Leaning In

Dr. Ryan Davis, COO of Witten Advisors joins Trademark CEO and founder, Terry Montesi, and Chad Colley, Trademark’s multifamily partner, to discuss macro-economic trends for the US multifamily sector, with a specific focus on the Sunbelt. Ryan dives into COVID’s impact on multifamily, and identifies several trends that might impact the next five years. The three discuss multifamily construction and investment, and potential threats that could slow down the booming sector. Due to the holiday season, this is the last episode of Leaning In for 2021. Be sure to follow the show on your preferred podcast app to hear new and exciting episodes starting in January. Timestamps (0:58) - Ryan’s background and career (3:47) - How do you add value and manage risk for your clients? (5:29) - Can you give us a macro view of multifamily supply and demand in the U.S. right now? (10:10) - What are you seeing for Supply and Demand from the major Texas cities? (17:14) - What do you hear from institutional clients as they think about investing in Texas and other Sunbelt markets? (21:42) - Do you think the flight to the suburbs is sustained or will we see an influx back to cities? (23:49) - Do you see Gen Z wanting to live in the suburbs over the urban core? (25:34) - Has the supply slowed in walkable urban infill areas over the past few years? (26:27) - What’s next on your radar as you see institutions are saying they have to lower their IRR target rates to stay competitive via compressing cap rates? (28:39) - Do you see anything on the horizon that could potentially slow down multi-family’s momentum in the US or at least in the Sunbelt markets? (32:34) - What is the impact of rapid increase in home prices on the multifamily business over the next five years? (35:36) - What advice would you give to Trademark as we enter the multifamily development business? (38:38) - How do you see the DFW market compared to Austin? (39:20) - What other notable trends do you see coming down the pipeline? (42:51) - Have you seen multifamily in mixed use, walkable areas getting premiums? Will they continue to justify premiums going forward? (44:09) - Are there any new or evolved multifamily housing concepts that you find particularly interesting?

In this week’s episode of Leaning In, we revisit one of the year’s most popular episodes with International Workplace Group’s CEO Mark Dixon. Trademark’s Managing Director and Chief Investment Officer, Tommy Miller, talks with Mark about flexible office workplaces and how IWG has maintained a reputation as an industry leader even through the 2020 commercial office disruption. Mark shares his thoughts on the future of flexible workspaces, and IWG’s latest office concept launch at Trademark's First Street Napa development. Finally, the two discuss the significance of office amenities and location in a post-pandemic world and Dixon’s expanding wine and hospitality empire in France and the UK. Leaning In is published every second and fourth Wednesday of the month. Be sure to subscribe to hear the next episode. Timestamps (0:52) - Can you describe the services and products you offer at IWG? (2:33) - How many locations and countries do you operate in today? (3:01) - How important is it to be global in this business? (3:45) - Can you talk about the maturation of the service office business since you came into the industry? (5:14) - What have been the biggest challenges you’ve faced and how did you overcome them? (7:17) - How do companies benefit from the services you offer? (9:05) - How has competition like WeWork impacted the market? (11:49) - What do you think differentiates IWG from this new competition? (13:20) - How important is design to the office workplace today? (15:21) - What do you see as the future of office post-covid? (18:24) - How has being located in local secondary option offices worked for you as opposed to the traditional office building? (22:05) - How has the pandemic influenced the interior design of your centers? (24:48) - What’s been the customer response to your new center in Napa, CA? (26:54) - How are exurbs like Napa being impacted by the exodus from dense urban areas like San Francisco? (30:39) - Mark’s interest in wine, farming & hospitality (32:45) - What do you see as trends in the wine industry today and how is it changing?

In this episode, JLL’s CEO of Capital Markets Americas, Mark Gibson, joins Terry Montesi and Tommy Miller to discuss a wide range of topics -- from inflation to supply chain issues -- and their impact on capital markets. Mark comments about the recent JLL and HFF merger, and names two property sectors he expects to boom. The three also discuss real estate investors’ motivations, while Terry and Tommy share what’s new across the Trademark portfolio. Leaning In is published every second and fourth Wednesday of the month. Be sure to subscribe to here the next episode. Timestamps (0:56) - Mark’s thoughts on the JLL & HFF merger (3:30) - Mark’s update on the real estate capital markets in retail, multifamily and office (6:57) - Thoughts on inflation, stagflation, and the global supply chain issues’ impact on capital markets in the next 24 months (11:00) - What’s your view on multifamily development and investing over the next 3-7 years? (12:39) - What’s your view on retail over the course of the same period? (14:20) - How will office will be affected with the long-term impact of Work From Home? (18:22) - Is there a trend away from the ‘Midtown Manhattan’ of hundred story office buildings into more mid-rise concepts that are easier to get in and out of? (19:35) - Creativity in WFH situations (22:34) - What research have you seen on product sector performance in mixed-use projects? (26:49) - Are there any macro trends out there that you’re seeing emerge that will be quite powerful? (29:07) - Do you think the surge of capital into the retail sector is sustainable? (31:41) - Gateway market performance (34:07) - Where do you see investor appetite for regional malls? (36:13) - Terry and Tommy’s thoughts on capital allocation going forward in mixed-use and multi-family

In this episode, Terry Montesi, Trademark’s CEO and founder, and Ellen Dunham-Jones, author, professor and director of Georgia Tech’s Urban Design program, pickup their discussion about suburban redevelopments. Ellen explains the importance of community and how implementing green spaces in redevelopments provides a perfect platform for people to gather and connect. Terry and Ellen share their predictions for the future of urban and suburban markets after identifying current mixed-use trends in both locations. Stay tuned through the end to hear why Ellen believes there is a new kind of retail real estate on the way. Leaning In is published every second and fourth Wednesday of the month. You can find the first half of Terry and Ellen’s discussion on your preferred podcast app and tune in for our next episode with Mark Gibson, CEO of Capital Markets, JLL. Timestamps Retrofitting Suburbia Book Series Case Studies in Retrofitting Suburbia Redefining Cities Podcast (0:55) - What are some of the most optimal ways to redevelop a mall that needs to repurpose their square footage? (8:57) - What’s your opinion on the future of mixed use brick and mortar retail in the urban and suburban markets? (13:37) - Terry’s views on retail performance post-pandemic

Trademark CEO and founder Terry Montesi speaks with Ellen Dunham-Jones, notable author, professor, and Director of Georgia Tech’s Urban Design Program, about her passion for redeveloping suburban commercial properties. The two examine the three stages of redevelopment and express the importance of the third stage: “re-greening” projects. Ellen also shares her thoughts on revitalizing communities across the country, and how to handle the plethora of dying malls. At the end, Ellen discusses her exciting new book project and how it will influence the future of commercial redevelopment. Leaning In is published every second and fourth Wednesday of the month. Be sure to follow the show on your preferred podcast app to hear Part 2 of Terry and Ellen’s discussion. Timestamps (1:17) - Ellen’s background and career focus Redesigning Cities podcast (4:00) - What did you learn when researching for your books? (7:41) - The connection between suburban redevelopment and sustainability (12:01) - Ellen’s national Mall Map and thoughts on retail (17:16) - Converting dead malls into green downtowns

For the second half of their discussion, Chuck Steelman, Trademark’s VP of Experience and Al Urbanski, Real Estate Editor of Chain Store Age, discuss prominent trends emerging in retail real estate, including the prioritization of experience for brick-and-mortar retail. Al offers advice for retail developers as they navigate the evolution of retail real estate. Al also shares his favorite retail experiences with Chuck and describes what attributes made each property stand out among the masses.  Leaning In is published every second and fourth Wednesday of the month. You can find the first half of Chuck and Al’s discussion on your preferred podcast app, and be sure to follow the show to hear our next episode with Professor Ellen Dunham-Jones, co-author of Retrofitting Suburbia. Timestamps (0:50) - Why do you think experience in retail is so critical right now? (3:18) - Al’s most memorable retail experience (5:56) - What do you see as the biggest current trends in retail real estate? (10:07)) - Do you see the malls of the 80’s continuing to struggle this decade? (11:38) - What advice would you give to Trademark as well as other developers as we navigate the evolution of retail stores? (13:30) - Al on Place.ai’s data that traffic is coming back to malls

In this two-part episode, Trademark’s VP of Experience, Chuck Steelman, sits down with Al Urbanski, Real Estate Editor at Chain Store Age, to discuss the building blocks of experiential shopping. Al gives a peak behind the journalist curtain to share what properties across the nation are doing to better their retail experiences. He and Chuck talk about CSA’s Top 10 Retail Center Experiences of 2021 list and how Trademark’s Galleria Dallas earned its No. 3 spot. Learn what still surprises Al about the industry, even after 10 years working with it, and the top 10 list. Leaning In is published every second and fourth Wednesday of the month. Be sure to follow the show on your preferred podcast app to hear our next episode. Timestamps (0:49) - Al’s background and CSA’s current editorial focuses (2:27) - From your perspective of the industry, what do you think needs to change most in brick-and-mortar retail? And what do you see as the future of brick and mortar? (4:09) - Chain storage recently announced its top 10 retail center experiences for 2021. Trademark’s Galleria Dallas was named number three on that list. Can you please share more about this award? Like what was the criteria and how did you guys find and determine the centers that were named on the list? (7:38) - Are you seeing diversity and inclusion as a growing trend across the industry and did that trend weigh into the top 10 rankings? (12:39) - what makes for a good retail experience and what elements are needed do you think that centers need to incorporate to have a successful guest experience? (14:08) - Over the years, what has been the most surprising thing to you about the list and were there any new surprises this year on that top 10 retail experience list?

Terry Montesi is joined by Ethan Chernofsky, a leading innovator at Placer.ai, for the second half of their discussion on how mobile analytics technology and consumer marketing are shaping the future of commercial real estate. They chat about shopping centers’ evolution and what developing technologies are doing to advance the industry. Ethan explains the relationship between the omnichannel and consumer behavior, as well as his expectations for the future of brick-and-mortar real estate. Leaning In is published every second and fourth Wednesday of the month. Be sure to follow the show on your preferred podcast app to hear our next episode with Chain Store Age's Real Estate Editor, Al Urbanski. Timestamps (0:52) - Do we need to rethink how shopping centers are created? (4:14) - How did the pandemic affect Placer.ai? (7:30) - What do you think the next “Nice to have’s” are? (8:51) - Are you working on technology that can track cross-shopping between stores and extrapolate the profile of the customer? (9:59) - What do you think about omni-channel and how it will evolved over the next 5 years? (12:02) - What trends do you see happening in PropTech over the next decade? (15:00) - How do you see PropTech affecting Brick & Mortar retail?

Leading PropTech innovator Ethan Chernofsky of Placer.ai joins Terry Montesi to discuss their niche in the commercial real estate world, and how Placer.ai’s empowering analytics technology has changed the industry from underwriting to consumer marketing. He uses Placer.ai’s analytics to identify real estate trends, and suggests how more exciting approaches are coming to the world of retail data analysis. Additionally, Ethan and Terry pose the question of which will win in the long run: indoor or outdoor shopping centers? Leaning In is published every second and fourth Wednesday of the month. Be sure to follow the show on your preferred podcast app to hear part 2 of Ethan and Terry's discussion. Timestamps: (1:05) - Placer.ai and Ethan’s involvement in the company (2:21) - What’s all this data that you are collecting? (3:32) - Coming from the digital space into Retail Real Estate (4:36) - Placer.ai’s customers and how they add value (7:05) - Client Case Studies: Developer and Retailer (8:54) - Placer’s Tenant Void Tool (9:58) - Are there any interesting data or surprises you’re seeing coming out of the pandemic? (18:25) - What trends are you seeing around physical retail? (20:10) - What did you learn during the pandemic about indoor and outdoor malls?

Dr. Peter Linneman joins Terry Montesi to continue the second half of their discussion about the current state of the country’s economy, and its influence on the real estate sector. Peter gives a comprehensive overview of the residential real estate economy and explains how the multifamily and single-family markets are simultaneously finding success. They evaluate COVID’s hard reset of the economy, its lasting impact, and the progression of our current economic cycle. Peter also depicts the cause-and-effect of the economic decisions made over the past year and a half, and how those choices can be seen in today’s real estate market. Follow “Leaning In” on your preferred podcast app to hear future discussions about mixed-use and retail real estate on the second and fourth Wednesday of the month. For more information about Trademark, visit www.trademarkproperty.com For more information about Linneman Associates, visit www.linnemanassociates.com Timestamps 1:03) - What do you predict for the future of Multi-family and the sustainability of the red-hot single-family market? (13:35) - Do you see people who may have moved away from the city going back as things settle down? (16:21) - Where are we in the cycle and what should we be watching for? (20:42) - What do you think about the future of outdoor retail or mixed-use developments and has the pandemic and e-commerce impacted your view? (23:41) - Commentary on malls (25:33) - What trends should we be on the lookout for that will drive real estate and the economy over the next 5 years? The Great Age Reset: The New Science of Limitless Longevity by Michael Roizen, Peter Linneman and Albert Ratner (29:01) - What sectors in real estate do you invest in the next 5 years?