The UES team attended MBA CREF in San Diego this week. It’s always a great meeting, chocked full of quality education, networking with clients and making new connections. The MBA does a good job of delivering market trends, forecasts for the year ahead and information that we need to help guide our environmental consulting services.
A few things that stood out this year:
1. Most leaders agree that while we’ve heard a recession is coming, we are still in a good space in terms of growth and liquidity in the market. Lenders are making better credit choices and commercial real estate professionals are focusing on making good deals that can ride out hiccups or shifts should they arise. From listening in on one panel Monday morning, several market leaders believe we are still 18-24 months away from seeing a slow to growth and decreased liquidity. Globe St.Com has a deeper dive into this particular panel and their discussions.
2. Across the board, commercial real estate professionals are in agreement that international affairs, such as concern over the spread of the coronavirus, and the upcoming US election has the potential to impact Q4 of 2020 and the start of 2021. Speakers at MBA stated that their organizations are planning ahead for some volatility in Q4 and working to see how many deals they can close prior to November.
3. Multifamily continues to have it’s moment. And, the market is seeing a wide variety of lending players jumping in. Banks are more involved than in prior years in providing capital. CMBS is making a comeback and the ultra-wealthy are getting involved in the space through investment funds.
Lenders involved in the multifamily market in 2020
Stay tuned to the UES blog for a few more highlights from the last day!
UES Consulting Services, Inc is an environmental and engineering firm specializing in Phase I Environmental Site Assessments, Phase II Subsurface Investigations and Property Condition Assessments for Commercial Real Estate transactions. We frequently research and write on trends, market updates, news and other happenings affecting our clients and partners in the commercial real estate industry
Adaptive reuse projects is the process of taking old buildings or sites, and reusing them for a purpose other than it was designed.
When considering Adaptive reuse projects it’s important to understand if these investments make sense?
Competition is increasing for developable land within certain asset classes, not to mention with varying demographics and land use trends, opportunities to repurpose functionally obsolete and older properties is growing to be increasingly demanding.
Multiple developers are seeing the importance in redesigning outdated properties for largely different uses than originally made – for example, a retail space transformed into a multifamily/mixed use, a hotel to office, or possibly a school to co-working spaces.
Adaptive reuse is a completely new vision of an old space, not just simple remodeling. Therefore the variables have to adapt.
These projects timeline are normally shorter than ground-up projects which may create more value in an asset. A creative eye is extremely valuable which is advantageous to developers and investors. And then the pricing pressure lessens since obsolete or weak assets have less competition than easier value-add deals or entitled development.
Understanding all market conditions is crucial for Adaptive Reuse Projects. Such as land use and zoning, as-designed and proposed use, and macro trends in demographics.
Underutilized industrial buildings might be a good fit for work/live experiential mixed and retail use in high-demand urban areas.
These projects practicality has improved due to shifting market dynamics. Mainly in areas losing manufacturing, outdated and underutilized retail assets, and areas undergoing densification. A classic example being traditional malls and department stores bleeding because of the rise of e-commerce all the while creating opportunity and demand for industrial buildings of all types to discourse regional logistics, last-mile concerns, and distribution.
Determine the Possibility of Adaptive Reuse Projects
Analyzing the practicality of a property is crucial to determine the viability of all real estate investments. The feasibility process has to be more intensive for adaptive reuse because of the stand out difficulties of repurposing an existing property. Considerations like…
Demographics
Location: Analyze the accessibility and constructibility for the end game
Zoning: Whether general or specific plans govern uses and zoning of the property
Structure: Study the existing foundation and condition… electrical and plumbing, mechanical and life-safety
Community Needs: Stakeholders must consider if a community will buy into the project, namely, if support from local groups and community leaders will be a positive. Along with considering if the project will have backing from local planning commission, city council, or architectural review board.
Considering all of these factors will aid investors and developers in making thorough decisions.
Trip down Memory Lane
What we mean by this is to look back to learn from the past. Are there any unsolvable issues that were already faced. Are there boundary or easement challenges, historical preservation ordinances, or even legacy environmental issues?
Something to reminisce on for industrial properties… is there a free and clear use for construction and zoning approval? Industrial use challenges are more complex in regards to environmental remediation and these challenges affect both regional and national markets and local.
Thanks so much for reading! If you need consulting for Phase I Environmental Site Assessments, Phase II Subsurface Investigations, Property Condition Assessments, or any Commercial Real Estate transactions of any kind, feel free to ask for a quote today.
This week, the MBA Newslink published the Urban Land Institute…
http://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpg00adminhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgadmin2020-11-18 09:37:552020-11-18 18:39:58ULI Sets Forecast for a Potential 2021-2022 Rebound
First and foremost, what is the ADA?
It is the American Disabilities…
https://uesconsulting.com/wp-content/uploads/2019/08/joey-banks-YLIS2_rN938-unsplash.jpg30342427Mollie Beckhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgMollie Beck2020-01-09 18:49:582020-02-09 18:51:00Advice on Avoiding Issues with the ADA
Kansas City’s fifth annual rooftop crawl is an exciting and exclusive night to explore private rooftops all with unique eccentric themed parties benefitting nonprofit Big Brothers Big Sisters.
When is it?! Aug 24, 6:00 pm
Come to the Crossroads to celebrate an evening full of networking, food, drinks, live entertainment and interactive experiences all with a rooftop view. The fun night ends with a spectacular block party on Walnut Street in front of the BBBS building.
This years theme is All Around the World!
Find out more information on how to join UES and get involved at www.bbbsrise.org
RISE ROOFTOP CRAWL
What is it?!
Kansas City's fifth annual…
https://uesconsulting.com/wp-content/uploads/2018/10/rooftop-view.jpg36485472adminhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgadmin2019-08-12 18:29:412019-08-15 19:24:16Wrapping up summer with UES sponsoring the RISE Rooftop Crawl
UES employees were excited to sponsor a local event that raises…
https://uesconsulting.com/wp-content/uploads/2019/07/youth-ambassadors-crew-e1563917440351.jpg20763810Mollie Beckhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgMollie Beck2019-06-01 02:00:542019-07-24 21:14:40UES Investing in the Next Generation
https://uesconsulting.com/wp-content/uploads/2018/10/rooftop-view.jpg36485472adminhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgadmin2019-08-12 18:29:412019-08-15 19:24:16Wrapping up summer with UES sponsoring the RISE Rooftop Crawl
CREW KC and Creekmoor Golf Course have joined together for a great annual event. The course offers players a championship challenge while CREW KC allows its guests and members high quality networking. This combination gives each player an opportunity to form long lasting connections and improve their game on and off of the course.
UES is thankful to support CREW through this fantastic event and all proceeds go to CREW Network Foundation to positively affect the future of women in commercial real estate.
Golf attire is required! Collared shirts and no jeans. All participants must be at least 18 years of age.
SCHEDULE:
8:00 AM – Registration
Registration & hitting area open
9:00 AM – Shotgun start
Four-player scramble format
UES employees were excited to sponsor a local event that raises support for youth in low income regions. We are passionate about empowering and equipping the next generation for success.
The event, Power of Words, was held in the Power and Light District in Kansas City, Missouri by Youth Ambassadors(YA). YA is a not-for-profit organization that empowers undeserved youth with important life skills, soft job skills, creative expression, and adult mentors who help them become future community leaders willing and able to work for positive change.
There were original works from the programs students that attendees could enter to win in a raffle. Here’s an example of one of the students work. Students presented impressive poems and writing excerpts during the dinner. It was an amazing event aimed to paint a brighter future for some of Kansas City’s most vulnerable and at-risk youth.
Need help with Commercial Real Estate transactions of any kind?
This week, the MBA Newslink published the Urban Land Institute…
http://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpg00adminhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgadmin2020-11-18 09:37:552020-11-18 18:39:58ULI Sets Forecast for a Potential 2021-2022 Rebound
First and foremost, what is the ADA?
It is the American Disabilities…
https://uesconsulting.com/wp-content/uploads/2019/08/joey-banks-YLIS2_rN938-unsplash.jpg30342427Mollie Beckhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgMollie Beck2020-01-09 18:49:582020-02-09 18:51:00Advice on Avoiding Issues with the ADA
https://uesconsulting.com/wp-content/uploads/2019/07/youth-ambassadors-crew-e1563917440351.jpg20763810Mollie Beckhttp://uesconsulting.com/wp-content/uploads/2017/08/UES-Logo-c-750web.jpgMollie Beck2019-06-01 02:00:542019-07-24 21:14:40UES Investing in the Next Generation
Our Chief Marketing Director, Jamie Taylor, is a proud member of Commercial Real Estate Women (CREW) which is an industry networking organization. And according to a recent study published by CREW, women are advancing in commercial real estate, especially in the C-suite, and the shrinking salary gap. However, there are still areas for improvement to get more women intrigued in CRE brokerage, less of an income gap, and leasing and sales positions.
Here are 3 helpful pieces of advice to improve your professional career from respected female leaders in the Commercial Real Estate Industry.
“This type of progress comes with lessons learned early on. The first few years of a career can be pivotal to future success. Whether it is mastering the art of negotiation, relationship building, or finding your voice, these years can make or break any career. Three women shared what they learned that helped them reach the success they have today and make their lessons work for them.“
Advice given by Angele Robinson-Gaylord, President: IKEA Property, Inc.
As I began my career in commercial real estate, I had no idea how to build a career in this industry. I did not study real estate in college or law school, had no family or personal connections to the industry, and was a female in a field that is overwhelmingly male.
You have to be conversant in the language of real estate to do deals and build credibility.
You have to recognize that every relationship is valuable. Your path will cross those of your peers time and again.
When conducting transactions, you must be tough enough to get the deal done, yet you must learn to disagree agreeably to not gain a reputation as a deal killer.
You must persevere in the face of any obstacle or naysayer to reach your goals. In my case, it took 5 years to transition from practicing law to securing my first role on the business side of commercial real estate.
Finally, I learned that you can’t do it alone.
2. Find Your Voice
Advice by Robin Kennedy, Executive Vice President, Acquisitions & Development: Montage International
Early in my career, I was put on the spot in a senior level meeting. My opinion was different than many in the room, but I had a reasoned response. Granted, it was not the path that they chose, but that moment has had strong impact on me and served me well throughout my career.
Voicing my opinion was not always appropriate, as many times I wanted to learn from those with more experience.
But having this mindset has helped me to think about and become very practiced in how to make decisions.
It has helped me to take proactive ownership and move strategically forward.
At this point in my career, while the final decisions are often on my shoulders, I value those that can provide me with thoughtful opinions along the way.”
3. Trust Yourself
Lesley Horton Campbell, Associate General Counsel: Tiffany & Co.
Never be afraid to step up and trust that you are smart enough to handle a stretch assignment.
I made the mistake early on in my career of not stepping up for an assignment because I assumed that I was too junior and that naturally it would go to a more senior experienced colleague.
The next time the same opportunity came around, I quickly stepped up without hesitation and ended up knocking it out of the park.
If you are looking for a company to partner with on your commercial real estate transactions of any kind, we are here to alleviate the weight of environmental issues and minimize risks.
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After a major networking event or conference, it is important to take action as soon as possible to maintain the great connections you made.
Below is a 6 step guide to follow for all your Spring 2019 events.
1. Categorize and take action accordingly.
Organize your contacts into 3 categories.
Valuable leads: Contacts you believe to be an ideal client and/or that showed a high level of interest in working with you.
Qualify leads: Contacts who need to be qualified. They may be seriously interested or they might not, and even if they are you’re not sure they are qualified.
Connections: Prospects you can build a relationship with. You may work together in the future, refer business to one another, or merely get together for a happy hour on the occasion.
“It’s important to follow up with “valuable leads” as soon as possible and schedule a time to meet. Show an effort to follow up with “connections” soon after — in my experience, they are the most valuable people you meet at networking events.”
“I’ve stopped giving (and taking) cards at networking events. Instead, I follow entrepreneurs (or their businesses) on Twitter. I prefer this approach because it allows me to see their profile and actually remember who they are. I return from networking events with new followers instead of cards. As soon as I return, I follow up with them by sending a quick DM via Twitter. I also browse through their most recent tweets and retweet or like anything that I relate to in my industry. This allows me to connect with them, understand their brand and create a more immediate connection.”
Input all the contacts into my CRM and tag appropriately. Now I can send tailored communications to them in the future.
Send connection requests to every connection on LinkedIn.
When connecting, include a personalized message, to remind them of how you met and try to include a memorable section of your conversation.
“When messaging and connecting on LinkedIn, another tip is to ask them how you can be of help. This could mean connecting them to someone, answering a question they mentioned, sending a resource, etc. You have to give to get.“
After entering the new contacts into your CRM, email a reintroduction to the contact thanking them for their time. If the prospect shows interest, then provide them with more information as requested.
5. Make notes immediately.
While at a networking event immediately (after the conversation has ended) write on the back of their card a few notes about the conversation.
6. Check them out & connect on social media.
“Check them out on social media to learn more about who they are. What kind of content do they post? Which platforms are important to them?”
UES Consulting Services offers and our team of are well-versed in the demands of commercial and multi-family transactions and how thorough, time-sensitive Phase I Environmental Site Assessments and Property Condition Assessments can help the process run smoothly and close on time. If you are looking for a company to partner with on your commercial real estate transactions of any kind, turn to our in-house engineers and environmental consultants to alleviate the burden of environmental issues and mitigate risks.
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