The Counselors of Real Estate had their Annual Convention in Boston at the Fairmont Copley Hotel September 11-14, 2022. There were 40 candid speakers, 12 development tours, two consulting corp assignments, a stellar Counselor of Real Estate Economic Advisory Council and a lot of camaraderie, education and fun. Some of the highlighted commentary included:
1. “The professionally managed commercial real estate market stood at a $11.4 trillion value in 2021. All of this space though exists for a simple purpose, commercial real estate is just a box where the economy lives.” ~ Jim Costello, CRE
2. Diversity in any organization is critical, not to satisfy a benchmark, but to learn from and embrace of the multitude of backgrounds that we are.
3. “De-globalization is underway. It’s not just real estate. It’s all asset classes.” ~ Jim Costello
4. The Counselors of Real Estate has an Economic Advisory Council – applying economics to the real estate industry.
5. The CRE Consulting Corps is a public service program of the Counselors of Real Estate. It provides real state analysis and action plans for municipalities, not-for-profits, government entities, educational institutions and other owners of real property. See a CRE or our website to apply cre.org.
6. “Real estate is not over developed. It’s under demolished” ~ Will McIntosh
7. The Boston Seaport area is a great beacon of all things new and unexpected.
8. Boston’s Commonwealth Pier revitalization builds on a rich history to create a more vibrant, mixed-use environment for all.
9. The Boston Fairmont Copley Hotel is an historic 110 year old hotel in the Copley Square area of historic hotels and churches.
10. Boston’s Liberty Hotel is a great adaptive reuse from a jail.
11. The “S” (Social) in ESG is becoming more important and more of a focus.
12. The “S” changes would include outreach to diverse investors, supply chain, community engagement, civic inclusion, gentrification assessment and other areas.
13. Life Sciences has been propelled to new heights. This includes laboratory space for conducting physical experiments as well as an office component. High demand, low vacancies and rising rents are fueling investment, development, repurposing and other trends in this sizzling sector.
14. Boston, San Diego and the Bay Area still rank as the most powerful hubs for Life Sciences.
15. Supply chain logistics are at the epicenter of what makes the economy function and commercial real estate is the field on which it all plays out.
16. Many adjustments are being made to the supply chain and involves rail, truck, migration issues, port adjustments and non-traditional thinking.
17. Public policy decision making process has a great impact on global markets – real estate, inflation, geopolitical issues, China, the Ukraine war, etc.
18. Cybersecurity is a global phenomenon for all companies and individuals and the hard assets of commercial real estate are no exception.
19. All of the major systems in commercial real estate such as HVAC, elevators, lighting access control and parking are controlled by internet connected computers.
20. Be ready for resilience, adaptation, mitigation and preparedness as they impact your business.
21. There will be unpredictable regulatory environments to watch for in all levels of government. This is in response to emerging policies and priorities focused on affordable housing, tenant eviction protections, climate change, clean energy and water quality to name a few.
22. It is difficult to predict the future of office space. There is a new view of the office in light of the new ways we are working.
23. The Boys and Girls Club of Boston is a not-for-profit organization whose mission is to help young people build strong character and realize their full potential as responsible citizens and leaders.
24. Boston Landing is Boston’s newest sports and entertainment destination.
25. The Europeans have many geopolitical situations including the pressure of a war, the potential energy crisis, inflation, the economic weight of migration
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