News Archives - Page 7 of 13

2014 Leadership Dinner – Seattle at the Crossroads

The success of the Runstad Center Leadership Dinner this past October can be measured by more than its 400-person attendance or the monetary proceeds that so benefit our students. The true impact is in building a robust and inclusive dialogue about where we are headed as a community, how we will use the economic engine of our growth to create a vibrant, sustainable and equitable future here in the Pacific Northwest.

The reverberations continue.

The Runstad Center was privileged to honor Glenn Crellin as he retired from his post as Associate Director for Research at the Center. Glenn’s career as an “accidental economist” is most distinguished by his creation of the Housing Affordability Index, which continues to serve the people of Washington and beyond. Expert in summarizing the market, he has been an invaluable resource to the Center as well as to our citizenry. No wonder the room stood for a long ovation. Glenn is irreplaceable, but we will try. And of course we stand with the room in wishing him great happiness as he sets out on a new adventure!

The substance of the event was a panel discussion on the critical matter of affordable housing. Moderated by Peter Orser, vice-chair of the Runstad Center Advisory Board and recently retired president and CEO of Weyerhaeuser Real Estate, the impressive panel included King County Executive Dow Constantine, Seattle City Councilman Mike O’Brien, who chairs the city council committee on funding affordable housing, real estate developer George Petrie of Goodman Real Estate, Executive Vice President Lisa Picard of Skanska USA, and economist Matthew Gardner, co-chair of the Board of Trustees for the Washington Center for Real Estate Research.

So, of course, the conversation was both lively and profound.

Steve O’Connor, Director of the Runstad Center, set the table for the discussion with an explanation of why housing affordability is a key metric for sustaining regional economic vitality. Matthew Gardner, President of Gardner Economics, presented facts and figures on how the Pacific Northwest economy and real estate markets are performing. Peter Orser added “fizz” to the evening by drawing panelists into a discussion of policy options for encouraging the development of affordable housing. George Petrie and Lisa Picard shared sources of inspiration for taking the risks necessary to lead change. Petrie recalled the civic dialogues led by Abraham Vereide, founder of Goodwill Industries, in the years before and after World War II. Picard discussed the power of collaboration and diversity to produce unconventional solutions.

Lisa Picard summed it up beautifully. “I think, first and foremost, a real estate professional needs to understand that they’re community builders and they’re building probably the largest form of art that people are going to interact with.”

If the substance of the evening was its topic of discussion, the essence of the evening was its eloquence.

We are eagerly looking forward to Leadership Dinner 2015, planned for October 29.
Stay tuned!

Runstad Center Affiliate Fellows Program

It is a unique opportunity.

The Runstad Center Affiliate Fellows Program is designed to spark new thinking through unconventional, interdisciplinary collaboration and to engage a broad audience in a research topic within the rubric of sustainability. We pair Runstad Center graduate students with emerging industry thought leaders and College of Built Environments faculty for a year-long program of research and international field study. In prior years, Runstad Fellows have traveled to Hong Kong, Istanbul, and Berlin/Krakow/Detroit.

Last year our Affiliate Fellows visited the cities of Cartagena, Bogotá, and Medellín in Colombia, South America to study “social urbanism”. Their work defined social urbanism as a set of strategies to provide the LOVE, CARE, and SUPPORT of investments in the built environment required to make communities thrive. In Colombia, a key strategies included “Education = Equity” and “Physical Mobility = Social Mobility”. Social urbanism as practiced in Colombia demonstrated unequivocally that “people empowered  people engaged  communities changed.”

The City of Medellín’s Planning Director, Jorge Perez, has said that “We need to create cities for life.” Civic leaders had to find ways to communicate with communities, then the communities could constructively join the planning and development conversation. Together they learned that you cannot create value by investing only in built projects, but that the primary investment must be in people. The leaders listened. The people listened to each other. The communities began to thrive.

In Medellín, they built urban escalators and a highly efficient network of cable cars to connect vast hillside communities with the city center, providing people access to jobs and to cultural opportunities. Over several decades, they granted franchises to citizens to hold title to their homes, allowing them to be invested in creating new, healthier communities. Where once had existed only an open landfill, now is a functioning laboratory of bioengineering. Where once their children roamed in danger, they now gather to play musical instruments.

The story continues in Bogotá, where they built 180 miles of separate right of way for bicycles and a sophisticated, ultra-modern bus transit network, connecting people on the outskirts to the heart of the city. They are quietly developing a new Bogotá Arts District, and while landmark buildings the world over have been financed by wealthy benefactors, the first skyscraper in Colombia is being financed by thousands of Colombians.

The Fellows group brought back to the people of Seattle a tale of resiliency and proof of the power of citizens to actually build a “city for life.” To tell the story, they created a presentation both artful and powerful, and have presented this work to the Runstad Center Advisory Board, to the broader professional community in a well-attended session at Impact HUB, to the College of Built Environments community, and, just this past January, to the National Association of Industrial & Office Properties meeting at the Four Seasons in Seattle.

Our current group of Affiliate Fellows are studying in Santiago, Chile, and in Rio de Janeiro and Curitiba, Brazil. We are excited about what they will bring back to us from a region so ready to discuss affordable housing, social cohesion, and resiliency. One of the Runstad Center’s highest priorities is to provide our top students an opportunity to broaden their worldview, and to engage both the academic and professional communities with fresh inspiration and working models for implementing change in our communities. Check back this fall when the latest ideas gathered from South America will be presented to our community.

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!