Industrial, Office And Multifamily All Giving Millennials What They Want
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"Let's face it, we're all here to serve Millennials." Crescent VP of development Kevin Crum's one-liner got a laugh from the crowd at Bisnow's 2016 Dallas Development & Construction event at the Westin Galleria, but the panelists proved his point throughout their discussion last week.
PLR Development president Rob Huthnance has his hands in several big-box industrial projects because PLR believes in the future of e-commerce and the changing supply chain driven by Millennials' shopping habits. The industrial market in DFW—the healthiest Rob has seen in 35 years—has caused lower spec space prices and an increased need for value engineering.
Rob has a hand in Southport Logistics Park, a five-building, 500-acre master planned development that will deliver e-commerce packages to millions of Millennials living in multifamily units—units like Stoneleigh Cos' One Uptown or Greystar's Ascent Victory Park.
DFW is in a late expansion phase, so projects must have a unique component or barrier to entry to gain the Millennial stamp of approval, Greystar senior director of development Andrew Ord says.
Better finishes can do wonders to set a project apart for tenants, Stoneleigh Cos president Rich Cavenaugh says. Rick is constantly surprised at how much more renters are willing to pay for French door fridges and hardwood floors.
But of course, Millennials don't care about French door fridges if they have to live in a sleepy neighborhood. If you're not embracing mixed-use, you're not embracing the future, Kevin says. Crescent's latest delivery, Uptown's McKinney & Olive, is far more than an office high-rise thanks to 50k SF of retail and restaurants. Kevin says the tower has been a home run for Crescent.
Here are Rick, Kevin, Andrew, panel moderator Adolfson & Peterson Construction SVP Corbett Nichter and Rob.