Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Showing posts with label labj. Show all posts
Showing posts with label labj. Show all posts

Wednesday, February 23, 2022

Los Angeles Business Journal Commercial Real Estate Symposium February 23, 2022, by Mary Cummins


Los Angeles Business Journal Commercial Real Estate Symposium February 23, 2022 2:00 - 3:30 PST. My notes from the symposium are under the introduction.  

https://labusinessjournal.com/cre2022/

This year's 27th annual Commercial Real Estate Symposium & Awards event will be a virtual series of two events presented one week apart.

Part I:

Commercial Real Estate Symposium
February 23rd, 2022
2:00 PM - 3:00PM PST

Part II:

Commercial Real Estate Awards
March 2nd, 2022
2:00 PM - 3:30PM PST

Day One will take place on February 23rd. Our panel of experts will weigh in on 2022's latest developments and how the Los Angeles commercial real estate market will be impacted.

Day Two will take place on March 2nd. Our Awards program will honor the brokers of the most notable transactions in Los Angeles and recognize the most impactful projects completed within the last 12 months. In addition, each award-winning project's developer, architect, and general contractor will be honored.

Nominations closed 1/21/2022. Nomination forms for 2023 will be available in December 2022.

Below are my personal notes. They are not complete. I'm sure the video will be posted publicly when it's available. I will post a link to it here when it is. 

Video on YouTube of Webinar.

https://youtu.be/VfbLTQ-h0jQ

Main host moderator was Josh Schimmels

1. The Office Conundrum


Office and commercial space.

Prediction that in four years we'll be back to pre-pandemic levels in commercial real estate.

Many businesses are going hybrid today. 

Culver City is a hot market due to the tech and science industry.

Office market has picked up over all within the last month or so. 

Law offices. Lawyers want their own private office but will only come in three days a week. Need a place to train new associates. 

2. Industrial Trends



Asher Luzzatto was the host moderator.

Asher Luzzatto: Industrial space has been converted to creative commercial space. 

Mike Condon: Industrial is doing great. We're leasing triple net no concessions. 

Lisa Reddy: Industrial vacancy rates incredibly low.

Phillip Bond: Market is very strong for industrial in the LA region. 

Asher Luzzatto: Revitalization from older industrial to creative commercial. Evidence of this in Santa Monica near the airport. 

Phillip Bond: Building is very expensive today. Land prices are astronomical. Construction costs are high. Construction labor is high if you can find it. 

Everyone is very positive on industrial industry. Out of scale of 1-10, they are 10, 5-6. 

Mike Condon: 14 on scale of 1 to 10. Covid accelerated transition to ecommerce.  The problem is NIMBYs. 

3. Development Trends


Host, Moderator: Kofi N Nartey: What changes have you seen?

Ted Hyman: People want authentic space, creative space, science space. 

Lawrence Taylor: I work only Westside. TOC density provisions for transportation has allowed us to see redevelopment. We've always had strong demand. Seismic ordinance shows 80% of apartment bldgs in danger of collapse. Opportunity to replace, repair, rebuild the Westside. 

Valente: Wouldn't have expected to see SFRs being built to rent. 

Kofi: What response to pandemic downturn are you seeing?

Lawrence Taylor. We recover first and higher than other cities. One of the most high demand locations in the world. LA has resilience.

Valente: People now want work from home, other amenities in their home. Development along the Gold line looks good. 

Kofi: Sustainable development?

Hyman: Green building costs the same just about as regular development. It makes sense to build green. 

Alex Valente: One building has 20% delinquency, other has zero (because of pandemic eviction moratorium). They are very close to each other in downtown Los Angeles. 

Taylor: Three most important factors are location, location, location. LA is the best location. Most buy and hold. They don't sell. We are value bought and not value add. We have a waiting list of investors who want to invest. The deals are out there. People are dying every day (only way someone sells good real estate is when they die). 

Kofi: Technology and properties?

Taylor: Air filtration, smart apps controlling systems, electric car charging stations, security gates. Basically security, health and safety.

Kofi: What projects are you working on now? How are they different than five years ago?

Ted Hyman: We're focused on positive impact, sustainability and justice and equity component. 

Kofi: What is justice and equity?

Hyman: It starts with ourselves. We're working on that now. We're bringing in programs to buildings getting kids in some areas interested in science, jobs. 

Taylor: We're only buying buildings we can replace with seismic safe housing. We don't believe in enclosed shopping malls. 

Alex Valente: Required yield for investors was 5.5-6% cap rate yield to make pencil. Under 5 cap rate. It's come down. 

END

PANELISTS & TOPICS

THE OFFICE CONUNDRUM

MODERATOR

Jodie Poirier
Executive Managing Director
Colliers

Joseph Faulkner
President Brokerage
NAI Capital Commercial

Laura Stumm
Senior Managing Director
Newmark

Grafton Tanquary
Executive Vice President
CBRE

DEVELOPMENT TRENDS

MODERATOR

Kofi Nartey
Chief Executive Officer
GLOBL RED

Ted Hyman FAIA, LEED AP® BD+C
Managing Partner
ZGF

Lawrence N. Taylor
Founder & CEO
Christina

Alex Valente
Senior Vice President
Trammell Crow Company

INDUSTRIAL TRENDS

MODERATOR

Asher Luzzatto
President
The Luzzatto Company

Phillip J. Bond
Executive Vice President,
Chief Credit Officer
Farmers & Merchants Bank

Mike Condon Jr.
Vice Chairman
Cushman & Wakefield

Lisa Reddy
Vice President, Leasing Officer
Prologis

Event Sponsors



































Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


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