There are reports of a slowdown in technology hiring. How will this impact commercial real estate?
Chris Liddell | SVP | CBRE
The north end of Utah County is awash with technology. Technology thrives on cheap capital and it's getting more and more expensive. In the last 18 months, 31 new buildings have been built in Utah County. Most of them are vacant. Once interest rates come down and expectations are reset, some of the buildings may fill up. In Utah County, the growth of large spaces is a real weakness in our market.
Jeff Rossi | Executive Managing Director | Newmark
Technology is one of the big drivers in Utah. As technology continues to change, we will continue to evolve and grow. We're looking at the conversations we're having at headquarters, the conversations we're having in life sciences, the conversations we're having in healthcare, and looking at how those can impact technology in a collaborative and supportive way. I'm excited about Utah and Utah technology.
Michael Holman | Vice President of Development and Finance | Overland Group, Inc.
Most of my neighbors work in tech sales in some way. During COVID-19, we were able to beat our sales projections just by having a warm staff. That has slowed down, and now almost everyone in tech sales is back in the office in some capacity. There have been some layoffs, but more people are returning to the office, which is an interesting balance in real estate.
Daniel Stevens | Managing Partner | BlackPine Group
We tend to think of the technology market as being in Utah County or southern Salt Lake County, but the amount of technology happening at Hill Air Force Base is incredible. Federal funding is increasing, Northrop Grumman is expanding, the medical industry is seeing technological advances. If you expand this to the Wasatch Front, the sense that the market is stagnant is diminished. I think it's growing.
Scott Bishop | President and CFO | Woodbury Corporation
At this point, everything has to be mission-driven. Building without a tenant, a mission and a subsidy is never going to happen. Hill Air Force Base is booming because the government is encouraging it. Without that, the development wouldn't be happening today. You need that mission to drive the development.
How would you describe the state of commercial real estate in 2024 in one word?
Eric Carlson | CFO | Larry H. Miller Real Estate
It's scary. Luckily, we've recently gotten into real estate, so we feel well-positioned for the future. But at the same time, this is an ecosystem. All of our projects, the big mixed-use projects, are only great if all the key elements are in place. You can't build a mixed-use community that's just apartments.
Brian Cheney | Shareholder | Dentons Durham Jones Pinegar
Resilience. We've talked about what's wrong with the market, but we continue to be extremely resilient by continuing to grow, pursuing great opportunities with sports teams, and continuing to have big ambitions.
Brian Dilley | Managing Director | Dakota Pacific Real Estate
Adaptability. How to adapt to new standards, interest rates, construction costs… We are looking for ways to not only survive, but to thrive. How can we capture the continued growth and participate in the real estate market here?
Jonathan Bass | Senior Sector Underwriting Counsel | First American Title
Optimism means cautious optimism: optimistic while recognizing the challenges.
Block Bench | Investment Property Manager | Altabank
Discipline. It will take some time to see any new changes, but there is perhaps no better market to weather this storm than here in Utah.
Scott Bishop | President and CFO | Woodbury Corporation
I'm cautious. We have a lot of opportunities. We reset our expectations when the cap rate was 3.5% and now we're saying, “Okay, what is the return we can accept?” We're measuring it and looking for opportunities.
Jake DeSpain | President, Board of Directors | NAIOP Utah
I'm grateful. I'm grateful to be here. I think you'll say the same. We have a lot to be grateful for in this great state and city. Cleansing is not a bad thing. Fluidity is key.
John Smith | Vice President, Commercial Sales Executive | Fidelity National Title National Commercial Services Utah
For me, the four words are bullish, adaptable, resilient and flexible.