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While Institutional Investors Are Scared Of Retail And Hospitality, Pros Should Unleash Their 'Special Sauce'
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Moderating a Bisnow webinar about South Florida and capital deployment Tuesday, Simon Ziff, president of Ackman-Ziff Real Estate Group, pondered the long-term impact of the coronavirus.
“You think about these downturns, everyone says they’re once in a lifetime or four times in a lifetime," Ziff said. "This is where you're going to get rich.”
Ziff (who said he is in the process of moving to Miami) turned to Nicole Shiman, vice president of investments for Edens, which owns a portfolio primarily made up of grocery-anchored retail assets around the country.
Shiman said that institutional investors are currently nervous about retail because of headwinds like the rise of e-commerce. That’s where Edens comes in with what it says is “special sauce” — operating competency and an ability to lease and execute.“In retail specifically, there's a lot of fear out there,” she…
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At CRE's Biggest Companies, Talk About Diversity Is Rarely Followed By Action
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Hundreds of billions of dollars flow through commercial real estate every year, but the people who control the vast majority of that wealth are White.
This has been a truism since the dawn of the modern commercial real estate era in the 1980s. But as the nation’s pension funds, insurance companies, university endowments and the wealthiest among us pump more and more of their money into commercial real estate, a rigorous accounting of the makeup of the people who control that capital has never been done.
Bisnow looked at the C-suites and boards of directors of 68 companies, which span the nation’s biggest brokerages, investors, lenders and real estate investment trusts, to see how well they reflect the economy they help shape. The numbers are stark.
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REITs Remain Overwhelmingly White As Diversity Push Falls Short
This piece is the first in a series of articles examining the racial diversity of the boards and executive leadership of the biggest companies in commercial real estate. To read the introductory editor’s note for this series, click here. Stay tuned for the next installments on CRE brokerage and the finance industry.
The industry’s largest real estate investment trusts control hundreds of billions of dollars in real estate and employ tens of thousands of people, but they have failed to diversify their executive ranks.
The nation’s reckoning on race this year has led many REITs to release statements about the need to address systemic inequalities, and the real estate giants will need to start by pushing for racial equality at their own companies. A Bisnow analysis of 26 of the largest REITs shows the overwhelming majority of their top executives and board members are White.
Bisnow’s analysis comprised the 26 commercial real estate-focused REITs that are part of the S&P 500, showing a cross section of the nation’s largest REITs across all major property sectors. These 26 companies collectively employ more than 69,000 people and bring in over $66B in annual revenue.Across the 26 REITs, there…
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By Banning Large Cruise Ships, Key West Residents Give The 'Middle Finger' To Industry
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On Election Day Nov. 3, voters in Key West, Florida, chose to ban large cruise ships from the 4.2-square-mile island. Residents voted for three charter amendments that will limit daily cruise ship passengers to 1,500, only allow ships with a capacity of 1,300 to moor, and give docking priority to…
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'Some Financial Institutions Will Fall': Concerns Rise About Bank CRE Loan Portfolios
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Months of economic despair wrought by the coronavirus pandemic may lead to a wave of bank defaults as a worsening pandemic has already started prompting local governments to issue new lockdown orders, which could stall the economic recovery.
The stress of troubled loans is mounting, especially among the country's midsized and community banks, as government support propping up businesses at the start of the pandemic has evaporated. Four banks have already failed this year, including two since the start of October, according to the Federal Deposit Insurance Corp.
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Ja'Ron Smith Still Stands By Opportunity Zones, The Platinum Plan And Being A Black Trump Staffer
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During his four years at the White House, Republican politico Ja'Ron Smith held a number of staff positions, including director of urban affairs, and was most recently deputy assistant to the president, before decamping for a think tank. For much of that time, he was the highest-ranking Black non-Cabinet official in a one-term administration that has been punctuated by racist statements and dog-whistling from both the president and his advisers, spates of social unrest surrounding social justice and a nation still deeply polarized by questions about race in America.
Just after 5 p.m. on the Friday after Election Day, Smith quietly enacted a long-anticipated move away from the White House to take a leadership position at the Center for Advancing Opportunity, a nonprofit supporting historically Black colleges and universities and other institutions in developing education, criminal justice and other economic policies.
Bisnow caught up with Smith a week after he announced his departure and spoke with him about his political legacy, life in the Trump White House and what drew him to conservatism.
Read the full story here.
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Origin Stories: Bridge Commercial Real Estate CEO Jeff Shaw On How Character And Mentors Formed His Career
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This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.
Jeff Shaw can triage an office deal as well as a wound.
Shaw, CEO of Bridge Commercial Real Estate, has a pedigree for the business. His father, Buddy Shaw, was one of Atlanta's first office tenant representatives, working for John Portman as the iconic developer had just finished Peachtree Center and was trying to lease it up.
But for a time, Shaw, 50, decided to forge his own path as part of an ambulance crew while studying at Hampden-Sydney College and as a counselor at Scottish Rite Hospital in Atlanta (now Children's Healthcare of Atlanta).
But when he decided to join the commercial real estate industry, Shaw relied on mentors he could not only learn from, but respect. Today he counts himself as a mentor to many of the younger generation of CRE pros out there.
Read the full story here.
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