Worth Repeating

Winter 2021/2022 Issue

Sound bites from NAIOP’s CRE.Converge, held September 27-29 in Miami Beach, Florida:

All the markets we’re in, we’re seeing increasing rent growth, and that’s helping us offset increasing construction costs, which I think has been a major issue in our industry.Jon Paul Pérez, president, Related Group

In this day and age, a public space is only as good as its utilization.Mike Morris, principal, Cana Development

All of these companies now have a lot of data but either they aren’t looking at it or they don’t know what to do with it — and it’s not changing anything about the way business is done.Bryan Colin, CEO, View Labs

This has been a golden era for real estate.Robert Griffin, U.S. head of capital markets, Newmark

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Basketball legend Grant Hill was the most popular keynote speaker during NAIOP’s CRE.Converge in Miami Beach.

Don’t underestimate the power of interest rates and how they can be leveraged. The current broad-based downward pressure on cap rates is a result of two things: the incredibly low cost of debt and the resounding release of pent-up demand, supporting job growth and economic expansion.Hessam Nadji, president and CEO, Marcus & Millichap 

We have more capital and more landlord and investor groups chasing this asset class (life sciences) than we ever have before.Lauren Gilchrist, managing director for research, Longfellow Real Estate Partners

Flexibility and adaptability are critical for this hybrid workforce. But they’re also very important to our resilience. If we exercise that resilience muscle, we’ll be stronger going forward.Kristin Jensen, principal and co-managing director, Gensler

So many young people of color or people from different backgrounds don’t have the access or the relationships. So, I think at the internship level, getting that experience is hugely important.Grant Hill, founder and chair of Hill Ventures and member of the Naismith Basketball Hall of Fame

The supply chain is so out of whack, while the demand has gone through the roof. As they say, the solution for high prices is high prices — because it will drive down demand and then drive prices back down.Bill Finfrock, president, Finfrock

When you buy a site in South Florida, you may be sitting on that site, non-monetizing that asset, for two years. It’s a 12- to 18-month process to get your entitlements, site plan approvals and your permits before you can even start anything. It takes patience in this market for sure.Stephanie Rodriguez, regional senior vice president for Florida, Duke Realty

I believe NAIOP’s growth and success is a true testament to the value our members experience through their chapters and the knowledge, education and advocacy delivered by the corporate staff. Together, our chapters and NAIOP create a strong value proposition — one that sets us apart and drives longtime loyalty to the association. —  Jeff Milanaik, principal/market officer, Bridge Development Partners, 2022 NAIOP chair