MREJ 2019 Apartment Summit Recap

Jan 21, 2019 Industry Insights

The 2019 Apartment Summit set a record with of more than 725 attendees and leaders in the real estate industry inside the Radisson Blu in Bloomington. The panels, led by successful industry veterans, covered a wide range of topics and answered a number of questions. The event also included opportunities for networking, and earning credit for real estate continuing education.

The panels covered a range of topics including how Minnesota’s Apartment Market compares to the rest of the nation, what are the growing trends, what the future looks like for industry leaders, and what changes we should expect with deals. The first panel was focused on the state of the industry, moderated by Keith Collins, Executive Vice President of CBRE. Mary Bujold, President of Mayfield Research, was on the first panel. “We’re seeing larger demand in the suburbs. Prices for all products new going up and up.” Bujold also noted the importance of opportunity zones and the difficulties. “Opportunity zones are a driving force, along with workforce housing; are the next big thing. However, we don’t have good tools to always make affordable housing work.” Others on the panel claim that the Twin Cities are the best kept secret in terms of development. They emphasized finding well allocated real estate and always providing good service. “Local sellers account for a huge percentage of ownership in Minnesota. Looking at other cities like San Francisco or Portland, we have to be really thoughtful on an approach and zoning properly.” John Sebree, the National Director of Multi-Housing of Marcus and Millichap, believes that “Minneapolis is one of the best at handling the economy. The local government has to be smart when it comes to development.” Many of the brokers had a theme that perception changes quicker than reality.