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It's that time of year - when we reflect on milestone moments of our fifth season. 2024 had some major themes including artificial intelligence's impact on commercial real estate, office conversions, evolving market conditions—and re-examine them all, as well as take our beginning-of-the-year economic forecasts to task to see how it turned out.
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Dallas is a dynamic, fast-evolving city whose diversified economy and business friendly policies make it an attractive place for investors and companies. Longtime Dallas developers Lucy Billingsley and Lucy Burns offer insights into the city’s future.
Share these insights from this week’s episode:
Dallas offers plentiful industrial and multifamily real estate opportunities thanks to its rapid growth and economic diversification.Investors and businesses benefit from Dallas' pro-business policies and relatively low tax burdens.Demand for convenience and amenities is driving the trend toward master-planned communities that offer live-work-play environments.Dallas’s growth hinges on continuing infrastructure investment, including transportation and public services to support its expanding population. -
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Commercial real estate offers many different career paths. Learning how to overcome challenges and finding the right mentors are key to success in all of them. Trailblazing executives including Laura Clark (Rexford Industrial), Barbara Perrier (CBRE) and Elisabeth Troni (CBRE Investment Management) shared personal anecdotes and sage advice during CBRE’s recent Power of WE conference.
Share these insights on pillars of a successful CRE career:
Lead with integrity:
Making decisions that may be contrary to your immediate financial gain builds trust and loyal, long-term clients.Seek out mentors and feedback:
Mentorship is crucial for career development and informal feedback fosters skill enhancement.Challenge the status quo:
Questioning traditional norms can lead to progress and achievement. Say yes to new challenges and opportunities.Balance flexibility with visibility in the workplace:
Flexible work arrangements can be beneficial, but being present in your professional environment is also key to advancement.Favor unity over separation of your work-life:
Completely separating professional and personal time is hard, whereas embracing work-life unity means emphasizes purposeful engagement while in both spheres. -
Mary Ann Tighe, CEO of CBRE's New York Tri-State Region, discusses Manhattan's ongoing transformation. Drawing on decades of commercial real estate deal-making experience, Mary Ann discusses the resurgent office leasing market, office-to-residential conversions and long-term opportunities.
Anticipated Market Transformation: Investors should prepare for a major shift in New York’s office market, reminiscent of the historic changes that occurred in the 1920s.Long-Term Leases: Despite the rise of remote work, many New York City businesses want to sign long-term leases due to the high costs and complexities of space renovation.Investment Opportunities: New York has significant opportunities to convert antiquated office buildings into residential or mixed-use properties.Government Incentives: Understanding and leveraging government tax incentives can be crucial in making redevelopment projects financially viable.Cultural Edge: New York's creative energy and foremost cultural and social amenities remain a strong draw for people, businesses and capital. This enables the City's resilience and continuous evolution. -
Over 12 million people a month check The Points Guy for tips on making the most of their travel experiences. Brian Kelly, TPG himself, teams up with CBRE’s Hotel Research lead Rachael Rothman to explore the latest trends in loyalty programs, what hotel brands can learn from airlines and credit cards, and how you can get into that airport lounge.
Insights to Share:
Loyalty programs are growing in importance to operators of hotels, airlines and credit cards, many of whom have partnered to increase brand awareness and reach.The proliferation of loyalty program participation is, in some cases, diluting the benefits, but savvy consumers can maximize points by having flexible travel dates and using websites such as point.me to compare redemption value at different airlines and hotels.One way to create brand loyalty is to provide flexibility and a customized experience. Instead of waiting until guests arrive, hospitality brands should reach out in advance and offer access to local guides, spas and restaurants. -
Two tech talent experts—New Enterprise Associates’ Darcy Casarella and CBRE’s Colin Yasukochi—discuss where to find highly skilled tech workers, the role of venture capital in shaping tech hubs and AI’s influence on office space demand.
Share these insights from this week’s episode:
1. Strategic Location Strategy: Emerging tech markets in the Midwest and Southeast can offer significant cost advantages with their growing tech talent pools.
2. AI and Talent Focus: Prioritizing AI capabilities to drive innovation and growth will mean finding and upskilling talent quickly across both tech and non-tech companies.
3. Concentrated Venture Funding: Venture firms are creating a network effect by investing in new businesses in traditional tech hubs like San Francisco and Manhattan. Understanding the flow of venture capital can help predict the cities in which real estate demand will grow.
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Regional economic development leader Victor Hoskins and CBRE’s Cathy Delcoco discuss Northern Virginia’s opportunities and challenges as well as its thriving real estate market.
Share these insights from this week’s episode:
· Northern Virginia is benefiting from substantial job growth, especially in the technology sector, including AI-related roles. Tech job growth supports demand for office space and housing.
· High-quality, amenity-rich office space is seeing strong demand. Tenants are willing to pay a premium for Class A trophy buildings with amenities, despite downsizing due to hybrid work.
· Older office buildings are being redeveloped into residential units or data centers. This represents an attractive buying opportunity for nimble investors.
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Jordan Schnitzer shares the strategies that propelled his family’s business from scrap metals to West Coast real estate powerhouse. Plus insights on building a thriving decentralized business and the benefits of balancing data-informed and gut instinct investment decisions.
Insights to Share:
1. Look at competition as well as returns. Schnitzer Properies’ prefers flex-industrial properties over big-box warehouses because there is steady demand and less competition.
Do more, but be mindful of how much you can do. Jordan Schnitzer refers to his approach as “aggressive moderation.” Over-extending yourself can sacrifice long-term stability.Trust your leaders to use their local expertise. Schnitzer Properies embraces a decentralized business model with local teams empowered to make decisions and grow the business.Embrace data, but don’t ignore your experience. Utilize a data-driven approach combined with gut instincts to make informed and timely investment decisions. -
Clarion Partners’ Drew Fung and CBRE’s James Millon discuss the improvement in market sentiment and a pickup in investment activity amid a brightening interest rate outlook.
Share these insights from this week’s episode:
The Federal Reserve’s initial rate cut improved market psychology and increased liquidity in the marketplace.While banks remain a critical capital source, private debt funds have stepped up their lending at a time when many banks have pulled back.3. Harnessing data and predictive analytics is essential for navigating market complexities and optimizing returns.
4. Investors are primarily focused on multifamily, industrial and alternative asset classes, with data centers emerging as a particularly attractive investment opportunity.
5. The next 18 months are expected to see a gradual normalization of transaction volumes, with opportunities in both traditional and alternative real estate sectors.
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Rob Bernard, CBRE Chief Sustainability Officer, and Miro Sutton, CBRE's new Global Head of Energy and Renewables, discuss the critical role that renewable energy can play in meeting carbon emission-reduction goals and simplify the complexity around implementing and investing in sustainability in commercial real estate.
Share these insights on sustainability and renewable energy:
- Companies should integrate renewable energy and sustainability strategies into their core business plans to remain competitive and resilient.
- The renewable energy market is evolving, with regulatory frameworks playing a significant role. Governments can make it easier to achieve environmental goals by writing clear and understandable regulations.
- Collaboration among technology, business and regulatory bodies can help to drive innovation and advance sustainability initiatives.
- Broader adoption of renewable energy can mean economic and environmental benefits for many companies.
- A holistic approach to sustainability, encompassing everything from energy procurement to building materials, is necessary for long-term success.
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Community opposition can thwart the most desirable—and needed—development projects. Connecticut developer Jerry Davis and CBRE’s Jessica Lall offer tips and strategies for marshalling community support for worthwhile projects and overcoming the instinct to “just say no” to new development.
1. Engaging the community early and maintaining open lines of communication are crucial for real estate developers to overcome community objections. By involving local stakeholders in the planning process and addressing their concerns, developers can build trust, gain allies and smooth the path for project approval.
2. Local governments that adapt regulations to allow for a variety of housing types can ease the "missing middle" problem—affordable housing that falls between single-family homes and large multifamily properties.
3. The affordable housing shortage can provide an impetus for regulatory changes and innovative solutions.
4. Successful pilot projects can demonstrate how local communities can benefit from new development.
5. Collaboration between government and the private sector can advance worthwhile projects that can be derailed by well-intention community opposition.
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Office conversions are nothing new in Cleveland where older assets have long been transformed into higher and better uses. Three seasoned professionals shed light on the financial and logistical complexities of conversions, and the importance of public-private partnerships.
Share these Insights on Cleveland Office Conversions:
- Cleveland has a long history of converting older office spaces into different uses, long before it became fashionable.
- The city has a promising future with a growing downtown resident population. Office conversion projects and broader urban re- development plans will support this trend.
- Cleveland’s focus on enhancing its natural assets, like the lakefront, is another factor supporting the city’s revitalization.
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Austin has been transformed over the past 20 years. A traditional government and college town has become a top tech hub and a model for developing metros. Heritage Title Company of Austin’s Gary Farmer and CBRE’s Bradley Bailey discuss the city’s ambitions, growth prospects and challenges.
Share these highlights from our conversation about Austin:
Austin's economy has diversified significantly in the past 20 years, particularly with the growth of the tech, life sciences and automotive sectors.Infrastructure improvements, such as airport expansions and major roadway projects, are crucial for sustaining growth.Investing in social infrastructure to support students, seniors and everyone in between has been a major focus for Austin.The city's young, educated workforce is a major draw for companies, contributing to the rapid growth of Austin's tech sector. -
Zoe Hughes of the National Association of Real Estate Investment Managers and David Chang of CoreNet Global highlight the benefits of a symbiotic relationship between real estate investors and occupiers.
Insights to Share:
Investors and occupiers increasingly have similar priorities, especially with respect to operational efficiency and sustainability.Data-sharing between occupiers and investors can enhance asset performance.Consistent, open communication is essential for adapting to market changes and meeting the evolving needs of occupiers and investors. -
Principal Asset Management’s Rod Vogel, a private equity investor, and Chris Duey, a debt specialist, share different perspectives on the current real estate market and identify sectors where they find common ground.
Debt and equity investors often see the market differently.Rod Vogel, a private equity investor, remains bullish about the long-term.Chris Duey, a debt specialist, believes a new credit cycle may be emerging as property values adjust to the current interest rate environment.The investors share enthusiasm for data centers, Sun Belt multifamily and selective office investments. -
Entrepreneurs Atticus LeBlanc of PadSplit and Christine Wendell of Pronto Housing discuss innovative ways to help address the acute affordable housing shortage. They discuss how new business models, paired with technology, can make housing more accessible and cost-effective for residents and more profitable for property owners.
Utilizing new business models, coupled with technology, can make affordable housing more accessible and cost-effective.Optimizing the use of current housing stock through co-living can help to alleviate supply shortages and improve affordability.Using technology to streamline the compliance processes can get qualified residents into affordable housing faster. -
CBRE’s Laura O’Brien, Chris Ludeman and Bill Concannon offer sage advice and discuss lessons learned as they wrap up storied commercial real estate careers—a must-listen for anyone interested in seasoned perspectives on our industry’s past, present and future.
Insights to Share:
1. From Laura O’Brien: “Mentorship should actually be intentional. If you ask someone in this company to be your mentor, chances are they will say yes, but you have to make the first move.”
2. From Chris Ludeman: “Take the work that we have been asked to do very seriously, but never take yourself too seriously.”
3. From Bill Concannon: “Commercial real estate is a complex sale and a long cycle. So building trust requires time with people you know face to face.”
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Secondary transactions—sometimes called indirect investing—are on the rise as a way to acquire real estate. Evercore’s Jarrett Vitulli and CBRE Investment Management’s Achal Gandhi discuss how these investment vehicles can boost returns at lower risk.
Secondary transactions are gaining traction as a way to acquire real estate. Often, these transactions offer investors an opportunity to acquire real estate portfolios at a discount, enhancing returns without taking on property-level risk. The secondary market for real estate is expanding, driven by the need for liquidity, strategic portfolio management and recapitalization opportunities. Notable opportunities are available in logistics, multifamily and healthcare real estate. In today's market, secondary transactions can offer core stabilized assets at discounted rates. -
Asia Pacific presents attractive investment opportunities, particularly in the multifamily, hospitality and logistics sectors. KKR’s John Pattar and David Cheong and CBRE’s Greg Hyland discuss capital flows, occupier market fundamentals and the importance of ESG.
Insights to Share:
1. Demand for hospitality, multifamily and logistics is growing.
2. Office occupiers strongly prefer high-quality, well-managed buildings that follow ESG principles.
3. The work-from-home phenomenon did not really impact most countries, so office market fundamentals in most dense cities are strong.
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