The Valbridge Women's Council (VWC) recently held its inaugural meeting. The vision of the council is to empower Valbridge professional women for advancement, growth and development in all facets of life.
The Valbridge Women's Council serves as a platform for the growth and development of Valbridge Property Advisors' professional women through mentoring and education, national recognition, networking opportunities and other resources geared toward opportunities for advancement and self-improvement. The council will hold annual events and forums for the development of its members. Valbridge believes in the importance of diversity in the work place and embraces women in leadership as a core principal. At Valbridge, various women hold executive positions within the company with decades of experience across diverse valuation categories, some holding the highest level of commercial appraisal designations in the industry. This includes the Appraisal Institute MAI designation, one of the highest levels of professional achievement in the industry. Leading up to the launch of the Valbridge Women's Council, Valbridge Property Advisors actively highlighted the women of Valbridge to bring attention to the need for more women to enter the commercial appraisal industry. Valbridge is proud to celebrate the accomplishments of female leaders in the company and encourage professional development for the women of Valbridge and beyond. The Kansas City office boasts four VWC members - congratulations to Jessica Perryman, Senior Appraiser and Joanne Montgomery, Director of Operations for becoming VWC Directors. Audrey Teixeira, Appraiser and Lindsay Wells, Researcher are also VWC members.
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Open the newspaper or turn on the local news and you're likely to catch a story about the new KCI single terminal. We may be well-informed when it comes to this project, but what exactly does a new airport mean for our city? More International Flights: Landing its first nonstop transatlantic flight service this year was a huge win for KCI! With a new terminal, we can only expect our flight options to increase because we will be able to accommodate these non-stop flights. Not only this, but increased amenities within the terminal will better welcome passengers who may be only laying over.
Job Creation: A billion-dollar project like this is more than likely to create many jobs. Right now, the goal is to increase minority and union hiring for the extensive construction work. Bigger Flights: The proposed increased gate size will mean that more people will be able to board the airplanes. Not only will this lead to bigger flights, but there will be increased seating areas and more amenities like charging stations available to those waiting. Better Parking: No more uncovered parking! The new single terminal will offer tons of garage space and covered spots. This is a true necessity for a city with such unpredictable weather. ...And most importantly... MORE/BETTER RESTROOMS: Anyone who has ever tried to use the restroom once they've entered their gate at KCI knows that there's always an impossibly long line and maybe only two or three stalls inside. Bigger gates = more restrooms with better facilities. How do you think the new KCI will affect our city? Let us know in the comments below! Last week our own Jessica Perryman attended the 2017 Office Summit put on by MetroWireMedia! Stay tuned for a recap of the event below! Millennials: Millennials were a key discussion point when it came to many of the topics. Something of note; tenants will pay more for amenities to attract the millennial workforce. Coworking: It wouldn't be an office summit without discussing one of the hottest trends in Kansas City right now! Everyone was in agreement that this trend isn't going anywhere! Downtown Locations: Nothing says "live/work/play" more than a central downtown location! Suburban locations are incorporating many of these amenities as well. Market Opportunities: Many investors from the East and West coasts are looking for investment opportunities in the Kansas City area. This is especially true for office property types! For a more in-depth look at the events of that day please click here to read MetroWire's own recap! Don't forget to check out Jessica's pictures below: Summer is nearly in full swing and the Valbridge Property Advisors | Kansas City office is definitely taking notice! Below are some of our favorite summer hangouts: Stockton Lake Located approximately two hours south of Kansas City, Stockton Lake boasts camping, boating, fishing, and much more! This pristine lake is our Director of Operations, Joanne Montgomery's, favorite summer spot! Colorado Our Senior Managing Director, Laird Goldsborough, MAI loves travelling to Colorado every summer with his family. While there, they like to climb 1,400 ft mountains! Harry's Country Club When Garrett Connolly, one of our appraisers, wants good food and summer drinks, he heads to Harry's Country Club in The River Market! The Mississippi River Every summer, senior appraiser Tyler Siegworth goes to the Mississippi River for kayaking, swimming, and boating with his family! What's your favorite thing to do when it's hot out? Let us know in the comments below!
Here at Valbridge | KC, we pride ourselves on our flexibility when it comes to different report types within the appraisal industry. This week we talk with our own Daniel Kann, MAI about Market Studies; specifically what they are and why they are so important. We hope you'll learn something from Daniel in this post, we certainly did! What is a Market Study? "A market study identifies the demand drivers for a particular type of property in a specific market or submarket. It calculates the residual demand based on current and projected growth and the amount of existing and future supply. In comparison, a marketability study focuses on how one particular property will interact within a market or submarket. Market studies are most commonly used in the multifamily space due to apartment projects being built on a speculative basis." Why Don’t Very Many People Perform Market Studies in KC? "Market analysis is part art and part science and requires an in depth analysis of the underlying fundamentals that drive supply and demand for a particular property type. The level of analysis included in a market study is not commonly utilized in daily appraisal practice creating a specialized niche within the valuation industry." Besides Here, Where Else Have You Performed These Studies? "I have recently traveled to Dallas, Richmond, Detroit, Jersey City, and New Orleans for market analysis. Traveling to an unfamiliar place and spending the time necessary to gain geographic competency allows you to learn interesting things about a particular city. After studying the urban core of Richmond, Virginia, my wife and I decided Richmond was a place that we would enjoy visiting and are planning to travel there in the near future." See Some of Daniel's Projects Below: We hope you were able to learn a little more about Market Studies! If you are interested in learning more or having a market study performed, click here to contact Daniel Kann. Since 2010 Daniel has specialized in all aspects of multiunit valuation, with an emphasis placed on marketability/feasibility studies and valuation for new construction. The last several years have been extremely active for multiunit housing. Daniel and the team completed valuation and consulting assignments totaling $2.3 billion in 2015 and $1.90 billion in 2016. Recent assignments in Kansas City include One Light, Two Light, Mission Farms, Woodside Village, Roaster’s Block, 51 Main, The Vue, Avenue 80, Prairie Fire Apartments, Union at Berkley Park, Heights at Linden Square, WaterSide on Quivira, and numerous loft and conversion projects in the urban core. Daniel is also active in the Section 8, Low Income Housing Tax Credit (Section 42), and senior housing space. Where people live greatly affects commercial real estate markets. Lately, we've seen a transformative influx of people moving into the urban core, but does that mean the suburbs are dying? Join us as we dive a bit deeper into this topic below! Conceptually, Suburbs are Dying: To really answer the question above; no, suburbs themselves are not dying. In fact, more people still live in suburbs than in cities. However, our concept of suburbs is definitely changing. Construction of single-family homes has slowed while we are seeing a 40-year high in the construction of apartments and condos. More people are choosing to live in multifamily housing than the traditional suburban single-family home. City vs. Suburb Gray Area: The lines are becoming blurred between what is 'city' and what is 'suburban'. This is partially due to peoples' preference for convenience over size. According to Business Insider, "Urban planners across America are rethinking how suburbs are designed. Towns like New Rochelle, a suburb of New York City, are evolving to focus less on space and possession and more on walkability and environmental impact." New opportunities: As mentioned above, we may have to change the way we think about the suburbs, but that doesn't mean they can't be useful. There are several arguments for retrofitting them for seniors as a competitive option while society continues to move to more urban areas. It's likely that more solutions similar to this will pop up in the next few years. A great example of this happening in Kansas City is the Meadowbrook Redevelopment in Prairie Village, KS. This mixed-use development will include senior housing along with retail, office, and park space! Kansas City: Our city is a great example of re-purposing in the suburbs. Right now, one of our own suburbs, (Westwood, KS), is working on becoming home to a huge mixed-use development to increase walkability in the area. Not only this, but one of our biggest suburbs (Overland Park, KS) is in negotiations for a final financing package for Brookridge Development. This project will include a mixed-use area with office, retail, and apartments, and the redevelopment of an 18-hole golf course into a city park and a 9-hole course. The suburbs may always be a thing, but our perceptions and needs as suburbanites are definitely changing. Do you think the suburbs are changing? Tell us in the comments below! Sources: Peak Millennial? Cities Can’t Assume a Continued Boost From the Young Are American Suburbs Dying? The American Suburbs as We Know Them are Dying What 'The End Of The Suburbs' Means For Boomers Brookridge Project in Overland Park Clears Another Hurdle Meadowbrook Redevelopment Woodside Village The word "tourist" undoubtably attracts some negative connotations in the media today. We're constantly being fed images with pretty backgrounds and anti-tourism quotes on Pinterest, or artistic shots of inexplicably well-dressed millennials (models?) in exotic locations that all seem to inspire a serious sense of missing out. Being a traveler is one thing, but working in commercial real estate has given us a whole new appreciation for being a tourist in the city we live in. Here are just a few (of the infinite) reasons we are proud to call ourselves tourists in Kansas City:
World Class Dining: In the spirit of 2017 KC Restaurant Week, it seemed only fair to mention the food in Kansas City first. Whether you're looking for some Scandinavian comfort food, traditional Japanese ramen, or even a late night burger after a night at P&L, you can find just about anything you're craving here. Kansas City is also home to several award-winning chefs, if you're into a more fancy dining experience. Brews and Booze: This city was essentially founded on bootlegging and speakeasies, making it the Paris of the Plains back in the day! The party is still going strong with several historic wineries, distilleries, and breweries to wet your whistle. Like our food, this city has some amazing libations that you can't get anywhere else. The Kansas City Hipster: You might be a KC hipster if you wear Charlie Hustle shirts, cuff your Baldwin jeans, and/or refuse to use anything but Basement Soap in your household. Did you pass the test? No worries, the truth is a majority of the people living in Kansas City pass this test. This isn't just a fad either! We love our city and are proud to show off it's local goods....even if we live here. Museums: Kansas City is home to the amazing Nelson-Atkins Museum of Art, which features works from famous artists as well as historical artifacts from around the world. Aside from this, and many other art museums, Kansas City is also home to the famous Negro Leagues Baseball Museum, and the National WW I Museum. There you have it! If being a tourist means partaking in all of the things listed above, then count us in! What are some of your favorite "touristy" activities to do in Kansas City? Sources: 19 Reasons Tourists Are The Worst Don't Be a Tourist, Be a Traveler This Is The Best Way to Overcome Fear of Missing Out Be a Traveler 2017 KC Restaurant Week Scandinavian Comfort Food Ramen Town Topic P&L Award-winning Chefs Tom Pendergast A Brief History of Kansas City Speakeasies Paris of the Plains Belvoir Winery Tom's Town Boulevard Brewery KC Hipster Charlie Hustle Baldwin Basement Soap Nelson-Atkins Museum of Art Negro Leagues Baseball Museum National WW I Museum With the new year rapidly approaching, what can we expect for the CRE Market? We've taken a look around the internet and collected some of the possible market conditions for your reading pleasure!
Mixed-Use: Investors are starting to see mixed-use property types as a safer bet in this economic climate. However, this may require compromises from investors and tenants. REITs! REITs! REITs!: Because of the uprise in the work, live, play mentality, the demand for office space may decrease; however, retail, multifamily, and industiral demand should remain high. In addition to this, transactions may continue to decline and upward momentum in pricing is likely to slow down due to modest economic growth and ongoing political uncertainty. What investors are being cautious about are potential interest rate rises and credit availability going forward. Labor in the Construction Indusrty: Changes in the job market have put some pressure on the labor force of the construction industry. This worker shortage means a longer development timeline and more delays. Construction companies may also be more selective about which projects they choose to take on. Global Markets: Unforseen political issues and conflicts make for a less stable global economy. Implications could be economic deceleration and less investment in real estate. New Types of Goods/Services: We've written several posts about the growing virtual/sharing economy, and there's no doubt that it will play a huge part in the economy in 2017. With this burst of new economic growth will come new types of regulations; the implications of which are unforseen at the moment. Next year will hopefully give us a more solid look at the sharing economy and the impact on the CRE market. How do you think the CRE market will look in the New Year? Let us know in the comments below! Sources: Top 10 Emerging Trends Shaping Real Estate in 2017 The Future of Mixed-Use Development A Look at Coworking Spaces in KC, and Why it Matters to You 2017 Commercial Real Estate Outlook Fed Raises Key Interest Rate, Citing Strengthening Economy 10 Construction Industry Trends to Watch in 2016 The CRE 2016-2017 Top Ten Issues Affecting Real Estate How the Shareconomy Affects Commercial Real Estate We think of grocery stores as necessities in our neighborhoods, but how will these necessities change as technology increases? As we explore the future of grocery stores in this post, we'll uncover some interesting trends, and what you could possibly expect for the future!
You Guessed it: Millennials: Just like many of the recent CRE trends we've been posting about, this one has a lot to do with Millennials' life-style choices and preferences for convenience and efficiency. According to articles here, here, and here (as well as here, here, here, and here...this has been a well-documented trend), Millennials prefer not to leave home or take time out of busy schedules to grocery shop. E-commerce is HOT!: Because folks are so busy these days (and thanks to the internet), services like Amazon Fresh, Jet.com, Google Express, and many more are taking off at a record pace. If you could get your groceries faster, more cost-efficiently, and environmentally friendlier, why wouldn't you? Discount Chains are Gaining Popularity: We are seeing trends like increased student loan debts among the population and people have begun shopping more and more at discount chains like Dollar General to save money. Research suggests that even prosperous adults choose discount stores for home staples. Warehouse Development Is Increasing: Warehouse facility development is trying to meet the demands of e-commerce. In Kansas City we've certainly seen an increase in warehouses first-hand as of late! After reading this, it should come as no surprise that the future of grocery shopping will be driven by technology. Because of this we can expect new types of jobs, developments, and services to increase and possibly change our economic landscape. What do you think the future of retail will look like? Sources: How the Shareconomy Affects Commercial Real Estate Groceries & Millennials: They’re Buying Less, Shopping Online Why Do Millennials Hate Groceries? Millennials in the grocery store: Are they really that much different from older generations? Millennials Want More From a Grocery Store Grocers Feel Chill From Millennials 8 Shopping Habits of Millennials All Retailers Need to Know About If Time Is Money, Millennials Are Broke--And They Couldn't Be Happier Amazon Fresh Jet.com Google Express Online Grocery Shopping On Pace For 9.5 Percent Annual Growth Do Online Grocers Beat Supermarkets? Grocery delivery service is greener than driving to the store Increasing Student Loan Debt Affecting Millennial Renters Prosperous Young Adults Don’t Need To Shop At Dollar Stores, Do Anyway How Ecommerce Is Changing Warehouses for the Better Kansas City Will Benefit From the Shift to E-commerce Last Friday we attended the Midwest Real Estate News’ Real Estate Investment and Finance Summit where our own Daniel Kann, MAI sat on the Financing Market panel! Here are five takeaways from the panelists' discussion: 1. Interest Rate Increases Will be Slow and Steady: It seemed to be consensus among the panelists that if interest rates increase, it will be at a glacial pace. Additionally, seller pricing could take interest rate increases into account if this does happen. 2. Kansas City is Attractive to the Coasts: Panelists agreed that the low cost of living and increased opportunity for yield is partially responsible for the influx of out-of-state property investors we've been seeing in KC as of recent. 3. CMBS Defaults Could Spike: This could cause CMBS lenders to be eager to close, according to the panelists. 4. Watch Out for TIF: When the discussion turned to Tax Increment Financing, panelists were concerned that there would be no incentive to continue to redevelop if we lean too much on TIF. 5. Kansas City is in a Good Place: Panelists predicted that Kansas City will become more and more desirable as time goes on. If the city continues to increase job growth and accommodate the desire for urban living, we will see an influx of people to the city. What do you think about the panel discussion? Anything to add? Sources: Cost of Living in Kansas City, Missouri, United States What are the Best Cities for Out-of-State Investors to Buy Rental Properties? The New American Dream Is Living in a City, Not Owning a House in the Suburbs
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