Overheard at the…
NAIOP CEO Retreat in Scottsdale
Predicting that the big development opportunities in the near term will be in urban America. “Ironically, among the long-term consequences of flattening will be the end of suburban sprawl and the dramatic growth of dense urban infill, including high rise habitat. Deja-vu! It has been a half century since property developers have had such an instrumental role to play in reshaping the future of America’s cities and towns.” — Futurist David Pearce Snyder.
Reassuring the industry that corporate restructuring and downsizing as a result of technological advances is just a phase: “Our future is around the corner…. We are living in revolutionary times. The middle income jobs will not be created until around 2010.” — Futurist David Pearce Snyder.
Advising people who define themselves by their job that they need a personal strategic plan: “We are not the business. We are of the business…. Planning for our personal future is of as much importance as planning for our company’s future.” — Lou Marines, NAIOP CEO retreat facilitator, Advanced Management Institute.
Talking about the huge future U.S. population shift to the south and west, “Those who are not in the smile, are kind of toast.” — Christopher Lee, president, CEL & Associates.
Pointing out the positives – the growth markets and the myriad property types that will be driven by the population demands, e.g., anything around colleges and universities, mega churches, airports, ports, etc., and new product types like high security business parks, “This is a full apple tree waiting to be picked. You’re not shaking the tree – that would be opportunistic. You are getting up there and picking the best.” — Christopher Lee, president, CEL & Associates.
Overheard at the…
Acquisitions That Make Dollars and Sense Webinar, January 17, 2008
On the proliferation of the subprime fallout into life beyond capital markets: When asked how a middle school student performed on a test, the student replied, “I sub-primed it.” — Beth Lambert-Saul, director, Archon Group, LP.
Commenting on the current state of the CMBS market, “Volatily is here to stay – it’s a week-by-week scenario. I think it will be 2Q08 before we see any meaningful correction.” — Jeff Knowles, Holliday Fenoglio Fowler L.P.
“Differentiation is here to stay – for now. Leverage levels will be lower and risk will be correctly priced in mezzanine and preferred equity markets. Banks have and will continue to tighten underwriting on construction loans and will only consider best of class sponsors and assets.” — Jeff Knowles, Holliday Fenoglio Fowler L.P.
Overheard at the…
Investment Outlook Webinar, January 31, 2008
In discussing today’s investment criteria, “Covering the down-side risk and maintaining liquidity are key – valuation growth going forward is all about improving NOI.” — Alan J. Pontius, managing director, national office and industrial properties group, Marcus & Millichap.
On attracting new funds, “You need credibility, distinction, a track record, organization and a depth of support tools. Bringing value to the table and articulating investor needs is crucial in today’s environment.” — Alan J. Pontius, managing director, national office and industrial properties group, Marcus & Millichap.
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