👋 Welcome to the 'Metroburb'

👋 Hello, Best Ever Community!

In today’s newsletter, the ‘Metroburb’ is born, we reveal how to build wealth like a millionaire, and Joe Fairless simplifies the art of partnering up. 

➡️ Plus: Want to promote your business to the Best Ever audience? Here’s your chance! By referring new subscribers to the Best Ever newsletter this month, you can earn a chance to win a branded blog post on our website, a dedicated branded email, and more. Learn more below!

This week’s newsletter is brought to you by QC Capital, a leading private equity investment firm specializing in the acquisition of institutional-grade multifamily and car wash assets in the southeast United States. Learn more about QC Capital here.

Read on!

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CRE HEADLINES

✂️ Amazon Cuts Costs: Amazon expects to save roughly $1.3 billion in the coming years by radically reducing its number of vacant offices, according to a leaked internal document.

💻 Microsoft’s A.I. Megaproject: Microsoft and OpenAI are searching for a site to build a $115B artificial intelligence supercomputer campus — one of the most ambitious and expensive proposed data center projects to date.

🏠 Housing Costs Outpace Wages: One in five aspiring homeowners think they’ll never be able to purchase a home, as Americans must now earn at least $100,000 annually to afford a median-priced home in 22 states.

😮‍💨 WeWork Dodges Debt: WeWork expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts estimated to bring $8 billion in future rental savings.

🥸 False Sense of Security: Amid nearly $1 trillion in maturing debt, lower office rents disguise looming defaults and financial stress that could rock commercial real estate.

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WELCOME TO THE ‘METROBURB’

As the office sector faces unprecedented turbulence and record vacancy, conversions are on the rise. Some are converting to residential, others to mixed-use. Then, there’s Inspired by Somerset Development, which has taken the office conversion game to an unprecedented level, reimagining office, work, play, and the concept of community in the process.

📊 The Trend: Office vacancy rates nationwide reached a 30-year peak in 2023. In response, as of Q3 2023, office conversions were on pace to double the previous six-year average, with approx. 100 projects due to be completed. That number is expected to rise as office vacancy remains high and the affordable housing shortage persists, with conversions helping alleviate both issues.

🤓 Case Study: Perhaps the best example of office-conversion success is Bell Works, a city-center-like office, retail, and community hub in Holmdel, NJ. The two-million-square-foot development, formerly an AT&T Bell Labs research center, was put up for sale in 2006. At the time, it was the largest single commercial office vacancy in the world. After early battles between developers and the town of Holmdel, Somerset became the approved developer in 2013. It went on to develop what could be considered the perfect office conversion.

Ⓜ️ The Birth of the Metroburb: The Bell Works “Metroburb” is a mixed-use center disguised as a small town. Its office spaces include standard build-to-suit spaces, “Ready to Wear” offices that are templated and easily customized, CoLab coworking spaces, and a 72,000-square-foot “campus” workspace for small/medium businesses slowly scaling back into office life in the wake of the pandemic. It also features community-oriented facilities, including a dining hall, retail shops, fitness clubs, indoor and outdoor golf, an escape room, and a full-court indoor basketball court. Bell Works is open to the public seven days a week as a community hub.

​📝 Proof of Concept: What was once a building for a single organization now houses more than 100 different companies in individual suites. As it celebrated its 10th anniversary in January, Bell Works achieved 99% occupancy. Its sister property, Bell Works Chicagoland, has all the trappings of the Holmdel location and is now adding residences. So, as the office conversion trend continues, Bell Works is giving investors and developers reasons to think bigger. 

Not Dead, Just Different: “Although we're far from writing the urban office's obituary,” R&D expert Pete Bacevice wrote, “we recognize new opportunities to rethink suburban space that caters to organizations looking to diversify their real estate portfolios.”

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PASSIVELY INVEST IN CAR WASHES

Accredited investors, uncover an overlooked asset class offering lucrative cash flow. QC Capital Car Wash Fund is now offering you a chance to secure substantial cash flow in the booming car wash industry.

Why the car wash industry? 

✅ Steady Cash Flow: Benefit from a lucrative business model with consistent cash flow, ensuring stable returns on your investment. Earn up to 12% annual cash flow.

✅ Tax Benefits: Enjoy bonus tax advantages on an asset with a 15-year depreciation schedule, plus accelerated bonus depreciation.

✅ Industry Expertise: Capitalize on QC Capital’s in-depth knowledge and experience in the car wash business, maximizing your investment potential.

✅ Sustainable Growth & High Cash Flow: Invest in an eco-friendly initiative, promoting water conservation and environmentally responsible practices resulting in a high-cash-flow opportunity.

✅ Diversification: Your investment contributes to a diversified portfolio of car wash ventures, spreading the risk of your portfolio and investment.

👉 Learn more about QC Capital ​​HERE.

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FROM VIKING CAPITAL

Those who consistently generate wealth develop habits that propel them to millionaire status. Often, these individuals cultivate healthy financial practices, which not only accelerate their earnings but also ensure long-term stability. In this article, Viking Capital delves into 10 key financial habits among millionaires.

💰 The Art of Wealth Preservation: While wealth generation focuses on accumulating assets, wealth preservation is about safeguarding what you have. Even the most successful business leaders recognize that achieving wealth doesn't guarantee its longevity. Wealth preservation demands a nuanced approach, encompassing investment, growth, and meticulous management.

📈 Maximizing Tax Efficiency: As your income grows, navigating the complexities of taxation becomes increasingly critical. Understanding the intricacies of tax filing and identifying eligible rebates are essential skills.

⚠️ Taking Calculated Risks: Millionaires possess a profound understanding of the complexities surrounding risk in investment decisions. Instead of shying away, many strategically leverage risk, aligning with their risk appetite and objectives, whether focused on wealth accumulation or preservation. 

🕰 Embracing Long-Term Investments: Successful investing isn't a sprint; it's a marathon. Those who aim for long-term success understand that patient investing often leads to superior returns. As markets fluctuate between periods of opportunity and prosperity, exercising patience becomes paramount. Many of the world's wealthiest individuals have mastered the art of patience, transitioning from millionaires to billionaires over time.

👉 Discover all 10 habits here.

🎓 Download Viking Capital's free passive investing course.

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FINAL CHANCE TO JOIN US!

This is it. The 2024 Best Ever Conference is taking place in less than one week.

It’s going to be 3+ days of thought-provoking sessions from diverse, expert speakers (including Joe Fairless, Vicky Schiff, and Kyle Matthews).

Plus, 90+ sponsoring companies with countless deals (first look at besteverlist.com), a lively podcast booth with your favorite personalities broadcasting, and, most importantly, countless opportunities for passive investors and sponsors to make new connections and build on current relationships. Did we mention the parties?!

Don’t let it pass you by. Attending could very well change your life.

Register today! Coupon code BestEver24 saves you 20%!

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FREE DOCUMENT DOWNLOAD

What Is an Ideal Partnership in Apartment Syndication?

When making any sort of business decision, the first thing you need to know is what you actually want. What do you specifically want to get out of your new partnership? The answer to this question will determine the characteristics of your ideal partner.

👉 Download now!

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Wishing you a Best Ever day!

—Joe Fairless