Commercial Investment Real Estate November/December 2017 | Page 13

in cell tower lease values by market. These cell tower lease details generally are not disseminated to end-users or real estate professionals. Industry and market-specific cell tower leases have vari- able market conditions. Unfortunately, several industry and market-specific variables relate to cell tower leases, such as pro- spective carrier mergers, new tower construction, or emerging technologies. These variables usually are not available with the click of a button, making it tough for real estate profession- als to accurately determine lease values as part of a real estate transaction. Marketing and advertising cell tower leases and lease- related properties do not have a central marketplace. Cell tower leases often are listed for sale by Realtors either with or without real estate and are advertised on real estate-related web- sites; on classified advertising sites; or any of the many national multiple listing services. Unfortunately, none of those methods is appropriate to effectively reach groups of competitive cell tower lease buyers. Also, Realtors with limited cell tower lease experience market may misunderstand their lease values. This environment makes it difficult to understand the nuances of purchasing cell tower leases with or without the real estate. Brand New Online Courses Relatively few cell tower leases and associated transaction events occur. While the total number of cell sites is ever-increas- ing, most industry experts estimate about 325,000 cell towers or rooftop installations, with a higher number of leases because of the multiple tenants that exist on many cell sites. Compared to the total number of commercial and residential properties in the U.S., the total number of properties with a cell site is estimated to be a small fraction of 1 percent. However, the number is increasing exponentially with the deployment of small cells and distributed antenna systems. More than 1 million more sites are expected during the next few years. For this niche, the changes in technology and the new, untested legislation to implement 5G technology, it’s time to consider creating a truly centralized marketplace for all cell tower lease transactions. Perhaps it also is time to build a cell tower lease marketplace to provide more revenue opportunities for both commercial real estate professionals and attorneys. Only time will tell if commercial real estate and legal profes- sionals will recognize the needs, benefits, and solutions such a marketplace would provide. James Kennedy is CEO at SteepSteel, LLC, in The Woodlands, Texas. Contact him at [email protected]. As a CCIM member, you have discounted access to these new training seminars taught by industry-leading instructors Commercial Loan Underwriting Financial Modeling for RE Development This course provides the models and analytics that allow lenders and investors facing underwriting decisions to remove uncertainty, quantify risk, and determine a project’s viability. Learn how to build several financial models using Excel that are valuable in analyzing a potential real estate development project. Calculating Building Size for Development Controlling the Deal Learn how to effectively estimate the potential building size for a given development site, including surface and structured parking scenarios. Learn how to use proven psychological and relational techniques to move up the value chain, build trust, and successfully manage every transaction. Success Strategies for Business Development in RE Develop a feasibility analysis for a unique business venture; create a mind map for concept development; assemble a team using personality evaluations; and build a three-year operating budget and business plan. Upcoming Courses Controlling the Deal Dec. 7 Financial Modeling for RE Development Dec. 11 Visit CCIM.com/courses or call: [phone], opt 2 CCIM.COM November | December 2017 11