As President and CEO of NAIOP, Marc Selvitelli presides over the Herndon, Virginia-based organization with a mission to “elevate the commercial real estate development industry, strengthen member value proposition, and provide robust advocacy activities, as well as education and research resources.”
This summer, the trade association is shifting to a new name and brand identity — Commercial Real Estate Development Association — to better reflect its member involvement beyond the industrial and commercial office sectors.
What is the current state of NAIOP from a North American perspective?
“From a macro perspective NAIOP is in excellent condition and our members have many great things to look forward to in the coming year and beyond. Last year, we secured probably the most significant legislative win for commercial real estate in at least two or three decades. I am referring to the passage of the One Big Beautiful Bill Act, which signed into law last July, codified permanently many important tax provisions that were previously renewed annually. The bill also provided favorable capital gains treatment for qualifying carried interest and preserved 1031 like-kind exchanges. Membership reached a high-water mark with more than 22,000 members among 55 chapters, including new chapters in Kansas City, Detroit, and the Gulf Coast. Revenue has grown 60 percent over the past four years, and the number of conferences we present — including a new topic covering data centers — continues to expand.”
Which external forces have the potential to negatively impact the real estate sector?
“Geo-political concerns would be at the top of my list. Recent events and continued tariff uncertainties can delay the movement of goods, which populate warehouses filled with goods for U.S. consumers, impacting tenants and, ultimately, the developers, owners, and operators of commercial real estate spaces. These concerns can also affect foreign investment in commercial real estate across North America. The availability and production of energy are major concerns that need to monitored carefully. Data center operations receive much of the blame, based on their reliance on significant energy required to fuel operations, but this issue is widespread and we are hearing about new development projects being delayed for up to 18 months because utilities cannot guarantee critical power delivery.”
Which asset classes do you expect to have a strong 2026?
“My answer — commercial office — might surprise many, but I have strong convictions. Undoubtably, the post-pandemic recovery for this asset class has been long and somewhat painful, but occupancy rates in Manhattan are higher than figures recorded in early 2020. Based on pings off cell phones, there are more workers visiting traditional office spaces compared to six years ago. San Francisco, formerly a poster child for how poorly things were going in the commercial office market, has rebounded in remarkable fashion. Do not get me wrong – certain pockets, particularly down the road in Washington, D.C., still face challenges, but Class A and trophy commercial office space are doing quite well. The most recent NAIOP Sentiment Survey indicates that, in the office development sphere, capital is poised to get involved and there is less hesitancy on the debt side. Once that spigot starts to open, we can expect to see new buildings underway.
Any new, up-and-coming asset classes we should keep our eyes on?
“Industrial Outdoor Storage (IOS) is quickly gaining popularity, due to its scarceness, zoning challenges, and the robust demand for small parcels of land that can accommodate the storage of vehicles and equipment. Data centers were on the lips of every commercial real estate development professional a few years ago, and IOS has now equaled, if not surpassed, that attention and activity with no letup in sight.”
How can members of local NAIOP Chapters derive ROI from interacting with NAIOP corporate?
“One of the main reasons we have chapters is because so much of a real estate deal is local. But the industry has changed rapidly over the past 15 years, with CRE firms expanding into multiple markets. Having affiliations across North America facilitates valuable connections, with our National Forums being a prime example, where 15 to 20 people involved in the same asset class get together twice a year to discuss what they are experiencing and to learn from others. These conversations provide frank and unbiased feedback. Our online courses offer valuable perspectives from a macro level.”
What advice would you offer to young professionals looking to enter or advance their position in the industry?
“Commercial real estate has been and will remain a people-first business full of entrepreneurs and risk takers. Through NAIOP, you can quickly grow your network, capture a mentor, and realize that people want to help and take you under their wings. Go listen to what people are saying, but do it in-person, where you can truly connect.”
What prompted the name change, which is coming this summer?
“Our association formed nearly 60 years ago, and this is our sixth name change. Many audiences, both inside and outside our sphere, focused on the ‘I’ and ‘O’ in our name and believed we mostly served the interests of the industrial and office sectors. While that was our roots, it does not accurately represent our membership anymore. When we ask members what asset classes they work in, industrial is still number one, mixed-use follows next, multifamily is in the third position, and office is fourth. In addition, you find very few CRE companies involved in a singular asset class. It will help us convey that our members are involved in all commercial real estate sectors, which is particularly critical to our advocacy efforts. Our new brand positions us for the future — unifying developers and industry professionals across sectors to collectively advance the impact, influence, and innovation of commercial real estate.”