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FeaturesMultifamilySeniors HousingTop Stories

Seniors Housing Executives Predict Increased M&A Activity, According to Capital One Survey

by Jeff Shaw

BETHESDA, MD. — Seniors housing executives have a generally optimistic view for mergers and acquisitions activity heading into the fourth quarter of 2017, according to a survey by Capital One. Approximately 89 percent of respondents believe M&A activity will maintain its current pace over the next year, with about half of those believing the pace will increase. Bethesda-based lender Capital One conducted the survey in early September 2017. It asked professionals to provide their 12-month outlook on a number of issues in the seniors housing and skilled nursing space. Respondents included 157 senior executives from healthcare companies, including pharmaceutical and medical technology companies, hospitals, healthcare service providers and health systems, as well as other industry participants. In another survey question, respondents were asked to name the greatest financial challenge facing the industry. Labor cost pressure was the top concern at 33 percent, with supply and demand imbalances following close behind at 32 percent. The regulatory and reimbursement environment was the next largest concern at 21 percent. Further fueling the sentiment that M&A activity will be a focal point for the industry, just four percent cited availability or cost of capital as their top financial challenge. “The uptick in acquisition interest …

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FeaturesMultifamilyTexasTexas & Oklahoma Feature ArchiveTop Stories

InterFace Panel: Property Taxes, Public Transit Among Chief Concerns for DFW Multifamily Market

by Taylor Williams

DALLAS — With roughly 10,000 new residents moving into the metro area every month and more than 100,000 jobs already created in 2017, the Dallas-Fort Worth (DFW) metroplex appears poised to handle any challenges thrown at its multifamily sector. These obstacles include absorbing the 35,000 or so multifamily units expected to come on line in 2018, maintaining positive rent growth of 3 to 4 percent and navigating a constricting labor market to ensure new projects stay on schedule. For the real estate professionals who spoke on these issues at the InterFace Multifamily Texas conference on Sept. 13 at the Westin Galleria hotel in Dallas, there wasn’t much dissension as to whether the market can handle these tasks. The bigger question among the panelists was what, if anything, could crash the party. Moderator Rob Key, senior vice president at HFF, invited the four panelists — all of whom work for DFW-based firms that offer investment platforms — to share their insights on what they believe is the single-biggest threat to the continued growth and prosperity of DFW’s multifamily market. Kim Radaker, managing principal of The Exponential Property Group of Cos., identified rising property taxes stemming from higher sales prices as her biggest …

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FeaturesTop Stories

Autonomous Vehicles Drive New Era of Transformation in Real Estate Development

by Camren Skelton

Although autonomous vehicles are not yet a common sight on today’s roadways, land-use planners, developers and other real estate professionals are already preparing for its potentially vast impact on the real estate environment, according to BBG, a Dallas-based commercial real estate valuation, advisory and assessment firm. Recent announcements have put autonomous vehicles on the radar. On Monday, Sept. 18, Intel announced it is working with Waymo, the Alphabet-owned self-driving car company, to help its vehicles reach levels four and five autonomy, or high automation and full automation, respectively. And the technology is progressing rapidly. “Given the pace at which autonomous driving is coming to life, I fully expect my children’s children will never have to drive a car,” wrote Intel Corp. CEO Brian Krzanich in a blog post announcing the news. “That’s an astounding thought. Something almost 90 percent of Americans do every day will end within a generation.” His insights come in the wake of other major events, including General Motors’ announcement that it can begin manufacturing autonomous vehicles for mass production pending regulatory approvals. Following the likes of companies like Tesla and Google, the company is working to turn self-driving vehicles from something out of a movie into …

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Conference CoverageFeaturesHealthcareTop Stories

Stability, Yield Drive Healthcare Real Estate Investment Activity, Say InterFace Panelists

by Camren Skelton

DALLAS — Investor demand for healthcare properties throughout the country is soaring, driven by the recession-resistant nature of the asset class and its ability to consistently generate strong returns. Confidence in the property type also stems from the prevailing realization that legislation opposing the Affordable Care Act (ACA) has thus far been unsuccessful. After multiple failed attempts to repeal and revise the law, the Republican Party introduced a bill today that aims to cut overall funding for healthcare and give states more control over their individual healthcare budgets. Other demand drivers for the healthcare sector include a growing number of aging Americans, the tendency of healthcare tenants to sign long-term leases and an expectation that government spending on healthcare, as a percentage of gross domestic product (GDP), is set to rise above its current level of 15 percent. It all adds up to a remarkably healthy flow of capital into the healthcare sector from institutional, private and foreign investors alike. Five healthcare real estate panelists at last week’s InterFace Healthcare Real Estate conference discussed a variety of topics within the healthcare investment market, including the profiles of the investors, the pressures they face to deploy their capital in a timely …

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Conference CoverageFeaturesMultifamilyTexasTexas & Oklahoma Feature ArchiveTop Stories

Combination of Multifamily, Office Space is Hot Concept in Texas, Say InterFace Panelists

by Taylor Williams

DALLAS — Say the words “mixed-use” in commercial real estate circles today and generally the first thought that comes to mind is a property featuring a combination of multifamily and retail space. But there’s no written rule that says what property classes can or can’t be included in mixed-use. As such, a number of multifamily developers in Texas are redefining the term’s scope and application by bringing together apartment living and an office component in newer projects. As part of the InterFace Multifamily Texas conference, a panel of real estate experts convened Sept. 13 at the Westin Galleria in Dallas to address this topic and other emerging trends in the apartment sector, most of which center on ways of improving amenity packages for tenants. Approximately 200 real estate professionals attended the event. The move toward developing apartment communities with office space — not business centers — stems from landlords’ need to differentiate their amenity packages from the competition. These new office elements within multifamily properties are taking a variety of forms in their infancy, ranging from large co-working spaces and conference rooms to individualized desks and cubicles. “Having amenities like a knockout pool and an awesome fitness center doesn’t really …

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FeaturesFloridaIndustrialSoutheastTop Stories

Lessons Learned: Hurricane Andrew Helped Prepare South Florida’s Industrial Market for Irma

by John Nelson

Hurricane Irma made landfall in Florida on Sunday afternoon, tearing through The Keys and heading up the western portion of the state through the Tampa area. For a time, it appeared the hurricane was heading straight for Miami before it ultimately changed course. “A few days ago when we are all staring down the barrel of a Category 4 storm that was heading straight for us, it was concerning,” says Ken Krasnow, executive managing director of Colliers International’s South Florida division. “We ended up having some Category 2 force winds, but we feel fortunate that the storm changed course.” Despite being out of Irma’s direct path, parts of Miami were flooded and most of the region experienced power outages, with many residences remaining without power as of this writing. Irma was the worst storm to hit South Florida since Hurricane Andrew in 1992, but the destruction caused by the storm 25 years ago was much worse, specifically for the industrial sector. “Hurricane Andrew was the worst this market experienced,” says Walter Byrd, senior managing director of Transwestern’s industrial team. “It blew through entire floors on projects in the southern part of Miami-Dade County.” Byrd says that the difference this go-around …

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FeaturesIndustrialMultifamilyOfficeRetailTexasTexas & Oklahoma Feature ArchiveTop Stories

CBRE Research: Houston’s Commercial Real Estate Shows Resilience in Wake of Hurricane Harvey

by John Nelson

HOUSTON — It’s much too soon to know the extent of the damage Hurricane Irma has inflicted on Florida and the Southeast, but a clearer view is starting to emerge with regard to the total impact that Hurricane Harvey has had on the Houston commercial real estate market. Hurricane Harvey, a Category 4 storm that made landfall on Aug. 25 near Rockport, Texas, was the strongest storm to hit the Texas Gulf region since 1961, according to CBRE Research. The hurricane dumped more than 50 inches of rain across the region in a matter of days and caused extensive property damage due to flooding. Moody’s Analytics estimates that the hurricane caused anywhere from $81 billion to $108 billion in property damage and economic loss, including the closing of Port Houston and many oil and gas refineries. If these estimates are correct, this would make it the second costliest natural disaster in the history of the United States, only trailing Hurricane Katrina in 2005. Just a few weeks later, Hurricane Irma became the first Category 4 storm to make landfall in Florida since 2004. In its wake, the hurricane has caused severe damage in Miami, the Florida Keys and Naples, as …

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FeaturesIndustrialOfficeTexasTexas & Oklahoma Feature ArchiveTop Stories

Fortunes of Houston’s Industrial, Office Sectors Diverge in Wake of Hurricane Harvey

by Taylor Williams

As the flooding in Houston from Hurricane Harvey begins to recede and more properties become accessible, commercial real estate firms are beginning the long, tedious process of figuring out the full magnitude of the destruction. It will likely be months before the full extent of the property damage throughout Houston is known. But the fortunes of certain classes of commercial real estate are already coming into focus. Metro Houston’s industrial market, which according to CoStar Group has experienced positive net absorption for 10 consecutive quarters, appears to be an immediate beneficiary of the storm. With recovery and restoration projects now fully underway across the metro area, demand for construction materials — wood, sheet rock, concrete — is set to rise. These products will need to be stored in warehouses and distributed throughout the metro area. This influx will likely put a dent in industrial vacancy, which rose from 5.3 percent to 5.6 percent between the first and second quarters. Rents for warehouse assets, which declined by 1 percent during the second quarter, should also rebound from the recovery effort. “On the industrial side, our people have seen a spiked level of demand that will result in more absorption,” says Tim …

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature ArchiveTop Stories

Attracting Workers to ‘Non-Sexy’ Industry Is Challenge Seniors Housing Leaders Face

by Kristin Harlow

ATLANTA — By offering paid internships, educational programs, community events and flexible hours, seniors housing leaders hope to combat the well-documented labor shortage and entice younger workers. There simply aren’t enough employees to keep up with the pace of development, and the industry is plagued by high turnover rates as well. That’s according to speakers during an operations update at InterFace Seniors Housing Southeast on Aug. 23 in Atlanta. The conference, held at the Westin Buckhead in Atlanta, attracted over 400 industry professionals. Lisa Welshhons, senior vice president of human resources company Aureon, noted the distinct gap between the number of workers needed and actual employees working. As moderator, she asked the panel of operators how the labor shortage is changing the way they are staffing their communities, as well as recruiting and retention strategies. “We’re often asked by our peers and partners what number of communities is our goal, but it’s not about a number of communities. It’s really about continuing to develop as long as we’re able to attract the best-in-class employees,” said Sarabeth Hanson, COO at Harbor Retirement Associates, a regional senior living development and management company in Vero Beach, Fla. Already a concern, the demand for new …

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FeaturesTop Stories

Real Estate Economists Answer Seven Key Questions in Wake of Lukewarm August Jobs Report

by Camren Skelton

The U.S. economy added 156,000 jobs in August, falling short of expectations but not enough to sound alarm bells. In advance of the report released Sept. 1 by the Bureau of Labor Statistics (BLS), the forecast from economists surveyed by The Wall Street Journal called for an increase of 179,000 jobs. A closer look at the data shows total nonfarm payroll employment in the private sector grew by 165,000 in August, while the government sector overall contracted by 9,000, mostly at the state and local levels. It’s noteworthy that the BLS also made downward revisions to the June and July employment figures, resulting in 41,000 fewer jobs than previously reported for those two months. Meanwhile, the national unemployment rate increased 10 basis points in August to reach 4.4 percent, still quite low by historical standards. On the heels of the latest jobs report, REBusinessOnline posed seven key questions to three real estate economists: Steve Hovland, director of research at Irvine, California-based HomeUnion Inc.; Ken McCarthy, principal economist and applied research lead for the U.S. based in Cushman & Wakefield’s New York City office; and Ryan Severino, chief economist at JLL who works out of the firm’s New York City office. What follows …

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