Spotlight On: Gray Shell, Division President, TRI Pointe Homes

Spotlight On: Gray Shell, Division President, TRI Pointe Homes

By: Felipe Rivas

2 min read January 2020 — Creative product design and an increase in density are part of achieving a higher relative affordability for housing developer TRI Pointe Homes, according to Division President Gray Shell. The company also takes pride in achieving good, lasting business relationships with partners and providers to keep prices fair in an increasingly tight market, he said in an interview with Invest: Charlotte. 

How have you been able to secure land in the tight North Carolina market?

 

It really starts with people, with hiring the right land acquisition team to identify and underwrite the deals. Company strategy follows. TRI Pointe is a $3 billion public company. We build in seven states, but really, real estate is a local business. We have this concept called the best of big and small, meaning, we are a big, public company, we have access to the public debt markets, we have nearly a billion in liquidity to invest, but we really see the land strategy, the product design, the consumer segmentation as a local business. We have the flexibility to be creative and current with our product design and to be design-forward. That really resonates well with land sellers, developers and municipalities when we talk about our creativity on the product side. That is probably the largest single factor in our success in addition to people. Then, there is the process. You have to have the right process of identifying, underwriting and contracting land.

 

How is creativity applied to property development?

 

We start with a property, for example something near Uptown Charlotte. Here, it is about small acreage and a lot of density, and we want to create good relative affordability. So, we know what the property is, but we need to design the site plan and the product to maximize the use of that land.

 

We go through a product design process in which we identify the consumer. For example, are they millennials and if so, are they married or single, what is the household income? We’ll go through a three- day design process considering the customer’s wants and needs and, from scratch, draw a series of plans. By the end of those three days, we’ll have a good set of working drawings, with exterior elevations and renderings so we really understand the product. Most national builders would do that in nine months; we do it in a week.

 

What has been the impact of the millennial generation on the local market?

 

They do represent the single largest consumer group from a home buying perspective. But even if some people see millennials as one large group, there are really four or five different subsets, related to age, stage of life and income. The one thing all of them do want is relative affordability. It depends on whether they want an in-town, four-story product or a more suburban, traditional, residential two-story product, but you really have to decide what subsegment of that generation you are targeting.

 

The sort of amenities that we add to these developments has changed dramatically over the last five to 10 years. A lot of residential projects that were built 10 years ago had a big swimming pool, a large clubhouse, a golf course, but that has really transitioned and I can tell you, the No. 1 amenity today is walkability. Whether a community has a trail system, walkability to retail, entertainment and restaurants, that is the No. 1 amenity. When we get to suburban communities, there is still that want and need for younger families to have a swimming pool, but the scale is usually smaller.

 

How are you navigating the increase in construction costs in the area as you develop these communities?

 

It really starts with relationships. We partner with trade partners on the product design, on the value engineering, and they want to grow their business with ours. With that relationship, you might not get the best price, but you get a fair price and you get more advance notice of cost increases because you are partnering on it. It is also a tight labor market, the labor pool is short, but when you build a business relationship where they’d rather work for you, that is how you get the labor, and again, a fair price.

 

What other challenges for developers are arising in the Charlotte market?

 

Land availability has always been an issue. There is also the complexity regarding zoning, entitlements, and permit fees that continue to escalate so the cost of development becomes more expensive and affects affordability from a consumer standpoint. Those are the biggest problems. Every municipality is a little bit different and we have a dozen in the Charlotte market, so you have to really understand the municipality and partner with it to get the best result.

 

How can developers and local governments help to cover the affordable housing gap in the market?

 

I think that it requires flexibility from a product design standpoint, and creating good relative affordability. You get there by creating smaller, denser products, but it pushes yields up too. Some municipalities don’t like density, but I think getting more creative with density is the best approach over the next three to five years.

 

To learn more about our interviewee, visit: https://www.tripointehomes.com/

 

We’re making our mark on the industry by offering a strong benefits programs and great opportunities to build careers, a total rewards program to attract and retain the best talent: the unusual combination of offering both industry-leading 401(k) matches and a pension plan to most teammates; industry-leading time off programs to ensure maximum flexibility in planning life events; and financial wellness programs.

 

There is also a place for those interested in computer science and engineering. We are creating an Innovation and Technology Center in Charlotte that will be dedicated to the ongoing enrichment of client experiences. The Innovation and Technology Center will focus on optimizing technology to serve our clients at every interaction, whether it takes place in a branch, over the phone or through a digital channel. The Technology and Innovation Center will also focus on equipping teammates with solutions to deliver personal touch and care to clients. We see this combination of technology and personalization as vital to ensuring clients’ trust and confidence in the security, simplicity and convenience of our services.

 

To learn more about our interviewee, visit :https://www.truist.com/

Face Off: The growth of Gaston County

Face Off: The growth of Gaston County

By: Felipe Rivas

2 min read January 2020 — In the last few years, Gaston County, located an hour away from the Queen City, has greatly benefited from the activity happening in Mecklenburg County. As a result, Gaston County, home to cities like Gastonia and Mount Holly, is experiencing growth in its residential, commercial and industrial sectors. Its proximity to the Charlotte Douglas International Airport and available land make it a suitable place for businesses and new residents to settle in and still tap into the energy of nearby Charlotte. In an interview with Invest: Charlotte, city of Gastonia Mayor Walker E. Reid and Mount Holly Mayor Bryan Hough talk about how their perspective cities are adapting to the growth, changes in infrastructure, and their vision for their cities moving forward. 

 

What areas are witnessing growth in your cities?

 

Walker E. Reid: Residential is growing in the southeast part of the city. It is an area we invested in a while back in hopes of developing it. As we speak, 411 single-family homes are being built within Nolen Farm. Also, we are going to bolster the zone’s water infrastructure and improve the sewage system. Eastridge Mall is in the process of being revitalized as well. For this project, some investors are willing to inject between $100 million and $150 million. It will include apartments and an aquatic center. We are working on the details of traffic patterns in and out of the mall. We are also working with the Transportation Commission to get the Silverline light rail into Gaston County.

 

Bryan Hough: We are one of the closest cities to the Charlotte Douglas International Airport. Our proximity to the airport provides an opportunity for travelers and professionals to see Mount Holly and take an interest in the city. They’ll see that we have a small town atmosphere but can take advantage of a large place like Charlotte and the amenities they provide. The exposure the airport provides is good for job growth and opportunities for commercial growth. For 2020, we expect to see more investment coming to Mount Holly. We are going to see additional growth in both residential and commercial. We also plan to expand the greenway system. Our arts community has been blossoming and we expect it to continue to grow. 

Walker E. Reid

How is the local infrastructure dealing with the region’s growth?

 

Reid: The county was traditionally and primarily focused on the textile industry. When those businesses and jobs were lost, we had to adapt to find our next business niche, which turned out to be infrastructure. Now, we sell water to municipalities in Gaston County as well as in Clover, South Carolina. We also provide water, sewage and electricity services. The Gastonia Technology Park is a great testament to our diversification efforts. Businesses from all over the world have come to Gaston County to capitalize on this park. It has 24-hour uninterrupted power. We have a qualified workforce, training facilities and the infrastructure to assist new businesses looking to set up shop in Gastonia.

 

Hough: “Mount Holly, located in Gaston County, is home to 16,000 residents. In the past year, we have seen a lot of investor interest and development in Mount Holly. Investors in the manufacturing and distribution sectors are interested in development opportunities. We have a new hotel being built on the edge of our city, off of Interstate 85, which is connected to Charlotte, and is 10 minutes away from the Charlotte Douglas International Airport. Our economic development department created a strategic vision plan based on significant economic input that highlights the attributes of Mount Holly, and provides investment information for businesses that want to bring their operations to the area. We work with the Gaston County Economic Development Commission to attract and retain large commercial companies. We want to make investment information accessible to investors.  

Bryan Hough

As mayor, where do you see your city heading in the future?

 

Reid: We have set some very aggressive goals related to our infrastructure, healthy communities, good government, economic vitality, our community identity, and for the safety of our community. In the coming years, we will continue to build on our momentum of growth and entrepreneurship. We also must continue to bring everyone to the table because we are a diverse city. One other goal that I would like to see the city work toward is for more diversity and inclusion. I want to put more emphasis on getting our residents from different cultures and different age groups involved in our city’s future – to build a sense of belonging and bring everyone together. Let’s hear more and different voices. I want the city of Gastonia to become the best city we can possibly be. Considering we are between Charlotte and Atlanta, we have a lot to offer.

 

Hough: Quality of life has been a key focus for the city. We want to be connected to the Catawba River via a greenway system that we are developing. We will have around 9 miles of greenway development near the river and 200 acres have been preserved for eco-tourism, such as canoeing and kayaking. We will have a bridge near the Dutchman’s Creek greenway area that will help with development near the river. The greenway system will stretch from I-85 to Highway 16 once it is completed. Mount Holly is home to very active residents who like to swim, bike and kayak. We want to connect with nature, which is part of our logo. That is our niche in the Charlotte Metro Area.

To learn more about our interviewees, visit:

https://www.cityofgastonia.com/

https://www.mtholly.us/

Local leaders optimistic amid Charlotte’s latest jobs ranking

Local leaders optimistic amid Charlotte’s latest jobs ranking

By: Felipe Rivas

2 min read January 2020   — The Queen City closed out the decade as one of the hottest markets in the nation, especially in the southeast. Millennials, Fortune 500 companies, and even a new soccer team want to be fully established in Charlotte and tap into its growth. And while the region offers a robust, tech- and financial services-savvy workforce, and is steadily diversifying its economy, a new report puts Charlotte in the middle of the pack for best cities for jobs in 2020. However, local market leaders across industries say job opportunities will remain sustainable for 2020, especially in the technology, law, and real estate sectors.

 

A new report by WalletHub puts Charlotte at No. 104 on its ranking of “2020’s Best Cities for Jobs.” The personal finance website compared more than 180 U.S. cities across 31 indicators of job-market strength, such as employment growth and monthly average starting salary. Scottsdale, Arizona, took the top spot, and Detroit, Michigan, came in last at No. 182. Other major North Carolina metros received mixed reviews, with Raleigh cracking the Top 50 at No. 48, and Fayetteville listed before Detroit at No. 181. Though the report listed Charlotte as middle of the pack for jobs compared to other cities, the technology, law and real estate sectors will continue to provide opportunities for the region’s workforce, local leaders say.  

 

Charlotte is quickly becoming a tech town, as evidenced by the different tech-based companies that relocated to the region in the latter half of the last decade. “In the Charlotte market, the technology talent pool is growing at a rapid pace, largely driven by companies like Red Ventures, LendingTree, and AvidXchange,” JLL Market Director Chase Monroe told Invest: Charlotte. “There has been a need for high-tech talent. Locally, there has been investment in the school system to drive technological education.” Charlotte’s banking legacy, coupled with the fintech that is coming out of the banking system, is also fueling the technology sector and driving talent to the Queen City, Monroe said. “Those factors have allowed Charlotte to be a top recruiter for multiple tech-based opportunities across industries. Recruiting and retention of talent has been a huge factor in the Charlotte Metro Area.” 

 

Similarly, the legal sector has evolved with the growth of the city and has a positive outlook heading into the new decade. “I don’t see anything but good things for the legal profession here,” Poyner Spruill Partner Tate Ogburn told Invest: Charlotte. “Charlotte has grown for the two decades that I have lived here, and I don’t see that dramatically changing.” The legal needs of companies evolve with the economic diversification and growth of the region, which creates opportunities for legal professionals, he said. “It is still a place where people want to be and there are more opportunities with new and more sophisticated companies coming in for the legal sector to continue growing. There are a lot of opportunities in terms of new clients and people, and different types of work as well,” Ogburn said. 

 

Real estate and development provide investor confidence and opportunities for the workforce as Charlotte continues to grow. “I’ve been at this for 40 years and the real estate market in Charlotte is the strongest, most robust I’ve ever seen,” Northwood CEO Ned Curran told Invest: Charlotte. He highlighted the growth of the residential, industrial and commercial sectors. “Residential leads the way. It has not slowed like in other cities. Distribution and manufacturing continue to grow, and we have a unique distribution hub of state highways and rail networks associated with the airport. The office sector has trailed a little, but in recent years it has been catching up, which is a reflection of job growth,” he said. Curran expects the growth to continue during an election year and beyond while expressing confidence in the region and its economic diversification, which will allow the region to be better prepared in the event of an economic downturn, he said. “We will continue to grow across all sectors. We continue to diversify our economy, which only gives us greater strength. When there is a downturn in the economy, not everybody suffers. Some have disadvantages, some have advantages, but we are all components of an economic system and with our great diversity, we will be able to weather it better.”

 

To learn more about our interviewees, visit: 

https://wallethub.com/edu/best-cities-for-jobs/2173/#methodology

https://www.us.jll.com/en/locations/southeast/carolinas

https://www.poynerspruill.com/

https://www.northwoodoffice.com/

 

Miami Beach Welcomes Two New Hotel Developments to Usher in 2020

Miami Beach Welcomes Two New Hotel Developments to Usher in 2020

By: Sara Warden

2 min read January 2020 — Miami Beach’s hospitality industry entered 2020 with a bang, with two high-profile hotel openings. Both the Greystone development and the Hampton Inn at The Continental are refurbished versions of the Art Deco and Miami Modernist styles of the 1930s and 1940s, combined with a cool beachy chic that is synonymous with Miami Beach.

 

The Hampton Inn at the Continental was acquired by the Hampton by Hilton brand, which subsequently invested $25 million to give the hotel an overhaul to make it not only align with the brand but also to maintain the historic relevance of the building. 

“As renovation experts, we’re proud to present this completed project alongside Pebb Capital,” said Alan Waserstein, principal with LeaseFlorida, in a press release. “The historic component of this hotel, coupled with the Hampton by Hilton brand will make it a mainstay in Miami Beach’s hospitality scene.”

As well as the 100-room hotel, the development has embraced the multiuse concept that makes or breaks hotel chains. The ground floor will become the Piola restaurant, and future updates will incorporate a parking garage and retail space, according to the developers. 

This strategy has also been adopted by the Greystone Hotel in Miami Beach, which was opened for reservations this month. Conscious of the need to offer a more unique experience, the hotel is adult-only and eco-friendly, and offers a rooftop pool, mixology lounge and courtyard café. And although human babies may not be allowed, patrons should feel free to bring their furry four-legged babies (up to a maximum weight of 25lbs). 

There are 91 renovated guest rooms for most tastes and budgets with private decks and hot tubs (the Hot Tub Terrace Suites come in at over $600 per night). You can also interact with hotel facilities through your smartphone, including locking and unlocking the door, ordering room service and contacting the concierge through the hotel’s bespoke app. The Golden Gator basement speakeasy completes the lineup in a nod to the hotel’s 1930s roots. 

Vos Hospitality is the developer behind the $70 million renovation, which partnered with private investment group the B Group in 2018 to purchase the adjacent building on 20th Street, giving the development an impressive total 54,000-square-footprint.

“We will bring in an alternative to the area’s club scene,” said Vos hospitality owner James Vosotas to the Miami New Times. “We are catering to young-minded professionals with a nontraditional luxury of high-quality without the white glove. Everything has been upgraded cohesively so that locals and guests will have plenty to explore within the property.”

 

To learn more, visit:

https://www.greystonemiamibeach.com/

https://www.hilton.com/en/hotels/miacahx-hampton-miami-beach-mid-beach/

http://www.voshospitality.com/

https://leaseflorida.com/

 

Spotlight On: Anddrikk Frazier, President & CEO, Integral Energy

Spotlight On: Anddrikk Frazier, President & CEO, Integral Energy

By: Max Crampton-Thomas

3 min read January 2020 — A growing economy in the Tampa Bay region equates to growth mode for most local businesses. One of the most important aspects of keeping this growth consistent is reducing costs in a smart and consistent manner. This can be achieved through an emphasis on reducing energy consumption. Full-service energy management companies like Brandon-based Integral Energy have recognized the opportunities in the market and have found demand for their multiple services throughout the Tampa Bay region. Invest: spoke with the president and CEO of Integral Energy, Anddrikk Frazier, about his business, demand for services and much more. 

 

 How is Tampa Bay a strategic location for your business operations? 

My first job was in the energy sector in Tampa and watching the growth in the region over the course of my lifetime is impressive. What separates Tampa from other cities across Florida are features like ports, airports and the ability to connect to anywhere in the Florida within three hours. 

Where have you seen the most demand among the variety of services you offer? 

Integral Energy is a full-service energy management company. We provide natural gas marketing services for commercial customers throughout the state of Florida. We also provide solutions for transportation companies as it relates to alternative fuels. Thirdly, our energy management division helps large businesses that consume large quantities of energy to understand their operating costs on a per plate or per widget basis and then we find ways to reduce those operational costs. I think the biggest demand for service comes from energy management requests and natural gas marketing. Many of our customers do not understand how energy costs are passed on, simply because that is not where the priority lies for hotels, convention centers and other large businesses. We have the ability to reduce energy costs without reducing the quality of their product, which is a huge bonus for them. That has been our biggest growth opportunity. 

A lot of demand comes from the private sector, mainly because public procurement processes can be intensive. We do get enquiries from the public sector, but most of the time they are looking for the cheapest price. Our value is based on return on investment, which does not always translate well to public sector work. In the private sector, there is greater understanding of the concept that each dollar spent now is an investment in future CAPEX reductions. We have had a lot of success in working with companies such as Saddle Creek Transportation and Waste Connections because we are able to explain to them the true cost they are saving with our services. 

How have the needs of your clients evolved over the last three to five years? 

We are the only minority-owned natural gas marketing company in the state of Florida, and this is what started our relationship with Waste Connections. But as we began to evaluate their business, the largest overhead was their employees. We had to find ways to work with them to increase service while keeping rates the same. Over the course of the last four years, we have saved Waste Connections around $2.5 million. 

On a local and national level, what emerging or continuing trends could have an impact on your business? 

There is so much development in the Tampa area, and with new residents come new commercial activity, which is part of our core business. As long as the economy is growing at this pace, we will have the opportunity to provide our services. Regulation is a big indicator for us, and one thing we are monitoring closely is the recent push for carbon footprint reduction. We all have to be mindful of environmental impact and, primarily in the private sector, the main goal is to save money. If we can provide ways to do this while also reducing their carbon footprint, these are the best business models for all parties. 

It is vital for everyone to work toward clean energy solutions. We take pride in being subject-matter experts and understanding what our customers need. CNG and liquid natural gas (LNG), while more environmentally friendly than traditional petroleum options, may not be suitable for all modes of transportation. There is room for electric and hydrogen technologies too, so we need to understand which technologies pair better with which fuel source and the impact that has on the environment. 

How is new technology impacting how companies develop and administer environmental energy solutions? 

The smaller the company, the lesser the disruption. Take a huge company that has made large investments in a particular technology. It takes a lot of momentum to make that company change course. Small businesses are nimbler and have the flexibility to try things out on a smaller scale before launching. On the metering side, we have AMR-AMI, which allows meter readings to be sent out electronically, meaning customers can understand energy usage on a daily or even hourly basis. There will only be greater focus placed on data collection and analysis going forward. 

 

To learn more about our interviewee, visit: 

http://www.integralenergyus.com/

 

Georgia Wraps Up Decade as Top State for business

Georgia Wraps Up Decade as Top State for business

By: Felipe Rivas

2 min read January 2020Development and growth in Atlanta remain strong as the decade comes to an end, and the economic activity and favorable business climate characteristic of Atlanta looks just as peachy for the entire state of Georgia. In November, Georgia was recognized by Site Selection Magazine as the top state for business for a record-breaking seventh year in a row. Similarly, Area Development Magazine also named Georgia as the top state for business for the sixth-consecutive year. 

Georgia Gov. Brian Kemp said continuing to foster a thriving business climate has been a major part of his vision for the state since assuming office in January 2019. “From Day One of my administration, we have been laser-focused on creating opportunities for hardworking Georgians in every corner of the state,” Kemp  announced at the Georgia Cyber Center in Augusta, Georgia in November . “Our efforts to cut burdensome regulations, continue developing a world-class workforce, and market all regions of the Peach State through the formation of a Rural Strike Team have not gone unnoticed, and this announcement affirms that.” 

 

The state’s workforce training program, Georgia Quick Start, was also recognized as one of the best in the nation. The state reported around 29,000 new jobs were created for fiscal year 2019. According to the Atlanta Regional Commission, 2.5 million residents are expected to move to the region by the year 2040, bringing the total population to 8 million. 

 

Heading into the new decade, technology will be a key area of growth for the region and state. The Metro Atlanta Chamber identified bioscience, financial technology, supply chain and Internet of Things as economic segments poised for growth. Additionally, Georgia’s logistics hub legacy is one of the state’s main competitive advantages. Logistics hubs like the Port of Savannah and Hartsfield-Jackson Atlanta International Airport connect businesses to their customers with ease. The workforce training programs, and logistic hubs, coupled with the state’s pro-business policies make Georgia a frontrunner for companies looking to relocate. 

“The nation’s leading site consultants see opportunity for growth across our state. Our top-ranked workforce development initiatives – combined with a conservative, pro-business policy approach, world-class higher education system, and a logistics network that puts the global economy within arm’s reach – make Georgia a top competitor for investment from businesses large and small – across the country and around the world,” Kemp said. 

 

To learn more, visit:

https://www.metroatlantachamber.com 

https://www.georgia.org https://atlantaregional.org/

Public-Private Partners Devise Future of Queen City

Public-Private Partners Devise Future of Queen City

By: Felipe Rivas

2 min read January 2020In the last decade, Charlotte rose from the devastating effects of the Great Recession to become the 16th-most populous city in the United States. The Queen City has experienced continuous years of growth thanks to the diversification of its economy, its budding headquarters relocation culture, steady commercial and residential development, and its “cool” appeal favored by the young workforce moving to Charlotte and its surrounding region. As the city prepares for another decade of evolution, growth, and development, public and private partners have their eyes set on the year 2040. Several complementary plans are underway that will help guide the future of Center City, the city of Charlotte and Mecklenburg County for the next 20 years.

Spearheaded by nonprofit Charlotte Center City Partners, in partnership with the city and county, the “ALL IN 2040” plan aims to establish a new blueprint for the growth and development of Center City, an area that encompasses Uptown and South End. Simultaneously, the city of Charlotte is working on its 2040 Comprehensive Plan, which will guide the growth of Charlotte overall, while Mecklenburg County rewrites its Park and Recreation master plan.

Michael Smith, president and CEO of Charlotte Center City Partners, said the Queen City has a strong legacy of careful planning for long-term development. “We’ve had four decades of deliberate planning and this decade has really defined Charlotte,” Smith told Invest: Charlotte. “Charlotte has launched a new, renewed Center City vision for 2040, called the ‘ALL IN’ plan. This is a great opportunity for Charlotte to carry on its legacy of planning. This is a 50-year tradition of creating these blueprints, each time looking several decades ahead, but renewing that vision every 10 years. This provides us with an opportunity to listen to our community, and to bring subject-matter experts in to help us understand some of the best practices around the world,” he said.

 

Much of the successful growth and development in Charlotte that occurred in the past decade was a result of strong public-private partnerships, which the “ALL IN 2040” plan will continue to develop and strengthen. “The plans and projects are co-created and co-owned with the private sector. In Charlotte over the last 50 years, we’ve had the public sector making transformative, shaping, stimulating investments in infrastructure, and the private sector responding in a collaborative way,” Smith said.

 

Infrastructure will be a strong focus of the “ALL IN 2040” plan, as well as the city’s 2040 Comprehensive Plan. “With the growth we have, we know we have to invest in transportation,” Smith said. Both plans account for major transit expansions to the city’s rapid bus transit and light rail systems. “All that infrastructure development is really needed as the city is booming with construction on the residential, office and hospitality fronts. Right now, there are almost 2.2 million square feet of office space under construction. Of that, there are about 700,000 square feet in South End, and more in Uptown. This is not speculative; there is a lot of pre-leased space in South End. As a matter of fact, about 90% of what’s under construction is pre-leased. It provides us with great confidence,” he said.

 

The “ALL IN 2040” plan and similar city and county efforts are meant to complement one another. Throughout 2020, residents are encouraged to attend public engagement sessions where they can give their input regarding the future of Charlotte and Mecklenburg County. 

By the end of the process, a final draft will be created that will eventually head to the city council for approval and implementation.

 

To learn more, visit:

https://www.charlottecentercity.org 

https://www.allin2040.com/plan

Orlando’s convention center starting 2020 strong

Orlando’s convention center starting 2020 strong

By: Yolanda Rivas

2 min read December 2019 — The Orange County Convention Center, one of Orlando’s economic engines, is entering 2020 with a robust variety of events and conventions. As the end of 2019 has been a busy one for the OCCC, the beginning of 2020 is starting strong with the convention center looking to host thousands of visitors during its busiest season.  

 

The OCCC brings over 200 events to Orlando each year, with 1.4 million attendees. During the first four months of 2020, the OCCC is hosting some of their biggest events, including:

PGA Merchandise Show 2020 – Jan. 22 – Jan. 24, the event is looking to attract 43,000 attendees. The event gathers PGA and golf industry professionals to showcase the latest trends in golf equipment, technology, apparel and accessories, and more. 

AHR Expo Feb. 3 – 5, OCCC will host the world’s largest HVACR event, which is expected to attract 50,000 manufacturers and industry professionals to the region. The event showcases the latest technology, trends and applications on HVACR technology. 

HIMSS Global Conference & Exhibition 2020 – From March 9 – 12, this even is expected to attract nearly 43,000 attendees to Orlando. The health information and technology event connects health information and technology professionals from around the world to discuss education, innovation and collaboration around health and wellness. 

American Academy of Orthopaedic Surgeons 2020 Annual Meeting – From March 25 – 27, the meeting is expected to gather 30,000 orthopaedic and health professionals. The meeting provides educational opportunities, exhibits and tools and tips.

MegaCon Orlando – From April 16 – 20, the comics, sci-fi, horror, anime, and gaming event is looking to attract over 75,000 attendees. The event will feature professional comic artists sketch duels, “How To” workshops and over 400,000 square feet of shopping space.

To expand its capabilities and reach, the OCCC is undergoing a $605 million upgrade for two master plan projects that will bring the OCCC total exhibit space to 2.3 million square feet. The expansion project will add an additional 200,000 square feet of exhibit space, 60,000 square feet of meeting space and an 80,000-square-foot ballroom. The project is expected to be completed in 2023. As the second-largest convention facility in the nation, the OCCC provides approximately $3 billion in economic impact annually. 

 

To learn more, visit:

Orange County Convention Center: www.occc.net

PGA Merchandise Show 2020: www.pgashow.com

AHR Expo: www.ahrexpo.com

HIMSS Global Conference & Exhibition 2020: www.himssconference.org

American Academy of Orthopaedic Surgeons 2020 Annual Meeting: www.aaos.org/annualmeeting/ 

MegaCon Orlando: www.megaconorlando.com

Spotlight On: Sean Beuche, Regional Manager, Marcus & Millichap

Spotlight On: Sean Beuche, Regional Manager, Marcus & Millichap

By: Yolanda Rivas

2 min read December 2019 — 2019 was a steady year for Philadelphia’s commercial real estate. The market’s affordability, the city’s position as a logistics hub and its attractive environment for startups has driven strong demand. One of the areas seeing a high amount of activity is King of Prussia. Commercial real estate firm Marcus & Millichap recently relocated to the area, attracted by the growth in the region. Regional Manager Sean Beuche discussed with the Invest: team the neighborhoods seeing the most growth in commercial real estate and his outlook for the sector as we enter 2020. 

Marcus & Millichap relocated its Wynnewood location to King of Prussia. What makes that community attractive?

This relocation highlights our commitment to the area and our optimism about the local economy. The construction and new development activity going on in the King of Prussia market is very attractive. Numerous businesses and baby boomers are moving to the area, where there is more land available, beautiful housing stock, good school districts and less traffic congestion.  King of Prussia is a nexus of a variety of different interstates and that strategic location amid emerging growth and development is much more desirable for us. In addition, we are expanding in a nicer Class A office space that provides our clients and agents with a much brighter and enjoyable place to do business.

 

Which areas are the fastest-growing for commercial real estate in Philadelphia?

We’re seeing fast appreciation in the Point Breeze market, while Fishtown and Kensington have been hot for some time. We are also seeing numerous investments in areas further along the Main Line region. The Lehigh Valley and Central PA markets are both driving a lot of new investors into Pennsylvania. As the yields continue to deliver in some of these secondary and tertiary markets, investors want to move outside of areas where they’re getting squeezed by some popularity. There is a bit of a ripple effect being created by the economy being strong for a long time, and many of the investments that have been made or taken in these core markets are pushing investors further out. 

 

What is your outlook for Philadelphia’s real estate sector over the next 12-18 months?

 

The outlook is positive. There is uncertainty from a political standpoint, we are dealing with some of the trade wars and we are very interested in seeing where that shakes out. We focus on private and middle market clients and, in times of uncertainty, we provide them with market research about existing opportunities. From an income standpoint, rents in the Center City market and many of our urban infill markets are pushed up, and we would need to see some relevant margin changes in household income to afford a greater rent increase. Our clients are seeing strong fundamentals in the main groups that we focus on, which are multifamily, industrial, office and retail. As that financing loosens up and remains affordable, deals are very quickly moving off our shelves and into the hands of investors.

 

To learn more about our interviewee, visit:

Marcus & Millichap: https://www.marcusmillichap.com/