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TCN Worldwide Market Minutes Podcast
Your source for boots-on-the-ground local commercial real estate market knowledge.
Nov 9, 2022
Ep. 20 Vince Provenzano: Commercial Real Estate "Financial Value-Add" Strategies
In this episode, we talk with Vince Provenzano, President of Brokerage at San Diego-based Pacific Coast Commercial. Vince shares his expertise that spans over 40 years in San Diego real estate to discuss the commercial real estate market in Southern California as well as the details of two interesting transactions his firm recently completed, delivering significant "financial value-add" to their clients. From starting in construction and participating in the market for a short period of time as a residential agent to building one of the most prominent commercial real estate firms in San Diego, Vince Provenzano shares the story of his career and the philosophies that have made him and his firm a success. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:33] About our guest: Vince Provenzano [01:19] How did you get into this business and how did you arrive at the position you're in now? [03:12] Although you're based in San Diego, CA, what is your geographic area of outreach? [03:41] How long have you been with TCN? [04:50] Tell us how you operate with a focus geographically vs by a particular asset class [07:38] Tell us about the deal on Twin Oaks Valley road, which highlights what you do well [09:56] Talk to us about the Camino Real property deal [11:25] Tell us about your "financial value-add" on those properties and how that translates into increased rents [14:08] Do you ever see properties (managed by non-institutional owners) whose CAMs are not being properly calculated? [18:04] What's going on in the San Diego market? [20:25] What are bankers saying about what's going on in their financial institutions? [21:20] How can folks get in contact with you?
Oct 18, 2022
Ep. 19 Justin Kessler & Nathan Meisner: Taking Advantage of Disruption in the Office Market; Rightsizing & the Flight to Quality
Justin Kessler & Nathan Meisner with Bradford Allen/TCN Worldwide in Chicago discuss the ever-changing dynamics of the post-pandemic office market; how savvy tenants are taking advantage of this temporary disruption; and how the work-from-home trend has adversely affected younger workers who traditionally benefit the most from in-office mentorships. Learn what safety nets can be built into your lease to allow flexibility while maximizing the opportunities that the current market offers to tenants who wish to right-size or secure more prestigious office space with the amenities to help attract workers back to the office. Justin Kessler & Nathan Meisner also discuss their recent transaction with Lindsay, Pickett & Postel, LLC (LPP) who was occupying two separate offices on different floors in the same building. Seeking to consolidate to a single, high-class, high-rise space with east-facing views and abundant natural light, the client needed to sublease its existing spaces. This is a perfect example of the flight-to-quality trend currently being seen within the office sector. Many brokers would have walked away due to the complexity of this transaction but both Justin and Nathan were there with level-headed, worthwhile advice and guidance every step of the way. Aligning multiple transactions at the same time—Managing multiple timelines and interests with two subtenants and relocating to a new building required some creative thinking and disciplined project management, but Justin Kessler & Nathan Meisner were able to see this deal through to make sure Lindsay, Pickett & Postel, LLC (LPP) closed on each one of these transactions. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:32] About our guests: Justin Kessler & Nathan Meisner [01:11] How did you arrive at Bradford Allen, Justin? [01:53] How did you arrive at Bradford Allen, Nathan? [02:33] So you primarily help office tenants and landlords find space, correct? [03:24] What is your take on the media reporting that office is going away because people are working from home [04:46] What are you hearing from C--Suite executives about where the office market is headed? [06:31] Do you think the younger folks are the ones most adversely affected by COVID because they weren't allowed to come to the office and mingle with co-workers [09:37] Are you seeing a reluctance of employees to come back to the office since they got used to working from home? [10:30] Are you finding that tenants are reluctant to sign longer-term deals after what happened in 2020-2021 [12:36] Give us an overview of some of the flexibility that might be built into a lease to entice longer-term leases [16:02] Give us a high-level view of a recent complex transaction you managed [18:30] Eric's summary of the recent complex transaction [20:23] How did you coordinate the timing with those 2 new tenants? [25:21] Talk about the finances of this complex transaction [27:43] What are you seeing happening in the next few years in the Chicago market space? [29:15] How can folks get in contact with you?
Sep 8, 2022
Ep. 18 David Verwer, CCIM: Property Management and the Return to The Office (This Time for Real)
Today we talk with David Verwer, Director of Real Estate Operations, Mode Commercial to discuss the ins and outs of property management. David discusses several key components of property management, from leasing to maintenance as well as how years as a broker [David received the prestigious CCIM designation in 2002] have put him in the unique position of understanding all aspects of the commercial real estate business and allows him to relate to all sides of the table. We also take a look at office vacancy and the return to the physical office to explore what David is seeing firsthand as the director of operations for a leading property management firm focusing on Office, Retail, and Industrial properties within the Phoenix metro area.
Jun 15, 2022
Ep. 17 Paul Hendershot: Commercial Real Estate National Mid-Year Economic Update
In this special episode, we talk with Paul Hendershot, Senior Director of Market Analytics at CoStar who delivers a comprehensive mid-year 2022 economic update and forecast for the commercial real estate industry. Paul Hendershot, a frequent participant at TCN Worldwide conferences and one of our most highly-rated speakers, brings a unique skill set as a career economist in the CRE industry. He provides a broad perspective on the national economy, how the first half of 2022 is shaping up and the current inflationary environment. In today's episode, Paul focuses on three asset classes (office, industrial, and retail) and shares his insights on what's going on in the national economy. * What are the key components to keep an eye on during these turbulent times? * How will rising interest rates and inflation impact the overall economy? * On a regional basis how are the markets currently trending and what is the outlook for the remainder of 2022? * Where are cap rates headed? * Which product types will thrive and which will struggle in the year ahead? * Paul closes by answering several questions provided by TCN Worldwide members.
May 11, 2022
Ep. 16 Kevin Parisi: Retail Isn't Dead, It's Evolving
Today we talk with Kevin Parisi, President and CEO of Albany-based Trinity Realty Group, LLC. (TRG) about the Upstate New York commercial real estate market as well as the evolution of the retail sector in the broader sense. He is bullish on both retail and office sectors, especially in suburban and secondary markets where rents can be advantageous to allow companies to maximize profit margins. Kevin also discusses his role in TV's only reality real estate show "The Real Estate Commission" which will be airing this summer. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:31] About our guest, Kevin Parisi [01:25] Give us a background on your firm and how you got started with TCN [02:23] Tell us about TRG, your markets, and what you're working on these days [03:58] What's happening in your market in terms of retail traffic [07:16] What's happening to the office market in Albany, NY? [09:13] Do CEOs really enjoy running their businesses via Zoom as the media suggests? [10:55] Are there national retailers that are looking to establish a foothold in your area? [12:51] As the CEO of a commercial real estate business, what keeps you up at night? [14:17] What makes TRG stand out against your competitors [15:45] Tell us about the reality TV show you were involved in that wil be coming out soon [19:59] How can folks get in contact with you?
Feb 18, 2022
Ep. 015 Matthew Ferguson, CRE: The Changing Face of Indianapolis - $100M Project Along Monon Trail
Today we talk with Matthew Ferguson, CRE, Vice President, Premier Commercial in Indianapolis to discuss the changing face of the city and the new 14.5-acre, $100+ million development along the city's Monon Trail, known as Monon 30. Matthew Ferguson, CRE, Vice President of Premier Commercial Real Estate Services/TCN Worldwide, has been working on the deal for over a year and was instrumental in contracting the several adjoining properties, finding outside sources to help with the development of the project, selling the idea to the neighborhood, and in meeting with City Council and officials to bring the deal to fruition Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:31] About our guest, Matthew Ferguson [01:26] What's your background, and how did you get into commercial real estate? [02:42] Why was joining TCN important to you? [03:56] Tell us about the market in Indianapolis [05:57] Tell us more about the office market; are folks starting to come back to the office? [08:23] Tell us about the project you're going to be working on that will literally change the face of Indianapolis [11:54] What is the vision for the parcel / assemblage? Is it retail? Multifamily? Mixed use? [16:49] Are you seeing movement towards a more dense type of structured living? [18:48] Where do you see the Indianapolis commercial real estate market now, and where do you see it in the future? [19:40] How can folks get in contact with you?
Dec 2, 2021
Ep. 014 Marty Cleckler: Market Outlook in Lubbock, TX
Today we talk with Marty Cleckler, MAI, Managing Director of WestMark Commercial in Lubbock, TX about what he's seeing within his market, how Texas Tech impacts their commercial real estate market, and how it compares to other markets throughout the U.S. In this episode, Marty discusses each sector, how Lubbock has developed into an economic and healthcare hub to the region as well as what he see's in the years ahead. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:32] About our guest, Marty Cleckler [01:26] How did you end up with WestMark Commercial? And what's your background? [02:46] What was the driver behind you joining TCN? [03:41] What are the drivers in your market, and what makes it different? [06:20] Give us a high level overview of what you're seeing in each of the major asset classes [08:37] For new construction, what are you seeing for industrial rates range? [09:10] What are you seeing in retail? [12:35] What makes your market unique? And what are the highlights? [15:47] Tell us about your latest significant deal with Metro Tower [17:30] How would you talk to agnostic investors about the best opportunities in your market? [18:30] Where do you see your market headed? [19:49] What makes your firm stand out in the market? [20:47] How can folks get in contact with you?
Jul 8, 2021
Ep. 013 Paul Hendershot: Commercial Real Estate National Mid-Year Economic Forecast
In this special episode, we talk with Paul Hendershot, Senior Director of Market Analytics at CoStar who delivers a comprehensive mid-year economic update and forecast for the commercial real estate industry. He provides a broad perspective on the national recovery; where we've been, how the first half of 2021 is shaping up and what's in the forecast for the 2nd half of the year. In today's episode, Paul focuses on three asset classes (office, industrial, and retail) and shares his insights on what's going on in the national economy. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [02:18] The economy is turning a corner [02:53] Employement outlook [04:20] eCommerce outlook [05:16] U.S. office market outlook [07:26] Sublease space outlook [10:42] Industrial market outlook [14:38] Retail market outlook [17:01] Summary of economic outlook
Jun 1, 2021
Ep. 012 Grant Pruitt: Dallas-Fort Worth Office Market Outlook
Today we talk with Grant Pruitt, President & Co-Founder, Whitebox Real Estate in Dallas, TX about what he's seeing within the DFW office market and how it compares to other markets as people return to the office. In this episode, Grant discusses the DFW office market and why he's bullish on the office sector as we come out of the pandemic and in the years ahead. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:29] About our guest, Grant Pruitt [03:05] What do you see happening to the office market? [16:50] What is the 3-2-2 work week? And what might this mean for commercial real estate? [20:05] Are you seeing companies change their configuration? For example, implementing any social distancing, plexiglass, or other measures? [21:51] Focusing on the Dallas area, is the Central Business District (CBD) coming back? And what sub-markets are working for you? [28:09] What's going on with the distressed investors in the Dallas Fort Worth (DFW) market? [29:38] What is your outlook on the Dallas market over the next 12-24 months? [41:22] Do you have any other concerns as it relates to the DFW market? [43:16] How can folks get in contact with you?
Apr 20, 2021
Ep. 011 Tim Mitchell: Portland Market Overview and the Booming Multi-Family Investment Sales Market in Oregon
The multi-family investment sales market is booming in Oregon, and especially in Portland where Norris & Stevens/TCN Worldwide, the largest privately held full-service commercial real estate firm in the Portland market, has been in business since 1966. Tim Mitchell, President of Norris & Stevens, discusses some of the benefits of TCN Worldwide membership, where they've been a member for 30 years; the state of downtown Portland after a turbulent 2020 and where it is heading moving forward; the various asset classes; statewide rent control; cap rates; bullish submarkets and much more...
Feb 2, 2021
Ep. 010 Mark Dotzour: Economic Outlook for Commercial Real Estate in the New Year
We are proud to present this special TCN Worldwide podcast featuring Dr. Mark Dotzour, a frequent participant at TCN conferences and one of the truly ‘entertaining economists’ to provide an economic update and forecast for TCN members as well as their clients, prospects, friends, and family. Some of the topics Dr. Mark Dotzour discusses are: * Will the recovery be quick or prolonged? * What is the outlook for inflation in 2021 and beyond? * What is the outlook for borrowing rates? * What is the outlook for cap rates? * What is the outlook for investor demand for US commercial real estate? Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:38] About our guest, Mark Dotzour [01:40] What will the economic recovery look like? V shape? L shape? [02:53] What is the outlook for prices and cap rates for high level properties? [04:38] The hotel business is a real good opportunity right now [05:06] The outlook on Office is somewh…
Nov 18, 2020
Ep. 009 Steven Rosansky: 1031 Exchange and its Importance for Real Estate Investors
Today we talk about 1031 Exchanges with Steven Rosansky, attorney and Senior Director of Exchanges for Peak 1031 Exchange, Inc. A 1031 exchange is important to real estate investors as, basically, it allows capital gains taxes to be deferred when swapping one investment property for another. Steven is considered one of the premiere authorities in the 1031 exchange arena, and he walks us through the history of 1031, why it's so important in real estate investing, the pitfalls to avoid, and how to deal with a partnership where individuals want to go in separate directions. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:38] About our guest, Steven Rosansky [01:49] How did you get into this line of work? [02:25] Give us an overview of the history of 1031 and why it's important in real estate investing [11:59] What are some things investors might do to disallow their 1031 exchange from happening? [18:56] Help clear up the controversy over who can and…
Oct 13, 2020
Ep. 008 Derek Waltchack: The Death of Retail Has Been Greatly Exaggerated
Today we talk with Derek Waltchack, partner at Shannon Waltchack, about his personal perspective on the retail market in the southeast. While many investors steer clear of retail, especially when retail assets like malls are not doing so well, Derek embraces it and is doing quite well. Key Discussion Points [00:17] Welcome and introduction by Eric Odum [00:34] About our guest, Derek Waltchack [01:14] Tell us about your firm, what you're working on, and how you ended up there [03:38] Tell us about Convenience Retail and why you are bullish on that [07:25] Is there certain tenancy and co-tenancy situations you feel more strongly about than others? [10:47] Give us an overview of the markets you are participating in within the southeast [13:08] What Cap Rates are you seeing? [18:55] Where do you think the market is headed? [24:06] Tell us about your new podcast show, Broker Lord [28:11] How can folks get in contact with you?
Aug 13, 2020
Ep. 007 Luke Timmis: Reasons Why Businesses Will Utilize Sale-Leasebacks to Battle COVID Cash Crunch
Today we talk with Luke Timmis of Signature Associates about sale-leasebacks and how they can be attractive as an alternative method of raising capital. Companies with high-cost fixed assets like property, land, or large expensive equipment find this option advantageous, as they can sell their expensive assets or equipment to a buyer and the buyer can then immediately lease those assets or equipment back to the original owner - thus freeing up cash to the original owner. Key Discussion Points [00:00] Welcome and introduction by Eric Odum [00:32] About our guest, Luke Timmis [01:28] Why would a coroporation be interested in selling their underlying real estate? [03:38 What type of company might be interested in doing a sale-leaseback? [07:49] What type of company are you trying to go after that you think would be the best fit for a sale-leaseback [09:39] What are the tax implications of a sale-leaseback? [14:47] Tell us more about the structure of these leasebacks [16:05] How do…
Jul 1, 2020
Ep. 006 Bill Sitar: COVID19 Effect on the Industrial Real Estate Market
Today we talk with Bill Sitar Jr., EVP of Sitar Realty Company, about how the COVID pandemic is affecting the industrial real estate market — particularly in New Jersey. While COVID is having a negative effect on many asset classes, it doesn't seem to be affecting industrial that much. For example, in New Jersey, the demand to purchase warehouse buildings seems insatiable and it's hard to find product and keep product when you have it for sale, and in many cases warehouse buildings are priced higher than office buildings. Bill thinks that for the foreseeable future, the demand will remain strong for industrial real estate.
May 4, 2020
Ep. 005 Ben Azulay: Confronting Commercial Real Estate Issues during the COVID Crisis
In this special episode we continue covering issues in commercial real estate and ideas to help guide you through the current COVID crisis. Today we talk with Ben Azulay, principal and executive managing director with Bradford Allen, about such topics as rent deferment and abatement, Blend & Extend options to help landlords and tenants, and dealing with the realities of office space planning given the uncertainty of this COVID pandemic.
Apr 10, 2020
Ep. 004 Jon Rosenberg: COVID Crisis - Where Do We Go from Here with Your Commercial Real Estate Deal?
In this special episode we talk with Jon Rosenberg, managing partner and co-founder of Levrose Commercial Real Estate, about guidance and advice for buyers, sellers, tenants, and landlords dealing with real estate issues they are facing during this COVID pandemic. For example, a lot of sellers are somewhat hesitant right now to market their properties. Jon's recommendation is for them to continue to market their properties unless they think there's going to be a significant change in their rent roll, in which case wait until some of this washes out and then put it back on market (most likely at a lower price). Another thing to consider is that there is potentially a lot more buyers now that are able to look that weren't able to look previously because of time constraints. Jon also recommends having an open line of communication with your broker. The one thing Jon has seen at his firm and at firms through TCN is that these firms have become outstanding advisors, and they'…
Apr 6, 2020
Ep. 003 Hans Hansson: Advice for Tenants during the COVID-19 Pandemic
During this Coronavirus pandemic, many tenants are having issues paying rent and handling employees. Today we talk with Hans Hansson, President of Starboard Commercial Real Estate in San Francisco, who shares a list of valuable tips and information that can help tenants, such as being transparent with your landlord about your situation as well as loan assistant programs and how the $2M COVID stimuls package can help.
Mar 26, 2020
Ep. 002 David Wallach: Calgary Real Estate Market
Today we talked with David Wallach of Barclay Street Real Estate in Calgary, Canada. David gives an overview of the Calgary real estate market as well as discussion on cap rates, asset classes, and his forecast on where he sees the Calgary market going in the next 12 months. David also discusses his firm's partnership with TCN Worldwide and how that partnership has helped Barclay Street expand their reach to service their customers on a local and international level through a network of over 1200 commercial real estate firms. Key Discussion Points [00:18] Welcome and introduction by Eric Odum [00:36] Overview of what's going on in the Calgary real estate market [02:39] What asset classes does Barclay Street Real Estate focus on? [03:18] Tell us about where cap rates and asset classes are headed in Calgary [05:01] Is financing primarily coming from banks, insurance companies in the market, or financial institutions? [06:25] Can you give us another couple of p…
Feb 19, 2020
Ep. 001 Ross Ford: First TCN Worldwide Market Minutes Podcast
Welcome to the very first TCN Worldwide Market Minutes podcast! Our host is Eric Odum, and today he is joined by Ross Ford, CEO of TCN Worldwide. Together, Eric and Ross discuss this new podcast endeavor including why they are doing it, what topics they plan on covering, and how it will add value for the listeners. TCN Worldwide understands that real estate is a very local business, so they wanted to create a podcast format that allowed the public to get access to unique knowledge and experience that these locally owned and focused commercial real estate firms can bring to the table. Key Discussion Points [00:44] Welcome and introduction by Eric Odum [02:26] Discussion about why this podcast was started [07:45] How frequently will the podcasts be released? [08:37] Closing remarks by Ross Ford [09:13] Closing remarks by Eric Odum