RECM Conference 2020
2019 RECM Conference Summary
Our 12th annual Real Estate Capital Markets Conference held in January 2019 affirmed a year with markets on the rise despite a time of political uncertainty. Read the full summary here.
Global Flows of Capital
Around the World in 80 Seconds with Anne Cole
Innovation and Disruption: Investing in Tech to Drive Value
Our panel on Innovation and Disruption led by Zach Aarons, Co-Founder and Partner of MetaProp revealed that a major challenge for real estate companies is privacy and cybersecurity. Robert Entin, Executive Vice President and Chief Information Officer for Vornado Realty Trust, said he now devotes triple the time he did 10 years ago to cybersecurity. Merritt Hummer, Principal at Bain Capital Ventures, addressed the topic of real estate technology through the lens of Fintech. “Looking back ten years ago to 2008, roughly a billion dollars of capital was invested in Fintech companies in the U.S. Last year, in 2018, fintech investment amounted to over $10 billion. The Proptech sector is following a similar path in terms of capital invested, but is on an even steeper trajectory than fintech was ten years ago.” Kent Tarrach, Vice President of Global Corporate Development for Brookfield Properties has observed a new level of collaboration within the real estate industry surrounding Proptech. Real estate companies are sharing how Proptech is incorporated in their business models, and identifying new technologies to implement and action upon data. So where are we in the cycle? John Helm, Managing Director at Real Estate Technology Ventures (RETV) predicts we’re at the top with Proptech, having grown from $100M in VC in 2010 to $12 billion by 2017.
Zach Aarons on What’s Happening in the Proptech Space
State of the Retail Sector
In our retail panel, Martin “Hap” Stein, Jr., CEO and Chairman for Regency Centers, described that many retailers providing value, service, and a compelling experience are doing well. The physical store is still critical to retailers’ multi-channel strategy. Moderator Jim Sullivan, President of the Advisory and Consulting Group at Green Street Advisors added,“ There are a lot of good things happening in retail, especially in the higher end. Whether it’s high end malls or high end grocery anchored shopping centers, they are at or near record high occupancy, their rents are growing, and when spaces are vacated, there are retailers coming in and filling that space.” At the same time retail is changing with technology like everything else. In five to ten years Stein predicts “Robots may be introduced in stores, stocking shelves and replacing cashiers, with the common goal of increasing efficiency. However the real differentiating factor in retail will be service, and how competitors stand out from one another.”
Martin “Hap” Stein, Jr. on the State of the Retail Market
2019 Photo Highlights
Trends in the Public REIT M&A
The last seven years have witnessed over $165 billion in M&A transactions involving public REITs. 15 public REITs were taken private in buyout transactions, while 39 REITs were acquired by other public REITs in strategic transactions.
Assessing the Impact of Real Estate Tax Reform
On December 22, 2017, President Trump signed into law H.R. 1, known as the “Tax Cuts and Jobs Act” (the “TCJA”). The TCJA is the most far-reaching tax legislation to be passed in over 30 years.
Resources from Columbia Business School
View information about MBA Real Estate Hiring at Columbia Business School.
CBS Real Estate Alumni Community
Find other CBS alums in your region and your area of the industry, and stay informed about real estate events, job postings, and important opportunities.
CBS Ideas at Work
Explore Columbia Business School’s Ideas at Work resources.
Columbia Business School Paul Milstein Center for Real Estate
The mission of the Paul Milstein Center for Real Estate at Columbia Business School is to integrate theoretical and practical knowledge of real estate as it relates to the global market for real estate finance and investment.
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