Bob Peterson on Bisnow Atlanta Forecast; Conor McNally on CRE Show
With 2014 newly underway, real estate professionals are looking towards industry leaders to provide insight on the future of the real estate market. Recently, two of Carter’s thought leaders had the opportunity to voice their thoughts and opinions.
Last week, Carter chief development officer, Conor McNally, was a guest on Michael Bull’s CRE Show for the topic “Commercial Real Estate Development Today.” The segment, including guests Jean Kane of NAIOP and Hugh Kelly of The Counselors of Real Estate Association, was focused on the impact of commercial real estate on the U.S. economy and what to expect as economic recovery continues. Michael began the show stating, “Commercial Real Estate is back in vogue. If you work in the core markets, you’ve seen the cranes; if you work in the apartment sector, you’ve seen a lot of construction. We’ve also seen more development in secondary cities as the economy and real estate continue to recover.”
Conor stressed the importance of walkable, urban locations for mixed-use projects. Carter is currently “bullish” on these types of projects; we have mixed-use projects under construction in Decatur, Ann Arbor and Cincinnati. Additionally, Conor noted that a key factor to making these projects successful is focusing on complimentary uses and keeping complexity to a minimum. For example, our project in Decatur will share a parking deck with an existing neighboring office building.
When asked about public-private partnerships, Conor said, “The key (from the public side) is to have simplicity in the way deals are structured, flexibility so there isn’t just one way to set up the deal and, most importantly, transparency on both sides of the deal so everyone understands the rules of the game.”
Click below to hear the entire broadcast:
On Tuesday, Bob Peterson, CEO and chairman of Carter, spoke on a panel with four of Atlanta’s most influential and highly-esteemed real estate leaders for Bisnow’s 2014 Atlanta Forecast. Click here for Bisnow’s recap of the event. Also on the panel were Greg Mutz, CEO & Chairman of AMLI Residential Properties; Matt Bronfman, CEO of Jamestown; Mark Toro, Partner of North American Properties; and Ferdinand Seefried, Executive Chairman of Seefried Properties. More than 450 people attended the event, held at the St. Regis Atlanta.
Above: Bob Peterson speaking at Bisnow’s 2014 Atlanta Forecast
The panelists touted the importance of demographic drivers and staying in front of demographic trends. Typically, the development industry has been able to stay in front of demographic trends, but this will be even more important as trends continue to shift and change. Gen Y has access to more choices in real estate than ever before, and they are fighting for their right to live in-town. Subsequently, urban multi-family projects are expected to see huge growth in upcoming years.
In Atlanta, the limiting factors to forming in-town households have been education, security and transportation; that is changing, according to Mark Toro (North American Properties) and Greg Mutz (AMLI Residential Properties).
About the outlook for the city of Atlanta in the upcoming year, Bob said, “There will be some winners and some losers is various industries, but I can say pretty confidently that the outlook is positive.” However, he questioned whether the improvement would be “a little or a lot.”
Carter’s last guest for the CRE Show was David Nelson; click here to see his segment on student housing market trends.
For more thought leadership from Carter, click here.