"People are a lot more optimistic and Boston seems to be weathering the storm pretty well," reports Richard Kelley, director for the Real Estate Media conference series that now reaches 30 cities. Among the goals for the half-day program on May 28th, at the Boston Hyatt Regency, will be to drill down and see just where New England is on the commercial real estate front, explains Kelley. That effort will be evident at a morning panel entitled, "Is the Glass Half Full or Half Empty in the Boston Market?"; a program featuring National Development founder Thomas Alperin and Taurus Investment Holdings chief Peter Merrigan, along with Paradigm Properties principal Kevin McCall and industry veteran William McCall Jr.
Considered the dean of Boston's brokerage community--with a career dating to the mid-1960s--William McCall is among those upbeat about the local scene. "I think Boston is actually pretty good in that demand has slowed down a little bit, but we don't have a big overhang of space," he tells GlobeSt.com. A surge of rental rates during 2007 has eased off, but he maintains rates are unlikely to erode given the lack of new construction underway.
Kelley says he is getting similar feedback from others, but stresses the panel was selected to allow for a range of opinions regardless of the message. "Some people say that when it rains you get wet," he notes, and RealShare sought to assemble speakers whose views are valued by attendees. "Their words and their thoughts really carry weight," he says, adding, "It should be a lot of fun."
Another panel might be harder to anticipate positive thoughts, as five experts will gather just after the opening program for a discussion on "Credit, Capital and Inappropriate Leverage: Finding a Floor and Bringing the Investment Sales and Equity Capital Markets Back to Life." The panel will include intermediaries such as David Douvadjian of Colliers Meredith & Grew and Frank Petz of Eastdil Secured, plus Anglo Irish Bank lending chief Eddie Byrne, Robert Plumb of AEW and loan originator Joseph Iadarola Jr. The program "is less about how we got into this mess and more how do we get out of it and what will the world look like when things do change," relays Kelley. Boston has been less immune to disruptions in investment sales, and Kelley says the program will offer guidance on that arena.
In some respects, the economic upheaval is bolstering attendance at the RealShare series, says Kelley. "In a down market, people think it's more important to stay informed and to network with your peers," he says. As such, RealShare Boston will put a microscope on specific areas such as the Downtown and suburban sectors, while the event will also sponsor a special panel on sustainability design looking at whether the trend can be a profitable approach for leasing or selling buildings. "It puts the green building movement on a whole new footing," says Kelley, adding that the subject continues to draw the interest of attendees.
Another expected highlight is an event entitled, "Inside the Real Estate Mind With John B. Hynes III". Hailing from one of Boston's most distinguished families, Hynes has become a leading developer at Gale International, owning a resume that includes construction of One Lincoln St., a 1.1 million-sf office tower fully leased to State Street Bank Corp. Hynes is now overseeing a mixed-use redevelopment in the Downtown Crossing District and pursuing a major project on Boston's waterfront, but is also Gale's lead man on New Songdo City, a massive master-planned community being created in South Korea. The experience makes Hynes "a perfect guest for Inside the Real Estate Mind," says Kelley, calling the developer "a well-respected guy involved in a lot of different things" in commercial real estate. "We look forward to hearing his insights," Kelley says.
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