As the largest, fastest-growing segment of the workforce, Millennials are having a dramatic effect on the modern office. Their well-documented influence on technology, media and advertising continues to shape workplace strategies for those creative industries. Perhaps less obvious, however, is the...
Economy Watch: Interest Rates Likely Headed for a Hike
Nothing is certain in the tight-mouthed world of central banking, but Federal Reserve Chair Janet Yellen came close on Thursday to suggesting a policy change. Speaking at the Capitol before the Joint Economic Committee of Congress, Yellen ticked off various kinds of...
The building’s inspiration wasn’t a stack of vinyl records after all. The architect said in a recent phone interview that he didn’t even know the client’s name. The sleek spire at the top wasn’t modeled after a turntable spindle. It was...
Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a...
Developer poised to create new vision for San Pedro courthouse property
A Washington state development firm has been tapped to negotiate a deal for San Pedro’s 1.8-acre property where a closed courthouse now sits. The Los Angeles County Board of Supervisors on Tuesday is expected to approve entering into exclusive negotiations with Holland...
Kavesh, Minor & Otis, Inc. renews 4,925 RSF at Gateway Towers West - 990 West 190th Street in Torrance. Deal represented by Rammy Rasmussen of Mohr Partners, Inc.
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Lifestyle Living Lands in Your Office
“Bland has left the building,” is the mantra of the Souferian Group’s new office product Be—a convergence of hospitality and office spaces. Be brings cultivated lifestyle spaces, complete with amenities and services that one would find in the most luxury apartment...
Hackman Capital Partners Continues to Target Culver City Area for Investment
Hackman Capital Partners LLC announced today the purchase of a two-story, 74,000-square-foot building at 5500 West Jefferson Boulevard, located in West Los Angeles, California, on the eastern border of Culver City. The property was purchased from owner/user Modern Props, Inc., which...
5 commercial real estate trends to note going into 2017
Thanksgiving is right around the corner, we're more than halfway through Q4 and before we know it 2016 will be over. From Donald Trump's shocking presidential victory to understanding Millennial preferences, the commercial real estate sector can expect some big changes in 2017—...
As the largest, fastest-growing segment of the workforce, Millennials are having a dramatic effect on the modern office. Their well-documented influence on technology, media and advertising continues to shape workplace strategies for those creative industries. Perhaps less obvious, however, is the long reach of the Millennial factor. In a bid to capture this powerful cohort, developers and designers are increasingly blurring the lines between traditional and contemporary workplaces and sometimes even between property categories.
Take, for example, a four-building project scheduled to break ground early next year in Carlsbad, Calif. At first glance, a casual observer will probably mistake it for a contemporary office campus, marked by sleek lines and inviting glass facades. Yet the 212,000-square-foot campus, dubbed dis•trib•ute, will actually be a cutting-edge industrial facility.
The project is the brainchild of RAF Pacifica Group, which is making a mission of bringing indoor/outdoor amenities and a creativecorporate headquarters aesthetic to the industrial sector. To accommodate the tastes and lifestyles of Millennials, RAF Pacifica introduced a branded concept called Creative Industrial.
“I noticed that not only were there more Millennials in the workforce but many were starting to take over businesses that were run by their families or starting their own,” explained Adam Robinson, founding principal of the Encinitas, Calif.-based firm. “They think they’re walking into a Class A office space, but it’s got a warehouse behind it.” One project attracted a tenant with the curb appeal of its two-story, glass-enclosed lobby and private outdoor break area.
Although the designs offer ample curb appeal, Robinson emphasizes that the properties will provide the standard features expected by industrial clients: grade-level and dock-high loading doors and 30-foot-plus ceiling clear heights, for example.
RAF Pacifica also plans to bring Millennial appeal to in•sti•gate, a 50,000-square-foot campus in Carlsbad, Calif. Planned for an August 2017 groundbreaking, the two-building property will incorporate loft-style buildings with exposed HVAC, high-end restaurants, a fitness center, rooftop decks, shady outdoor meeting hubs and bike-friendly paths.
A few miles’ drive south on Interstate 5 from Carlsbad, another forward-looking corporate property captures the Millennial corporate aesthetic. The Alexandria at Torrey Pines serves as a multifaceted community center for San Diego’s life-sciences hub. Owned by life sciences developer/investor Alexandria Real Estate Equities, the facility features a fitness center, auditorium and training room. The Farmer & the Seahorse restaurant adds a touch of cool with a private dining room housed in an Airstream trailer. Outdoor seating areas offer casual meeting places to congregate. And concierge services offer everything from physical therapy and auto detailing to fresh produce.
Across the country in New York City, the Alexandria Center for Life Science comprises a 728,000-square-foot campus with two Class A office/laboratory buildings on the East River. As a hub for the city’s burgeoning life science sector, the facility provides a digital conference center and event space, two upscale restaurants, a fitness center, a waterfront esplanade and an urban farm. Locating Millennial-friendly life science facilities in urban campuses helps tenants “tap that talent pool,” asserted Joel Marcus, Alexandria’s chairman & CEO. “With these kinds of facilities, I think you innovate and collaborate much more effectively.”
“The amenities really transform life for our tenants,” said Emily Sheridan, Alexandria’s executive director of strategic programming and philanthropy. “They are becoming a critical part of enticing tenants.” Similar to other Alexandria properties, the Manhattan farm not only provides food for the restaurants but is also a “unique piece of the campus that really brings people together,” she added.
Alexandria’s Manhattan campus will soon host a new space that promises Millennial-friendly features. Scheduled to open next summer, Alexandria LaunchLabs will provide affordable, full-service commercial lab/office space and capital resources for life-science startups, many of them run by Millennials. Described by Alexandria as affordable, plug-and-play and scalable, the 15,000-square-foot facility will also be the first of its kind in the life sciences sector. An extra perk for tenants: access to capital from an Alexandria affiliate targeting entrepreneurs and emerging life science companies.
Meanwhile, owners of conventional office buildings continue to find creative ways to appeal to Millennial workers. Olive Hill Group, a Los Angeles investment company, acquires value-add office properties in Southern California and transforms them into creative spaces with collaborative environments, indoor and outdoor gathering areas, works from local artists in the lobbies and a variety of food options.
The firm is repositioning 631 Olive St., a nine-story, 100,000-square-foot downtown Los Angeles office building, as 6 and Olive to attract companies in search of a hip urban core location, said Tim Lee, vice president of corporate development and legal affairs.
Olive Hill overhauled the office spaces, opening up ceilings and eliminating fluorescent lighting. The lobby is being modernized and it is seeking a poke restaurant for the ground floor because the Hawaiian-based cuisine is popular with younger consumers, Lee said.
In May, Olive Hill acquired 200-300 Corporate Pointe, a campus-style property with two Class A office towers totaling 206,538 square feet in Culver City, Calif., for $65.5 million. The towers were built in 1988, giving Olive Hill an opportunity to reposition the property and attract tenants priced out of Playa Vista, a nearby Los Angeles submarket popular with technology companies.
Olive HIll is transforming a courtyard into an outdoor workspace and play space with bocce ball courts, mini golf and seating areas. The firm is bringing in food trucks with menu choices intended to appeal to Millennials. Other additions made with Millennials in mind include a fitness center and creative-office touches such as hardwood floors, exposed ceilings and open floor plans.
Yet creative designs are no longer just for technology, advertising, media and information companies, noted Marc Spector, principal in architecture, interior and master-planning firm Spector Group. For Marcum LLP, an accounting and advisory firm based in New York City, Spector Group provided a national redesign strategy intended to attract Millennials and “shed the image of what a typical accountant space is.” Starting with the firm’s Boston location, Spector Group devised a plan that emphasizes informality, with features like corridor-free floor plans, executive offices in the form of glass cubes, collaborative work areas and cafes.
At Magna, an investment firm headquartered at 40 Wall St. in downtown Manhattan, the Spector Group created a vertical campus by opening up the floor between two levels occupied by the firm. White walls and clear glass bathe the space in natural light.
Many companies are opting for similar corridor-free spaces and vertical campuses. Bleacher-type seating is set up along staircases to open up the space and provide areas for workers to sit and collaborate, listen to a lecture, or eat food from the café. Colors are bright, and logos and other designs are used to show companies’ brands.
Economy Watch: Interest Rates Likely Headed for a Hike
Nothing is certain in the tight-mouthed world of central banking, but Federal Reserve Chair Janet Yellen came close on Thursday to suggesting a policy change. Speaking at the Capitol before the Joint Economic Committee of Congress, Yellen ticked off various kinds of positive data about the U.S. economy.
For instance, job gains averaged 180,000 per month from January through October, a somewhat slower pace than last year but still well above the pace necessary to absorb new entrants to the labor force, Yellen said. “The unemployment rate, which stood at 4.9 percent in October, has held relatively steady since the beginning of the year. The stability of the unemployment rate, combined with above-trend job growth, suggests that the U.S. economy has had a bit more ‘room to run’ than anticipated earlier.”
Meanwhile, she added, U.S. economic growth appears to have picked up from its subdued pace earlier this year. After rising at a meager annual rate of just 1 percent in the first half of this year, inflation-adjusted GDP is estimated to have increased nearly 3 percent during third-quarter 2016. Also, “consumer spending has continued to post moderate gains, supported by solid growth in real disposable income, upbeat consumer confidence, low borrowing rates and the ongoing effects of earlier increases in household wealth,” Yellen said.
The upshot of these positives? Borrowing money, including for real estate deals, will likely be a little more expensive in 2017. “At our meeting earlier this month, the committee judged that the case for an increase in the target range had continued to strengthen and that such an increase could well become appropriate relatively soon if incoming data provides some further evidence of continued progress toward the committee’s objectives,” the chair noted. The next FOMC meeting is next month, and the betting money is now on an interest rate increase at that time.
The building’s inspiration wasn’t a stack of vinyl records after all. The architect said in a recent phone interview that he didn’t even know the client’s name. The sleek spire at the top wasn’t modeled after a turntable spindle. It was used to sheath an unsightly radio antenna. For decades, critics have incorrectly assumed that the Capitol Records Tower in Los Angeles was a kitschy tribute to turntable culture.
Today, the cylindrical building celebrating its 60th anniversary is a beloved urban icon and a vision of graceful simplicity. From its opening in 1956 at the corner of Vine and Yucca streets in Hollywood, the tower was unfairly likened to the city’s Brown Derby restaurant or Tail O’ the Pup hot-dog stand—gimmicky structures designed to look like their names or the products they sold.
“The Capitol Tower is an important statement on the L.A. skyline and unique in midcentury modernism,” says Thomas Hines, professor emeritus of history and architecture at UCLA and author of “Architecture of the Sun: Los Angeles Modernism 1900-1970” (Rizzoli). “It’s an excellent building that is now seen as a work of art. Little else like it has been designed since.”
The tower’s circular design was first imagined in the late 1940s by architect Lou Naidorf for his graduate thesis at UC Berkeley. When Mr. Naidorf graduated in 1950, at age 21, he took a job at Welton Becket & Associates, a prominent Los Angeles architecture firm. Three years later, Mr. Naidorf was called into Becket’s office and asked to close the door.
Becket gave Mr. Naidorf a project that he alone would design. But there was a catch. He couldn’t talk to anyone about it nor would he be told the client’s name. Later, the need for secrecy became obvious: Capitol Records didn’t want a building with a mimetic record or jukebox theme.
Aware that the client had a tight budget and that the city’s building height limit was 150 feet, Mr. Naidorf held the interior space to 6,800 square feet per floor. Also needed was a sizable 7,000 square feet of rectangular windowless space at the ground level. Unknown to Mr. Naidorf, Capitol’s recording studios would occupy it.
Mr. Naidorf pulled out his thesis and designed a circular 13-story tower with 12 supporting columns around the exterior and 6 at its core. But when the efficient design was completed, Mr. Naidorf had what he called “a utilitarian lump proportional to the Campbell’s Soup can.”
To lighten the façade’s look and shield office windows, Mr. Naidorf designed fixed exterior sunshades. Each “eyelash” shade had sand-colored porcelain enamel panels set an inch and a half apart. They tilted downward at a 30-degree angle on thin arms attached to the structure. Each floor’s ring of shades was then staggered from floor to floor to carry the eye up the building.
With the design completed, an 8-inch “peanut model” of the tower was created. But when Capitol Records’ president Glenn Wallichs arrived, he angrily insisted on a “regular” rectangular building. He felt the round tower would be ridiculed.
So Mr. Naidorf designed that one, too, along with a peanut model. When Wallichs returned, he chose the rectangular version. Becket suggested Wallichs take both to his lender for a second opinion. Wallichs agreed and left with the models in a special carrying case.
Mr. Naidorf, now 88, recalls that Wallichs came back and shared his lender’s advice: “They said, ‘You’re up a side street and you’re worried people will laugh at you? They won’t laugh—but they will talk about you, and that’s damn good for leasing. Do the round one.’”
Wallichs gave in, but he wanted a 90-foot radio antenna on the roof. Mr. Naidorf thought it looked like an ugly oil derrick, so he encased it in a sleek aluminum pylon. But the radio station Capitol had planned was never built. Instead, a light at the top of the pylon blinked “Hollywood” in Morse code, and still does.
In keeping with practices at most architecture firms of the day, Mr. Naidorf wasn’t invited to the building’s opening, since he worked on it anonymously. Not until 2008 was he was officially credited as the tower’s designer when his name was placed on a plaque outside the building’s entrance.
“At the event, the head of maintenance came up and told me how great the building made him feel,” said Mr. Naidorf, his voice breaking. “I’m crying because that was so pleasing to hear.”
Today, the tower’s famous façade produces double-takes, like any celebrity encounter in L.A. By day, it symbolizes the city’s ingenuity and its sunny optimism. At night, it takes on a glamorous glow, like the hushed elegance of an expensive cocktail dress. And despite Mr. Naidorf’s original intent, the tower also triggers an audio memory for many music fans like this writer—the ka-shunk of a turntable stylus gently touching down on a record’s vinyl surface.
—Mr. Myers writes regularly on music and architecture for the Journal. He is the author of “Anatomy of a Song: The Oral History of 45 Iconic Hits That Changed Rock, R&B and Pop” (Grove).
Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a large office complex in the market.
The grant deed for the 316,000-square-foot property at 2600 and 2700 Colorado Ave. was filed Nov. 9 with L.A. County Registrar-Recorder’s Office, according to county records.
The sellers were Invesco Ltd., based in Atlanta, and Worthe Real Estate Group, based in Santa Monica, the source said.
Invesco took a stake in the property last year in a deal that valued the property at $284 million, or $899 a square foot. Invesco did not immediately respond to calls, and a Worthe representative declined to comment.
The new owner is limited liability company Office Block Investment on behalf of Oracle America Inc., an Oracle subsidiary, according to the public documents.
Oracle plans to occupy the space currently leased by Viacom Inc. at 2600 Colorado Ave. once the media company relocates to Hollywood next year, said a source familiar with Oracle’s plans. Another tenant, Lions Gate Entertainment Corp., plans to remain at 2700 Colorado Ave. through the end of a long-term lease, the source said.
Oracle, based in Redwood City, already has a large office space nearby; it recently leased nearly 200,000 square feet at the Water Garden just across the street.
An Oracle representative did not immediately respond to a request for comment Friday. The company’s broker, Matthew Miller of Cresa, declined to comment, as did Carl Muhlstein of Jones Lang LaSalle, who represented the seller.
-Real estate reporter Daina Beth Solomon can be reached at firstname.lastname@example.org. Follow her on Twitter @dainabethcita for the latest in L.A. real estate news.
Developer poised to create new vision for San Pedro courthouse property
A Washington state development firm has been tapped to negotiate a deal for San Pedro’s 1.8-acre property where a closed courthouse now sits.
The Los Angeles County Board of Supervisors on Tuesday is expected to approve entering into exclusive negotiations with Holland Partner Group of Vancouver to create a high- to mid-rise project “to fit in with the city of Los Angeles’ new San Pedro Waterfront Redevelopment project at the existing Ports O’ Call Village,” according to the staff report accompanying the agenda item.
Envisioned is a “mix of high-rise residential, retail, restaurant, a cultural space and an above-ground parking structure.”
Holland Partner Group is developing several downtown Los Angeles residential projects, including a 24-story tower at 737 S. Spring St.
The negotiation period — six months with an option for an extension — would allow the company to do some of the preliminary study and work for the project on the property at 505 S. Centre St. The county owns the property that would be leased by whatever development company is eventually chosen.
No details have been released about the courthouse property plans, but generally it would include market-rate apartments above retail ground space. A “public benefit” component could include some kind of museum or art gallery, with the Los Angeles County Museum of Art mentioned as a possible tenant.
The preliminary ideas, unveiled recently at a San Pedro Chamber of Commerce meeting, have been well-received, said Elise Swanson, CEO and president of the chamber.
“I’ve heard excitement in that it could potentially have the ability to be a catalytic project for downtown,” she said.
The plans would be laid out in community meetings as they progress, she said.
“There’s a lot of work in front of us, but it’s a huge step forward.”
Outgoing Los Angeles County Supervisor Don Knabe worked with Los Angeles City Councilman Joe Buscaino to ensure negotiations were set to begin before Knabe leaves office in December.
In June, the supervisors approved purchasing the vacant courthouse building for $5.2 million.
The “highest and best use likely will be a mixed-use, medium- to high-rise project consisting of amenities for public gathering, as well as cultural, retail, restaurant and residential uses with a parking structure,” Knabe stated in his motion at the time.
The property is considered a prime spot because of its strategic location at the eastern edge of the historic downtown shopping district. It also is just a few blocks away from Harbor Boulevard and the entrance to the waterfront and many believe it could provide a needed transition piece in linking the two districts, both undergoing revitalization efforts.
The courthouse, which opened in 1969, closed in 2014 as part of a budget reduction. Early ideas floated for the land included restaurants, an entertainment venue, high-end bowling alley, a school, movie theater, park, town plaza, parking structure or local history museum.
Some also have suggested it could best be used for se
Lifestyle Living Lands in Your Office
“Bland has left the building,” is the mantra of the Souferian Group’s new office product Be—a convergence of hospitality and office spaces. Be brings cultivated lifestyle spaces, complete with amenities and services that one would find in the most luxury apartment and hotel properties, to the office market. While office spaces have evolved significantly in the past few years, this new iteration of office space will break down the barrier between life and work.
“We are really trying to be the next generation of office space, and we are living on the intersection of where commercial real estate meets hospitality,” Behzad Souferian, founder and CEO of the Souferian Group, tells GlobeSt.com. “We wanted to create a face or identity for the office sector and be the marketed leader by bringing this product that really hasn’t existed. We think this will be the catalyst for a dramatic change in the office market.”
Souferian’s concept, which launches this week nationwide, will also create a branded office experience that will be consistent between office spaces. “We offer continuity so that tenants in multiple markets can have one landlord,” he adds. “We are creating an identity with this brand.”
Be offices will focus on forward-thinking design that flows between individual and communal spaces. “It doesn’t matter what you do to your office because once you step out of those four walls, there is a disconnect in the overall building environment,” says Souferian. “I could have a really cool office, but it wouldn’t matter if the rest of the building seemed outdated or too traditional. I don’t want tenants to check their lifestyle at the door.”
Souferian went to great lengths to study the market and the product that is being delivered to ensure that Be would not look like anything else on the market. “For design, we want our properties to be unexpected and timeless,” he explains. “We spent a lot of time studying the marketplace and figuring out how we can be different, and we infused the spaces with a lot of amenities.”
In the Be world, lobbies become tenant lounges, tenants customize their music playlists, WiFi is free, pets are welcome and bicycles are always on hand. “It is more of a white glove approach,” says Souferian. The amenities are supported by a host of lifestyle services, like a concierge and Be Benefits, a package of partner benefits and discounts offered to tenants.
While Be will certainly appeal to creative-leaning companies first, Souferian is quick to detach from the creative office movement. That term, he says, has become the standard for new office spaces. “Creative office resonates with me has being very normal,” says Souferian. “That is a product that everyone delivers. We are creating the next generation; something that is completely different. We are delivering a more holistic approach and looking at office from a 360-degree view. I think our overall approach is much different than anything else that is out in the marketplace.”
While Be has only just launched, Souferian has already received a positive response from tenants. “What has resonated with the tenants that have signed new leases is that we are really bringing a refreshing approach, perspective and product-type to the office sector,” he says. “This is really translating to a value-proposition.”
The first Be office space is at 1800 N. Highland Ave., a seven-story, 88,000-square-foot building in Hollywood. Live Nation Entertainment and Soothe have signed new leases in the building, and more than 50% of the leases rolled over.
-Kelsi Maree Borland
Hackman Capital Partners Continues to Target Culver City Area for Investment
Hackman Capital Partners LLC announced today the purchase of a two-story, 74,000-square-foot building at 5500 West Jefferson Boulevard, located in West Los Angeles, California, on the eastern border of Culver City. The property was purchased from owner/user Modern Props, Inc., which designs and fabricates furniture and high-tech props for major studios and production companies in the entertainment industry. Hackman Capital plans to redevelop the property for creative-office use, a strategy for urban infill markets that has proven successful for the company.
“The acquisition perfectly reflects our strategy of purchasing properties in infill locations with the ability to reposition them for higher and better uses,” said Michael Hackman, founder and CEO of Hackman Capital Partners. “The area is thriving as a destination for multi-media and other creative businesses, especially now with the Exposition Light Rail Line’s expansion to Santa Monica.”
Hackman Capital is no stranger to the area’s revitalization. Through its affiliates, the real estate investment and operating company has already converted seven industrial warehouses in Culver City to creative-office campuses, now home to Westwood One Studios and Apple Computer’s Beats by Dre headquarters. In 2014, Hackman Capital also acquired The Culver Studios, the iconic movie studio sitting on 14.3 acres in city’s coveted downtown.
According to Hackman, the property at 5500 Jefferson Boulevard is ideal for creative-office redevelopment. The location, immediately adjacent to the Metro’s La Cienega/Jefferson stop, will be a draw for commuting employees, while the building itself offers an open floor plate, tall ceilings and an original saw tooth roof. There also is 2.3 acres of excess land that provides the ability to construct an additional 177,345 square feet of rentable space to further maximize value at the property.
“The building’s incredible bones, unique features, and ability to provide parking offer incredible potential for creative office use. We intend to make the property truly special, creating a self-contained campus environment for one or more tenants,” said Matt Landstrom, Vice President of Acquisitions of Hackman Capital Partners.
About Hackman Capital Partners Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of infill industrial buildings in major US markets, which the company redevelops for creative-office and other commercial uses.
Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land. More than 6.2 million square feet of those properties have been located in California, with more than 4 million square feet located in Southern California.
The company is based in Los Angeles, California with regional offices in Columbus, Ohio, Chicago, Illinois and Boston, Massachusetts. It currently employs 82 people and manages approximately 300 major tenant companies nationwide, including Home Depot, Staples, Coca Cola, Lowe’s, Sony and Lego.
5 commercial real estate trends to note going into 2017
Thanksgiving is right around the corner, we're more than halfway through Q4 and before we know it 2016 will be over. From Donald Trump's shocking presidential victory to understanding Millennial preferences, the commercial real estate sector can expect some big changes in 2017— some disruptive, others not so much. Here are five things to keep your eye on next year.
Trump's Surprising Victory
Experts fear Trump may increase rates on carried interest, based on claims he made on the campaign trail, but at the same time he's proposed lowering the tax rate for business partnerships from 23.8% to 15%. That grouping could include property fund managers. At the same time, some real estate execs are afraid Trump will scare away foreign investment, although Blackstone CEO Steve Schwarzman isn't worried. Thriving Urban Centers
Many Millennials are continuing to flock to urban centers, and employers are following them by increasingly relocating their HQs from the suburbs to downtown districts. Colliers International chief economist Andrew Nelson says we should expect this trend to continue into 2017. Transwestern partner Ron Friedman reminds us that all is not lost for suburban offices, especially if they focus on providing access to great amenities.
While it's true that many Millennials have moved into urban centers, they don't always prefer the city to the suburbs. CBRE director of research and analysis Darin Mellott told Bisnow that according to US census data, Millennials still predominantly reside in suburban markets—a critical mythbuster for developers to keep in mind. Millennials also are driving nationwide trends with their support of the sharing economy and their preference for experiences over materials, and we expect those trends to continue in 2017.
Rise of Generation Z
While so many are focused on Millennial CRE disruption (and for good reason), it's already time to turn our attention to the next generation: Generation Z. Born after 1998, Gen-Z members see themselves as future homeowners. According to Better Homes and Gardens Real Estate, 97% believe they will own a home, and not just any home—they overwhelmingly want a lot of square footage. Student housing developers must also increasingly turn their attention to Gen Z to ensure their buildings accommodate tomorrow's college students, who require more connectivity than Millennials.
During the course of 2017 we can expect the Internet of Things to impact real estate, especially industrial. Drones are expected to gain more widespread use. Industrial developers should look to keep upgrading their facilities—the more advanced a facility is, the more efficient, reliable and profitable it will become. When it comes to drones, property listings with videos get 60% more leads and CRE firms are growing increasingly innovative in their drone ues, from sensing gas to observing traffic. We expect these technologies to gain more steam in the coming year.
-Erik Dolan-Del Vecchio
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