REDnews July / August 2023

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Features

Rising Above Inflation: Texas Experts Pave the Way for Construction Success and Innovation Inflationary pressures in the commercial real estate construction industry in Texas have presented significant challenges for contractors and developers. According to industry experts, the consequences of inflation and its far-reaching effects are becoming increasingly evident.

Thriving Opportunities in Austin's Multifamily Sector The Austin multifamily market continues to demonstrate resilience and attractive investment opportunities, despite challenges posed by a variety of factors.

Dallas Industrial Market: A Closer Look at Submarkets and Future Trends The industrial real estate sector in Dallas, Texas, has witnessed remarkable growth and achieved significant milestones in recent years.

The Life Sciences Industry is Betting on Texas—Developers Should Too The State of Texas is a natural mooring for life sciences companies. It has one of largest clusters of biotech and pharmaceutical professionals in the country.

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Navigating the Future: Houston Office Market Embraces Change

The Houston office market continues to undergo a period of recovery and adaptation in the aftermath of the COVID-19 pandemic.

REDnews Events: 4th Annual REDnews Austin Commercial Real Estate Forecast Summit

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Event Profile: 2023 Houston Apartment Summit

Event Profile: 2023 Houston Apartment Summit

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Rising Above Inflation: Texas Experts Pave the Way for Construction Success and Innovation

BY BRANDI SMITH

Inflationary pressures in the commercial real estate construction industry in Texas have presented significant challenges for contractors and developers. According to industry experts, the consequences of inflation and its farreaching effects are becoming increasingly evident.

Project costs in Texas have surged by over 30 percent in the span of three years, accompanied by interest rate increases by the Federal Reserve, explains Tim Sommer, president of SPD Construction. This inflationary environment is expected to result in shrinking backlogs for private sector contractors well into 2024.

“Thankfully the population growth in Texas has given developers the confidence to continue pursuing projects despite the cost,” Sommer says.

John Atcheson, president of ARCO Design/Build, says his company’s costtracking history reveals the initial onset of inflation pricing came in late 2020, peaking in June 2022.

“We have seen tremendous pressure on the construction industry to keep up with the demand of the robust industrial distribution and warehouse market,” Atcheson says. “The outright demand for warehouse and distribution space, plus the inflationary market, created a perfect storm for cost increases and material supply issues.”

The uncertainty and volatility introduced by inflation have strained relationships among stakeholders in the CRE sector.

“The standard language in contracts that was typical for many years suddenly became scrutinized by all sides,” says Michael G. Scheurich, CEO of Arch-Con Construction.

Then, he adds, financing projects became more arduous and time-consuming. Higher interest rates, construction costs, land expenses and equity requirements make it less likely for projects to advance to the construction phase, despite strong demand.

Although short-term trends suggest a slight decline in construction pricing on average, the industry still grapples with the consequences of inflation. While a return to pre-pandemic pricing levels may not be feasible, the short-term expectation is for construction pricing to continue decreasing if demand slows due to rising costs and the Federal Reserve's persistent upward pressure on monetary policy.

There are positives to be found. Progress is being made in addressing supply chain challenges, which have plagued the construction industry for several years now.

“The lingering issues that the market is still experiencing are secluded to electrical components and concrete cement supply increased costs,” shares Atcheson.

Scheurich says delays with items such as doors and hardware, glass and glazing and appliances have seemingly been resolved. Like Atcheson, he is concerned about availability of gypcrete, cement and other gypsum products.

“Most other construction materials have returned to an about-normal timeline,” Sommer says.

Texas construction companies have been proactively managing the challenges they face by adopting effective strategies. Communication plays a vital role in mitigating project costs and timelines, experts told REDnews.

“Some projects are subjected to cost overruns and delays, but by communicating up and downstream, relationships can not only be salvaged, but reinforced,” shares Scheurich.

28+ ACRES OF LAND

John Atcheson

“We have seen tremendous pressure on the construction industry to keep up with the demand of the robust industrial distribution and warehouse market.”

Currently ARCO is under construction on multiple projects across the Houston area and in the state of Texas. One notable project is Project Panther, a build-to-suit for Maxter Healthcare located in Rosharon. When completed, the 215-acre campus will be comprised of eight buildings and major infrastructure improvements.

By establishing early and transparent communication channels with clients, companies can convey project constraints and explore alternative methods to minimize impacts.

“Our clients enlist our services very early on in the design process to make sure procurement issues are addressed,” says Sommer.

ARCO Design/Build emphasizes the importance of agility, risk reduction and efficient project completion. Open lines of communication have been crucial in informing clients about evolving market conditions, including supply chain issues and inflationary pressures. Early and frequent communication allows for dialogue and proactive measures such as releasing materials ahead of time to ensure uninterrupted project timelines.

“We openly communicated cost implications on the front end of the project before a contract was signed, so everyone could understand the impact on the development. Once the contract was signed, we held our ground and kept our word,” says Atcheson. “One of our core values is ‘treat people fairly and do the right thing’ and that’s what we did.”

Maintaining strong relationships with clients and vendors is a key priority for companies like Arch-Con Construction as well.

“Adverse conditions like what we have encountered the past few years make great companies stand out, make good companies get better and make bad companies go away,” Scheurich says.

Some companies are looking to an innovative approach to address some of those issues: 3D printing.

CIVE, a leading company in the construction industry, is collaborating with PERI 3D Construction and HANNAH Architecture to create the first multi-story 3D-printed home in the United States. Over the course of two years, extensive lab testing was conducted to refine the concrete mix and perfect the home's design.

Tim Sommer

Developed by Saber Street and CBK Interests, the Creekside Medical Office Building in The Woodlands is a three-story tilt-wall facility offering various medical specialties, including an imaging suite, primary and specialty care clinics, an ambulatory surgery center, pharmacy, laboratory, and wellness medical spa.

“The objective of this project was to test the architectural limits of what 3D printing can do, gather data on the process, and use this information to scale 3D printing towards affordable multifamily housing in the commercial sector,” explains Leci Wood, marketing coordinator for CIVE, which is serving as the general contractor for the project.

The inspiration behind CIVE's foray into 3D printing stems from the visionary mindset of its president and CEO, Hachem Domloj. With a deep interest in technology and innovative construction techniques, Domloj recognized the potential of 3D printing to revolutionize the industry.

Arch-Con Construction is actively constructing Wingspan, a 'build-to-rent' neighborhood with 263 homes in The Howard Hughes Corporation's Bridgeland community.

CIVE, a leading company in the construction industry, is collaborating with PERI 3D Construction and HANNAH Architecture to create the first multi-story 3D-printed home in the United States.

“[It] allows faster, less expensive, stronger, weather-resistant solutions to some of the most common issues that the commercial sector faces,” Wood says, adding that 3D printing allows for architectural complexity without the need for costly cold form techniques.

Beyond their pioneering 3D-printed home project, CIVE has a robust pipeline of more than 1000 multifamily units under design, permitting and construction. The company envisions transformative 3D-printing developments that have the potential to revolutionize the construction industry and challenge conventional building practices.

“CIVE strives for excellence and beyond. We add value to every project we take part in and we believe in achieving higher than industry standards,” says Wood. “We’re looking to lead the design/build industry into the future not just with 3D printing, but by designing new and innovative ways to approach all the sectors: multifamily, retail, mixed-use, entertainment, hospitality, medical office, industrial, etc.”

Michael G. Scheurich

Despite the significant challenges posed by inflationary pressures in the commercial real estate construction industry in Texas, companies have demonstrated resilience and adaptability. Contractors and developers have navigated rising project costs, supply chain issues and strained stakeholder relationships through effective strategies and open communication. With their experience, strategies and forwardthinking mindset, these Texas experts are well-positioned for success in the coming years, building our future.

West Houston Hyundai & Genesis: SPD Construction's largest project to date, located in Houston, featuring two ground-up dealerships, a 5-story precast parking garage, and detention facilities. (Courtesy: SPD Construction)

“Once the contract was signed, we held our ground and kept our word.

One of our core values is ‘treat people fairly and do the right thing’ and that’s what we did.”

Thriving Opportunities in Austin's Multifamily Sector

BY BRANDI SMITH

The Austin multifamily market continues to demonstrate resilience and attractive investment opportunities, despite challenges posed by a variety of factors. Geopolitical pressures, capital markets instability, recession fears, oversupply, softening apartment fundamentals and sector-specific job layoffs have influenced the market dynamics. In response, operators have shifted their focus from true rent growth to retaining residents and enhancing asset management and operations.

According to analysis by Institutional Property Advisors , Austin is experiencing an incoming supply wave, leading to an elevated pace of new unit additions. This surge in supply is expected to have a near-term impact on vacancy rates, raising them from the record lows reached in the first half of 2022. However, Austin's population growth remains strong, with the

metro projected to have the highest year-over-year inventory change since at least 2000. The influx of younger residents, particularly in the 20 to 34 age cohort, who are historically inclined to rent due to Austin's heightened homeownership costs, will contribute to long-term property performance and validate the ample construction pipeline. Despite the temporary pressure on vacancy rates, Austin is still projected to outperform most other major markets in terms of net absorption in 2023.

Kelly Witherspoon, Senior Managing Director at Berkadia, acknowledges the prevailing challenges in the market.

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"The general tenor this year is hanging on to what you have,” he says. “I do believe true rent-growth is a secondary focus for most operators right now, rather, focused on retaining residents with a stronger eye on asset management and operations."

Witherspoon expresses gratitude for Berkadia's holistic culture and growth, emphasizing the firm's commitment to exceptional service and integrity.

"In Central Texas and Austin, we've created an amazing culture and will continue to provide our clients exceptional service with integrity, honesty and grit,” he said.

Berkadia's expertise spans various property types, serving both institutional and private firms. From lease-up developments to older vintage valueadd assets and land, Berkadia's comprehensive capabilities make them a formidable player in the Austin market.

The company recently concluded a successful campaign for a larger, welllocated 1990s vintage community in Austin that had never undergone a programmatic renovation.

"It had been owned for over 25 years, incredibly rare in Austin, and we had tremendous activity,” shares Witherspoon. “We had over 50 tours, over 30 offers and 500 confidentiality agreements executed."

This exceptional response highlights the high demand for value-add opportunities in the market. Investors are keen to acquire properties with potential for rent premiums post-renovation, particularly in well-preserved assets from the 2000s to 2010s.

While there is still a thinner competitive pack at the top of the market, there are significant opportunities for investment.

"There were many campaigns in 2022 that didn't materialize into transactions, which is incredibly rare for Austin,” Witherspoon explains. “In 2023, we've had very few of them, mainly due to sellers understanding the market is different."

Although there is a bid-to-ask spread, indicating a difference in price expectations between buyers and sellers, the market still attracts numerous

interested buyers. Austin's multifamily market continues to be an appealing destination for investors seeking long-term growth and stability.

"It continues to be a competitive environment in Austin,” says Kent Myers, Senior Managing Director of Investments for Institutional Property Advisors. “We've had increased levels of transaction level activity and are starting to see institutional interest back in the market."

Myers highlights the substantial number of units currently under construction, leading to a considerable supply wave. Nevertheless, the market's resilience is underpinned by Austin's robust job growth and the current decline in permitting activity currently a -27% decrease year over year.

As the market continues to evolve, lower-cost areas are poised to receive increased demand. Austin's strong net in-migration has benefitted outer cities that connect the market to San Antonio, resulting in an intertwined metropolitan area. San Marcos, for instance, boasts a vacancy rate lower than the overall metro and the lowest mean effective rent, showcasing the appeal of well-connected and cost-efficient locales. Additionally, urban areas with limited development pipelines, such as Northwest Austin, are well-positioned for growth. The upcoming Phase 2 of Apple's campus in September is expected to create high-paying jobs, which will benefit Class A and B rentals in the area.

“Given the job growth in Austin and in-migration that we're continuing to see, the market's been extremely resilient,” Myers stresses. Even with the heightened level of supply previously referenced, we expect Austin to end the year with rent growth numbers slightly below 3%.

While challenges persist, the Austin multifamily market remains resilient and opportunities for investment abound. Firms including Berkadia and Institutional Property Advisors recognize the shifting dynamics of the market and are adapting their strategies to retain residents and optimize asset management. As Austin continues to experience robust population growth and net in-migration, the multifamily sector is poised for long-term success. The combination of ample construction, favorable demographic trends and the appeal of lower-cost areas indicates a promising outlook for the market.

Kent Myers Kelly Witherspoon

“We've created an amazing culture and provide our clients exceptional service with integrity, honesty and grit.”

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Dallas Industrial Market: A Closer Look at Submarkets and Future Trends

BY BRANDI SMITH

The industrial real estate sector in Dallas, Texas, has witnessed remarkable growth and achieved significant milestones in recent years. With the market surpassing the one-billion-square-footage mark, second only to Chicago, it has become a key player in the industrial sector.

According to Q1 2023 data from Colliers, the Dallas-Fort Worth (DFW) industrial market continues to thrive. Construction levels remain elevated, with 62 million square feet under development. However, for the first time in eight quarters, the quarter-over-quarter construction growth rate has slowed. The delivery of a record 19 million square feet of speculative development has affected vacancy levels, resulting in a slight increase to 6.3%.

Rental rates in the warehouse sector have surged to all-time highs, with bigbox rates reaching $5.72 NNN and non-big-box warehouse rates peaking at $8.39 NNN. These escalating rental rates indicate the robust demand and competitive nature of the Dallas industrial market.

To truly understand the Dallas industrial market, it is crucial to examine submarkets within the region. Denton Walker, Regional Partner at Transwestern Development Company, emphasizes the variations across different submarkets.

“The best submarkets in North Texas, such as north Fort Worth and north Dallas, have positive lease activity where there is better labor supply available,” says Walker. “The southern sector of the Dallas-Fort Worth area will experience slower lease activity for ample bulk distribution warehouse space due to the large supply available and less labor available.”

By focusing on submarkets, real estate professionals and investors can identify specific areas with unique characteristics, labor availability and infrastructure that align with their requirements.

In addition to submarkets, another delineation that’s important is the size of the project. Allen Gump, EVP at Colliers, splits the market between projects

larger than 250,000 square feet and those that are smaller.

“In some places in the Metroplex, it's very hard to find 150,000- or 200,000-square-foot space. In Dallas, for example, you really do have trouble finding spaces under 250,000 feet that fit the criteria that you've got,” Gump says. “The dynamics are very different.”

He explains that industrial development in the Dallas market has reached a turning point. While there are still numerous buildings under construction, the feverish pace of development has eased. Developers are now adopting a more cautious approach, with fewer new projects being initiated without significant leasing activity.

“It wasn't that long ago that there were something like 17 million-square-foot buildings under construction around the Metroplex. That's a lot of million-square-foot buildings,” says Gump. “It costs a lot to carry a million-square-foot building for several months or even longer.”

With factors such as rising interest rates and reduced liquidity, developers are now seeking greater stability and demand before commencing construction. This shift signifies a return to a more sustainable pace of development.

Zach Riebe, Managing Director at Newmark, sheds light on the capital markets for industrial properties in Dallas. Smaller, bite-sized deals are currently in focus due to challenges in financing larger projects. This shift aligns with the cautious approach taken by both equity and debt providers.

“There’s a theme we continue see is that buyers, developers, and equity/ debt providers continue to prefer smaller, more infill projects in today's environment, whether that be pursuing acquisitions or speculative development,” Riebe says. “However, we anticipate that there will be some larger portfolio trades and capitalizations in 2023 as larger institutional investors creep back into the market and feel the pressure to deploy capital .”

While the cost of capital has increased, the broader macroeconomic tailwinds in Texas, including favorable borrowing costs and availability of capital, continue to support the demand for industrial real estate. Despite the evolving financial landscape, the Dallas market remains a strong performer compared to other tier-one markets across the country.

Jack Fraker, President and Global Head of Industrial and Logistics at Newmark, underscores the strength and resilience of the Dallas industrial market.

“The market's fundamentals, including leasing activity, absorption, and rental rate growth, are at record levels,” he says. “The presence of a vast inventory of smaller buildings offers reliable and predictable returns, particularly in infill submarkets closer to population centers.”

Looking ahead, the Dallas industrial sector is expected to maintain its strength due to a variety of factors. These include the exceptional labor force, excellent transportation infrastructure, central location, access to major airports and availability of economic incentives for industrial development. The growth of educational institutions in the area, such as Southern Methodist University and the University of Texas, further contributes to a talented workforce.

With a diverse range of submarkets, a slowdown in big-space development, and a cautious approach in the capital markets, the Dallas industrial sector is adapting to changing conditions. Despite challenges, the market's fundamentals remain strong, attracting investors and tenants alike. As the sector moves forward, careful analysis of submarkets and an understanding of future trends will be essential to unlocking the full potential of the Dallas industrial market.

Jack Fraker Allen Gump

Zach Riebe

Denton Walker

The Life Sciences Industry is Betting on Texas—Developers Should Too

BY GRAYSON MANN

The State of Texas is a natural mooring for life sciences companies. It has one of largest clusters of biotech and pharmaceutical professionals in the country, and a network of universities and institutions focused on building strong biochemistry, biophysics and technology-based programs designed to churn out highly skilled talent. Texas has the makings of a mature market, but a void of turn-key manufacturing, lab/R&D real estate is slowing momentum. Together, the state’s three largest metros, Dallas-Fort Worth, Houston and Austin, boast an aggregated population of over 15.5 million but only 9 million square feet of inventory, a fraction of other dynamic life sciences markets.

So, what is driving the disconnect? Texas seems to be caught in the middle of a chicken-or-the-egg riddle. While biotech companies are waiting for the arrival of new state-of-the-art facilities, developers are standing by for the arrival of biotech companies. To resolve the standoff, developers can look to evidence of the impending real estate demand to justify breaking into this technical market. There are three key trends that will ensure the continued expansion of the life sciences sector in the state, and each is reason alone to motivate new development.

Economic incentives

The Cancer Prevention & Research Institute of Texas (CPRIT) has been a substantial driver of the industry’s expansion. The $6 billion grant program has helped to recruit 285 researchers and 16 companies to the state since launching in 2007. PanTher Therapeutics is a recent example of how the grant program is supporting growth. The clinical-stage oncology company,

which focuses on treating solid tumors, received $14.2 million from CPRIT to expand the development of its clinical therapies. A taxpayer-funded program, CPRIT currently has capacity to deliver significant funding grants like this through 2027.

In addition to CPRIT, the Texas Medical Center Innovation Institute funds a series of programs to support the growth of early-stage life sciences companies, providing advisory and essential amenities. Both of these programs illustrate the state’s ardent investment in expansion of the life sciences industry. As more companies take advantage of funding opportunities and state-supported services, it will be imperative that there are quality facilities in place to meet demand.

Utility infrastructure

Like real estate availability, power is a major need for life sciences companies, many of which utilize substantially more power and water than a standard office tenant. Life sciences companies are looking for reassurance that Texas power and water utilities can meet their needs given its checkered reliability history — and many local municipalities are meeting the moment. Cities throughout Texas have committed to accelerating the expansion of substations and bringing in larger water and sewer infrastructure.

CenterPoint Energy is investing and expanding its electrical infrastructure in the Texas Medical Center area, which has helped to support an expansion of TMC Innovation Factory Labs, scheduled to open sometime this year. In addition, Xcel Energy is building new substations throughout Northern

“While biotech companies are waiting for the arrival of new state-of-the-art facilities, developers are standing by for the arrival of biotech companies.”

Texas, another hotspot for life sciences activity in the state, to ensure the region’s power grid can accommodate growth. These are just a few of the ways utility companies are supporting the industry’s growth.

Business-friendly suburbs

Austin, Dallas-Fort Worth and Houston are expectedly in the biotech spotlight. The three cities have established life sciences networks and a ripe pool of professional talent; however, the surrounding suburbs are presenting tremendous opportunity for developers. Markets like The Woodlands, Taylor, and Round Rock have quickly captured demand due to their businessfriendly environment and commitment to infrastructure support. There has been a steady migration to these metros, foreshadowing further momentum to come. With ample land for new development in these suburban areas, there is a unique opportunity to create life science campuses that most tenants prefer to settle into, being close to other likeminded companies and talent.

There are many examples of this suburban flight. In partnership with Nurix Therapeutics, Alexandria Equities is developing 12 acres of life sciences real estate in The Woodlands, representing an investment of $200 million, and NexPoint has announced plans to develop a 200-acre “cutting-edge” life science project known as the Texas Research Quarter in Plano, representing a $3.8 billion investment. . Plus, Dallas’s Pegasus Park has reimagined the former corporate campus of jeweler Zale Corp. as a life

science hub, adding 135,000 square feet of lab and office space to the development, which includes tenants like UT Southwestern, TAYSHA

Gene Therapies, McKesson, Colossal, ReCode, etireaRX and BioNTX Each of these projects will attract new demand from companies that support these global giants and that want to establish a presence in the area.

The expansion of the life sciences industry marks a new era in commercial real estate, with the introduction of light-industrial, technology-enabled properties. The asset class is a new horizon for the industry, and undoubtedly, forward-thinking real estate developers have an opportunity to support the industry’s expansion throughout the state. However, even the most discerning developers can overlook demand cues.. Having a partner that is embedded in local market dynamics and that deeply understands the nuanced fundamentals that inform development decisions is essential to drive strategic decisions and capitalize on this tremendous opportunity.

Grayson Mann is a senior project manager at Project Management Advisors, Inc., specializing in tenant improvement and ground-up development for biotech, pharma and the distribution industries.

Grayson Mann

Navigating the Future: Houston Office Market Embraces Change

BY BRANDI SMITH

The Houston office market continues to undergo a period of recovery and adaptation in the aftermath of the COVID-19 pandemic. As businesses and employees explore new work models and redefine their office space requirements, the market landscape is experiencing shifts that reflect the changing needs and expectations of tenants. REDnews spoke with industry experts to gain insights into the current state of the Houston office market, emerging trends, the evolving amenities used to attract workers and predictions for the upcoming year.

According to Abby Alford, transaction management director for CBRE, Houston has felt the impact of the current economic conditions, but that does not imply a complete halt in activity.

“While leasing activity slowed overall this quarter, we're seeing submarkets identified in drive time analysis studies to be a convenient location for employees, such as West Houston, strengthen,” Alford says.

The North Houston District is home to major global companies that deliver goods and products to your door – and doorsteps nationwide. From light manufacturing to warehouse and supply chain distribution, companies in the North Houston District keep business moving.

< HOUSTON Continued from Page 20

In Q1 2023, Houston posted negative net absorption, but the overall average vacancy rate slightly decreased to 23.1 percent. It’s worth noting, however, that CBRE analysis found roughly 80 percent of that vacancy rate can be attributed to 10 percent of buildings.

Bob Cromwell, managing director of office services for Moody Rambin, notes that large users are contracting their office footprints, leading to negative absorption. However, the amenities-rich environment in areas like Memorial City/CityCentre have fared well with vacancy rates as low as 3 percent.

“There is no space,” adds Cromwell. ”That amenity-rich environment is actually doing quite well.”

COVID-19 significantly reshaped the use and perception of office space. Cromwell emphasizes that the dust has yet to settle, as businesses navigate the new normal. He observes that tenants are gravitating toward spec suites, highlighting the need for flexibility and ready-to-use spaces. Furthermore, tenant lounges and recreational areas, incorporating features such as golf simulators, are emerging as new trends.

Alford adds that landlords are rethinking traditional amenities and exploring innovative ways to create collaborative environments. The emphasis is on fostering a comfortable and destination-like workspace that encourages employee interaction and engagement. Common areas, break rooms and huddle rooms are receiving increased attention to promote a dynamic and productive environment.

Continued on Page 33

“Offering space for childcare and pet care has also reflected positively in attracting workers back to the office. Most families are having to decide whether to have the expense of childcare or have a parent stay at home if a work from home option isn’t available.”

Commercial Real Estate Forecast Summit

June 27, 2023

Panel 1: John Herring, FUSE Workspace, Erin Morales, Avison Young, April Daniel, REDnews, Logan Dalgleish, Cresa

Panel 2: Gabriel Bruehl, ArenaMan Development Company , Eric Marcella, Balcones Real Estate Group , Sara Wisnieski, S. Tipton Studios , Chase Clancy, Colliers , Amber Autumn, Summit Design + Build

events

Panel 4: Abel Pacheco, 5 Talents CRE , Michael Gonzalez, Berkadia, Cheryl Higley, NorthMarq , Kent Myers, Institutional Property Advisors, J.R. Ellis, Greysteel

Panel 3: Abby Lestin, REDnews, Randall Malik, CeCD - City of Leander, Evan Deitch, Endeavor Real Estate Group, JD Torian, Cushman & Wakefield

Houston

Apartment Summit June 14, 2023, Maggiano’s Little Italy

CIVE (l to r): Hachem Domloj & Leci Wood

Panel 1 Standing: Bruce McClenny - ApartmentData.com, Ryan Nunes - Life Changing Capital, Stephen Smith - Keener Investments. Ben Suttles - Disrupt Equity, Bob Heard - Colliers, Shane Thomas - Catalyst Equity Partners, Chris Young – Berkadia

Panel 2 Standing (l to r): April Daniel - REDnews, Kelly Williams - Milestone Venture Group, Gill Dolan - Greystone, J.C. Clemens Jr. - Flagship Capital Partners

Joe Loverdi and J.C. Hearn

Panel 3 Standing (l to r): Pamela McGlashen, Keener Investments, Ricardo Rivas, Allied Orion Group, Tyler Johnson, Asset Living, April Daniel - REDnews,

Panel 4 (l to r): Brooks Howell - Gensler, John Cadenhead - Goree Architects, Hachem Domloj - CIVE, Jim Hill - Kirksey, Ting Qiao - Wan Bridge, David Adame - Alliance Residential

Panel 4 Standing: (l to r) Brooks Howell - Gensler, John Cadenhead - Goree Architects, Hachem DomlojCIVE, Jim Hill - Kirksey, Ting Qiao - Wan Bridge, David Adame - Alliance Residential

Shellie Natho, TEAL, Ray Mudafr, Anchor Construction & Management, Brandon Simpson, Anchor Construction & Management

BY RAY HANKAMER

2023 Houston Apartment Summit

Market Update & Investment Trends Moderator: Bruce McClenny, ApartmentData.com Panelists: Ben Suttles-Disrupt Equity; Bob Heard-Colliers; Chris YoungBerkadia; Ryan Nunes-Life Changing Capital; Shane Thomas-Catalyst Equity Partners; Stephen SmithKeener Investments

Takeaway: Rents and occupancy are flattening out and even falling marginally, right at a time that insurance and property taxes and interest rates are moving robustly upward, creating a cash flow pinch for some operators.

• 23,000 new units with 8,000 absorption in the greater Houston market

• Class A doing well; lower classes seeing move-outs and moderating rents; the Inflationary rent growth of 2012 and 2022 is a thing of the past

• The market was convoluted in so many ways by the pandemic and things are now ‘reverting to the mean’, and leveling out, although taxes and insurance and interest rates are soaring compared to last few years

• Properties which maintain 1.25 debt service ratio are faring well

• 4.5-5.0 caps are the range in which investment sales are taking place, provided the property is stable; half of cities in US are having negative rent growth; Houston is still barely positive, as is Orlando

• Projects with debt maturing this year are having challenges, although some lenders are renewing for a short term for a fee, to avoid taking back the property, for now at least

• Not many sales are taking place because of the significant spread between buyer and seller expectations

• In many properties today, there is not enough rent growth to cover expense growth; in some properties insurance has spiked by 300%

• Lenders are expanding tax and insurance escrows, cutting into cash flow, since rent has stopped growing

• Insurance companies are getting very sophisticated, tracking expected Gulf Coast storm patterns and also disallowing some projects built in the ‘70s & ‘80s-and they are limiting in some cases how many MF projects they will insure in a given market; Harvey in Houston and two hurricanes last year in FL have caused insurance companies to be very cautious going forward in these markets

• With regard to investment sales and refinancing, there is a lot of capital out there-it is just cautious

• Purchase of older properties for ‘value add’ has flattened out; owners are renovating their existing portfolio to keep existing tenants, which is cheaper in the long run than losing tenants and having to spend time and money to replace them

• Contractor pricing and material costs are all coming down, with a few exceptions

Capital Markets & Financing Options Moderator: April Daniel, REDnews

Panelists: Gill Dolan-Greystone; J.C. Clemens, Jr.-Flagship Capital Partners; Kelly Williams-Milestone Venture Group, LLC

Takeaway: MF owners should take this year as an “intermission year” and let the dust settle in the financial markets, with the Fed managing inflation and interest rates.

• 70-80% bridge loans are available, but at 10-11% rates

• Some life companies are creeping back into the market

• Some banks are buying loans and some banks are trying to offload real estate loans

• LTVs are around 55%;

• “The credit guys are running the banks now, not the loan producers, so beware”

• There are new construction deals available, and all solid deals can find lenders; most lenders, however, are focused on refinancings

• Some owners who have been in their deals for a while are ready to sell and take their profits

• Some lenders with stretched out borrowers would rather recast the loan than take back the property, although is may be expensive for the owner to ‘buy the breathing room’’; lenders don’t have big workout staffs so they are wanting to avoid taking back property

• There are a record number of lawsuits against appraisal districts who have jerked property appraisals very high and therefore the ad valorem taxes which go with them; however, these lawsuits by tax protest firms can take months or years to resolve

Ray Hankamer

• MF owners are looking at 2-7 year holds on current investments to let the markets return to normal after the disruption by the pandemic

• Refinancings on deals that worked at 3% interest rates are now trying to be made to work at interest rates around 8%

• We don’t know if we are on the edge of a recession now

• Overall do not expect any relief on property taxes for the next 12-24 months

• Soaring insurance rates may fall slowly due to the free market competition among the many underwriters out there; one more reason to sit back and wait during this ‘intermission year’

• 2024 is an election year, which should result in moderation of interest rates

• “We are in the 6th or 7th inning of financial stress caused by multiple issues, which is one more reason to try to wait and let things settle down

• In fact, interest rates are NOT an any historic high right now-for decades

in the memory of many of us rates were steady in the 6-8% range for decades; again, reversion to the mean is happening

Property Management & Tenant Relations Moderator: April Daniel, REDnews Panelists: Pamela McGlashen-Keener Investments; Ricardo Rivas-Allied Orion Group; Tyler Johnson-Asset Living

Takeaway: Property management is all important to the success of an MF investment; tenants must be kept happy and owners too. Building a ‘culture’ with the management team and the tenants is key, and this is done through personal responsiveness to the tenants needs, while at the same time being firm and professional with rent collections on time.

• Property managers are now having to work with some special servicers as properties are foreclosed

• Expenses such as salaries are relatively fixed while other costs are rising and rents are flattening, creating a cashflow squeeze

• Concessions to attract new tenants and to hold existing ones are creeping in; building and maintaining an online reputation is a new duty of today’s management company

• Service is key to holding tenants; reducing tenant (and employee) turnover cost-which is expensive-is a major focus of the good management company

• It is imperative to keep your good managers and staff since new ones are expensive to find and train; also companies need to always have good young employees ‘on the bench’, in training and absorbing the company culture for the day when they will step up in authority

• Ai, Chatbot, and Proptech and other computerized tools can help in mundane tasks such as rental reminders and collection but property managers must be careful not to lose the human touch, especially with older tenants

• The trend toward working from home means tenants have different needs today, such as excellent wifi and in some cases work space outside of their living unit; some living units are being refitted with computer desks

• Common areas which promote tenant interaction creates solid MF ‘communities’, although too many amenities can be so costly to build and maintain that they eventually adversely affect the bottom line of the owner

• To minimize expenses, some property management companies with multiple clients are using centralized call centers to field enquiries from prospective tenants; the operators of these centers must be very careful to understand each and every property in their portfolio in order to ‘sell’ it to the tenant in a personalized way

• Get the manager away from the computer and insist that he walk the property daily, so he is aware of any problems or prospective problems before the tenants are affected

• Property manager needs to walk a fine line between collecting the rent right on time and working with a tenant who has a fleeting financial problem; it is better to help a tenant stay with you than to evict and then go through the pain of finding and qualifying a new tenant; always better to qualify the new tenant thoroughly before signing the lease; calling or physically knocking on doors to collect past due rents is more effective that a swarm of impersonal emails

• The market is pretty stable today but 2024 should see more addition to supply

• Conserving cash is ‘king’ in this time of rising costs and flat or slightly shrinking rents; lenders can’t kick the can down the road forever with slow pay projects and we may well start seeing more foreclosures

• Charging stations for new builds and for existing projects are under way, since EVs are in our future

Developing, Designing, & Building A Successful Apartment Project Moderator: Brooks Howell- Gensler Panelists: David Adame-Alliance Residential; Hachem Domloj-CIVE; Jim Hill-Kirksey; John Cadenhead-Goree Architects; Ting Qiao-Wan Bridge

Continued on Page 32>

Takeaway: The owner should have a clear vision of the project he wants, but if he does not, he can rely on the collective experience of an established design firm. Simplicity and affordability of maintenance of the property over its life is key to a profitable project, as is the careful selection of mix of floor plans (the fewer the better!).

• Standardize everything you can from MEP to kitchen cabinets to framing specs; make the building as uniform as you can for future minimalized maintenance costs

• The trend now is to fewer amenities on properties, since they cost a lot of money and have to be paid for ultimately by higher rental rates; many amenities are not used by that many tenants anyway; amenities may be dual pools, party rooms (for rent), common computer work spaces, pickle ball courts, and even bowling alleys; but overall developers are ‘dumbing down’ amenities by 1/3 to ½ compared say to fifteen years ago

• Some developers are only having 2 floor plans; the mix is important, but in some cases the property must have one, two, and three bedroom units plus micro-units for entry-level tenants

• Some owners are using modular kitchens which are fully made in factories and slid into the building near completion

• Rainwater retention on tight sites involves underground box culverts which can cost up to $30 per cubic foot; no room on a tight site for a pond; and, due to global warming and its resulting weather patterns, onsite retention requirements have doubled or tripled in recent years

• The empty nester market is getting more robust now and owner experience must be relied upon to create the right amenity and floor plan mix for each location

• The best ‘amenities’ can come from locating your project near existing restaurants and parks and other walkable destinations

• The homes-built-to-rent market is growing and developers need to make sure their projects have rental rates that are lower than mortgage payments! These communities are also paying attention to the need for EV charging units

• New lightweight and modular construction materials are making their way into mid-and high-rise MF designs

• Material costs which peaked due to logistics problems during the pandemic have settled down

“Simplicity and affordability of maintenance of the property over its life is key to a profitable project, as is the careful selection of mix of floor plans (the fewer the better!).”

“The important thing for amenities is thinking outside the box and creating collaborative environments,” Alford stresses.

To entice workers back to the office, employers are embracing a live-workplay approach. Amber Carter, CEO and managing broker for Seven Fourteen Realty, highlights the importance of a supportive atmosphere and company culture.

“Offering healthy snacks that are available throughout the day, fitness centers/ gym memberships, outdoor walking space or trails have been a few of the top amenities that employers have incorporated,” says Carter. “Offering space for childcare and pet care has also reflected positively in attracting workers back to the office. Most families are having to decide whether to have the expense of childcare or have a parent stay at home if a work from home option isn’t available."

Carter predicts that the office space landscape will not return to prepandemic levels, but rather evolve into a new normal. She anticipates that property owners with larger buildings will explore repurposing options, combining housing, entertainment and office or co-working spaces to meet the changing demands.

As far as Houston office development, Cromwell believes it will slow down due to interest rates and how much space is currently available.

“You’re not going to see much in the way of speculative office development in the near term,” Cromwell says.

Looking ahead, experts in the Houston office market tell REDnews it will continue to evolve with property owners exploring creative repurposing options and emphasizing collaborative work environments. By embracing change and meeting the evolving demands of the workforce, Houston's office market is well-positioned for a successful future.

Abby Alford

Amber Carter Bob Cromwell

OUR NEW LOOK REFLECTS OUR COMMITMENT TO PROVIDE TRUSTED ENVIRONMENTAL SOLUTIONS TO OUR CLIENTS.

Phase Engineering couples its small company culture with its large organization's principles and experience to help clients manage and overcome environmental risks and obstacles. Our new website and rebranding reflect an invigorating and bold vision for the future while emphasizing our core values. This vision for the future supports our commitment to be the trusted name in the industry providing comprehensive consulting services that support environmentally responsible growth.

SCOOP

JC Hearn Becomes Commercial Director with Homeland Properties

JC Hearn is an experienced real estate agent with Homeland Properties Inc. He was assigned the “Commercial Director” title of his firm within the last year and continues to grow their market share in Land and Commercial sales around the North Houston area. JC is also an active real estate investor with ownership in 1200+ multifamily units. He has received the Certified Commercial Investment Member (CCIM) designation from the CCIM Institute and the Accredited Land Consultant (ALC) designation from the Realtors Land Institute within the last year. JC is one of approximately 200 real estate practitioners worldwide holding both designations.

Jeremiah (JC) Christian Hearn is an experienced real estate agent with Homeland Properties Inc. and an emerging leader in his area. He was assigned the “Commercial Director” title of his firm within the last year and continues to grow their market share in Land and Commercial sales around the North Houston area. His investor background benefits his clients as he has had personal experience in residential sales/ flips, land sales/investments, and commercial sales/ investments for the last 18+ years. He is also an active real estate investor experienced in residential, land, and commercial properties with ownership in 1200+ multifamily units (674 of which were acquired in the last year).

He has received the Certified Commercial Investment Member (CCIM) designation from the CCIM Institute, the Accredited Land Consultant (ALC) designation from the Realtors Land Institute, and appointment to Director to the Tall Pines Association of Realtors within the last year. JC completed the coursework for the ALC and CCIM programs simultaneously in less than one year (many applicants require 4-5 years to complete just the CCIM designation). He is one of about 200 real estate practitioners worldwide holding both the CCIM and ALC designations. JC also received the Real Estate Negotiation Expert (RENE) certification from the National Association of Realtors and serves as a Board member for Restore Texas Ministries.

JC Hearn is committed to personal growth and helping others.

April Daniel - REDnews, Houston Apartment Summit.

BACREN Commercial Leasing Contracts 101 Class, May 18th at Lakewood Yacht Club.

BROKERAGE FIRMS

CMI

BROKERAGE

820 Gessner, Suite 1525

Houston, TX 77024

P: 713.961.4666

Website: cmirealestate.com

Key Contacts: Trent Vacek, tvacek@cmirealestate.com; James Sinclair, jsinclair@cmirealestate.com

Services Provided: Central Management, Inc. is a full-service commercial real estate firm providing Brokerage Services; Property, Facility, Construction and Asset Management Services; Landlord and Tenant Representation; Land Sales; Receivership and Real Estate Recovery. Services are available for Industrial, Land, Multifamily, MOB, Office and Retail. Licensed in Oklahoma and Texas.

Company Profile: Central Management, Inc. (CMI) was founded by Houston real estate professional Vic Vacek in 1978. Our team understands the intricacies of the markets that offer investors an edge both from a leasing and an asset management perspective. Certified AMO® 1984, IREM, CPM, CCIM, NAR, HAR, NALP, ICSC, and TREC.

Notable Transactions/Clients: Armada Big Springs Ptnrs, Barbour Invts., Baytown ISD, Core Real Estate, Hoffpauir Estate, JLC Properties, KBR, Prudential, Rawson Blum & Leon, Subway, Texas Hearing Institute, Triple Crown Invts., US Oncology, Vigavi Realty, Walgreens.

DEVELOPERS

CENTERPOINT PROPERTIES

945 Bunker Hill, STE 625 Houston, TX 77024

P: 832.856.4779

Website: centerpoint.com

Key Contacts: Michael Murphy, Chief Development Officer, mmurphy@centerpoint.com; Brian McKiernan, Senior Vice President, bmckiernan@centerpoint.com

Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on port-proximate distribution infrastructure assets near America's major population centers.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

ASSET/PROPERTY MANAGEMENT FIRMS

CENTERPOINT PROPERTIES

945 Bunker Hill, STE 625 Houston, TX 77024

P: 832.856.4779

Website: centerpoint.com

Key Contacts: Nate Rexroth, Executive Vice President, Asset Management; nrexroth@centerpoint.com; Danielle Radtke, Senior Vice President, Asset Management; dradtke@centerpoint.com

Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on port-proximate distribution infrastructure assets near America's major population centers.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS

ALSTON CONSTRUCTION COMPANY

HOU: 1300 W. Sam Houston Pkwy S

Suite 225, Houston, TX 77042

DAL: 10440 North Central Expressway

Suite 720, Dallas, TX 75231

Website: alstonco.com

Key Contact: HOU: Nick Dwyer, Director of Business Development, ndwyer@alstonco.com

DAL: Brittany Schneider, Director of Business Development, bschneider@alstonco.com

Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

Company Profile: Alston Construction’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago.

Notable/Recent Projects: Innovation Ridge Logistics Park, a 1.1 million SF 3 building industrial business park in Forney; 610 Business District, a 388,795 SF industrial park located in Houston; 1.2 million SF logistics facility located in Conroe.

HIFFMAN NATIONAL

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181

P: 833.HIFFMAN

Website: hiffman.com

Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Bob Assoian, Executive Managing Director of Management Services, bassoian@hiffman.com

Company Profile: Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America. For more information, visit hiffman.com

ARCHITECTS/DESIGN-BUILD FIRMS

KDS de stijl interiors, LLC

2006 E Cesar Chavez St. Austin, TX 78702

P: 512.457.1332

Website: kdsaustin.com

Key Contacts: Jill Laverentz, Owner, jill@kdsaustin.com; Clark Kampfe, Principal, clark@kdsaustin.com

Services Provided: Programming & Client Process Analysis – Due Diligence & Building

Analysis – Schematic Design – Test Fit & Pricing Notes – Project Scheduling Goals – Consultant

Team Formation – Cost Analysis & Value Engineering – Design Development – Construction

Documentation – Racking, Commodity, & Equipment Coordination – Permit Processing – Project Management – Construction Administration – Project Budgeting & Cost Tracking – As-Built

Documents

Company Profile: KDS is a full-service commercial design firm with 30+ years of experience including 25,000,000+ SF of Industrial/Flex and 3,000,000+ SF of Office Projects. We are committed to responsiveness and to providing well designed and implemented solutions. Our extensive knowledge base and adept management of critical milestones creates consistently successful projects.

Notable/Recent Projects: American Canning – Austin, TX – 101,000 SF –Manufacturing & Distribution

FlightSafety International – TX & OK – 186,000 SF Combined – Manufacturing

GT Distributors – Pflugerville, TX – 58,000 SF – Retail, Office, Fabrication, Storage & Distribution

SUMMIT DESIGN + BUILD, LLC

98 San Jacinto Blvd, 4th Floor Austin, TX 78701

P: 512.872.6698

Website: summitdb.com

Key Contacts: Adam Miller, President, amiller@summitdb.com;

Doug Hayes, Project Executive, dhayes@summitdb.com; Amber Autumn, Business Development, aautumn@summitdb.com

Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multifamily residential, office/tenant interiors, hospitality and institutional markets.

Company Profile: Located in downtown Austin and with offices in Tampa, FL, Chicago, IL and North Carolina, Summit Design + Build has been involved in the design and construction of over 400 buildings and spaces totaling more than 10 million square feet over the firm’s 18 year history.

Notable/Recently Completed Projects: Montage – 2323 S. Lamar (Multifamily), Congress Lofts at St. Elmo (Multifamily), UpCampus Student Housing Tallahassee (Multifamily), WeWork (Office TI), Eli’s Cheesecake (Industrial), Lockheed Martin (Industrial), Stadium Lofts North Carolina (Multifamily).

UPCOMING EVENTS

August 24, 2023

REDnews Real Estate Awards

August 29, 2023

Houston Retail & Restaurant Summit - 3 hour - Approved CE

September 22, 2023

Property Management Summit - 4 hour - Approved CE

September 15, 2023

Collin County Summit - 4 hour - Approved CE

September 26, 2023

NORTH Houston Forecast Summit - 4 hour - Approved CE

NATIONAL ENVIRONMENTAL SERVICES

Houston, Texas • Redlands, California

A 360° A PPR O A C H T O ENV I RONMEN T A L SE R VICE S

National Environmental Services, with offices in Houston, Texas and Redlands, California, is an environmental consulting company, established in 1995, that conducts a full range of reliable and cost-effective environmental assessment and corrective services, with competitive pricing and convenient turnaround.

• Phase I Environmental Site Assessments (ASTM E1527-21)

•Transaction Screens (ASTM E1528-22)

• Asbestos & Lead-Based Paint Inspections (Licensed Texas Asbestos Consulting Agency)

• RSRAs (Records Search with Risk Assessments)

• Phase II Subsurface Investigations*

• Remediation and Corrective Activities*

• Soil, Water, and Air Testing Ser vices

• Indoor Air Quality/Mold Sur veys (Licensed Mold Consulting Agency)

• Underground Ground Storage Tank Testing Ser vices*

* Performed in Texas in partnership with Terrain Solutions, Inc., Texas Geoscience Firm Registration # 50018

National Environmental Services

5773 Woodway Dr, Suite 96, Houston, TX 77057: Phone (281) 888-5266

700 East Redlands Blvd, Suite U618, Redlands, CA 92373: Phone (951) 545-0250

Toll Free: (833) 4-Phase1

www.nationalenv.com • www.gabrielenv.com

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