December 11, 2008
Commercial real estate prepares for the future
By TRICIA DEERING
The Commercial Brokers Association is hosting its 12th annual Commercial Real Estate Insights breakfast today for the commercial real estate community.
Insights is co-hosted by the Daily Journal of Commerce, the law firm Foster Pepper and the Washington State Commercial Association of Realtors. It brings together experts from different segments of the industry with local and national perspectives, to give their best insights into the business for the near and mid-term. This year, it is clear that everything we have known and come to anticipate in our industry feels like it’s upside down. This year’s speakers have their finger on our industry’s pulse, and will share their valuable insights.
Lynn Michaelis, chief economist, Weyerhaeuser. Weyerhaeuser, one of the oldest and most respected corporations in the Pacific Northwest, has made changes to its business model and product line over the past few years. Have the changes it’s made been significant enough to protect its position in the marketplace? Recent company news releases have identified changes in leadership, sales of some product lines, and the inclusion of Weyerhaeuser on the Dow Jones Sustainability Index. We’ll hear from the company’s top economist about the company’s position, and the lessons it’s learned from the recent economic climate.
David Sabey, president, Sabey Corp. Sabey has not only survived, but more notably thrived in a number of real estate cycles. His insightful presentation on reading cycles in real estate and adapting appropriately is invaluable to all of us who are current participants in the market. Sabey established his $40 million company in 1972, and has reliable, firsthand experience with successfully navigating the ups and downs of commercial real estate. A true veteran and industry leader, you won’t want to miss what Sabey has to say.
Dan Ivanoff, president, Schnitzer West. Schnitzer West is a dominant commercial real estate investment, development and management company in the Puget Sound region. Ivanoff has established an enviable track record throughout the Seattle and Portland markets, and Schnitzer West’s development projects have included Class A office, biotech, retail and multifamily. In addition, Schnitzer West manages more than 3 million square feet of commercial space. Since 1997, Schnitzer West has positioned itself to take advantage of current market conditions. Hear what Ivanoff has to say about managing your business within different types of real-estate cycles.
Sean Hyatt, managing director, Trammell Crow Residential. A discussion of the current state of the real estate market would not be complete without including the residential market, particularly in light of the subprime mortgage meltdown with its global impact. Trammel Crow Residential is a leader in the development of multifamily and condominium communities. Hyatt joined Trammell Crow Residential in November of 2006, and leads the Bellevue office’s development activities in the state of Washington. He has more than 16 years of experience in civil engineering, land-use planning and real-estate development in California, Washington and Oregon. For the past six years, he has developed multifamily and senior housing as well as condominium communities.
Formed by the commercial real estate brokerage community in 1977 to create a vehicle for member brokers to share information about available commercial properties with each other, CBA is celebrating its 31st year in business in 2008. With more than 4,300 members and a staff that researches nearly 18,000 properties that are for sale or have space for lease, CBA provides the most comprehensive database of information on commercial real estate in the Pacific Northwest. With access to information on available properties, recent sales and statistical information about market performance, CBA members are able to provide their customers and clients with complete and accurate information about the commercial real estate marketplace.
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