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FeaturesHeartland Feature ArchiveMultifamilyNortheast Feature ArchiveSoutheast Feature ArchiveStudent HousingTexas & Oklahoma Feature ArchiveWestern Feature Archive

Generation Z Renters Reshaping Student Housing Market

by Katie Sloan

With some of the oldest members of Generation Z coming onto the rental scene seeking out their first college and post-college apartments, developers and property owners must start paying closer attention to this new audience. While Gen Z and millennials have quite a bit in common, they also differ in some fundamental aspects and demand different standards of living in residential spaces. Just when owners and property managers are finding their footing with millennials, Gen Z will reshape the rules. Who is Gen Z? Gen Z is the population born in and after 1995. With the oldest members having just graduated college in the last few years, this is the beginning of their descent on the rental market. Since they came of age during the Great Recession and watched their parents struggle to make ends meet, Gen Z has a more conservative approach to spending compared to millennials. They are also less likely to uproot and relocate for a new job, as telecommuting and the freelance career path allows them to create their dream job right where they are. Gen Z is a generation that has grown up with standard two-day delivery, on-demand TV shows, movies downloaded within a minute …

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FeaturesHeartland Feature ArchiveMultifamilyNortheast Feature ArchiveSoutheast Feature ArchiveStudent HousingTexas & Oklahoma Feature ArchiveWestern Feature Archive

Priced Out: Adding Affordable Units to Student Housing

by Katie Sloan

Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education.  With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …

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The Pier at CCU is located near Coastal Carolina University.
FeaturesMultifamilyStudent Housing

Is Pedestrian-to-Campus Still the Future of Student Housing Development?

by Jeff Shaw

One of the most crucial questions in today’s student housing development market is the question of location. A number of prominent companies have made the ability to be walkable to campus a big issue when it comes to a property’s resale value. Other developers, meanwhile, eschew walkable locations in favor of value for tenants.  For a time, a big industry trend was amenity-laced properties located a few miles from campus, selling a lifestyle, and typically an oversized pool, in exchange for a slightly longer campus commute. More recently, a countertrend has emerged, with builders catering to students looking to walk across the street to class. “Beachfront property” is often the preferred term for developers of this mindset.  Is close proximity still the dominant trend? A group of student housing developers and architects debated the topic during a panel discussion at the 11th annual InterFace Student Housing conference, held in April in Austin, Texas. David Senden, principal of KTGY Group Architecture + Planning, served as moderator and opened with a simple question: What exactly is urban infill, and what is cottage product?  Todd Gaines, vice president of development at Austin-based Aspen Heights Partners, answered that his definition of urban infill is …

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FeaturesMultifamilySeniors Housing

Despite Headwinds, Demand Remains High for Seniors Housing, Says CBRE Survey

by Jeff Shaw

LOS ANGELES — Appetite for seniors housing remains strong despite higher operating costs, with nearly two-thirds of investors planning to increase their buying over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. CBRE is a global real estate services firm based in Los Angeles. The survey polled more than 100 seniors housing investors, developers, lenders and brokers throughout the United States. The results reflect pricing and sentiment at the end of 2018. The majority of investors (62 percent) aim to expand the size of their portfolios over the next year. More than one third (34 percent) are expecting no change to their level of acquisitions. The percentage of investors who plan to increase (or maintain) their level of investment in seniors housing is essentially unchanged from last year’s survey. “Senior housing demand should remain at relatively healthy levels through 2019, given expected steady economic growth and lower mortgage rates,” says Jeanette Rice, Americas head of multifamily research at CBRE. “Demographic trends are positive for the asset class, with the baby boomers nearing the traditional age for seniors housing and nearly 9,000 turning 70 every day this year.” Investors remain focused on “lifestyle” seniors housing, …

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FeaturesLeasing ActivityOffice

Coworking Poised to Overtake Tech as Top Office Leasing Sector in 2019, Says JLL

by John Nelson

CHICAGO — The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. This continues the established absorption trend of 30 to 35 million square feet per quarter. Among office-using sectors, tech and coworking remain dominant, having both exceeded the 10 million-square-foot mark halfway through the year and representing 31.1 percent of all activity year-to-date. The year-to-date gap between tech and coworking narrowed even further in the second quarter as WeWork, Spaces and other coworking operators continued to rapidly expand. At the current rate of growth, coworking is likely to be 2019’s largest driver of office leasing. Consolidation and mergers-and-acquisitions, combined with a severe lack of skilled employees, have tempered expansion potential for tech companies, according to JLL. About 58 percent of transaction volumes in the tech sector represented growth or expansion. In comparison, expansion as a share of tech leasing activity routinely reached 75 to 80 percent in 2016, 2017 and early 2018. Densification and office space efficiency are still weighing on legal, consulting and other professional services firms, although active preleasing and relocation is boosting total activity from these users. JLL’s …

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FeaturesNorth CarolinaOfficeSoutheastSoutheast Feature ArchiveUncategorized

LED Lighting: An Amenity With Immediate Payback for Office Owners

by John Nelson

DURHAM, N.C — The term “environment” is typically thought of as being strictly outdoors, but for office owners, investors and tenants, the interior of office buildings is an environment unto itself. And like planet Earth, an office environment needs investment in order to protect its inhabitants. “We believe the workplace, where employees spend eight hours a day or longer, must provide a healthy and stimulating interior environment,” says Dan Goldstein, managing partner with Accesso Partners LLC of Hallandale Beach, Florida. Goldstein, whose 15-year-old company owns Class A office towers spanning 15 million square feet in major U.S. cities, contends “it makes good business sense to invest capital in an interior environment where employees are productive, efficient and above all, healthy, which cuts down on illnesses and absenteeism and contributes to job satisfaction.” Accesso Partners is doing more than just preaching. In Durham, the institutional commercial real estate fund recently installed a new lighting solution at its 10-building, 690,520-square-foot space within the Meridian Corporate Center, which is adjacent to the famed Research Triangle Park. The result has been brighter offices that are easier on the eyes and more conductive for close-up, meticulously detailed work. There is also a flipside to that …

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FeaturesFloridaNet LeaseRetailSoutheastSoutheast Feature Archive

Collaboration is Key for 1031 Buyers to Avoid Missteps, Tax Obligations for Single-Tenant Net-Leased Retail Assets

by John Nelson

Single-tenant, net-leased properties (STNL) are among the most sought-after investments in the market, and over 40 percent of all STNL properties acquired are purchased by investors in a 1031 exchange. Finding the right properties can be challenging and competitive, and factoring in the time restrictions of a 1031 exchange further complicates the issue, particularly when deals can be derailed for a myriad of reasons. Many of these pitfalls can be avoided or limited by leveraging a team of well-versed experts, from property brokers to tax professionals, reducing the odds of an investor getting shouldered with a hefty tax obligation. An infrequent but potentially catastrophic event that can derail a 1031 exchange is a tenant exercising a right of first refusal (ROFR). Approximately one-in-five leases include such a provision, and most tenants infrequently take advantage of the opportunity. Experienced real estate professionals often know which occupants tend to favor acquiring their buildings when given the opportunity. Corporate-owned McDonald’s restaurants are among the most frequent tenants exercising a ROFR when presented with the chance. Although targeting these deals does not automatically derail a 1031 exchange, having a viable backup property is important in these situations. Other hurdles can derail a flawlessly executed …

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Features

Research Study Finds Flood of Middle-Income Seniors Provide Major Housing Challenge, Opportunity

by Alex Tostado

ANNAPOLIS, MD. — Middle-income seniors — those with too much money for government assistance, but not enough to afford luxury rents — may be the single biggest growth opportunity for the seniors housing industry over the coming years, according to research by the National Investment Center for Seniors Housing & Care (NIC). The Annapolis-based nonprofit organization is a data and analytics firm serving the seniors housing industry. The research project was conducted in partnership with NORC at the University of Chicago, a non-partisan research institution that seeks to guide programmatic, business and policy decisions with data. The findings were presented on a webinar hosted by Seniors Housing Business on Tuesday, July 16. Approximately 1,200 industry professionals attended the webinar. “Part of our purpose for doing this study was to shine a light, to call attention to this huge societal need and challenge that also provides a tremendous market opportunity,” said Bob Kramer, NIC’s founder and now a strategic advisor to the organization. “Middle-income seniors are the forgotten group because they don’t have advocacy behind them, but are not wealthy enough to attract the interest of developers and investors.” These types of seniors include retired teachers, firefighters, government workers and nurses, noted Beth Mace, …

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FeaturesLoans

Discipline Tempers Debt Market Flush With Capital

by Taylor Williams

When the current economic expansion passed the 10-year mark on July 1, it became the longest growth cycle in U.S. history. Still, mixed messages continue to plague the economic outlook. Arguments for optimism include the rising trajectory of GDP growth, which hit a three-year high of 2.9 percent for all of 2018 and was followed by a 3.1 percent reading in the first quarter of 2019. Unemployment is at a 50-year low, and interest rates remain near historical lows. On June 19, the 10-year Treasury yield briefly fell below 2 percent for the first time since 2016 before closing that same day at 2.03 percent. That figure was down about 85 basis points on a year-over-year basis. Such inexpensive capital tends to fuel investment in residential and commercial real estate, driving up property values. Meanwhile, the Federal Reserve has indicated that it wants to maintain low rates due to mixed signals in the global economy. Bearish signals include the possibility of an extended tariff war with China that could lead to a hike in consumer prices, disappointing job growth of 75,000 in May, stock market volatility and a flat yield curve creeping toward inversion. The two-year Treasury yield stood at …

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FeaturesOffice

Coworking is Snatching Up Office Space, But Is More Disruption on the Horizon?

by Kristin Harlow

CARLSBAD, CALIF. — The office investment market is back on track and buoyed by significant sources of capital for deal making, following some political and economic uncertainty over the past year, according to the June 2019 Office Investor Sentiment Report by Real Capital Markets (RCM). Among the key takeaways is that a majority of investors (87 percent) who participated in the survey view coworking as a moderate to high risk to investment values, with 37 percent of that group noting that the market could already be saturated. Overall, investors are looking more closely at the investment value of coworking space, given its rapid expansion and potential exposure to any market downturn. The report also notes that investors remain confident in the office market in general, especially given economic conditions and population growth. “Conventional wisdom and years of experience tell us that we may be long in the [economic] cycle,” says Tina Lichens, COO of Carlsbad, Calif.-based RCM. “At the same time, there is a broad sense of optimism, albeit somewhat cautious, that with the level of capital poised for investment, there are still allocations to be met and transactions to be completed.” Coworking risks, opportunities Coworking space has led all …

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