OLYMPIC VALLEY, CA—Deal volume has seen a widespread decline across various CRE sectors, although not as severe as in 2009, with some positive developments noted. This was the consensus among panelists during the industry overview session at the GlobeSt Women of Influence conference held at the Everline Resort and Spa.
Laurie Morfin, Senior Managing Director at NewPoint Real Estate Capital, remarked, "We are all feeling the impact. There are significant debt maturities, but we hope we're nearing the bottom and anticipate an upward trend from here."
Julie Baird, President of First American Exchange Co., identified two critical factors affecting CRE volume: the prevailing interest rate environment and the disparity in price expectations between buyers and sellers. She suggested that alignment between these factors may not occur until around mid-2025.
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Moderator Heidi Henderson, Executive Vice President of Engineered Tax Services, queried Morfin about financial challenges, prompting her to highlight the influx of distressed debt into the market. "None of us could have predicted the rapid rise in rates, so we're exploring ways to navigate cash flows and refinancing," Morfin explained. "Many have shifted from investment to preferred equity, actively seeking stable rate environments. We continue to innovate for solutions."
Discussing affordable housing, Maria Barry, National Executive of Community Development Banking at Bank of America, stressed the critical role of public-private partnerships amidst complex deal structures. "Our team remains dedicated to expanding housing options," Barry affirmed.
Henderson then turned the discussion to rising insurance costs, noting their profound impact on project profitability. "In states like California, Florida, and Texas, these escalating costs are a significant concern," remarked Jennifer Keen, EVP and Western Regional Manager at IPX1031.
Panelists also addressed escalating construction expenses. Barry emphasized the importance of early planning due to unpredictable cost variability. "While incorporating sustainable elements is crucial, they come with added costs," Barry noted.
Keen echoed concerns over rising construction costs driven by prevailing wages, observing that these ultimately affect consumers outside the development sector.
Check back with GlobeSt.com for more from the Women of Influence conference.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
