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February 18, 2010
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RENT SPIKE AHEAD?
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| Need a great employee? We did, and turned to The Mergis Group, which places employees in the accounting and finance areas, human resources, legal, sales, marketing, architect, and engineering. We love who they brought us. See story below. |
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| At Transwestern’s big 13th annual TrendLines confab last night at the Reagan Building, we must have been hallucinating, because we could have sworn the economic forecast included the words rent and spike in the same sentence. |
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Transwestern’s David Popp organized the event featuring analysis from Delta Associates chief Greg Leisch. Greg says one economic bright spot is the apartment market—the only product where vacancy didn’t increase in ’09. In fact, 6k units were absorbed last year in the DC region, the highest number on record. How can that be possible in a recession? Greg says many switched from owner to renter, and the few jobs created in the DC region were higher paying positions increasing demand for Class A properties. With just 16k units under construction or in advance planning now, Greg says vacancy could drop to 1.1% in the next three years, creating an apartment shortage and eventually a rent spike by 2012-2013.
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Transwestern’s ever-young (and droll) Mid-Atlantic prez Tom Nordlinger gave Greg the best intro (send up?) we’ve seen, showing off Greg’s alleged Facebook page. It boasts 22 million friends, including Elizabeth Taylor and Marilyn Manson, a personal message from Tiger Woods and a warning from Tim Geithner.
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Metro Washington Airports Authority CEO Jim Bennett and Bozzuto Group CEO Tom Bozzuto got some shiny glassware after winning Transwestern’s TrendSetter awards for public and private sector, respectively. Tom said that when Greg called to let him know he was nominated for setting the tone in the much lamented ’09, he wasn’t quite sure how to take it.
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| COMING TO LIFE |
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Congrats to StonebridgeCarras’ Constitution Square for landing five new retail tenants. TD Bank, Potbelly Sandwich, Tynan Coffee & Tea café, Constitution Café and Georgetown Valet dry cleaners signed on to join the 50k SF Harris Teeter grocery store scheduled to open later this year at 1275 First St. NE. Developer Doug Firstenberg says the new leases bring life to the vision of NoMa as a “live-work-play” neighborhood. JBG Rosenfeld Retail’s Billy Orlove and Bob Schwenger repped StonebridgeCarras and say they’re working on lease negotiations for 50% of the project’s remaining retail space.
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| MEET OUR SPONSOR: THE MERGIS GROUP |
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Not only does Mergis sponsor us, but we’re also a client. Bisnow was lacking talent in the accounting realm, so we asked the recruiting firm to help find a match. They sat us down, assessed our needs, and voila, meet our new accounting guru Amie Piddington, above, with Mergis recruiter Carlo Leboffe. The company loves to find staff for short and long-term temporary projects, permanent employees, or, with a snap, get you interim executive help or temporary relief while you fill a permanent position. How pleased are we? In profound words from our COO Ryan Begelman: "Amie rocks." Contact Melanie Klinghoffer with questions.
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| LAST NIGHT WITH DON |
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200 students, faculty, and friends crowded in last night to welcome developer—and author—Don Peebles to UMd’s Colvin Institute of Real Estate Development, snapped above between provost Nariman Favardin and Professor Margaret McFarland, director of the school’s real estate development program. Besides signing copies of The Peebles Principles, Don said he wants to encourage everyone to push against the barriers and take the opportunities he found as an African-American. He said now is a great time to be looking for real estate opportunities when costs of acquisition and building are lower, and capital is available at regional banks and credit unions.
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| ICSC HARDBALL |
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We snapped hundreds Tuesday soaking in the wisdom of Hardball’s Chris Matthews at the International Council of Shopping Center’s Mid-Atlantic “Idea Exchange” at the Gaylord National Hotel. What do strip malls and politics have in common? Chris says when people get scared, they get angry, and it’s a tough time to be in charge. His advice: Take a stand and stick to your beliefs. As for his political forecast, he says Mitt Romney will challenge President Obama in the next election, and he hopes stimulus dollars will go toward big projects like high speed rail. More ICSC coverage tomorrow.
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| UPCOMING EVENTS |
| Click here to place your own listing |
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February 23 - Bisnow Breakfast & Schmooze: Hot Topics in Federal Spending, with Veterans Affairs CIO Roger Baker. Fairview Park Marriott. Info
February 23 - Bisnow Breakfast & Schmooze - The New NoMa - Learn how the neighborhood has transformed. 7:15-9:45am. Info
February 23 - Allen & Shariff Engineering - Learn how Kullman Bathroom and Kitchen PODS reduce your construction schedule and save money. Prefab bathroom PODS will be displayed. 10:30-2pm. 7061 Deepage Dr. Columbia MD 21045. Lunch with free registration.
February 24 - Commerical Real Estate Women - Explore the world of Real Estate Investment Trusts (REITs). 11:30-1:30. Capital Hilton. Info
February 24 - NAIOP MD/DC - Public Sector Impact on Real Estate. 7:45-10am. Bethesda North Marriott. Info
February 25 - ULI Washington - Breakfast Meeting - Learn how to use social media to gain community support and drive real estate demand for projects. Experience how new media tools work....Live! Grand Hyatt. 7:30-10:30am. Info
March 2 - Arlington Economic Development - Arlington Real Estate Market Review and Forecast, plus an update on BRAC. New this year: comparative analysis of the region's real estate markets. 7:30-10am. Info
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. Copyright 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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