News Archives - Page 7 of 12

Milestones: New Faculty

The Runstad Center is pleased to have Professor Sofia Dermisi on board this academic year.

Where to begin? Professor Dermisi’s work is truly interdisciplinary, combining design, planning, engineering, finance, economics, sustainability, and, of course, real estate market analysis. The core of her research has been to understand office markets under the effects of internal and external shocks. It’s a fascinating question. What happens to major downtown hubs when disaster strikes?

Upon her arrival at UW last summer, Sofia was appointed Chair of the Interdisciplinary Group for the MS in Real Estate. Her compass has been the evolution of a dynamic and rigorous program that is now attracting students — nay, future leaders — from around the country and around the world.

Having earned her Doctorate at the Harvard Graduate School of Design, Sofia thereafter joined a university focused on social justice for underrepresented students and undertook the challenge of developing an integrative Master’s program in Real Estate. She has received grants from the National Science Foundation, Real Estate Research Institute, Illinois Department of Transportation, and BOMA/Chicago. In between, she has published more than twenty papers in academic journals and presented her work throughout the U.S. as well as to international conferences. She has earned multiple awards in recognition of her research by her peers.

Now, she does all this while also serving on the board of the American Real Estate Society, the editorial board of the Journal of Sustainable Real Estate, and as an editor of the Data, Methods, & Technology section of the Journal of Real Estate Literature. A consultant for real estate companies and related organizations such as the Building Owners & Managers Association of Chicago, her research includes economic impact studies that analyze the performance of commercial properties in the downtown core. She is a certified LEED Green Associate.

Professor Dermisi remains a Practicing Engineer in Greece, as well, where she was born and where she still enjoys time at her family’s summer house. And, while Greece is a long flight from here, Sofia absolutely doesn’t mind, as she is an avid aviation buff, too. You are invited to visit her office, where passion for air travel and other elements of following one’s muse are prominently displayed.

Welcome, Professor Dermisi!

The Accidental Real Estate Economist

In January, 2012, we were incredibly fortunate to have the Washington Center for Real Estate Research relocate to the University of Washington and the Runstad Center from its former home at Washington State University, and with it, the extraordinary talents of its Director, Glenn Crellin.

Without question, these have been exciting times to be an analyst of real estate markets. Twenty-one years after the partnership between the universities and the Department of Licensing began, real estate research in Washington has come of age. The media depends on statistics produced by UW for its unbiased understanding of real market conditions: home sales and prices, housing affordability, rental markets, and, increasingly, commercial real estate. Recent history has seen such fluctuations in the market that it’s made this information an ever more critical factor in planning and building our cities, as well as an incredibly valuable resource for homeowners.

Glenn’s decision to retire was — in true analyst mode — not without quite a bit of soul searching, having largely defined that field, even before he completed his graduate studies. Glenn worked with the Bureau of Economic Analysis in Washington, DC, developing a new statistical model of housing starts. Thereafter followed assignments for the Department of Housing and Urban Development and research for the National Association of Realtors, during which he created the Housing Affordability Index, which endures to this day.

Here at the Runstad Center, WCRER also informs public policy discussions. Under Glenn’s leadership, they have studied how effective the Growth Management Act has been in promoting affordable housing, and have addressed how the real estate industry generally and the low-income housing industry in particular have contributed to the economy of the state. Research has advised the Washington State Housing Finance Commission on ways to allocate tax credits to those areas with the greatest need while ensuring that areas with smaller population have access to funds to help with their housing challenges. He also served at the invitation of the Attorney General on a blue-ribbon committee to recommend the allocation of funds under the foreclosure settlement with big mortgage lenders.

We are proud to share a little reflected glory with Glenn, who received accolades — justly earned — from the Washington Real Estate Commission for expanding their understanding of the industry they administer. He was honored by a resolution of the Washington House of Representatives, recognizing his service to the state, and duly recognized by the Washington Realtors at their Spring Business Conference. Finally, the Runstad Center for Real Estate Studies is accepting gifts in honor of Glenn. “Nothing could be a more fitting tribute,” said Crellin, “and I am humbled by these recognitions.”

Donations can be made by clicking here.

Glenn, we wish you all the best as you set forth to enjoy a well-earned retirement! Travel well and far, esteemed colleague, and, especially, delight in time with your grandchildren. You will be missed.

Detroit Future City: Design for Rapid Change

Join the UW Department of Landscape Architecture and Professional Advisory Committee, ARCADE, UW Runstad Center for Real Estate Studies, UW Department of Urban Design and Planning at the Frye Art Museum for a panel discussion on Detroit with thought leaders who are at the heart of the city’s transformation and revival. The panel includes past Runstad Affiliate Fellows Lisa Picard and Eric Becker.

Thursday 22nd Jan 2015, 5-7 pm

at Frye Art Museum Auditorium 704 Terry Ave, Seattle, WA 98104

Please RSVP here by January 15th, 2015 as space is limited.

Detroit provides a means to study fundamental urban transformation and innovation that comes from both the top down and the grassroots level. The renewal happening in the city presents a ripe opportunity to evaluate and test civic strategies with the goal of understanding how to maximize a city’s resiliency in the service of rapid positive change in the future. Indeed, the seeds of what’s happening in Detroit exist in all cities, though to lesser degrees.

About the Panel

-Rainy Hamilton Jr., President and Principal-in-Charge of Architecture, Hamilton Anderson Associates; Detroit Michigan.

-Eric Becker, Founder of We Are Shouting; Fellow, University of Washington Runstad Center.

-Dan Pitera, Associate Professor of Architecture, University of Detroit Mercy; Director, Detroit Collaborative Design Center.

-Panel Moderator: Lisa Picard, Executive Vice President, Skanska USA Commercial Development Inc.; Fellow, University of Washington Runstad Center.

Seattle: crowdfunding capital?

Key members of the real estate community, including Runstad Center faculty member Ed McGovern and MSRE alum/board member Katlin Jackson, joined a distinguished panel of speakers at the Four Seasons last week for “Seattle Capital Landscape: New Trends and Huge Deals,” hosted by Bisnow. The morning featured a stimulating discussion on the future of investment and capital markets in Seattle, exploring the question: are we becoming the city for crowdfunding? The panel focused on new trends in EB5 financing, Crowd Funding, and large acquisitions all around the Puget Sound region.

Couldn’t make the event? Some observations from the speakers can be found here.

2014 CoreNet Scholarship Recipients

CoreNet recently recognized the 2014 scholarship recipients at their November luncheon. Congratulations Zac Strode, Ben Lukes, Andrew Hunt, Michael Riha, and Brad Machat. A sincere thank you to CoreNet Seattle Chapter President Scott Carter & Sponsorship Vice President John Coates III for your continued support of our students.

Hello from the High Line!

In October several 2nd year Runstad MSRE students headed up to NYC for the Annual ULI Fall Meeting. We might have lost a little of our dignity while celebrating into the late evening, but I’m happy to report that everyone is headed home!

This morning I had the opportunity to walk the world famous High Line. This above ground pedestrian path was originally intended for trains to carry goods to and from Manhattan’s industrial district. Due to shifts in transportation technology (18-wheelers) the trains were shut down in the 1980’s. Fortunately individuals in the neighborhood realized the potential the beautiful iron structure possessed, and worked to form the Friends of the High Line. Working with the City, Friends of the High Line selected James Corner (yes the same James Corner who’s working to redesign the Seattle Waterfront) to help redesign the unused tracks. The final portion of the track open just a few weeks ago, September 21, 2014. This definitely deserves a visit on your next trip to New York!

This amazing path now runs north from Gansevoort Street to the Hudson Rail Yards being redeveloped by the Related Companies in partnership with the City of New York. The picture below was taken from the High Line and shows the progress currently taking place at the Hudson Rail Yards. In the left of the photo you can see the Javits Center, home of this year’s ULI conference.

Patrick Kassin, Second Year MSRE Candidate

Sofia Dermisi awarded “Best Research Manuscript” by the American Real Estate Society

Dr. Sofia Dermisi, Runstad Endowed Professor in Real Estate is the recipient of the “Best Research Manuscript” award in the Hotel/Lodging Real Estate category for a paper presented at the American Real Estate Society annual conference in April, 2014. Dr. Dermisi’s paper, “Effects of Worldwide Terrorist Attacks Targeting Hotels on Overall Hotels’ Performance” examined the worldwide terrorist activity targeting hotels leading to transnational casualties. Three aspects of terrorist activities were assessed, utilizing data on incidents from the first quarter of 1996 through 2014: a) assessing their cyclicality, b) identifying factors affecting their frequency and c) exploring their financial fallout [Average-Daily-Rate (ADR) and Revenue-Per-Available-Room (RevPAR)] among luxury, mid-price and economy hotels. The results affirmed the cyclical behavior of the terrorist activity and casualties (8 and 3 years, respectively). A pivotal point in the frequency increase on hotel attacks was September 11,2001 which led to an increase by 75% through the first quarter of 2014. Worldwide and USA luxury hotels suffered financially more after a hotel terrorist incident compared to any other hotel type. Other socioeconomic variables (e.g. GDP/capita, oil prices, recessions etc.) applied had either a non-effect or a diverse effect on attack frequency and hotel revenue.

Past Runstad Board Chair Greg Johnson named Executive of the Year

Leadership always matters. For many years, the Runstad Center benefitted daily from the leadership of long time Advisory Board Chair Greg Johnson. Over those same years, Greg accumulated a pile of accomplishments as President of Wright Runstad & Company: spearheading the redevelopment of a warehouse/industrial area in Bellevue into a mixed use, transit oriented development known as the Spring District; winning the right to develop a signature building for Seattle’s skyline with the planned Rainier Square Tower; and most importantly for Husky fans, overseeing the development and construction of the new Husky Stadium. These accomplishments and more have now been recognized by the Puget Sound Business Journal which has named Greg 2014 Executive of the Year.

This is a high honor and puts Greg in the rarified company of our region’s most notable business leaders. Previous honorees include Amazon CEO Jeff Bezos (2010), former Gates Foundation CEO Jeff Raikes (2011), Restaurateur Tom Douglas (2012), F5 Networks CEO John McAdam (2013) and fellow Runstad Advisory Board Member Kemper Freeman (2007). Congratulations Greg!

Welcome to the MSRE class of 2016!

The new school year is underway and we are delighted to welcome our newest class of MSRE candidates. Stay tuned for more pictures and updates from the Class of 2016!

Orientation is underway!

The Runstad Center welcomed its newest class of MSRE candidates this week! Orientation activities began on Monday, with a full schedule each day until classes begin next week. Our students were introduced to our dean, faculty members, support staff, mentors, and professional community. On Tuesday they toured the Seattle regional real estate market with visits to downtown Seattle, South Lake Union, and Bellevue. Today, they are getting familiarized with our core curriculum and meeting the second year students, who will give them the inside scoop about life in the MSRE program. Later this afternoon, it’s back downtown for several key meetings in the real estate community before kicking back at an Alumni Happy Hour this evening. Tomorrow, off on a ferry boat to explore sustainability and innovation on Bainbridge Island. And that’s just the first few days! More to come… stay tuned for photos from this week, and news about what’s next.

All of us at the Runstad Center extend a very warm welcome to the class of 2016!