Developers of master-planned communities (MPCs) must prepare for the next generation of buyers who will be more sophisticated and more discerning because they will come from urban environments, attendees were told at the 2017 ULI Spring Meeting.
The mayors of Grand Rapids, Michigan; Anchorage, Alaska; and San Jose, California, spoke at a forum presented by the Rose Center for Public Leadership in Land Use in Seattle discussing their solutions for the issues of revitalization, equity, and resilience in cities.
In the Pacific Northwest, real estate development continues to be powered by a strong and expanding technology sector, where companies like Facebook are taking upward of 1 million square feet (93,000 sq m) of space in Seattle’s South Lake Union neighborhood, doubling its footprint in the city, while Google has leased several hundred thousand square feet of space nearby.
Real estate activity in America’s heartland is growing at a solid clip, driven by increases in employment, a recovering economy, and pent-up demand for new product.
If California were a nation, it would have the eighth-largest economy in the world. This powerhouse continues to experience strong demand for real estate.
American cities seeking to reinvent themselves can do so by using creative financing, among other tools, according to a panel of experts at the 2016 ULI Spring Meeting in Philadelphia. The panel also served as the launch event for the new ULI publication Reaching for the Future: Creative Finance for Smaller Communities.
Developers of master-planned communities (MPCs) must innovate to remain relevant, said Kathleen B. Cecilian, a ULI governor and chief executive officer (CEO) of Flemington, New Jersey–based marketing firm Cecilian Worldwide, speaking at the 2016 ULI Spring Meeting. “There are innovators in each of your companies who should stimulate discussions about the future of MPCs,” she said.
As financing for real estate development tightens, institutional equity investors are becoming more selective in their funding, and developers are exploring new market segments such as the over-70 sector, said panelists speaking at the 2016 ULI Spring Meeting.
New York City’s private sector job count is at an all-time high. In Philadelphia, payrolls are up, unemployment is down, and inflation is modest. And Boston’s economy is on the upswing thanks to strong growth in the education and medical sectors.
