a todas las áreas funcionales. Así mismo, operar bajo un reglamento interno y una administración que coordina la seguridad, el buen funcionamiento de la infraestructura, la promoción de los inmuebles y la gestión general de trámites y permisos ante autoridades.

Flexibilidad Comercial

El diseño de parques industriales va en función de la configuración de la tierra donde se va a establecer el Parque.
Normalmente los parques se diseñaban subdividiendo varios lotes de entre 10 y 20 mil m², en donde las calles estaban previamente trazadas. Ahora se subdividen en varios lotes de entre mil y dos mil m², con la intención de satisfacer las necesidades de los clientes de la mejor manera posible. El porcentaje de cobertura de construcción es del 50% de área techada y 50% de área libre, donde se incluyen patios y estacionamiento.

En México existe una agrupación altamente profesional que engloba a los mejores parques industriales en el país, La Asociación Mexicana de Parques Industriales “AMPIP”. Esta agrupación ha elevado los estándares de calidad en el desarrollo de parques industriales al grado de haber creado la primera norma oficial de parques industriales en el país.

Viaje de estudio de la AMPIP a Dubai

El Segundo Congreso Mundial de Zonas Francas tuvo como tema principal las Cadenas Globales de Valor; contó con la participación de más de 600 personas, entre empresarios de zonas francas y representantes de Organizaciones Mundiales, gubernamentales y regionales de alrededor de 80 países.foto amigos

 

**Por  Claudia  Ávila  Conelly

Directora de AMPIP

cavila@ampip.org.mx

 

En el marco del Segundo Congreso Mundial de Zonas Francas, celebrado del 9 al 11 de mayo en Dubai, la AMPIP organizó un viaje de estudio, en el cual participaron Pablo Charvel, Presidente de la AMPIP; Lorenzo Berho, Presidente de Vesta; Jaime Roberts, Presidente de IAMSA; y Alberto Chretin, Director General de Terrafina.

 

El objetivo principal del viaje fue conocer qué están haciendo las zonas libres en todo el mundo, conocer las mejores prácticas, cuáles son sus ventajas y qué tipo de incentivos están ofreciendo. Entender más claramente a la industria que invierte en las diferentes regiones con zonas libres para saber qué es lo que buscan y analizar qué ventajas comparativas y competitivas tienen las regiones que compiten con México.

Lo anterior, dada la iniciativa del gobierno federal de promulgar Zonas Económicas Especiales (ZEE), y dado el interés de los desarrolladores industriales en el país, de evaluar la conveniencia de crear nuevos parques industriales en los estados, donde se tiene programado instalar estas ZEEs.

Este viaje les permitiría entender un poco más el esquema de las ZEEs en otros países, con el fin de tener más elementos para apoyar la implementación exitosa del proyecto de creación Zonas Económicas Especiales en México, propuesto por el gobierno federal.

Previo al Congreso Mundial, los asistentes tuvieron la oportunidad de visitar las zonas francas más importantes de Dubai, entre ellas, Dubai Silicon Oasis Authority, el cual es un parque tecnológico que agrupa 700 empresas; y Dubai World Central , el cual es un plan maestro que proyecta integrarse con el Aeropuerto de Dubái, que será el más grande del mundo una vez terminado.

En este recorrido, los participantes de la AMPIP tuvieron la oportunidad de conocer casos de éxito donde, a pesar de ser zonas donde se ofrecen incentivos fiscales y se invierte en infraestructura, el estado recibe por recaudación indirecta tres o cuatro veces más de lo que dio en incentivos, generando además bienestar, educación, salud y transferencias de tecnología a la región.

El Segundo Congreso Mundial de Zonas Francas tuvo como tema principal las Cadenas Globales de Valor. Este Congreso contó con la participación de más de 600 personas entre empresarios de zonas francas y representantes de Organizaciones Mundiales, gubernamentales y regionales de alrededor de 80 países.

muchos amigos

En el Congreso se estableció la colaboración entre las Aduanas y las Zonas Francas mediante el lanzamiento del programa de “Zonas Francas Seguras”. También se reunieron representantes de zonas francas de todos los continentes junto con organizaciones necesarias para el correcto funcionamiento de zonas francas y agilización
del comercio internacional.

Este Congreso contó con conferencistas del más alto nivel, entre ellos Julie Brown CEO, de Georgia Foreign Trade Zone; Hernando José Gómez, Director del Departamento de Planeación Nacional de Colombia; Samir Hamrouni, CEO de la World Free Zones Organization; Mehdi Tazi, Gerente General de la Zona Franca de Tanger en Marruecos, la más grande en África; y Martín Gustavo Ibarra, Presidente Honorario y fundador de la Asociación de Zonas Francas de las Américas.

Entre los temas más importantes que se trataron en el Congreso se encuentran la gobernanza en las cadenas globales de valor, las perspectivas de las corporaciones multinacionales sobre las inversiones en Zonas Francas, y su inclusión en cadenas globales de valor, así como las oportunidades y tendencias para las zonas francas en el futuro.

En el marco del evento, la AMPIP tuvo la oportunidad de establecer un convenio de colaboración con la Asociación Mundial de Zonas Libres (WFZO), el cual fue firmado por Pablo Charvel, Presidente de la AMPIP, y el Dr. Samir Hamrouni, CEO de la WFZO.

Hoy en el mundo existen más de 3,500 Zonas Francas en 138 países que mueven alrededor del 25% del comercio mundial y generan 100 millones de empleos. Además, se estima que los procesos burocráticos, aduaneros y arancelarios incrementan hasta un 40% los precios de los productos tranzados en el mundo, porcentaje que se puede reducir si los productos son hechos en Zonas Francas.

El tercer Congreso mundial de Zonas Francas se realizará el próximo año en Colombia, esperando una alta participación de empresarios latinoamericanos, y reafirmando la importancia de este instrumento en el comercio exterior de la región.

MIP 4 Women Scholarship

Dj** Djurdja Milutinovic

MIP 4 WOMEN SCHOLARSHIP  

  “You know, space is an interesting endeavour… you create an interesting… the impact you have on the cityscape… The whole life of a city can be in a single view…Break the perspective…  Make it porous…  Turn it around, more like a science fiction…”  

These were the words of Zaha Hadid on one architectural conference. Students were gazing into her, patiently, trying hard to understand her thoughts. There was a little sound other than her voice, click of the keyboards and tap of the pen.  The conference was over and she was greeted with an amazingly long applause. I thought I was the only one who barely understood her words and her idea, but suddenly I saw other students as they were stepping out in a silence, with a very thoughtful facial expression, each of them deeply preoccupied with their own imaginative world that all of a sudden filled out with paradigms, doubts and questions. Her deconstructionism not only appears in her architecture, but also in her verbal expression. Straightaway I had a moment of cognition, realizing that exactly it was the point. Her unique approach makes you think about yourself, your work, your creation and not about hers. She makes you become an avid observer. She makes you re-question and reaffirm each and every aspect of your urge and desire in order to find your own path. Interrogative words such as ‘why’, or even ‘why not’ or ‘what for’ break any chain of thoughts. Having doubts in ourselves, questioning every piece of our vision and creation over and over again, makes us rise, makes us greater. Finally, it is a common denominator for any kind of success.  Later on, that doubtful state becomes a mental atmosphere that occurs very frequently, in order never to get too confident. It is hard to recollect scattered picture and to construct it over again, I confess, but it is the only way of finding our own path.  Zaha is one of the few who had the ability of doing it in so subtle and diplomatic manner, just like an architectural guru, probably knowing that only by thinking out of the box and by constant self-analysis: stability, self-confidence and high goals may be achieved. “Never get lulled in your comfort zone… that is too easy” she said.    Her career has not been traditional or easy. Seems that all architects have to struggle, but Zaha perhaps have struggled rather more than most. After finishing school in Baghdad, she studied mathematics, a completely different field that in what her future career was about to transform. By moving to London to study architecture she also faced a misogynist behaviour. Architecture is the most public of endeavours, yet it is a smugly hermetic world.  It is a male- dominant industry and it’s hard to believe that it is still difficult for a woman to break the business barrier. But her strong character and diversity shook the world and to the nickname Diva, as the critics always called her, she replied: “Would they call me a diva if I were a guy?”         

Unfortunately, it is still happening today to all female professionals while aspiring their goals. But how to break the curse or is there any possible way of erasing so deeply rooted mannish past and long incubation of women? Yes, there is, I realized, by being persistent and powerful just like a drop of water. Dams are powerful concrete constructions, but if one drop of water penetrates, it is the question of time when the whole structure will collapse and there is nothing that could stop it. A drop of water is always going downhill, finding the path of least resistance, achieving with it’s tenacity an unfathomable limits. Zaha Hadid managed it. She succeeded to transform her being into a drop of water, floating on already established ocean. Even if the circumstances had broke her apart into a single molecules, nothing could break her rule of molecular bonding once established that in the same time represented her personality and her own path.    Zaha Hadid became the most prominent world contemporary female architect and the first woman to win the prestigious Pritzker Prize for architecture. But there is always a question what actually means being such a great architect? Is it the one who is extremely creative, with great drawing skills? Or it involves a lot more? Following Zaha’s example, I realized that being a good architect is the one who can manage all complementary scientific, technical, sociological and economic fields better than any economist, scientist, sociologist may be able to manage architecture. Architects, in order to serve to the society, in order to create cities and one’s life space have to be knowledgeable and broadly educated. Therefore, architecture itself goes more beyond one sketch, one drawing or constructed environment. It is interplay of influential powers that pervade one through another.   

This specific approach was confirmed later, when Zaha was named a businesswoman of the year at the Veuve Clicquot awards in London. She was distinguished as a business leader who has shown entrepreneurship and financial success, as well as a commitment to corporate social responsibility and her role in encouraging other women into the industry.  Zaha has moved the boundaries. She transcended the limits by embracing architectural and non-architectural fields. It made her an independent professional. It made her an expert, a business expert. Above all, this principle applied to any other vocation than architecture would also open unlimited possibilities. Knowledge, skills and ambitions do not recognize neither a gender differences nor a basic studies or profession. They have the power to break any dam and overcome any obstacle. But without them it is hard to achieve any success. This way, Zaha is a great zeal of business women to serve as role model.  

Zaha represented a great supportive buttress and kinetic force in various milestone moments I have faced. She has showed the way ‘things’ should be done and she proved that ‘things’ can be done. Having her image constantly in the background of my mind, gave me power to fight every obstacle and to keep striving to the goal. However difficult situations I had faced by being in different country, just like her, and struggling in a male dominant industry, in non-native language, by pursuing my dreams and personal realization, I knew that everything can be achieved. It is only a question of time; just like bringing down a dam.   

It is very hard to resist and not to be astonished by Zaha’s personality, strength and energy, and also by her life, achievements and creation. Unfortunately, decades old stereotypes still persist. The core of wrong ideology remains, but it is modified and adopted to the philosophy of 21st century.  But when are we going to see one great castle or a new Eiffel Tower constructed by women? When there are going to be raised statues in the honour of a women? When the equality will overcome disparity? When women will receive earned respect? Hopefully today.   

La obsolescencia externa y su impacto en el valor de los activos inmobiliarios

1uEl deterioro en las condiciones externas o zonas de influencia de los inmuebles en una buena cantidad de ocasiones, llega a ser motivo de controversia, derivado de la diferencia que puede existir entre la inversión realizada en una determinada propiedad y el valor que se emita sobre su probable precio de venta en un mercado abierto.

Ya sea que se esté valorando un activo para propósitos de la obtención de su valor razonable dentro de los estándares de las Normas Internacionales de Información Financiera (NIIF o IFRS por sus siglas en inglés), con fines de reportes financieros o para efectos de la generación de la opinión de valor comercial bajo normativas nacionales o internacionales, para propósitos de compra –venta, garantía crediticia, traslado de dominio, etc.-, la obsolescencia externa o económica se presentará en una propiedad cuando factores externos provoquen una pérdida de valor en ésta.

Dicha minusvalía, generada por agentes externos, constituye una de las tres formas de depreciación que existen en los inmuebles. Las otras dos, las así llamadas “deterioro físico” y “obsolescencia funcional”, se relacionan directamente con las características físicas y de funcionalidad de los inmuebles.2k

La obsolescencia externa, en cambio, está directamente vinculada a las condiciones de mercado imperantes; es decir, no es propia de las características constructivas, del proyecto arquitectónico o de la eficiencia operativa de un inmueble, lo que puede provocar que cuantiosas inversiones inmobiliarias no resulten rentables cuando se encuentran sujetas a un ambiente de mercado deprimido.

Entender el concepto de obsolescencia es fundamental en la valoración de activos inmobiliarios pues, como se puede deducir de la siguiente gráfica, un demérito importante en el inmueble afectará de manera considerable la conclusión de valor de mercado o valor razonable, según la normatividad bajo la cual se esté trabajando.

Así, el cálculo del valor de la obsolescencia externa en un inmueble resulta relevante pues, entre otros aspectos, el conocimiento de esta cifra conducirá a la toma de decisiones trascendentales en cuanto a la posesión, renta o venta de la propiedad, especialmente para el caso de los así llamados inmuebles de productos que son aquéllos que se adquieren con fines de lucro.

3oEl método más comúnmente empleado para la cuantificación de la obsolescencia externa en un inmueble es la así llamada “Técnica de la Pérdida Capitalizada”, la cual se aplica en tres etapas: primero, el inmueble en estudio es analizado para obtener su Renta de Equilibrio, que corresponde a la renta que se esperaría en condiciones de mercado tales, que las fuerzas de oferta y demanda estén en equilibrio; en segundo término, el mercado de propiedades similares es analizado para cuantificar la renta (real) de mercado que le corresponde a la propiedad objeto de análisis y, finalmente, la diferencia entre la renta de equilibrio y la renta real (pérdida en ingreso) es capitalizada para obtener el deterioro por concepto de obsolescencia externa.

Así, el cálculo del valor de la obsolescencia externa en un inmueble resulta relevante pues, entre otros aspectos, el conocimiento de esta cifra conducirá a la toma de decisiones trascendentales en cuanto a la posesión, renta o venta de la propiedad, especialmente para el caso de los así llamados inmuebles de productos que son aquéllos que se adquieren con fines de lucro.

El método más comúnmente empleado para la cuantificación de la obsolescencia externa en un inmueble es la así llamada “Técnica de la Pérdida Capitalizada”, la cual se aplica en tres etapas: primero, el inmueble en estudio es analizado para obtener su Renta de Equilibrio, que corresponde a la renta que se esperaría en condiciones de mercado tales, que las fuerzas de oferta y demanda estén en equilibrio; en segundo término, el mercado de propiedades similares es analizado para cuantificar la renta (real) de mercado que le corresponde a la propiedad objeto de análisis y, finalmente, la diferencia entre la renta de equilibrio y la renta real (pérdida en ingreso) es capitalizada para obtener el deterioro por concepto de obsolescencia externa.4k

La señalada capitalización puede ser realizada en forma directa o “a perpetuidad”, en el caso de que se anticipe que la pérdida neta tendrá una duración similar a la de las construcciones del inmueble o mediante el empleo de Flujo de Caja Descontado cuando dicha pérdida no se considere de largo plazo.

Especialmente en zonas altamente deprimidas y/o en aquéllas en que prácticamente no existe demanda para la ocupación o venta de determinado tipo de inmuebles, los temas de obsolescencia externa adquieren una importancia relevante y su tratamiento y análisis no siempre es sencillo, especialmente por la escasa o nula existencia de información que permita cuantificar las rentas de mercado. Casos hemos presenciado en que la obsolescencia externa llega a alcanzar hasta el 50% del costo total de una propiedad.

Desde el punto de vista contable, la pérdida del ingreso capitalizada será relevante en la cuantificación de los deterioros que acusen los activos y podrá ser causa de importantes minusvalías.


Para ilustrar lo antes señalado, véase en la tabla el ejemplo obtenido de un caso recientemente analizado, de una nave industrial con apenas 9 años de edad y 60 de vida útil total estimada, 15,000 m2 de superficie rentable, construida bajo altos estándares de calidad de sus materiales, un diseño seguro, moderno y eficiente, pero ubicada en un lugar en donde prácticamente no hay demanda en renta o venta de inmuebles similares. El costo de reposición nuevo de las mejoras se estimó en $140’000,000 y el valor del terreno en $40’000,000.

La obsolescencia externa (pérdida capitalizada) resulta en una cuantiosa cantidad que representa del orden del 43% del costo total depreciado (antes de obsolescencia externa), de manera que el valor final por el enfoque de costos de $ 99’,000,000 representa una significativa disminución respecto al valor de reposición nuevo de la propiedad.

5l00Circunstancias como ésta suelen provocar polémica, especialmente cuando el reporte de valuación es para fines contables bajo Normas Internacionales de Información Financiera (IFRS), pues el Valor Razonable tendrá que reportarse con un demérito considerable en relación al monto registrado a valor de adquisición. Como sucede con los otros tipos de deméritos, el cálculo de la obsolescencia externa en inmuebles es por demás importante por la trascendencia que representa en el valor de los activos de una empresa o de un particular y la renta de equilibrio representa, entonces, la renta mínima requerida en un mercado en el que las fuerzas se encuentran en equilibrio, de manera tal que se justifique la inversión en la propiedad, considerando una tasa de rendimiento específica.

Se destaca, además, que el tomar en cuenta las obsolescencias funcional y económica es práctica valuatoria sana que confirma que el valor por el enfoque de costos no es únicamente “la suma de fierros”, es decir, el costo de reposición o reproducción nuevo restándole solamente deméritos por edad.

Para casos en que la pérdida de valor sea producto de una sobre oferta temporal en el mercado, en lugar de un fenómeno a largo plazo, la obsolescencia puede calcularse mediante técnicas de flujo de caja descontado que pronostiquen lo más acertadamente posible el comportamiento de la diferencia de flujos netos en el horizonte de análisis de la propiedad. Obsolescencia externa: Un elemento de depreciación es una disminución en el valor causada por elementos negativos y generalmente incurable por parte del propietario, el arrendador o el inquilino.

Así, la adecuada interpretación de los conceptos aquí expresados conduce a la eliminación de importantes errores en la obtención de los valores de los diferentes enfoques de valor aplicados, especialmente en el enfoque de costos, al incorporar la obsolescencia externa, generando así las condiciones adecuadas para la aplicación del correspondiente demérito en el valor de los activos.

Finalmente, vale señalar que, en contraste con la obsolescencia externa, un inmueble puede experimentar incremento en su valor razonable o comercial cuando la renta de mercado supera a la de equilibrio, presentándose así lo que se conoce como “ganancia capitalizada” y su tratamiento y análisis forma parte de los temas en que se analizan los componentes residuales de propiedad personal intangible en un inmueble.

Workshops

Talleres y seminarios de capacitación para el profesional inmobiliario1

Dentro del marco de Expo Inversión Inmobiliaria una de las mas grandes innovaciones fue el concepto de los “workshops” , 25 talleres de diversos temas con duración de tan solo 45 minutos, en donde los asistentes pudieron conocer, aprender e interactuar de manera cercana con los expertos que compartieron nuevos proyectos inmobiliarios, lanzamiento de productos y temas diversos que abarcaron desde promociones inmobiliarias en ciudades inteligentes hasta la conferencia magistral de Macario Schettino con “ El fin de la confusión”, quien rompió record de asistencia con 283 personas.

Los dos salones destinados a los “workshops” con capacidad máxima de 150 personas no dejaron un lugar disponible durante los dos días del evento generando largas filas para no quedar fuera de ninguna de las presentaciones mostrando gran interés en las platicas “ La primera plataforma de crowdfunding en México” impartida por Emilio Sidauy ó la empresa Redbrick con “La transformación de la realidad inmobiliaria” presentada por Jorge Castañares.

Los asistentes no podían faltar a la conferencia de Jorge Kupferman quien nos hablo de “Cómo aprovechar el boom del mercado inmobiliario en Usa”, “Proméxico pone el mundo a tus manos “ impresiono a la audiencia con la magistral intervención de Karla Mawcinitt.

Amexcap enriqueció los workshops con el tema “Fondos de Capital Privado en bienes raíces” por María Ariza, como dejar de mencionar a Pedro Aspe mostrando la “Oportunidad de desarrollo inmobiliario en Puebla”, Pierre Arriz lanzo el proyecto de fundación Jenkins “Reforma 180”.

Fernando de Núñez de One Sothebys Realty nos enseño el “mercado inmobiliario en Miami & Broward – 360º ”.

Alejandro Magaña de Guía de Inmuebles compartió “Marketing Inmobiliario” demostrando así el porque del liderazgo de sus marcas.

Imei y Boma compartieron el porque de la importancia de las “Promociones Inmobiliarias en Ciudades Inteligentes” con la presentación de Homero Hernández.

Duff & Phelps impresiona con su nuevo concepto de Markets Analitics: “La nueva y única manera de hacer negocios”.

E-Sourcing representado por Arturo Gutiérrez con el tema: “Como sobresalir ante la competencia incrementando la rentabilidad”, ayudo a los profesionales de la industria con alternativas de innovación y tecnología y cómo lograr el mejor costo de construcción ayudando a generar mayores ahorros, transparencia y eficiencia en los proyectos inmobiliarios.

Hercesa y Ferrocarril promovió “Querétaro Mercado de Oportunidades “ por Alejandro Vázquez.

Lendlease en la voz de Gerardo Herrera y Luis Manuel Sánchez compartieron la “Plataforma Tecnológica para la ejecución de proyectos”.

Prodigy Network mostro su liderazgo mundial en crowdfunding con el tema “El innovador modelo de inversión que brinda acceso a todas las personas en grandes proyectos de Real Estate en Nueva York” impartida por Leonard Chinchay, Daniel Lee y Lisandro Videla.

Moisés Ramírez de Grupo Beck nos presento “ DProfiler, innovación tecnológica para la toma de decisiones inmobiliarias”.

El profesionalismo y entusiasmo de : Miami Life Realty, Negocios con USA, Bioconstrucción, Grupo 4s, AMAR, Go Get It, AMPI e Indra Wellness Company hicieron de estos “WORKSHOPS” diferentes foros de interés para la audiencia.

Cada uno de estos talleres enriqueció el contenido de Expo Inversión Inmobiliaria dando como resultado el evento internacional del mercado inmobiliario más importante del año por primera vez en México.

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Palacio de Hierro Polanco: New benchmark of luxury department stores worldwide

The opening of the new El Palacio de Hierro store, at the site once occupied by the Moliere 222 shopping center has created a milestone in the development of luxury department stores worldwide. With an investment of US$300 Million, the new Palacio de Hierro Polanco is not only very large but also very luxurious. Its 55,248 m2 of sales area makes it one of the largest department stores in the world, but what it makes it stand out from any other store is the quality and the number of luxury brands that have a presence.

Captura de pantalla (351)The department store concept emerged during the second half of the nineteenth century with some legendary stores such as Le Bon Marché (1852), Printemps (1865), La Samaritaine (1869) and Galeries Lafayette in Paris and continued in the early twentieth century with the opening of iconic stores like Harrods (1905) in its current location and Selfridges (1909) both in London.

The concept grew quickly in the United States after 1920 with the emergence of JC Penney and Sears, and spread globally with the development of the American Mall in the 1950s. There are currently department stores in virtually every region of the world, just to mention some well-known; La Rinascente, founded in 1865 in Italy and El Corte Ingles, founded in 1934 in Spain, but even in the Soviet Union, Lenin founded the GUM department store in Moscow in 1921. There are some countries with very successful department stores concepts such as the UK where John Lewis, House of Fraser, Harvey Nichols, Marks & Spencer and Debenhams are from and South Korea where we can find Lotte and Shinsegae.

In Latin America, there are also very successful department store concepts; worth mentioning are Falabella, founded in 1889, Ripley, Almacenes Paris and La Polar from Chile, Oechsle founded in 1888 in Peru and Siman
and Felix B. Maduro from Central America. In Mexico, the two largest chains, El Palacio de Hierro and Liverpool, which were founded by European immigrants more than 100 years ago, with no doubt feature some of the best department store design globally.

Captura de pantalla (350)The new Palacio de Hierro Polanco, located in the prime block surrounded by Moliere, Horacio, Homero and Platon, is reborn as the ultimate destination of luxury, fashion, home and style in Latin America and is not only the largest department in our continent, but the first to accommodate new concepts and brands from around the world. It is worth noting the ladies’ shoe section with 1,800 m2 and the gourmet area which includes a terrace of 1,570 m2.

Paying tribute to the Mexico City, the store is inspired on some of the most representative districts of the capital. For example, the central corridor that crosses the entire ground floor represents Paseo de la Reforma, the capital’s main artery. Lomas de Chapultepec and Polanco are represented in the next level dedicated to ladies’ fashion; while the second floor of gentlemen, technology and gourmet, are influenced by the Roma-Condesa corridor. Finally, the Pedregal de San Angel neighborhood is interpreted on the third floor of Home & Furniture.

The store’s four-story vertical circulation, led to the creation of two courts, the principal one, sports a spectacular glass dome trough which the BAL Tower can be seen in all its glory; the second, has an imposing LCD screen on its ceiling, reproducing digitally the image of the historic stained glass of the original El Palacio de Hierro store, created by Jacques Gruber in 1921.

International design firms such as TPG Architecture and Gensler were in charge of interior design. The iconic pyramid building of El Palacio de Hierro, was tapped again by Javier Sordo Madaleno, firm responsible for the original design of this mixed-use project opened in 1997.

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Gava Capital: Supporting the future major developers in Mexico

The best opportunities can arise from the worst circumstances, and Gava was one of the companies that knew how to take advantage of the 2008 crisis to enter the real estate sector, helping small and medium developers to grow their businesses.

Captura de pantalla (331)Andreu Cors recalls that in 2009, the global financial crisis coincided with a deceleration in Mexico, when the funds that had existed and the investments being made in the real estate sector disappeared. However, there was still a strong housing demand and there were good developers who needed capital to complete projects.

“The opportunity lay at the bottom curve of the cycle, when everyone was getting out of the business and we had the vision to get in, which allowed us to participate in the upswing of the sector’s cycle. Today, we have 11 strategic partners with 29 projects in development, after five years of operations”, Andreu Cors explains.

Gava sees important potential in the medium markets, including Merida, Veracruz, Queretaro, Tijuana, and naturally also in Guadalajara, Monterrey, and Mexico City.

Sebastián Garza T. notes that the business of Gava has been to find the talent with which to share values and develop relationships based on trust. Developing real estate comes after the relationship has been established.

Roberto Cantú of Grupo Avante, one of Gava’s developer partners, emphasizes that values such as honesty, teamwork, respect, and trust are important in the business relationship built between the two companies. Meanwhile, Federico Sada Rivero of Insar, adds that their relationship with Gava has been like a family, knowing that Gava isn’t going to let them down.

Andreu stresses that the developers they are looking to fund are small or medium companies that already have some experience, and which have built their capital with money from friends and family; “we offer companies the opportunity to move to the next level, supporting their growth, improving their processes and institutionalization, obtaining more capital to develop bigger projects. When they are already developing or operating, they have very little time to start new projects, because they’re dedicating more time to these aspects; so we come in to help secure the land and structure the projects during the initial phase,” he added.

Sebastián Garza T. adds that, “we’re a mix between a developer and an investment fund, we work hand in hand with our partners from the beginning, supporting the search and negotiation for land, enriching the planning stage, or securing bridge loans, as well as helping with the structuring and financial connections. Many of our partners appreciate the discipline of our processes, as we help them to put their businesses in order and focus on what’s important.”

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Gava helps developers grow

Among the advantages that Roberto Cantú Alanís finds working with Gava, he highlights the quickness of response, the business vision, and the constant drive to go beyond and make a difference in the market. The reality has exceeded expectations, he notes. “This has been an enriching experience: from the personal touch, the constant push for the accelerated growth of the project, the search to reduce risks, and their focus on increasing profitability”.

From his perspective, Federico Sada Rivero of Insar, comments they’ve been working with Gava for five years and they are currently collaborating together on five projects. “We were Gava’s first formal partners, and it’s been an experience that has brought much value added, as they are very clear on the methodology and the indicators needed for good decision making in the life of the projects, which has complemented our experiences as developers”.

“We’ve found there are many advantages to having them as a partner: they’re quick and precise in making decisions, they add value to the business structure and they are very good at generating new business”.

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MAPIC 2015, 21st Edition of the World’s Leading Global Retail Real Estate Show

The concept of MAPIC seems simple and obvious today, but when it was launched in 1995, it was both audacious and visionary. The idea of giving international retailers a large overview of sites where they could develop on an international scale, anticipated the massive globalization of today’s retail. Over the years, the retail real estate industry has gone through many ups and downs but MAPIC remained at the forefront of the industry, welcoming a large number of new retail brands and developers from around the world.

Though some attendees dropped out due to security concerns in the wake of the Paris terror attacks, MAPIC’s 2015 edition was one of the most successful ever, with developers and retailers declaring themselves bullish about international expansion and showcasing their projects; MAPIC hosted 8,100 delegates and 470 new brands. The impact of digital on retail, with topics such as omnichannel and the collection and processing of data, but also which brick and mortar solutions can suit digital players’ needs, were key topics at this year’s MAPIC. It were particularly discussed and analyzed at the MAPIC Innovation Forum, an area of the exhibition hall dedicated to innovation, where delegates could attend conferences and presentations to learn about the use of innovative technologies and solutions to increase footfall and retail property value.

A strong focus on entertainment in shopping centers or retailtainment was done at MAPIC, highlighting the fact that shopping centers are increasingly becoming leisure destinations and not merely places to “shop and go.” A dedicated pavilion brought together new market players from the retailtainment industry. The efficiency and return on investment of pop-up stores, which are developing fast and can take multiple forms, was also discussed in a dedicated conference session.

USA, country of honor at MAPIC 2015

The United States is a pioneer in the retail industry and has been represented at MAPIC since the first edition. The United States has always been dynamic and creative whether in the field of shopping centers, retail brands, retailtaiment or digital. That is the reason why the USA was selected as the Country of Honor at MAPIC 2015. A pavilion dedicated to key US players in the retail real estate industry and several sessions of the conference program focused on the US retail market and its specificities.

MAPIC AWARDS 2015

As every year, the competition aimed to reward the most dynamic retailers and shopping centers in terms of innovation and creativity in 2015. The organized received a record number of 110 applications this year, and they were amazed by the innovation, creativity and excellence of the projects presented.
The winners of the MAPIC Awards 2015 were:


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Dynamics of the finished new housing industry and market outlook

In the 40 most important real estate markets of the country, 2015 brought a continuation of the consolidation trend seen in the Middle, Residential, and Residential Plus markets insofar as the number of project starts is concerned. The conditions of size, profitability, and feasibility of developing projects in those segments would seem to favor more and more project starts in the middle and upper segments of the market. However, in the overall result, the number of project starts in 2015 was 31% lower than the number of starts in 2014, thus breaking the upward trend that began in 2010 and seemed as if it would continue for longer to gradually recover the dynamics of new project starts.

Project starts for 2016 will depend mainly on planning, land purchases, management, and investments started, in the best case scenario, in 2015.

For the affordable entry level segments (S and E), the guidelines for mortgage financing, as well as the effects on the profitability of projects in these segments, given the longer time required compared to higher value segments, will continue to affect a smaller number of affordable entry projects started over 2016.

The volume of units started in 2015, however, has shown no clear signs of recovery. The volume of unit starts has been on an ongoing downtrend since 2007, without it reversing significantly.

 Captura de pantalla (284)In nearly every segment, the volume of unit starts in 2015 has decreased significantly compared to the number of units started in 2007. In the best case, the decrease was 35% (Middle segment); however, the extreme drop was seen in the S segment (77% less unit starts in 2015 vs. 2007). Overall, the volume of unit starts in 2015 was 78% lower than in 2007, going from  417.8 thousand unit starts in 2007 to an estimate of slightly over 92 thousand unit starts in 2015. This opens up great opportunities to weed out the market and make room for new projects.

The relative stability of the overall sales volume will allow imbalances between supply and demand to prevent distortions in prices or purchase terms.

The sales in the 40 main housing markets in the country have remained at slightly over 300 thousand units per year in the period from 2010 to 2014. In 2015, the scarcity of project and unit starts has hampered a full recovery of the supply to make the demand want to remove inventories. Thus, in 2015, the total sales volume is estimated to be 26% lower than in 2014. Ahead, if the planning processes for starting up new projects in 2016 do not bear fruit and
the project starts in 2016 do not replenish the offer of housing depleted by the market, sales volumes of finished new housing could fail to recover.

The train of new unit and project starts could have effects next year on the monthly sales volumes in each city. As, overall, the sales progress is over 55% of the units under construction, the markets are deemed to lack an excess supply, which would see a positive response from monthly sales volumes through the entry of new projects in agreement with the market.Captura de pantalla (283)

If new projects are not started, the lower number of finished new housing units offered will generate significant decreases in sales volumes. Thus, at the current sales level and without new project starts to replace the sold
out ones, units for sale will suffer a significant depletion in 2016.

The impact on average national prices, based on the lower supply dynamics, and thus, a similar response from demand, has been limited.

Thus, average prices per unit have remained stable, recovering, in the best case scenario, the inflationary increase. Some strategies of reducing the inhabitable area, as well as standardizing the attributes and finishes, will make it possible to limit the increase in prices to maintain the stability of sales.

Upcoming price increases are expected to depend on changes in the structure by market segment; that is, the sales of higher segment products will start to gain market share, rather than seeing price increases for the same product in the same segment.

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Sustainable Real Estate Portfolios: GRESB and the new “business case”

In Mexico, sustainability applied to the built environment has been associated to certifications such as LEED® and environmental technologies such as photovoltaic panels, wind turbines, and high-efficiency HVAC systems just to mention a few. Among today’s sustainability challenges for real estate developments, the monetization of the intangible benefits and the access to innovative financial mechanisms play a prominent role. Recent international initiatives shape solid answers to these challenges, reinforcing the “business case” for the investment in real estate portfolios with a sustainable approach.

Today’s reality puts us face to face with irrefutable facts: during this 2015, an important number of financial institutions established ambitious goals for the end-use of funding to attend critical social challenges. For example, Bank of America announced a $50 billion USD commitment for low carbon emissions solutions. As well, Citibank assumed a $100 billion USD engagement to reduce climate change impact and provide environmental solutions that benefit society. In addition, Goldman, Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo banks, together issued a statement, inviting world leaders to formalize policies against climate change. In the debt markets, Deutsche Bank announced its intention to invest $1 billion euros in green bonds, echoing the recent Barclays and Zurich Insurance Group announcements.

Captura de pantalla (272)Multilateral Development Banks also lead the way, offering this fiscal year 2015, $28 billion USD in financing for initiatives related to mitigating effects of climate change by raising funds through the green bonds markets, as World Bank lead in 2008. In the private sector, this 2015 green bonds have been issued by ANZ Bank, ABN AMRO, Bank of America, DNB, Morgan Stanley and YES Bank. The use of the resources has been destined to financing renewable energy and energy efficiency projects, fuel-efficient transportation systems, and sustainable buildings.

With increased frequency, investors have expressed their interest in the identification and quantification of the performance factors for ESG (Environmental, Social and Governance) integrated in the real estate debt. They recognize as well that the ESG issues in the decisionmaking processes for real estate investment and management is an important emerging practice.

This way, the comparative evaluation of the sustainability performance of real estate companies that own and manage real estate funds, helps generate and reinforce the necessary market force to bring Environmental, Social, and Governance (ESG) issues as the vanguard of business. By participating in the voluntary program GRESB (Global Real Estate Sustainability Benchmark, a real estate sustainability evaluation) companies and fund managers will be able to manage their portfolios facing challenges such as the volatility of energy supply, stricter legislation in the fight against climate change, increased energy efficiency requirements and changes in the preferences of corporate tenants.

GRESB was funded six years ago in the Netherlands, attending the growing need and interest of financial institutions and investment funds to validate the environmental sustainability, social responsibility, and internal governance strategies that their real estate portfolios were implementing, and their real performance in each of these areas.

Since its foundation, GRESB has managed to evaluate 2.3 trillion USD in asset value, representing 61,000 assets, 87 fund managing and real estate member companies, as well as 707 total participants. As part of the fields that this evaluation accounts for, we find business administration, climatic risk and resilience, transparency and warranties, energy performance, waste management, water use, health and wellbeing, and community and tenant participation.

Among the member fund managers and companies that report in GRESB, CBRE Global Investors, JP Morgan Asset Management, Prologis, Prudential, Grosvenor, and Boston Properties stand out, just to mention a few. The participants of this evaluation are from diverse countries and present diverse typologies including industrial, commercial, and residential projects. Some of the companies are: Credit Suisse, Aberdeen Asset Management, AXA Real Estate, Delancey, Investa, Morgan Stanley, Oxford Properties Group, and Thor Equities, among many others.

It is a reality that the extended use of sustainability certifications in buildings, such as LEED, BREEAM, CASBEE, just to mention a few, have facilitated the corporative environmental reporting for asset and property managers all over the world. LEED certification, the most used and recognized in Mexico, occupies first place of the international standards used by the properties that report in GRESB, accounting for 30% of the total.

In Mexico, still no national companies have taken part in this sustainable real estate portfolio assessment. However, there are companies that operate as of today in the country and do report their building performance worldwide. In the continent there are 10 members, all in Brazil, of which 1 is a public company and 9 are private entities.

Bioconstrucción y Energía Alternativa (BEA), as a pioneer consulting company and sustainable building and LEED certification leader in the Latin American market, promotes GRESB in Mexico and throughout the continent, decidedly promoting the development of a sustainable built environment, since the conceptualization of the properties, passing through operation and maintenance best practices, up to its financial viability and ESG compliance.

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Intelligent Buildings: Intelligent Design

Real Estate in Mexico is, as we know, every day more competitive and, in recent years many recipes and keys for Real Estate success, in the past number we talked about the importance of forming teams as the key to success. In certain moments this phenomenon looks like those magazines were every kind of remedies and magic recipes to be in shape are offered every time. I wonder if we are before a marketing maelstrom about Real Estate.

In my experience from almost 30 years dedicated to architectural design and a good portion of it along Real Estate developers, I’ve seen a common denominator and this is: the efficiency in building performance.

In this case, talk about Intelligent Buildings is not about the BMS systems and technology associated with its operation; is about buildings that have been designed from a holistic point of view; this means, those where every aspect has been taken into account, not only its aesthetics, building efficiency and area ratios. I’m referring to buildings in a wider context: its life cycle, like energy consumption ant its impact in the environment like, apparently simple strategies can achieve outstanding results and tangible benefits to Developer.

I will refer solely to office buildings for not trying to cover too many punctual aspects that may result confusing.

The project and design of a building may take from 12 to 24 months or even more time of work, build it could mean from 18 to 36 months, depending on size and obviously its operation and maintenance could mean up to 50 years, a period where any deviation in operational cost signifies an important amount of money. More over, if we take into account that the greater part of companies expense that use those buildings is in their personnel that works there goes up to 80% of their operation cost is directly related to the work place and this one, at same time, with the building.

Captura de pantalla (265)Other aspect to take into consideration is how the construction cost is composed, it is specially important if we consider that often, the lack of attention to those issues that are great money consumers. Typically the direct cost of construction in Mexico is composed in this way: Substructure and foundation 20%; superstructure 25%; MEP 35%; finishes 13%; exterior 5%; others 2%.

However, given that structural safety and systems functionality are regulated by codes, it tends to be lack of criticism in those issues and they are given as solved without adequate analysis: although they represents up to 80% of the cost construction. More over, the impact in the operation cost could last for the entire life cycle, making it even more expensive.

Counterwise, often more attention is taken to finishes and visible components of building that represents marginal initial costs and may achieve a greater impact in user perception and promote productivity.

With environmental rating systems, this situation has been changing in recent years and will continue change in the future. In other hand, and from energy perspective, buildings in Mexico accounts for almost the half of energy consumption: 47.6% according to National Commission for the Efficient Use of Energy (CONUEE in Spanish) and the source of that energy is fossil fuel in more that three quarters 76.56% and only 1% wind and 0.05% from other renewable sources. Here some data about how energy is use in a building: HVAC 41%; lighting 42%; office equipment 8%; other 9%.

As you can see, illumination, HVAC systems accounts for the bigger part of resources, that is why the emphasise its intelligent design, for this, there are many systems, devices and technology that are changing very quick this composition. With the arrival of LED lighting and control systems every time more affordable and available, lighting in near future will not be a great problem.

Finally, we could say in general that a more energy efficient building is more sustainable; however, with a deeper analysis, we may confirm that in some occasions monetary and energy costs associated to construction materials are ignored; embodied energy could be higher to its savings during operation. For this reason we should select regional materials and assure that during its manufacturing process the energy required is appropriate. There are many source of information and LEED design guides are an excellent beginning.

In VFO architects we are conscious about all of these issues and we are worried about to design building that perform as good as possible, taking into consideration aesthetics and functional aspects, our buildings have been LEED certified and re certified, what reveals our commitment with life cycle and architectural solution lasting, that is the case of HSBC tower, that have been in operation for more than 10 years from now with a LEED Gold certification and under 2.2 version and now re certified with Platinum under Operation and Maintenance certification under more stringent system. This is commitment and result of make Intelligent Buildings with Intelligent Design

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Elevating the Corporate Real Estate Function to Excellence

JLL introduces the third biennial report on global corporate real estate trends. The viewpoints of more than 500 CRE professionals paint a challenging picture for the current and future state of the industry. Although there is progress in transforming CRE (Corporate Real Estate) teams structurally and procedurally, CRE professionals report worrying limitations in the ability of the CRE function to create strong relationships with business stakeholders and support functions.

Increasing demands for CRE to deliver against a broadening agenda of tactical and strategic tasks is creating a “pressure cooker” that threatens to damage the evolution of CRE as a function. As part of our survey, we asked respondents to outline those characteristics they believed would elevate the contribution of the CRE team to the organization (Figure 1).

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In some respects, the number one elevator – delivery of cost savings – is illustrative of the current condition of CRE. The strong reporting line to the C-suite (and in many cases, the CFO); the muscle memory of recent years whereby CRE teams have delivered double-digit cost savings; and the continuing fragility of the economic and operating environment have all created an expectation that success is predicated on delivering more of the same. But CRE teams cannot continually deliver cost savings simply through tactical market or building-based activity. There comes a point at which delivering more cost savings is counter-productive, and a more integrated, value-focused approach with new measures of success becomes imperative.

We believe this is a growing reality for many, and that CRE teams must start to look more closely at broader behaviors and strategies in order to support their business.

Our respondents recognize this too. Half of them regard building and sustaining strong relationships as a key elevator. Nearly half of the respondents emphasize an enhanced ability to analyze real estate options and scenarios (48 percent) or the generation of insights to improve business performance (37 percent) as positive step changes for the CRE function. The CRE community is not short of suggestions as to how it can elevate its contribution.

So where’s the blockage? Figure 2 summarizes what CRE leaders regard as the key constraints that hold them back. It is significant that respondents do not see finance as the primary constraint. Similarly, structural constraints derived from a lack of C-suite commitment or a decentralized team are acknowledged, but fall somewhat down the list. Instead, two interesting primary constraints emerge.

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The first of these constraints – a lack of data and analytics to either measure value or create value-enhancing insights – aligns with the sentiment expressed in our recent series of white papers on data and analytics in CRE1. In these papers, we argue that CRE teams need to collect data and apply predictive analytical techniques to guide their real estate decisionmaking and generate insights that support the broader business. For many, comprehensive CRE data and the advanced technical capabilities to analyze it are still in their infancy. We strongly believe that a new science of real estate – in which strategies are formulated and decisions are made on the basis of accurate data and analysis – must emerge.

As one respondent noted, the ability to “determine and predict market trends and insights” represents a key requirement for CRE teams going forward, as is the ability to “produce and present robust business cases that provide a compelling case for a recommendation, as well as the ability to do accurate financial analysis to support these case studies”.

The second-ranked inhibitor (lack of integration with the wider business) is consistent with many other findings – excellence in CRE is as much about people as it is about property. Internal CRE teams need to rebalance their skill sets to prioritize interpersonal skills, which, in many cases, are ahead of technical property skills. The lack of integration of CRE teams into the wider business in many cases is restricting effectiveness according to 45 percent of global respondents, rising to three in every five respondents from the United States. Without stronger integration and interaction with business stakeholders, the value-add of CRE teams will always be compromised.

INMOBILIARE-92-295The “Great Traits” of Corporate Real Estate

Teams Elevating CRE teams to excellence will require further adjustments to the structure of CRE teams in order to deliver the same tasks with a more efficient and business-aligned approach. It also means challenging and enabling those within the CRE team to adopt a new style of operation that prioritizes data science, insight generation, proactive leadership and predictive analytics. It requires a shift in focus from technical delivery and specialization – which can continue to be outsourced – toward powerful and regular conversations with those in the wider business that also shape and ultimately benefit from real estate decisions.

The keys to moving CRE teams up the value curve for the benefit of all are increasing opportunities for consultation with business unit leaders; establishing agreed and shared visions of CRE and business success; bringing data to the heart of the CRE decision-making process; and creating and responding to continuous stakeholder feedback.

The challenge for CRE leaders and their teams is clear. To overcome it, CRE teams must learn to:

1 Respond to a growing mandate by bringing tangible, strategic value to the organization.

2 Prioritize development of people skills ahead of technical, property-focused skill sets.

3 Create a strong data and analytics platform to bring science to day-to-day delivery and long-term strategy.

4 Create a strategy for addressing the broad sweep of activities that constitute “business as usual” without undermining the evolution to trusted advisor.

5 Leverage vendors not only for tactical execution, but also to extend strategic capabilities such as business intelligence and gain exposure to industry best practices.

6 Reach clarity and agreement around what excellence looks like for a modern CRE function and chart progress and position relative to peers using a benchmarking tool such as JLL´s “Great Traits” of CRE diagnostic tool.

INMOBILIARE-92-296What’s next? Recognizing and adopting the “Great Traits” of CRE organizations

CRE organizations routinely compare their performance against peers and against industry standards to assess strengths and opportunities for improvement.

The peer group and comparison criteria vary from company to company depending on growth rate, age and industry dynamics.

JLL first published thought leadership around the most compelling traits of a highperformance CRE function 10 years ago. Since then, JLL has continuously evolved this framework through extensive industry experience and research, as well as discussions and polls of strategic clients. These include analyzing the strengths and weaknesses of organizational platforms, changing roles and industry dynamics. We made further modifications and enhancements on the basis of the findings emerging from this survey. As a result of this ongoing research and client service experience, the following 11 key traits of high-performing organizations have emerged.

JLL continues to evolve this signature research around the top attributes of highperforming CRE organizations, customizing benchmarking services for organizations and evaluating results against goals for financial performance, employee engagement and environmental sustainability. Further insights and strategies may be found in the upcoming report, What are the “great traits” of a corporate real estate organization?, to be published by JLL in the second half of 2015.

INMOBILIARE-92-297About the survey

This report summarizes the aggregated global findings of JLL’s third Global Corporate Real Estate Survey.

The research collection phase was concluded in December 2014. Through a combination of online and telephone fieldwork, we received 544 responses from CRE executives spread across 36 countries. The respondent pool also reflects a broad cross section of the corporate community. Our base sample, as used within this report, represents 491 respondents and covers more than 350 companies, each employing more than 1,000 people worldwide.

About JLL JLL

(NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of US$4.7 billion and gross revenue of US$5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries, and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed US$118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has US$55.3 billion of real estate assets under management.

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Latin America’s shining Luxury Retail Sector: interview to Carlos Jereissati Filho

Latin America is a frustrating region for the luxury industry” said Rob Walker a Consulting Analyst in Euromonitor’s blog last year. And this is truer in 2015. “Brazilians, for example, are among the biggest spenders in the world when it comes to fashion and beauty care; yet, demand for luxury goods is subdued by comparison, at least on home soil” Walker added. It is a similar story across the region.

Currently, Mexico is definitely ranked the number one fashion market among Latin Americans. The Mexican market has indeed played second fiddle to Brazil’s for quite some time. Mexico is Latin America’s second largest economy, its second most populated country and the market with the second highest number of millionaires and billionaires to boot.

To put things in global context, Brazil’s luxury market totaled less than US$5.0 billion 2013 compared with more than US$75.0 billion in the US. In the same year 2013 Brazil and Mexico ranked fifth and sixth in the world, respectively, in terms of the size of their social class “A” populations. The global luxury market reached US$245 billion in 2014, still being Asia the region with the highest growth rates.

INMOBILIARE-92-285The expansion on the luxury retail sector in the continent has produced some of the best examples of luxury shopping malls in the World: Antara Polanco, the mixed use center developed by Javier Sordo Madaleno in Mexico City ten years ago set a standard in the Mexican market, perhaps only disputed GICSA’s La Isla in Cancun. Five years ago, FVI’s Luis Emilio Velutini developed Blue Mall Santo Domingo, which had a bumpy start but now is the leading luxury-shopping destination in the Caribbean region. In Panama, Multiplaza Pacific, developed by Grupo Roble, was the dominant player until this year that Soho Panama, the new luxury mall developed by Grupo Wisa’s Abdul Waked opened in April. In Chile CorpGroup is developing Casa Costanera, which is expected to join this selected group of luxury malls. And recently, Maison Boggiani, Belén Vierci’s new enterprise opened in Asuncion, Paraguay, a small luxury shopping center in this South American country.

But if there’s a group that epitomizes Luxury Retail in our continent that is Brazil’s Iguatemi, the owners of Iguatemi São Paulo one of the oldest Brazilian malls in operation located in the Jardins neighborhood in São Paulo and of JK Iguatemi, their latest luxury mall creation inaugurated in 2012, featuring more than 200 shops on 36,000m2 of GLA. JK Iguatemi is the culmination of two decades of tirelessly working to bring the best luxury brands from around the world to Brazil.

In this issue I had the opportunity to interview Iguatemi’s CEO Carlos Jereissati Filho, dubbed on a recent article as “the Man Who Brought Luxury to Brazil”, Carlos shared with us some insights on his company, the retail and luxury sectors in Brazil and his future plans.

Jorge Lizán (JL): Carlos, what makes Iguatemi different from other luxury companies?

Carlos Jereissati Filho (CJF): Brazilian shopping malls are considered powerful institutions that can lead consumers by the hand and redefine their attitude toward luxury. The mall is where people shop, dine, socialize and go to fulfill a variety of daily needs. Iguatemi malls offer all the conveniences of security, comfort, and integration of stores in one place, with plenty of outdoor spaces, green areas and interaction with the city and the community. JK Iguatemi is our latest outpost in São Paulo, and welcomed the first locations in the continent of very important brands, including Goyard, Lanvin, Top Shop, Sephora and Miu Miu. This makes it JK Iguatemi a pioneer in the country. At JK Iguatemi, we brought the latest technologies to a multiple, diverse space with integration of the city and its community. We also launched a very successful, large-scale public art program within JK Iguatemi for the first time, displaying select works by renowned international and Brazilian artists in the mall.

JL: Carlos, why does someone travel to Brazil to find luxury goods?

CJF: Tourists visiting Brazil can reconcile tourism with activities like culture, cuisine, arts and exhibitions at Iguatemi. They are drawn to all the experience the shopping malls have to offer and of course Brazil’s nature and geography. Latin Americans are seductive by nature; they have constant energy and an intense love for life. We value beauty and sensuality. South Americans are very creative, always on the lookout for fresh ideas and ways to express themselves, These are qualities that businesses pay attention to when entering the South American Market. When tourists shop in Brazil they may find luxury brands that are outside of Brazil, but he will have unique shopping experience.

INMOBILIARE-92-283JL: Carlos, how do brands become part of Iguatemi?

CJF: Iguatemi is the only shopping center in Brazil that has an entire team dedicated to the
tenant’s mix. We pride ourselves for our knowledge of our Market and our customers, and we have a team of people looking at trends, identifying opportunities, establishing relationships with brands, both local and international, to make sure our mix is the best in Brazil.

We provide a 360 degree platform for brands, helping to connect them with local resources if needed or acting as an incubator for them if necessary. Brazil is a complicated country to get into due to import taxes, a complex tax system and difficult labor laws. But the luxury customer base is getting bigger each day with the growth of the middle class and there is increasing demand. Every luxury brand wants to be here but it is very expensive and complicated to operate, so we created the I-Retail division to help soften the landing of the brands into the country, to forge real relationships and act as a bridge between them and Iguatemi. Large companies such as Louis Vuitton, Prada, Tiffany & Co, for example, have entered the market directly but they can afford the learning curve.

It is important to find a good partner when making the decision to enter a country: your image and brand DNA must be protected and properly communicated, and your products must be presented with the same standards you would apply in your best flagships around the world. Dozens of brands have contacted Iguatemi and told us that they could not open stores in our malls because they did not have a suitable partner in Brazil. I-Retail’s mission is to help operating, provide guidance and help preserving a brand’s identity and productivity, remaining faithful to the DNA of each one. We want to work as partners with brands to help them grow.

JL: Carlos, what are the plans for this year?

CJF: Iguatemi group that is expanding and will have 17 centers by end of 2015. We continue to grow and improve our centers. We recently underwent expansion in Campinas and Porto Alegre, and this will allows us to welcome more luxury brands. We also entered the Outlet segment in some regions of the country, making premium brands available lower price points. We currently have one shopping center and two additional outlets in development.

Brazil is still undergoing a process of maturation. The robust growth of the middle class, creates the perfect environment for consumers who want to access what is different and allow themselves a moment of shopping outside their usual range. The luxury market still has much room to grow in the country and different countries to win over.

INMOBILIARE-92-282JL: Carlos, what trends do you think are coming for the luxury industry?

CJF: Due to the Internet, consumers have access to everything worldwide and are much more informed of the world’s trends. The Internet has spread quickly but the offline world is becoming very sophisticated and it is our duty to constantly improve upon a very high level of service.

The luxury consumer market changed and evolved dramatically. In recent years, there has been an exponential growth in demand for luxury, which has allowed us to introduce the world’s most important brands to the country. Brazilians are still discovering the pleasures of consumption that other countries had long ago. It took a while for the economy to evolve in Brazil before the recent emergence of a middle class. Twenty years ago, we bought everything outside the country. Now – Brazilians not only shop closer to home.

During the month of March, I spoke about future scene at the Luxury Lab Summit in Sao Paulo –originally happening in Mexico City, which took place in Brazil for the first time.

JL: Carlos, please share with us some seminal moments and achievements and what was the biggest setbacks & challenges.

CJF: As CEO of Iguatemi one of my proudest accomplishments was in 2007 when Iguatemi debuted its shares on the São Paulo Stock Exchange (Bovespa). We are proud to be ranked the most valuable trading location in Latin America by Cushman & Wakefield and the highest sales per square meter in Brazil.

The challenges we face are that Brazil is a complicated country to get into as I explained. The luxury customer base is getting bigger each day with the growth of the middle class, but although we have excelled in bringing luxury brands to the country new challenges appear and we are working every day to make sure Iguatemi and I-retail get better and better at smothing the entrance of brands in Brazil.

JL: Carlos, what can Brazil offer the world in luxury goods, that no one else can?

CJF: Culturally Brazilians tend to be thoughtful and considerate hosts, and there is a very strong emphasis on high-level service. This is a trait that is quintessentially Brazilian. We are renowned for our excellent customer service and for our intimate relationship with our clientele, which is different than many cultures around the world. Brazilians are also very social. Our shopping centers are platforms for leisure, community and family life. Treating our customers well and cultivating closeness has been paramount. In addition, our events, personal shoppers, concierges, lounges have all contributed to creating an inviting atmosphere.

JL: Carlos, what experience does Iguatemi gives to its customers?

CJF: One of our latest developments is a house we built adjacent to the Iguatemi São Paulo flagship. It is a very beautiful, private space we use to entertain and where clients can interact with designers, artists and important guests. The house displays a beautiful collection of contemporary Brazilian and international art and design. When Gucci Museo opened its first exhibition outside Italy at JK Iguatemi in 2014, we hosted a private dinner to celebrate the occasion at the house with international guests.

The Iguatemi Group also wants to give customers cultural experiences by sponsoring and supporting some of the major events in the Brazilian art world, such as the São Paulo Biennale, exhibitions at major museums, SPArte and SPArte-Foto, in addition to actively supporting the acquisitions of several national museums.

Moreover, we offer a wide range of spaces for large events and entertainment. For example, JK Iguatemi has a Cinépolis complex with 8 state-of-the-art screening rooms, including 2 3D cinemas, 1 IMAX theater and the country’s first 4D cinema. Waiters are available to tend to visitors until the end of the trailer period and there is a menu of special food dishes developed exclusively for the JK Cinema. The 4D cinema has 250 seats and introduces an array of sensorial experiences, such as wind, lights and smells.

We look to provide an experience beyond the purchase:we use technology to make the Iguatemi shopping experience more attractive and differentiated. Today it is possible to capture information about customers who come to shop at Iguatemi through Wi-Fi, I-beacons and mobile applications. We can later utilize the information captured to develop custom marketing campaigns targeted to specific groups (geofencing). We have also installed Museumlike seats with iPads and attached headphones to illuminate the story behind our Art Program. Artworks displayed throughout the mall and we built a true museum experience. Artists exhibited in the Iguatemi Collection include Rikrit Tiravanija, Rivane Neuenschwander, Sarah Morris, Lisa Oppenheim, Daniel Steegman Mangrané, Jeppe Hein, Rirkrit Tiravanija and Marepe, Chiara Banfi, Albano Afonso, Rivane Neuenschwander, Detanico & Lain and Marine Hugonnier.

JL: Carlos, where else do you see the luxury goods market opening up soon?

CJF: BRIC countries are appealing to luxury retailers due to the emergence of the middle class in these economies. I can mostly speak for Brazil, where there are currently 100m people considered in this category, up from 50m less than five years ago. By 2014, there was 120m, or 60% of the population. That’s a lot of growth, which is not happening in other parts of the world. With the expanding Brazilian economy, the world is looking to invest in Brazil and it makes sense.

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Contribution from Formal Developers to Meet the Housing Demand

Together with the business complications that the finished new housing industry has faced, particularly in the affordable entry level segments, the lack of clear guidelines in urban growth policies will continue to have a bearing on the decrease in the market share of industrial housing in the total housing stock’s growth. In the Middle, Residential, and Residential Plus segments, the scarcity of land in some consolidated cities and of construction financing will continue to limit new project starts, and thus, the offer, which should affect prices, as is already happening in Mexico City and consolidated areas of the cities nationwide.

The share of finished new housing as a percentage of total housing growth went from a record high of 69% in 2006 to an estimated 37% in 2014, and it should reach barely 31% by the end of 2020.

Nowadays, contrary to other years, used or rental housing, home improvements, expansions, and even construction on an owned lot are solutions to housing needs that offer a viable, practical, and at times more economical solution than purchasing a finished new housing unit. If the conditions of offer and sale of finished new housing do not improve significantly, the above will limit the recovery of new housing as a share of the growth of the total housing stock.

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 The total market in the country (self-built and industrialized) is estimated to have reached USD$23.2 billion in 2014.  Based on its constant monitoring of the market, Softec estimates that, in that year, formal homebuilders could collect roughly 79.4% of the total value of production and 36.2% of the volume. Softec estimates sales potential for 2015 to represent USD$19.1 billion in the formal industry, or 349.3 thousand units.

In the third quarter of 2015, in the main cities of Mexico, the following conditions are visible for the general Finished New Housing market:

From the 3,878 existing projects in the finished housing market, 47% belong to the middle and residential segments, but they only stand for 8.6% of the units under construction on the market. The bulk of the units (75%) belongs to affordable entry level projects (social and economic).

Captura de pantalla (235)In every case, the sales progress shows healthy indicators, averaging 59% of units under construction; that is, inventories represent only 41% of the offer.

The sales volume in the most important markets of the country totals 18,786 units per month. Of them, 63% belong to the affordable entry, 22% to the middle, 11% to the residential, and 4% to the residential plus segment.

The end of 2015 is expected to improve the sales figures of the Middle segment and up, which in terms of value, represent 77% of the sales value. It is worth noting that the Residential and Residential Plus segments of the country total 55% of the sales value of finished new housing.

In the Residential and Residential Plus segments, the existing projects have been decreasing, opening opportunities for projects with good planning to take up the spaces that inventory depletion has opened in the market.

Total monthly sales in these segments have remained constant, and the fact that they are not increasing as there are less projects shows that the project is still in the process of cleaning out badly positioned and incongruent projects for the markets.

However, most of the projects in the upper segments of the market have a good performance, as the indicators of months for sale and months on inventory have been on a downtrend for five consecutive quarters.

Captura de pantalla (234)Project absorptions continue to rise, albeit at slow rates, which could improve, shortly, the sales performance of projects still on the market, given the exit of projects that showed a good sales performance.

Softec’s real price index shows a significant improvement in prices per m2 in real terms, considering 2012 as the base year. As for the third quarter of 2012, the period used as the base, the price performance of Residential and Residential Plus product shows very favorable recoveries. Nowadays, prices are 7 to 12% higher than in 2012, and they have overcome the negative trend in value.

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GM Capital: youth with inherited values

GM Capital is a company created by three members of the Garza Mercado family: Marco Antonio, Valentina and Benjamin; whose father, architect Eudelio Garza Lozano, taught them the importance of building quality developments. Backed by their talent, vision and faithful to the values instilled in them by their father, the Garza Mercado siblings have honored their father by converting 45 years of family experience into an institution.

The teamwork of the three siblings has made GM Capital a benchmark in northern Mexico, which thanks to their knowledge of the real estate market, and only two years after starting the company, is catching the attention of businesspeople, investors and clients in Nuevo Leon, because of their projects, innovative architectonic designs and service proposals to improve the quality of life of local residents.

Thanks to their team, GM Capital has developed world class residential, mixed use, and commercial properties. Aware of the evolution in the real estate industry, GM Capital is committed to developing comprehensive urban complexes, where people can live, work, study, and play all in the same place.

Both the size and the location of their land bank is one of principal strengths of GM Capital, which means the value added is guaranteed for those clients and investors who want to get involved with this young, but experienced, company, determined to putting a modern face on both Monterrey and San Pedro Garza Garcia.

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