Worth Repeating

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

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