Chicago Members Attend Development ’14
NAIOP’s Development ’14 that took place October 27-29, 2014 in Denver set record attendance with 1,200 total participants. Over 60 NAIOP Chicago members attended including board members and developing leaders from a cross-section of industry sectors. Sessions ranged from capital sources and succession planning, to changing office design/layout and the upcoming presidential election.
Chicago member, Hugh Williams, Avison Young, attended the 3-day conference and shared his highlight. “The CEO panel was enlightening in that all of the CEO’s mentioned focusing on smaller, as opposed to big box, facilities ranging from 100K – 250K sf. In addition, the proliferation of eCommerce indicates the dynamics of our industry are changing. The CEO panel mentioned 50% of their leasing activity was ecommerce-related. Also evident is that the US will continue to lead the league as a safe haven for foreign investment.”
Michael Powers, Molto Properties, attended his first National Forum during the conference. “My personal highlight was my first Forum meeting, where I was able to spend an extended time comparing notes on where we are in the development cycle with my peers. Overall, the feedback on the industrial market was as you would expect, very positive. Vacancy rates have come down dramatically, absorption levels are way up and development is back, but at an appropriate level in most markets. On the capital side, there is an abundance of investors looking to increase their exposure in industrial real estate on both the debt and equity side. My sense is that most feel we are a little more than 1/3 rd of the way through this cycle.”
In addition, the NAIOP Research Foundation released a new video highlighting the impact of commercial real estate on the Nation’s GDP. Watch Economic Impacts of Commercial Real Estate
Next year’s conference will be re-branded CRE-Con, “Commercial Real Estate Conference”, to better include all industry sectors.
Save the Date
Commercial Real Estate Conference 2015
October 13-15, 2015
Fairmont Royal York Hotel
Toronto, ON Canada