ULI Michigan Here to Help Town Hall Recap
FIVE TAKEAWAYS FROM ULI MICHIGAN’S TOWN HALL
In case you missed the first Town Hall last week, check out these fast bits and the link for the panel recording.
1.Trends We Were Watching May Accelerate.
According to Anita Kramer, Senior Director of the Urban Land Institute’s Center for Capital Markets & Real Estate, every demographic may crave open spaces and larger living places. The trend toward suburbs being hip again will accelerate with the desire for single family homes and rentals. There may be more movement between suburbs rather than from city to suburb. Walkable, community-centric suburbs will thrive.
2.States and Cities Will Pick Up the Ball.
Sound familiar? States and cities will feel empowered to lead and manage their economic development. The cities that come out ahead will be the ones that develop interesting collaborations between universities, local businesses and large industries to flex their community assets, jump start projects and invest in their communities. Kramer cited Spokane, Washington as a city to watch.
3.The Office of the Future is in Play.
“The ying and yang of office space has lenders worried,” said Dennis Bernard, Founder and President of Bernard Financial Group. The densely-packed, open office will be questioned through the lens of health concerns. New trends may require employees to spread out. Work from home may become a norm for some companies. Suburban office space may become attractive again. Private offices may re-emerge. It’s a tug of war with no best practices being released yet.
4.Deals are Being Done.
Lenders are busy triaging requests but, according to Bernard’s “Current Lender Market Survey” presentation, 1-2 loans close each week. Only a quarter of the lenders are in the market now, and they are being selective. Banks, life insurance companies, FHA, and Fannie & Freddie are still quoting. CMBS and investor-driven lenders (REITS, debit funds) are largely inactive.
5.ULI Michigan Pivots to Respond to Member Needs.
Co-Chairs Jill Ferrari and Dan Cassidy announced that the ULI Michigan Spring Summit will be cancelled and replaced with a series of panels on topics most relevant to members. They are tracking Emergency Stimulus packages and activity, surveying national for best practices and working with committees to develop new programs for members. Stay tuned for more information.
“Fantastic Town Hall and thank you!” – Eric Larson