On November 2, 2017, members gathered to share their insights learned at the ULI Fall Meeting held in Los Angeles, CA the week prior. A special thank you to Jeff Cernuto of Princeton Communities, Bridget Grant of Moore & Van Allen, and Stuart Proffitt of Proffitt Dixon who opened the discussion with their lessons learned.
Additionally, tables discussed topics including autonomous vehicles, homelessness, affordable housing, master planned communities, retail and more. These discussions were led by Mike Burnett, Burnett Real Estate Advisory Services, Dave Chandler, Faison, Cathy Demmitt, BSA LifeStructures, Brooke Iosue, Humphreys & Partners Architects L.P., Mike Ortlip, Grandbridge Real Estate Capital LLC, and Ellen Rogers, Bank of America Merrill Lynch.
Below are some of the insights shared:
- Seeing a mellowing of the markets;
- New address-free/paperless workplaces are beginning to emerge to reduce footprint and maximize workspace. Key to implementation is leadership being part of the change (no corner offices);
- Multifamily is showing slower, more sustainable growth. Expect a longer than average cycle. Generation Z is less drawn to the gateway cities. Construction costs are still rising, land costs up, and time frames are longer. Expects 2018-19 to be softer growth;
- Retail is all about the experience – blurring of concepts; the sector is in transition and evolution. “Retail is not overbuilt – it is under demolished.” Bricks and mortar will survive but must offer and experience. Food and entertainment offers staying power;
- Ride-Sharing – not a replacement to cars and mass transit, but compliment them. Parking need will decline as more ride-sharing occurs.
- Autonomous vehicles will impact parking deck and street designs. Zip cars – expect children to not own a vehicle in the future, but ride-share.
- Homelessness challenge is hard to align assets, political will and social will. Charlotte’s homelessness is decreasing while in Seattle and Los Angeles, it is increasing;
- Affordable housing – can’t get it all done with tax credits alone. Solutions must come out of the private sector and resolve with the community.
Click here for photos of the fall meeting recap.