DCA Live’s Rising Stars of Real Estate: Part 4

DCA Live’s Rising Stars of Real Estate:
Part 4

 

 

Kaleena Francis Lee, Development Manager, Jair Lynch Real Estate Partners

Hometown: South Florida

Power lunch spot? Matchbox on 14th

Favorite vacation spot? Costa Rica

If you had to invest $10m in a dc area neighborhood/submarket it would be in?Continue to fund the great streets initiative that focuses on infrastructure and retail/façade improvements. an investment function and aesthetic upkeep is a catalyst for monies being spent in that community and encourages additional growth. H Street NE is a great example of this.

Reason for optimism about DC real estate in 2018? As the luxury multifamily asset class becomes more saturated, portfolios are diversifying more to reach a broader customer base. look for increased development in ancillary neighborhoods like Takoma, Rhode Island NE, and Hill East.

Reason for caution about DC real estate in 2018? Continue to strengthen industries not dependent on the federal government. Work to keep more families with young children to stay in DC by providing more housing choices and continuing to improve schools.


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Deniz Yener, Director of Leasing, Monday Properties

Hometown: Rockville, MD

Power Lunch Spot? Great Eatery (1000 Wilson Blvd)

Favorite Vacation Spot? Cesme, Turkey

If you had to invest $10m in a DC area neighborhood/submarket it would be in?Rosslyn

Reason for optimism about DC real estate in 2018? Increasingly diverse companies/corporations from outside the market are interested in Metro DC.

Reason for caution about DC real estate in 2018? Perceived uncertainty in federal legislation can delay or stall corporate decision-making.


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Adam Schindler, EVP, Colliers International

Hometown: Rockville, MD

Power Lunch Spot? Protein Bar

Favorite Vacation Spot? Bethany Beach, DE or Riviera Maya

If you had to invest $10m in a DC area neighborhood/submarket it would be in?Anacostia or Benning Road would be areas to investigate; I would also focus on infill industrial/flex space within the beltway.

Reason for optimism about DC real estate in 2018? Leases will always expire!

Reason for caution about DC real estate in 2018? Significant construction and delivery of trophy class office product gives potential cause for concern.


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Jared Krieger: Principal & Co-Studio Director at Gensler

Hometown: Bellmore, NY

Power Lunch Spot? District Commons, Burger Tap and Shake, The new Deli downstairs.

Favorite Vacation Spot? Northern Coast of Spain. We lived there for a Gensler project one year and it is a beautiful place.

If you had to invest $10m in a DC area neighborhood/submarket it would be in? If I had to invent $10m in a DC area I would choose Alexandria, VA. I live there and would like to put the money towards improving my “backyard."

Reason for optimism about DC real estate in 2018? There continues to be a strong interest in the market from both private and public organizations. We are also seeing a trend in corporate headquarters relocating into the area over the past few years.

Reason for caution about DC real estate in 2018? We have had a strong and sustained run coming out of the recession. How much longer will the run last?


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Suzie Boggs, SVP Commercial Asset Management, JBG Smith

Hometown: Arlington, Virginia

Power Lunch Spot? Sushi Ko

Favorite Vacation Spot? Anywhere with a beach but my favorite places in the world are Cape Town, Bali and Mykonos. For a quick weekend getaway, I love Rehoboth Beach, DE.

If you had to invest $10m in a DC area neighborhood/submarket it would be in?Crystal City!

Reason for optimism about DC real estate in 2018? The challenging office leasing market has required all of us to think creatively on how to differentiate our product. I’ve seen some amazing ideas internally and externally on how to distinguish buildings such as shared suite common space, unique amenities and partnering with disruptive technology companies. This creativity gives me confidence in our industry to break the perception of office space as a commodity and allow each of us to compete based on our offerings not just price.

Reason for caution about DC real estate in 2018? While we have seen a slow but steady recovery in absorption rates it is still not in line with historical rates. To bring rates up to historical averages, new jobs will need to be created and there is not a lot of certainty on job growth unless there is out of market tenant such as Nestle. Nestle and Amazon indicate that this demand does exist, but it is still too sparse to rely on as the key source of job growth.


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Brigg Bunker, Executive Director, Foulger-Pratt

Hometown: Mesa, Arizona

Power Lunch Spot? I prefer breakfast. The breakfast at Founding Farmers is tough to beat.

Favorite Vacation Spot? With our 4 kids: Watercolor, Florida. Without kids: About anywhere my wife and I can reach with a non-stop flight.

If you had to invest $10m in a DC area neighborhood/submarket it would be in? I like where we are in Eckington, Capitol Hill and Union Market.

Reason for optimism about DC real estate in 2018? DC remains a very strong long term investment option given improving lifestyle options, overall housing shortage and a quiet but emerging tech and startup scene.

Reason for caution about DC real estate in 2018? Increasing construction costs with little rent growth and tightening of the debt/equity markets is causing new development to have very tight yields.