The U.S. media continues putting rising interest rates and ongoing inflationary concerns in its headlines. Yet despite all of this, international institutional investors continue to view U.S. commercial real estate as “a preferred destination, relative to Europe, for real estate investment across property types,” according to a recent survey released by the Association of Foreign Investors in Real Estate (AFIRE).
More than 20 properties in the Dallas-Fort Worth area tied to commercial mortgage-backed securities are considered to be financially stressed as property values decline or vacancy rises, reflecting the nationwide fallout from reduced demand.
AFIRE, the association for international real estate investors focused on commercial property in the United States, has released its AFIRE International Investor Survey: Q1 2023 Pulse Report, underwritten by Holland Partner Group.
Allocations among top investors for commercial real estate in the US were up 6% over a year ago, while European investments declined by 5%, according to a survey by AFIRE.
The U.S. remains a preferred global destination for commercial real estate investment with allocations up 6% from 2022, compared to a 5% decline in European investment, according to AFIRE’s International Investor Survey: Q1 2023 Pulse Report.
AFIRE, the association for international real estate investors focused on commercial property in the United States, has released its AFIRE International Investor Survey: Q1 2023 Pulse Report, underwritten by Holland Partner Group.
The Q1 2023 pulse survey, conducted in early 2023 and underwritten by Holland Partner Group, reveals institutional insight and intent towards future real estate investment.
Ethan Penner, CEO of Mosaic Real Estate Investors, reflects on the current landscape of real estate dislocation and how investors need to change their understanding of risks and opportunities.
The US trails the EU on adoption of ESG investment principles, with a consensus that more incentives are needed for momentum.
Michael Mandel, Co-Founder and CEO of CompStak, a marketplace for CRE data, discusses how the use of data is (and is not) changing the practice of global investing.
In the wake of the Great Financial Crisis, certain metros in the Sand States suffered disproportionally. It may not be as bad this time.
For e-commerce property investors, the past decade was outstanding, but even as market dynamics are slowing industrial’s momentum, market fundamentals remain sound.
Jim Costello, Chief Economist for MSCI Real Estate, discusses the state of real estate investing in 2023 and the challenges of a very different economic climate.
Workers spending less time in the office may seem negative for the sector, but a four-day workweek can be a boon for some property owners.
The sooner we can recognize that values have come down collectively—even beyond the office sector—the sooner we can move forward to capitalizing on new opportunities.
Not all storms are the same, and some are so tragic that they force a moment of universal recalibration. Hurricane Ian was one of those storms—but what does that mean for real estate?
AFIRE’s Summit Journal is currently seeking abstracts, proposals, and submissions for Issue 12, which will be published in late spring 2023.
APAC is home to some of the world’s largest economies and set to lead global economic growth. What’s moving the needle now for the region?
Even as the US office sector has lagged other property types, there could be an important (and valuable) difference of office performance based on property age and market.
What is the future path of long-term interest rates in the US and why does it matter for commercial real estate?
Karen is the head of acquisitions for Allianz Real Estate, and has worked to invest in more than $25 billion of unlisted institutional real estate over the past 20 years. The first half of her career was oriented toward closed-end value-add and opportunistic fund investments in office, retail and multi-family assets across continental Europe. Since 2011, Karen has primarily focused on core and core-plus commercial investments in US gateway markets.
Will McIntosh serves as Global Head of Research for USAA Real Estate. He is a member of the firm’s Investment and Executive Committees. Prior to joining USAA Real Estate, McIntosh was Head of Global Research for the Abu Dhabi Investment Authority’s (ADIA) real estate department, where he was responsible for developing ADIA’s global real estate investment strategy. Prior work also included serving as Chief Investment Officer for Fund Evaluation Group (FEG) and Professor of Finance and Dean of the College of Business at the University of Cincinnati.
McIntosh received a doctorate in Finance and Real Estate from the University of North Texas, as well as a Master of Business Arts in Real Estate and a Bachelor of Science in Business Education, both from Eastern Kentucky University. He is a graduate of the School of Mortgage Banking of the Mortgage Bankers Association of America and served as a Faculty Fellow. He also completed the Management and Leadership in Education Program and the Harvard Institute for Higher Education at the Harvard Graduate School of Education. McIntosh has served as President of the Real Estate Research Institute (RERI) and on the Board of Directors of the National Council of Real Estate Investment Fiduciaries (NCREIF), the American Real Estate Society (ARES), and the International Real Estate Society (IRES), the Investor Council of the National Association of Real Estate Investment Trusts (NAREIT), and on the Advisory Boards of several university real estate centers. McIntosh is a Fellow of the Homer Hoyt Institute. He has published numerous articles in leading real estate professional and academic journals.
Recognized by the industry for excellence in urban planning and design, Clyde Holland’s work has received numerous awards from the Urban Land Institute, the National Multi-Family Housing Council, and Multi-Family Executive. Holland is responsible for the Holland Partner Group’s (HPG) strategic direction. HPG develops, redevelops, constructs, acquires and manages multi-family communities with institutional partners in the Western United States’ most sought after investment markets. Prior to establishing HPG, Holland served as the West Coast Group Managing Partner of Trammell Crow Residential (TCR).
Within the multifamily industry, Holland has taken a significant lead in policy research and the development of new multi-family product concepts focused on high-density, urban infill and mixed-use opportunities. He has been recognized by the industry for excellence in urban planning and design, and his work has received numerous awards from the Urban Land Institute, the National Multifamily Housing Council, and Multi-Family Executive.
Byron Carlock leads PwC’s US Real Estate Practice. With 28 years of experience serving the industry, Carlock brings extensive knowledge of the full real estate life cycle ranging from property transaction advisory to business plan execution. Carlock has experience advising major clients including corporate owners and users, developers, hospitality organizations, investors and REITs. Prior to assuming his current role, Carlock served as the CEO and President of CNL Lifestyle Properties, Inc and President of two other REITs over his 11-year tenure there. His resume also includes three years as Executive Vice President and Chief Investment Officer of Post Properties and nine years as Managing Director for Crow Holdings International.
Carlock is a CPA, a governor of the Urban Land Institute (ULI), and a member of Real Estate Roundtable, NAREIT and AFIRE. He is also a board member of the Harvard Club of Dallas and a board member emeritus of the Harvard Business School. Carlock earned his Bachelor of Business Arts at Harding University and participated in the International Asian Studies Program at The Chinese University of Hong Kong as a Rotary Scholar. Byron also earned his Master of Business Arts at Harvard Business School. He has been extensively featured in media such as Fox Business News, and The New York Times, and writes a regular monthly column for National Real Estate Investor.
Revathi Greenwood is the Global Head of Data and Insights for Cushman and Wakefield with overall responsibility for the data strategy for the company. She leads an agile team of data analysts and scientists who are responsible for creating strategies, roadmaps, policies, and procedures that guide all decisions related to data. A well-established multidisciplinary leader, Greenwood has 22 years of experience in the CRE industry, advising on properties valued at more than $15 billion for various clients. She brings significant consulting and corporate finance experience as well as strong global exposure across Europe and Asia.
Greenwood started her career in India in consulting with a local firm and later moved to London where she worked at Citigroup’s European Investment Banking Division. After working as the Director of Corporate Finance for KPMG in London from 2003 to 2012, she moved to the U.S., where she most recently held the position of Americas Head of Research at Cushman & Wakefield. Greenwood holds a Master of Business Arts from the Indian Institute of Management Ahmedabad, and a Master of Philosophy from the University of Cambridge.
Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Zandi is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and is the lead director of Reinvestment Fund, one of the nation’s largest community development financial institutions, which makes investments in underserved communities. Zandi is a cofounder of Economy.com, which Moody’s purchased in 2005. He is a trusted adviser to policymakers and an influential source of economic analysis. Zandi frequently testifies before Congress and conducts regular briefings on the economy for corporate boards, trade associations, and policymakers at all levels. He is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other news programs.
Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the “clearest guide” to the financial crisis. Zandi earned his Bachelor of Science from the Wharton School at the University of Pennsylvania and his doctorate at the University of Pennsylvania.
Michael Hackman is the Chief Executive Officer of Hackman Capital Partners, which he founded in 1986. Hackman has 40 years of experience in the acquisition, development, management and disposition of real estate assets. He has successfully completed hundreds of real estate transactions and capital asset liquidations on four different continents, representing in excess of $6 billion in capitalization. Prior to forming Hackman Capital, Hackman began his real estate career in 1978 at Majestic Realty, where he worked in land acquisition, development and leasing of industrial buildings in Southern California. Between 1983 and 1986, Hackman worked at CBRE where he focused on industrial real estate brokerage in Southern California.
Hackman grew up in Columbus, Ohio and graduated from The Ohio State University with a degree in Real Estate Finance in 1978. He formed HCP on his core Midwestern beliefs in Value, Ethics, Hard Work and Results. He is a past Trustee for The Willows School in Culver City and Windward School in Los Angeles. He also serves as a Trustee and Executive Member of the Jewish Federation of Los Angeles. Hackman and his wife Caroline commit both time and resources to many local and national philanthropic organizations.
Justin Travlos is currently Global Head of Responsible Investment at AXA IM –Real Assets. He also Chairs the board of Retirement Villages Group. In his current role, Justin is responsible for the development and deployment of AXA IM Real Assets’ responsible investment strategy across AXA IM RA’s real estate and infrastructure businesses. Travlos joined AXA IM –Real Assets in June 2018 as UK Head of Asset Management from Stockland, one of Australia’s largest diversified listed property companies, where he was Regional Development Manager. In his role at Stockland, Justin led a team of development managers and property professionals with responsibility for underwriting, acquisition, design, planning, construction and leasing.
Between 2007 and 2009, in addition to his roles in development, Travlos was appointed National Sustainability Manager (Commercial). During this time Justin contributed to the development of Stockland’s sustainability strategy, leading to a sector leader status on the Dow Jones Sustainability Index and inclusion of Stockland on the “Davos 100” most sustainable organizations between 2009 and 2016. Travlos’ professional background is in valuation, project management and architecture.
Becca Rushin the Director of ESG at Jamestown. She leads environmental, social and governance (ESG) initiatives through the Jamestown Green program and the Jamestown Charitable Foundation. Prior to joining Jamestown in 2012, Rushin worked as a local government consultant for Clark Patterson Lee, where she served as Community Development Coordinator and Sustainability Commission Staff Liaison for the City of Dunwoody.
She is a Certified Energy Manager (CEM) and holds a LEED AP O+M credential. Rushin is an active volunteer with the Urban Land Institute, the US Green Building Council, and Community Farmers Markets. She holds a Bachelor of Arts in Spanish and Environmental Policy from Sewanee: the University of the South and a Master of Science in Sustainable Development: Environmental Policy and Management from Utrecht University.
Christiane Conrads is Co-Leader of the German Real Estate practice at PwC Legal. In addition, she leads the EMEA Real Estate ESG Team and is co-leader of the Global Legal ESG Practice. Prior to joining PwC in 2018, Christine worked for more than 10 years in real estate teams of leading international and national law firms.
Conrads advises on national and cross-border real estate transactions, project developments and asset and facility management issues. Another main focus of her advice is in the area of ESG. Conrads has more than 10 years of experience in this dynamic field and has led interdisciplinary teams on ESG strategy projects and ESG due diligences, among others.
Amy Erixon founded Avison Young’s Global Investment Management practice, which is active across all major and select specialty property types in Canada, the US, Mexico, Germany and UK on behalf of major institutional investors. Prior to joining Avison, she was CEO of IGRI, a full service development and investment firm that built the first LEED certified projects across Canada. With more than 30 years of industry experience she has acquired, developed, and repositioned portfolios valued in excess of $9 billion, and completed large scale rezoning and development projects in numerous North American cities.
Erixon is a member of Avison’s Executive Committee and leads its Investment Committee. She is a founding member of both the Sustainability and Fund Governance committees of REALpac and participates in its CEO council. She serves on the Ontario Board of the Nature Conservancy of Canada, the ULI Responsible Property Investing Council, the Carbon Impact Initiative, and MIT’s Educational Council. As a recognized industry leader in real estate technology, greening strategies and smart cities, she has advised public agencies, pensions and governments on issues ranging from affordable housing to ecological urbanism. With a Bachelor of Science and Master of City Planning in City Planning and Real Estate Development from the Massachusetts Institute of Technology, she is an active speaker, blogger and publisher of topical reports.
Caren Street is a seasoned Capitol Hill counsel with 14 years of bipartisan, bicameral and leadership experience. She joined the firm after serving as Chief of Staff to Rep. Karen Bass (D-CA) where she was chief strategist for the member’s legislative priorities, including bills related to policing reform, re-entry services, local hiring initiatives and State Department diversification.
Street also served as Executive Director for the Congressional Black Caucus where she organized a National Black Leadership Summit, advised the caucus through the onset of a global pandemic and uplifted a historic international civil rights movement where she played a key role in the passage of the George Floyd Justice in Policing Act. Street also served as Policy Director for CBC Chair Cedric Richmond, current senior advisor to President Biden. She shaped the legislative agenda with a focus on economic issues, such as infrastructure development, Opportunity Zones and federal budget priorities.
Congressman Bill Shuster provides strategic advice and consulting to clients on a wide range of public policy matters, including transportation, infrastructure and local governments. During his tenure, Congressman Shuster was one of the most respected Members of Congress while serving in the US House of Representatives. His public service career was devoted to fostering, promoting and expanding economic opportunities across the country.
A former Chairman of the House Transportation and Infrastructure Committee, Congressman Shuster earned a reputation for effectively working across the aisle to improve America’s infrastructure. As Chairman of the House Transportation and Infrastructure Committee, Congressman Shuster spearheaded legislation aimed at strengthening US infrastructure, including the Fixing America’s Surface Transportation Act, the Passenger Rail Reform and Investment Act, the Protecting our Infrastructure of Pipelines and Enhancing Safety Act, the Federal Aviation Administration Reauthorization Act of 2018 and multiple Water Resources Developments Act and authorizations of the US Coast Guard.
Rodney Slater, former US Secretary of Transportation and current partner at Squire Patton Boggs, helps clients integrate their interests in the overall vision for the transportation system of the twenty-first century – a vision to promote a safer, more efficient, environmentally sound and sustainable worldwide transportation infrastructure. As US Secretary of Transportation under President Clinton, Slater passed several historic legislative initiatives over his career. Prior to his tenure as Transportation Secretary, Slater served as Administrator of the Federal Highway Administration, where – as the agency’s first African-American Administrator in its century-long history – he oversaw the development of an innovative financing program that resulted in hundreds of transportation projects being completed.
Slater is one of the leaders of the firm’s best-in-class practice in Corporate Compliance Advice, ensuring best-business practices for various companies. He led Toyota’s Safety Advisory Panel, currently serves an Independent Monitor for Fiat Chrysler Automobiles, and was recently selected by NHTSA to serve as the Independent Monitor of FCA. He is chairman of the Board of Directors of the Squire Patton Boggs Foundation, which promotes the role of public service and pro bono work in the practice of law and the development of public policy. Additionally, Slater is a founding partner of the Washington DC Nationals Baseball team and Chair Emeritus of the Washington DC Nationals Youth Baseball Academy.
David A. Thomas, Ph.D., president of Morehouse College, is internationally recognized for his expertise in organizational management and higher education leadership. Thomas has served as dean of Georgetown University’s McDonough School of Business and on the faculty of Harvard Business School and the Wharton School of Business at the University of Pennsylvania. Under his strategic direction, Morehouse has launched its first online degree programs and amplified its position as a center of intellectual discourse and social engagement. He has written or co-written three books and more than 100 scholarly articles, book chapters, cases, and teaching notes.
Thomas is the recipient of Washington Business Journal’s “Minority Business Leader of the Year” award and the National Executive Forum’s Beacon Award and was named one of “Atlanta’s 500 Most Powerful Leaders” by Atlanta Magazine. Getting Serious About Diversity: Enough Already with the Business Case, co-written by Thomas, won the 2020 HBR McKinsey Award as the best Harvard Business Review article of the year. He serves on the boards of DTE Energy, Commonfund, Vanguard, and Yale Corporation. He is also a senior advisor for Grain Management. He has a doctorate and a Master of Philosophy, both in organizational behavior studies from Yale University, along with a Master of Organizational Psychology from Columbia University and a Bachelor of Administrative Sciences from Yale College.
Spencer Levy is the Global Chief Client Officer and Senior Economic Advisor for CBRE, the largest commercial real estate firm in the world. Spencer leads a team of Global Client Care professionals around the world who are responsible for account management and client experience programs globally.
In addition to his client-facing role, Levy serves as a primary company spokesperson and is considered one of the most insightful commentators on issues of importance to commercial real estate. He is frequently quoted in major business publications and is the host of CBRE’s podcast “The Weekly Take,” the most heavily downloaded podcast in commercial real estate.
As CEO of Capital Markets, Americas, for JLL, Mark Gibson leads nearly 2,000 capital markets professionals across the United States, Canada, and Latin America. He also shares responsibility for the strategic direction, growth, and client activities of JLL’s global capital markets business as a member of the firm’s global capital markets board.
His 35-year career in Real Estate began in 1981, when he earned a degree in business administration at the University of Texas at Austin. Before becoming the CEO of JLL Capital Markets, Americas, Gibson was a founding partner of HFF LP, having joined HFF’s predecessor firm, Holliday Fenoglio & Company, in 1984. He’s an Executive Committee Member at the UT Real Estate Finance and Investment Center and an Advisory Council Member at the McCombs School of Business. He’s also an Executive Committee Member and former Board Member of AFIRE, former Executive Committee and a current Trustee and Council member for Urban Land Institute and a Trustee for ICSC. He currently sits on the Advisory Board for UT Southwestern University Hospital and previously sat on the Board of Advisors of Baylor Health Care System Foundation. Gibson also serves on the Board of Directors for Camden Property Trust.
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