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CRER Vol. 17 (2019)

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https://hdl.handle.net/1813/70565

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    Baker Program
    (2019-04-25)
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    Photo credits
    (2019-04-25)
    Photo credits for Cornell Real Estate Review (2019), Volume 17.
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    Modular Construction: A Solution to Affordable Housing Challenges
    Thompson, John (2019-04-25)
    The lack of affordable housing is pervasive across the United States. It affects some locations more severely than others, with each having unique challenges. Construction and land acquisition costs are frequently cited as primary drivers of multi-family housing development, and affordability is determined by a geography’s housing costs versus its median income. This paper highlights crucial components in the connection between economic conditions, public policy, and affordable housing development. It focuses on how efficiencies in modular construction present opportunities for addressing specific challenges in Maine and will propose a strategy for public-private cooperation, particularly in the site selection process, in order to streamline the state’s affordable housing agenda.
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    Opportunity Zones and New Orleans: A Chance for Affordable Housing Growth
    Blum, Wilson (2019-04-25)
    In the year and a half since their introduction, Opportunity Zones have quickly become one of the hottest topics in real estate development. This exciting program offers a new chance to revitalize distressed communities around the country by significantly broadening the pool of potential investors and providing them with enticing incentives to pull their money out of the market and into these locales. The success or failure of the program will hinge on the ability of public-private partnerships to bridge an often fraught line between outside investment and local community. In addition to providing an overview of the Opportunity Zone Program, this article examines the history of these partnerships in New Orleans and identifies the areas of the city that may benefit most from a new, aggressive approach to bringing in previously untapped resources to meet the needs of local residents.
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    The Hurdles to Financing Modular Development
    Feutz, Daniel (2019-04-25)
    Revenues from the permanent modular construction (PMC) sector jumped 62% in one year to reach $3.3 billion in 2016 and its quick growth has not gone unnoticed. The industry has attracted investment from sources such as Soft Bank’s Vision Fund and Amazon’s Alexa Fund, an indication of the perceived feasibility of modular building that is further illustrated in PMC’s growing market share that increased 37% from 2014 to 2017 (Bousquin, 2019). Rising construction costs, tight labor markets, and an unprecedented demand for housing have pushed modular construction towards being one of the disruptors of an industry that has suffered a decline in productivity since the 1990’s (Changlie, 2015). However, early adopters of modular still face hurdles, especially when searching for institutional sources of capital to finance their projects.
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    Rising Tourism in Saudi Arabia: Implications for Real Estate Investment
    Daye, Ali S. (2019-04-25)
    Over the last few years, the Kingdom of Saudi Arabia (KSA) has pursued a more aggressive approach towards economic diversification in order to plan for the future of its youth as nearly 60 percent of the country’s 3 million citizens are under the age of 30 (KSA-General Authority for Statics, 2017). Saudi Arabia traditionally has relied heavily on the public sector to absorb many of the educated Saudi nationals. However, the country is now looking to the private sector to create more jobs for its burgeoning population and has enacted policies that ease doing business in the country and make it more accessible to the outside world.
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    36th Annual Cornell Real Estate Conference Recap
    (2019-04-25)
    [Excerpt] On October 19, 2018, the Cornell Real Estate Council (CREC) hosted the 36th annual Cornell Real Estate Conference in New York City. The conference brought together hundreds of industry professionals, alumni and current students for a day of networking and panel discussions surrounding recent trends. Cornell’s unparalleled alumni network within the real estate community facilitated a broad exchange of innovative ideas applicable across the industry, from design and construction to development and finance. Highlighting a “Focus on the Future,” five panel discussions, including keynote Speaker Seth Klarman (CAS ’79) and 2018 Industry Leader Award Recipient Kenneth Himmel (JCB-Hotel ’70), shed light on some of the most pressing questions currently facing the real estate industry.
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    A Taxonomy of Coworking Space: Manhattan, NYC
    Zhou, Yaoyi (2019-04-25)
    The growth in the coworking inventory has accelerated over the past years, with more than 5 million square feet of new space flooding into the market in each of the past three years (Cushman & Wakefield, 2018). In 2018, over 200 coworking companies that operated in the U.S. had at least one location larger than 5,000 square feet. As competition increases, coworking markets enter periods of “specialization” in spaces of various size, business plans and clientele (Brown, 2016; Diduch, 2018), however, the lack of analysis of these characteristics make it difficult to understand the current supply of coworking space on the market.
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    The U.S. Student Housing Market: Overlooked Opportunities
    McFalls, Joseph A. (2019-04-25)
    Student housing has emerged in recent years as one of the most in-demand asset classes in commercial real estate. Investors, both domestic and international, have been attracted to U.S. student housing projects for many reasons, including their steady yields and reliable returns during all market cycles (The Economist, 2018). As a result, investment in and development of student housing has increased dramatically over the past few years (Brass, 2018). Even with this increased focus on the sector, opportunities still remain in the student housing industry, particularly for investors and developers with differentiated projects. This paper will examine the current state of the U.S. student housing market and suggest four overlooked opportunities in this market that could provide investors and developers with an edge in the increasingly competitive and crowded environment.
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    Tailwinds on the U.S. Gulf Coast: How the Boom in U.S. Energy Production is Creating Opportunities for Real Estate Investment
    Trahan, Christopher (2019-04-25)
    The Federal Government’s commitment to deepen the Mississippi River channel and its decision to allow the exportation of crude have created many opportunities in the U.S. Gulf Coast region for private investment and development. Yet the country’s resurgence in energy production is temporarily impeded by a lack of sufficient infrastructure necessary to match supply with demand. As the glut of U.S. crude and demand for infrastructure increases, the need for industrial facilities on the Gulf Coast continues to grow. These facilities are essential to economic development along the nation’s southern energy corridor. The real estate industry’s investment in this region emphasizes the interdependence of the public and private sectors to create value.