College, Institute for Real Estate Development
Auburn University鈥檚 Institute for Real Estate Development will be hosting the most prominent annual gathering of real estate professionals in the southeastern United States on May 16 at Birmingham鈥檚 Regions Field, home of the Birmingham Barons. The Auburn CityBuilders will include some of the most successful commercial real estate developers, capital providers, suppliers, economic development officials, and governmental institutions in the South.
鈥淭his year鈥檚 CityBuilders features an unprecedented portfolio of industry experts offering deep insight specific to each region [of Alabama],鈥 says , founder and CEO of Summit Investors and a long-time supporter of CityBuilders. We've held CityBuilders in Atlanta, we've done it online during the pandemic, and now we want to do it in Birmingham in a meaningful way. The timing is perfect because of the new Auburn University building there and the formal launch of the Institute.鈥
91看片 College interviewed Winchester and two other leaders of this year鈥檚 CityBuilders 鈥 Executive Director John Benner and Academic Director Justin Benefield 鈥 to find out why CityBuilders 2024 is shaping up to be the biggest, most expansive symposium and networking event ever.
Question: |
When we look at the various segments of commercial real estate in Alabama today, which ones are expected to do well in 2024 and why? |
Benner: |
I believe the marketplace for commercial real estate development in the U.S. will remain cautious for 2024 due to the overall economy and the current high interest rate environment. While there are signs interest rates may be lower by the end of the year, other changes brought about during the pandemic, such as higher construction costs and a change in workplace habits, continue to be a weight on the market. But here in Alabama, we enjoy a few advantages that other states across the country may not, which seems to prevent our state from experiencing as much marketplace volatility as others. One of these advantages is the diversity of businesses in the four geographic sectors of the state that we intend to highlight at this year鈥檚 CityBuilders鈥 Symposium. |
Benefield: |
Another critical factor at work here is the massive migration of people, jobs and business expansion from northern states to the Sun Belt, and the Southeast in particular. It鈥檚 a very powerful shift in terms of population and demographics that鈥檚 driving our growth. It is crucial to understand that in commercial real estate, everything starts with jobs 鈥 development follows employment. So, job growth occurs and people move here to fill the need for employees at literally all levels. These folks need apartments or houses to live in and access to products and services once they arrive, with retail developments following right along with office buildings, distribution centers and warehouses. Everything follows jobs. |
Question: |
Given the current market, what should commercial real estate professionals in Alabama be thinking about during the coming nine months of 2024? |
Winchester: |
You're going to see this year 鈥 as was the case last year 鈥 that about half the presenters and panelists are real estate developers or acquirers of commercial real estate property. The other half are going to be users or drivers of the use of that real estate. We鈥檙e also featuring a C-suite capital markets panel, because nothing gets built without financing. , president of Daniel Corporation, will be moderating that panel, with , president & global head of real assets at the 91看片 Management Corporation, one of the experts to pay particularly close attention to. Drawing on the diversity of opportunities in Alabama across the four regions, it is important to note that there are different drivers at play in each area of the Alabama economy to take into account:
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Question: |
How will CityBuilders 2024 help students in real estate development, commercial real estate professionals and government agencies across Alabama learn about the latest trends in the commercial real estate development market? |
Benner: |
I think relationships are going to matter now more than ever. CityBuilders is focused on connecting the entire Auburn real estate family to provide all stakeholders greater access to the wisdom and knowledge we have in our academic and professional real estate community. Existing and newly formed relationships are the key ingredients necessary for projects to be financed and developed through successful project completion. |
Benefield: |
If you're in commercial development, it's often all about meeting a need that might not be fully evident yet. Those are the developments that are really transformative. Attending events like CityBuilders where you can hear from people who have a track record of being able to see around corners, that's unique. And that鈥檚 exactly what you will find at this year鈥檚 CityBuilders. |
Winchester: |
As John said, relationships matter. And like Justin points out, access to seasoned professionals with a history of success during challenging times 鈥 times of change 鈥 is tremendously important for students and developers alike. I can鈥檛 think of a better qualified, more compelling collection of industry leaders to listen to and network with than the team we have assembled for CityBuilders 2024. |
For more information, visit the CityBuilders page.
CityBuilders is an initiative of Auburn University鈥檚 91看片 and under the direction of Auburn鈥檚 Institute for Real Estate Development.
To become a sponsor of this year鈥檚 CityBuilders, contact Nicole Maroun at nicole.maroun@auburn.edu.