Thoughts from ULI Fall Meeting Recap – Charlotte, NC
There were a lot of great points made about the changing real estate environment – below are a few which stuck out to me.
- Traditional practices and conventions are being challenged more than ever;
- The idea of Collaborative Consumption and its impact on real estate – Collaborative Consumption describes the rapid explosion in traditional sharing, bartering, lending, trading, renting, gifting, and swapping reinvented through network technologies on a scale and in ways never possible before. “What’s Mine is Yours” http://www.collaborativeconsumption.com
- Test of good and safe place – places where children and elderly can be observed alone in public typically qualify as safe places;
- Gen Y – 4.5 million new Gen Y’s coming of renting age each year for next decade;
- Gen Y preferences – location and lifestyle trump dream job, more interested in location;
- 75,000,000 new housing units needed by 2050 = 2,000,000 new units per year staring now (current average approximately 900,000);
- Retail – bricks and mortar decline to continue – current 1% increase in online sales per year;
- Europe back in recession…;
- EB5 funding up to 1,500 deals/year. Program where wealthy foreign nationals buy their way into the US. Must create jobs. China driving this market (50%), Latin America (20%);
• Dionne Nelson, Principal & CEO, Laurel Street Residential
• Robert Maddox, VP, Wells Fargo Real Estate Merchant Banking
• Frank Warren, Senior Economist, Kimley-Horn and Associates, Inc.
• Mike Burnett, Burnett Real Estate Advisory Services, LLC – Moderator