A big, busy year 2022. This is what the attendees of the Louisville Commercial Real Estate Summit can expect from REjournals. And that’s why there was so much optimism about the event, which took place on September 15th at the Olmsted, Louisville.
More than 100 CRE experts from the Louisville market attended the event, focusing on the battles the COVID-19 pandemic brought and the bright future it will have for the remainder of 2021 and through 2022 expect for this market.
The optimism seems justified. The Louisville CRE market has held up throughout the pandemic. And both the multi-family and industrial sectors thrive here. And while office and retail faced challenges, summit attendees expressed the hope that both sectors will see better times in 2022.
Participated in the development round were Emily Liu, director, Louisville Metro Planning & Design Services; Earl Winebrenner III, executive member of Winebrenner Capital Management, LLC, who acted as moderator; Cyndi Whitmer MBA, CCIM, Referee, Integra Realty Resources, WCRE Louisville Chapter; and John Fisher, executive member, FISHER’s Real Estate Brokerage & Betterment House, LLC.
The developer panel also had good news to report. It is true that, as the panelists said, developers still face challenges. In particular, the delivery times for important building materials are long and these materials are more expensive today. At the same time, it is not always easy to find workers for larger development projects.
On the positive side, however, the panelists said the Louisville market continued to evolve throughout the pandemic, thanks in part to the fact that construction is classified as an essential industry. Panellists said they anticipate an even busier year 2022 when it comes to construction, more positive news at the summit.
Members of the Louisville Market Sector Panel included David Hardy, Managing Director, CBRE; Justin Brown, Managing Partner, Lucia Partners; Charlotte Hollkamp, Managing Partner, Nexus Commercial Advisors; Steve Gray, President / Senior Director of Industrial, Cushman & Wakefield / Commercial Kentucky; and moderator Frank Kalmbach, Director of Finance & Operations, Louisville Downtown Partnership.
The news from this panel? It wasn’t surprising. Louisville’s industry continues to thrive, as does much of the country. People flocked to shop online during the pandemic and this has fueled the wealth of the industry. Consumers want their products to be delivered faster and faster, which is inspiring companies to open new distribution facilities and warehouses across the country. Louisville’s location in the center of the country has made the city an attractive destination for industrial users.
Retailers have had to adapt to changing customer needs, and panelists said that during the pandemic, the most successful retailers swiftly turned, ramping up their online skills, and offering fast roadside delivery and collection. Many of these changes will persist even after the pandemic subsides, the panelists predicted.
And the office market? Louisville is like the rest of the country in the river. It was hoped that from September onwards, more companies would bring their employees back to the office. The delta variant, however, pushed that back. So office users continue to wrestle with how many of their employees return to the office full-time and how many only in hybrid mode.
The multi-family panel was attended by Brian Evans, Vice President of Cityscape Residential, who also acted as moderator; Craig Collins, Senior Director, Cushman & Wakefield / Commercial Kentucky; Adal Yousef, CFO / Partner, Denton Floyd Real Estate Group; Greg Solomos, senior vice president, Bellwether Enterprise; and Steve LaMotte Jr, Executive Vice President, CBRE / Central Midwest Multifamily.
This sector was also strong during the Louisville pandemic. As in other markets, Louisville housing vacancies remained low throughout the pandemic, while rental income remained surprisingly high.
However, the multi-family market here is stronger in the suburbs than in downtown Louisville. As in other major cities, some tenants left downtown during the COVID-19 pandemic. However, this is likely to be a slip up and the downtown housing market is expected to recover.
Several members of Women in Commercial Real Estate Louisville also attended the summit. These included Jill Morzillo, Field Research Analyst at CBRE (far right, standing); Colleen Perkins, Senior Business Development Executive at CORT and President of WCRE Louisville (standing, center); Cyndi Whitmer, commercial appraiser at Integra Realty Resources and board member at WCRE; Kristy Inmon, Business Development at Miranda Construction (seated far right); Melissa Cobb, Business Development with Signarama Downtown; and Genevieve Neller, Business Development Manager at ABM (seated far left).
source https://www.bisayanews.com/2021/09/21/louisville-commercial-real-estate-summit-prepping-for-a-big-busy-2022/
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