Real estate veteran Ferd Belz named as vice chair of ULI Colorado
He will serve in that role for chair Mike Zoellner of ZF Capital through June 2021.
On March 27, ULI Colorado’s chair Mike Zoellner of ZF Capital moderated a panel of experts considering the effects of the CV-19 challenge on ULI members, their businesses, and the greater community. More than 240 people attended via Zoom to hear the perspectives of:
Interpreting the crisis for our audience, the panel covered such topics as multifamily, office, housing, and investments. Kramer, a principal researcher of ULI/PWC’s annual Emerging Trends in Real Estate report, updated that report by saying that the crisis could hasten the departure of Millennials from core cities to “hipsturbia,” where they will expect urban amenities like brewpubs and walkability in suburban settings.
She added that the “office market will have to adapt,” with a possible reconsideration of the “side-by-side” co-working model.
Zoellner opened with these comments:
“Our goal this morning is to provide a balance of some green shoots and opportunities out there, but also be honest. A major positive right now has been our collective response to this virus. There has been a realization that we are all part of one humanity, one planet and one community.
“That said, we are suddenly in unchartered waters. Many of us were generally prepared for a recession or correction, but not a global pandemic. Historically, in times of uncertainty in the economy and reduced user demand like this, Real estate capital markets have tightened and are likely to retreat. Liquidity is being questioned in corners of the bond market not even thought about 30 days ago.
“Several large law firms report a collapse of transactions that were either in design development or even with nonrefundable money at risk.
“The hardest hit product types are definitely hotels, coworking office, student housing, retail and Land. Each of these are segments are either frozen or what were thought of as assets are now liabilities. High-density office and residential are suddenly being reevaluated by their users.
“On the positive side, several investment alternatives appear to be holding up well. Convenience stores, self -storage, industrial (especially distribution facilities), and single- family rentals are stable.
He then asked panelists to respond to three questions:
1) What surprised you the most in the last 30 days?
2) What segments of real estate are most impacted?
3) Where will the first opportunities come as the crisis passes?
Comments edited for length and clarification. A partial recording of this webinar is available here. Due to technical difficulties, ULI Colorado is unable to provide a complete recording.