Welcome to our
2nd Quarter 2016 Newsletter, highlighting the recent work of the firm, trends in commercial real estate, an update on the Counselors Symposium at Stanford University, news on young leaders in the valuation profession, and a new feature this Quarter, a bonus book review.
Anytime we can provide you with market research information, consulting, or simply answering a question, just let us know; we are happy to be of help. It's why we are here.
Steven R. Norris, MAI, CRE
Norris Realty Advisors
Counselors Symposium at Stanford University
Global Cities in an Era of Change
In early April 2016, Steven Norris was honored to attend the Counselors of Real Estate Symposium at Stanford University.
The Symposium featured a broad array of speakers from across a variety of business and government sectors - with a keynote address by Michael Chertoff, former US Secretary of Homeland Security.
For more on this event, the topics discussed, and a list of speakers, visit the Global Cities web site here.
Renew and Reuse:
How California Coastal Power Plants are Pairing Down to Use Land in Other Ways
The days of monolithic coastal power plants may be coming to an end. The most recent in the extensive list of unusual consulting efforts at Norris Realty Advisors are two power plants located on the California coast. National electrical energy providers are recognizing less of a need for the vast tracts of land that these plants used to occupy. The latest power production technologies are resulting in new smaller power plant footprints, more efficient and environmentally sensitive facilities, and a resulting need for valuation and consulting assistance.
A number of large energy production companies have determined land reuse will be required in the best interest of the community and restoring natural coastal waterfronts. Our team is providing valuation assistance as land use transition occurs.
ULI Young Leaders Group /
SCCAI Next Gen:
The New Generation of Real Estate Professionals
Who will lead the way in commercial real estate valuation and related professions in the coming years?
The Urban Land Institute Los Angeles (lead by Executive Director Gail Goldberg) and the Southern California Chapter of the Appraisal Institute (under the leadership of Russel Babbitz, MAI, SRA) have both taken steps to fill a void: inspiring and involving the next generation in the real estate valuation and development industry.
ULI Young Leaders Group
was founded more than 10 years ago to get individuals who are 35 and younger involved in the commercial real estate community. Members participating in the ULI Young Leaders Group work in a wide range of disciplines throughout the industry, including real estate law, development, architecture, and investment and valuation. Every third Tuesday of the month, the Young Leaders Group meets to plan upcoming events and mixers, as well as discuss market trends and recent development in and around Los Angeles. The 2016 Young Leaders Group is under the leadership of Co-Chairs Bennett Johnson and Justin Woodhull.
Founded in early 2016, the Southern California Chapter of the Appraisal Institute (SCCAI) has also recognized a need to get young people involved and excited about the real estate valuation professions. Created specifically for appraisers, the Next Generation (NextGen) group has networking mixers scheduled for four dates during 2016, and is currently under the leadership of Matthew Moore, MAI, and Jennifer Moore.
As studies have shown, although the demand for valuation and appraisal work has increased over the past few years, the amount of MAI designations achieved and registered MAI candidacies have both declined. As Matthew passionately emphasized, together we can create a stronger, thriving industry.
For more information on the SCCAI NextGen program, email Executive Director Linda Zimmer
, or call (818) 957-5111 ext 22.
New Book from NYU Professor Hugh Kelly
In his recently released book
24 Hour Cit
, author and Professor Hugh F. Kelly presents cross-disciplinar
y research that identifies the
evolution, attributes, and success of American cities that never sleep. Kelly presents a fact-driven and readable composition that analyzes social statistics
and economic models to arrive at his conclusions. Kelly outli
nes the dynamism of th
rican city and its evolution, including the push and pull factors from the 1950's up until today. An in-depth discussion is included of flow
of capital, investment returns, rent and vacancy comparisons, and the impact of amenities such as higher education facilities among other variab
les. He analyzes 14 major
American cities with regards to their 24 hour status while discussing their unique characteristics and problems
According to Kelly, a 24 hour city contains "attractive residential neighborhoods proximate to or integrated
with the central commercial district, convenient shopping op
portunities close to the
workplace, a safe and secure environment, excellent mass transportation, and recreational, cultural, and entertainment amenities" and are the best performing places for commercial property investment. These cities attract people from across the country and are the preferred destinations for immigrants of all income strata.
Such economic growth causes higher property values, tax bases, and municipal revenues to pay for better services that further enhance the city's strength and desirability. While there is no one recipe for success due to differing socioeconomic factors and public preferences, Kelly claims that density and diversity, talent and tolerance, and innovation and opportunity propel a city towards success. The most successful cities will be problem-solving, and the urban challenge is to invent and to invest.
This book is excellent for real estate analysts, urban scholars, and anyone wishing to broaden their knowledge about the social and economic interactions within America's most interesting cities.
To order Hugh Kelly's book, click here.
|Thank you for taking the time to review our Newsletter. We greatly value our relationship with clients, peers, and friends of the firm. Contact us directly with any questions.
Steven R. Norris, MAI, CRE
Norris Realty Advisors