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RECAP – ULI Fall Meeting Recap
On October 15, 2015, ULI Charlotte held the traditional event-after-the-event to share and discuss information from the ULI Fall Meeting in San Francisco. A panel moderated by Tracy Dodson of Lincoln Harris, included Art Fields of Faison, Stuart Proffitt of Proffitt Dixon, and Danny Pleasant of the City of Charlotte. Below are some quick take-aways from the presentation:
- The largest hotel company owns no rooms, the largest car company owns no cars.
- With Air BNB, the industry is seeing no large resorts coming online
- Economist – income equality, interest rates are going to go up and impact cap rates
- Reeducation – needs to be more affordable, we have to compete with the world.
- Sustainability, resilience and health – biking, walking, making cities less about cars and more about people.
- Real Estate Trends – strong and optimistic, in alignment for continued market expansion. Millennials continue to move into city center. Moving to burbs later in life. Decline in ownership across all generations, apartments are strong. More people leaving workforce than joining it. Rise of small biz creating 5x more jobs. Office densification less SF per employee. Infrastructure spending down, opportunities for P3. (NOTE: Come see more at the Real Estate Trends Event on November 19)
- Investors want to stay in deals, fewer deals going to market, stabilize deals
- Capital looking more in second tier markets
- Urban style apartments in suburbs, attracting capital and renters
- More boomers showing up to rent – barbell effect, Millennials on one end, boomers on the other
- Charlotte – August 42,500 jobs in 2015 tied with Portland and behind San Francisco